Rivian R1T pickup and R1S SUV electric vehicles are now increasing their prices by at least 20 percent or up to a whopping $20,000, which is significantly higher than previous estimates.
NEW YORK, NEW YORK - NOVEMBER 09: Rivian employees stand beside the new all-electric pickup truck by Rivian, the R1T, as it sits at one of its facilities on November 09, 2021 in the Brooklyn borough of New York City. The company, which makes electric trucks and is backed by Amazon and Ford, has has been valued at $64 billion ahead of its IPO tomorrow.
Rivian R1T, R1S EV Price Increase
As per a news story by The Verge, the American EV maker, Rivian, has bumped up the estimated prices of both its electric pickup and electric SUV, which applies for current reservation holders, as well as its new orders.
The news outlet noted that the reservation page of both upcoming Rivian EVs states that their estimated prices could still be subject to change "as they get close to production."
However, the latest price update of both the R1T and R1S EVs significantly jacked up the initial price tag of these vehicles.
It is worth pointing out that other EV brands, such as Elon Musk's Tesla, also face pricing fluctuations every now and then.
However, unlike Rivian, once the customers of Tesla have already placed their orders, it would no longer be subject to change. Thus, price updates only apply to new orders after any changes.
On the other hand, the latest price increase of Rivian for both its electric SUV and pickup still applies to those who have previously reserved the EVs, which were stated on its website.
Read Also: Rivian R1T Max with 400-mile Battery Gets Delayed to 2023; Prioritizes Standard Line for 2022
Rivian R1T pickup, R1S SUV Prices
According to a recent story by CleanTechnica, the configurator page of both the R1T and R1S now show their updated prices.
The quad-motor configuration of the R1T electric pick, which sports up to 314 miles of battery range, now carries the price tag of $79,500. It used to sell for only $69,500.
LOS ANGELES, CALIFORNIA - NOVEMBER 26: Rivian CEO RJ Scaringe attends and speaks at Rivian Unveils First-Ever Electric Adventure Vehicle Before Its Official Reveal At The LA Auto Show at Griffith Observatory on November 26, 2018 in Los Angeles, California.
However, the said pricing range now only applies to the dual-motor version and the standard pack configuration of both the electric pickups. The Verge noted in the same report that these variants of the EV are scheduled to see the light of day in 2024.
Meanwhile, the R1S electric SUV now sells to the tune of $84,500, which used to cost only $70,000.
Rivian Price Increase: Here's Why
The chief growth officer of the EV tech giant, Jiten Behl, said in his statement to The Verge, that like other automakers, Rivian is also facing various production issues.
The Rivian exec said that the supply chain mess, as well as the "increasing component costs," are affecting the prices of its EVs.
Related Article: Rivian Produced 1,015 EVs in 2021 Only, Exceeding Initial Expectations; Could It Deliver to Reservations in 2022?
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Written by Teejay Boris
