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Anyone looking to place an order or waiting on a pre-order for a Rivian is about to experience sticker shock because prices just went up…a lot.
On Tuesday, Rivian introduced dual-motor versions of its R1T electric pickup truck and R1S electric SUV, while simultaneously increasing prices on the current quad-motor models by $6,000-$12,000.
The dual-motor R1T and R1S models will enter production in 2024 and come with a smaller 105-kwh battery pack and 260-plus miles of range. They’ll cost slightly more than the quad-motor models did at $69,000 and $74,000, respectively (including destination, which also went up from $1,075 to $1,500). That’s about the same price as the quad-motor models with the Large 135-kwh battery pack and more than 300 miles of range, the only difference being the change in destination charge.
Rivian R1T quad-motor AWD Chassis
Rivian R1T dual-motor AWD Chassis
The dual-motor models feature more than 600 hp and 6,000 lb-ft of torque, which falls short of the quad-motor models by about 200 hp and 300 lb-ft of torque. The sprint from 0-60 mph takes a second longer at 4.0 seconds, but the dual-motor models can still vector torque, according to Rivian. They will also retain a rear torque bias like the quad-motor powertrain. Tow ratings remain unchanged regardless of dual- or quad-motor setup at 11,000 lb for the R1T and 7,700 lb for the R1S.
Opting for the quad-motor model now increases the price by $6,000, while the Large 135-kwh battery pack tacks on another $6,000 premium. The R1T’s 185-kwh Max pack set to deliver more than 400 miles of range when it arrives in 2023 also increases from $10,000 to $16,000. A Max pack has still yet to be announced for the R1S.
Rivian dual-motor components
Rivian dual-motor components
Rivian Chief Growth Officer Jiten Behl told Motor Authority, “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). 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. This decision 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. Along with the adjusted prices for our current offerings, we are also announcing Dual-Motor AWD and Standard battery pack options for R1T and R1S, which will provide a broader range of choices for customers as part of our expanding portfolio of options, upgrades and accessories.”
The price adjustments went into affect on Tuesday and apply to all reservation holders that haven’t either already taken delivery or are in the final steps of completing their transaction and are already marked for fulfillment. In other words, if a customer hasn’t paid the final transaction price, the prices go up.
Rivian also noted that every model R1S will now be a seven-seater as the five-seat option has been dropped.
Other small changes have filtered through the online configurator both on the R1T and R1S. The $2,000 optional Off-Road package that bundled extra under body shielding to protect the battery pack and the tow hooks is gone. Adventure models now include tow hooks as standard equipment and they are a $300 option on Explore models. Extra under body shielding is now a $2,000 standalone option. The power-operated tonneau cover previously standard on Launch Editions and Adventure R1Ts (and a $600 option on Explore models) is now optional on the Adventure as well as the Explore trim for $3,000. A four-panel manual tonneau cover that previously cost $200 now costs $1,800. Spare tire options ranged from $600 to $800 and now range from $750 to $1,000.
Rivian is set to hold an earnings call on March 10 where updated reservation and delivery numbers will be announced.