On Tuesday, Rivian announced it would be increasing vehicle pricing by roughly 20 percent to account for higher inflationary pressures and higher component costs. It’s not the first electric vehicle startup to do so, or even the first automotive business that realized the hectic economic situation has created a window for expanding profit margins. But it was one of the few to get slapped in the face, metaphorically, after trying to get away with it.
Shares of the company began plummeting almost immediately as it endured widespread criticism, then people started canceling reservations. The plan would have made the $67,500 Rivian R1T electric pickup an $80,000 vehicle, while Rivian would have tacked on an additional $10,000 to the R1S SUV for a new ballpark total of $85,000. This included preorders, which would help to explain why everyone went bananas. But that particular aspect of the plan has been abandoned in an effort to save face and money.
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Wjtinfwb Funny. When EV's were bursting onto the scene; Tesla's, Volt's, Leaf's pure EV was all the rage and Hybrids were derided because they still used a gas engine to make them, ahem; usable. Even Volt's were later derided when it was revealed that the Volt's gas engine was actually connected to the wheels, not just a generator. Now, Hybrids are warmly welcomed into the Electric fraternity by virtue of being "electrified". If a change in definition is what it takes, I'm all for it. Hybrid's make so much sense in most American's usage patterns and if needed you can drive one cross-country essentially non-stop. Glad to see Hybrid's getting the love.
3-On-The-Tree We also had a 1973 IH Scout that we rebuilt the engine in and it had dual glass packs, real loud. I miss those days.
3-On-The-Tree Jeff thanks. Back in 1990 we had a 1964 Dodge D100 with a slant six with a 3 on the tree. I taught myself how to drive a standard in that truck. It was my one of many journeys into Mopar land. Had a 1973 Plymouth duster with a slant six and a 1974 Dodge Dart Custom with 318 V8. Great cars and easy to work on.
Akear What is GM good at?You led Mary............................................What a disgrace!
Randy in rocklin I have a 87 bot new with 200k miles and 3 head gasket jobs and bot another 87 turbo 5 speed with 70k miles and new head gaskets. They cost around 4k to do these days.