Price Drop? Rivian Suggests Lower Price Tag On Electric Truck, SUV

The R1T truck and R1S SUV from Rivian may have a lower price tag than what was previously suggested by the electric automaker.

According to Reuters, Rivian founder and CEO R.J. Scaringe said that electrified R1T truck and R1S SUV may sell for lower than was initially thought. At the time of reservations, the R1T reportedly had a $69,000 price tag while the R1S was selling for about $72,000.

Rivian opened up online reservations for the R1T and R1S back in November 2019. A $1,000 refundable deposit was all that was needed to reserve a vehicle from the company, which Scaringe indicated to the news outlet has had a “really positive” reaction.

“So we’re excited by that. But we now have the challenge of a lot of pre-order customers aren’t going to get the cars as fast as they like because there’s such a long queue,” Scaringe said.

Rivian has secured $3.6 billion in investments with the latest $1.3 billion round led by T.Rowe Price Associates. The company also won an order for 100,000 electric delivery vans from Amazon, which has also invested $700 million in the automaker. Ford invested $500 million into Rivian with an agreement to develop an electric vehicle together.

The news of the lower introductory price comes as Rivian showed off the R1T at an event in San Francisco, Reuters said.