UPDATE: As of March 3, Rivian has restored original pricing for those who made preorders prior to the March 1 repositioning. See here for more.
Rivian on Tuesday raised prices for its quad-motor trucks by $12,000 and dashed hopes of anticipated lower-cost models, blaming supply issues and component costs.
Up until now, the base price has been $68,575 for the R1T electric pickup and $73,575 for the R1S electric SUV (both including $1,075 delivery fee). Not counting those dual-motor models to arrive later, the base price of the two models escalates to $81,000 and $86,000, respectively (including a hike in the delivery fee to $1,500).
At a hike of nearly 20% for the R1S, it’s a product repositioning that for the time being places that model at a price premium over the BMW iX and Audi E-Tron—both models that bear luxury badges.
2022 Rivian R1T
Rivian’s diversion for the hefty price hikes: The introduction of decontented, dual-motor versions with a smaller Standard pack, offering “260+ miles,” according to Rivian.
These, in a way, offset the massive price hike and cost with entry prices essentially the same as those formerly for the quad-motor, Large pack (314- or 316-mile) variants, albeit with delivery dates pushed out to 2024.
The company explained in a statement that the recalibration is a matter of the supply chain and soaring component costs.
“Like most manufacturers, Rivian is being confronted with inflationary pressure, increasing component costs, and unprecedented supply chain shortages and delays for parts (including semiconductor chips),” said Rivian chief growth officer Jiten Behl. “This rise in cost and complexity due to these challenging circumstances necessitate an increase to the prices of the R1T and R1S models we offer today—prices which were originally set in 2018.”
Behl added that the price hike “will allow us to continue to offer competitive products that maintain the high standard of quality, performance and capabilities that our customers expect and deserve from Rivian.”
Under Canvas carbon-conscious camp with Rivian Waypoint chargers - Moab
The price adjustments will apply to all customers except those who are in the final steps of the transaction or are "marked for fulfillment."
Rivian in December told customers with orders for the 400-mile Max Pack to wait effectively another year, until 2023, for deliveries. Notably, the price premium for Max pack models remains at $10,000 more than the Large pack. Separately some product versions have, at least for now, disappeared from the configurator—like the five-passenger version of the R1S.
In an email sent then to customers, CEO RJ Scaringe said that it would prioritize building of the Adventure Package version with the Large pack during 2022.
The company promises the same 11,000-pound towing capability for the dual-motor model, and a 0-60 mph time "as quick as 4 seconds," with a combined output of more than 600 hp and 600 lb-ft of torque. It revealed several component pictures of the propulsion system in those models and said that with a different gear ratio on the rear motor it biases more torque to the rear wheels.
Rivian R1T dual-motor AWD Chassis
Rivian dual-motor components
Rivian dual-motor components
Rivian announced in January that in 2021 it produced 1,015 vehicles and delivered 920. The company’s last update on reservations was December 15, when it had about 71,000.
The company makes its three trucks—the R1T, the R1S, and the EDV delivery van—at its factory in Normal, Illinois. In December it announced a second manufacturing plant, in Georgia.
Construction on the Georgia facility is due to start in summer 2022, with the goal of starting production in 2024. It will be capable of producing up to 400,000 vehicles per year once ramped up, while the Illinois plant can make about 150,000 a year.