Rivian raises prices of electric vehicles, quoting higher costs for parts
Category: #headlines  By Pranali Mehta  Date: 2022-03-03
  • share
  • Twitter
  • Facebook
  • LinkedIn
Rivian raises prices of electric vehicles, quoting higher costs for parts

Rivian, an American electric vehicle automaker, has recently increased the price of all of its electric R1S SUV by around 20% and R1T pickup by 17%. The prices are hiked as the newly public automaker attempts to regulate the inflationary pressure, prolonged chip shortage, and rising raw materials prices.

The price change was updated recently on the company's website and is part of the firm's plan to launch a new-dual motor version of the SUV and truck in 2024.

The novel propulsion system will include a motor manufactured by Rivian. Customers were also informed about the change via email.

In 2018, Rivian first unveiled the R1S and R1T as all-wheel drive EVs equipped with a quad-motor system that pumped up the horsepower and torque and aided the startup to stand out.

Till today, the base price of this quad motor R1T and R1S were $67,500 and $70,000, respectively. The new pricing will drive the base price of the R1T to approximately $79,000 and the R1S to $84,000.

The changes in prices will impact most customers who have pre-ordered or reserved the truck or SUV. Customers who were about to complete the transaction with Rivian will be allowed to continue with the lower prices, said the company, while the others will have to pay extra.

Jiten Behl, Rivian's chief growth officer, explained the move quoting inflation, supply chain constraints and components costs. Behl noted that the costs for the R1T and R1S models were decided in 2018. Since then, the typical price for new cars has risen to 37%.

Like other manufacturers, Rivian is also being confronted with the pressure of inflation, increasing component costs and unexpected shortage of supply chain and delays for parts like semiconductor chips, said Behl.

Source Credit - https://techcrunch.com/2022/03/01/rivian-raises-price-on-r1t-electric-truck-r1s-suv-ahead-of-new-dual-motor-version/

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

UK’s hopes on Hydrogen-based energy can cost 70% more than gas
UK’s hopes on Hydrogen-based energy can cost 70% more than gas
By Pranali Mehta

British ministers’ plans to put energy expectations on hydrogen can reportedly double the cost of heating a home compared to natural gas by the end of the decade, as per research. The top energy analyst Cornwall Insight claims that using hyd...

Britain’s poor may pay half of their disposable income on energy bills
Britain’s poor may pay half of their disposable income on energy bills
By Pranali Mehta

Britain's poorest families are reportedly at risk of paying over half of their disposable income on electricity and gas bills this winter, despite the administration's guarantee on energy price, as per a report. Even with the assistance fr...

US senator Manchin issues energy bill to speed up federal power projects
US senator Manchin issues energy bill to speed up federal power projects
By Pranali Mehta

US senator Joe Manchin has reportedly issued an energy permitting bill to accelerate the clean energy and fossil fuel projects. The bill is anticipated to be part of a resolution that Congress must approve before October 1st to temporarily finance...