? RJ's Letter -- Making it Right -- REVERSING THE PRICE CHANGE FOR PREORDER HOLDERS

[Techtennisone]

For those that were still going to purchase at 20% higher price, take that $15k or so and go buy RIVIAN stock right now at $50. You were gonna spend that $$ anyway, so might as well invest and make more later!! ?

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[r1t_kev]

I would have told those who cancelled to bug off ?

And now here come the cry babies running back to how great the car is.

You already told them to bugger off yesterday! Lol

 

[Polar]

HAHAHAHAHAAAAAA

 

[ironpig]

Now let’s demand CarPlay and Sirius

CarPlay may be coming. Jason Cammisa - car journalist - mentioned in his instagram review that it would be added - not sure where he got that info, but fingers crossed.

 

[Gsxr150]

We can't act like sheep now... We just got bent over, molested, then kissed on the cheek to make it better.

RJ was going to crush Rivian forever over this. It was his only decision.

Personally, I feel a little sick and a very strong distrust in Rivian right now. I'd love a truck, but can I trust them in the long run?

 

[Rich Truett]

Hello Everyone, Earlier this week, we announced pricing increases that broke the trust we have worked to build with you. Since originally setting our pricing structure, and most especially in recent months, a lot has changed. The costs of the components and materials that go into building our vehicles have risen considerably. Everything from semiconductors to sheet metal to seats has become more expensive and with this we have seen average new vehicle pricing across the U.S. rise more than 30% since 2018. Given our build lead up times, we need to plan production costs not only for today, but also for the future. As we worked to update pricing to reflect these cost increases, we wrongly decided to make these changes apply to all future deliveries, including pre-existing configured preorders. We failed to appreciate how you viewed your configuration as price locked, and we wrongly assumed the announced Dual-Motor and Standard battery pack would provide configurations that would deliver price points similar to your original configuration. While this was the logic, it was wrong and we broke your trust in Rivian. We also didn’t manage communications well. We didn’t give you enough insight into what was driving these decisions. The most important aspect of what we are building is our relationship with all of you. As we demonstrated earlier this week, trust is hard to build and easy to break. In speaking with many of you over the last two days, I fully realize and acknowledge how upset many of you felt. I have made a lot of mistakes since starting Rivian more than 12 years ago, but this one has been the most painful. I am truly sorry and committed to rebuilding your trust. One of the things we talk about a lot internally is that we will make mistakes – it’s part of building something complex. The key is to learn from them and address them when they are made. It is how we grow. We made a mistake in how we approached our pricing changes, and what is important now is that we fix it. For anyone with a Rivian preorder as of the March 1 pricing announcement, your original configured price will be honored. If you canceled your preorder on or after March 1 and would like to reinstate it, we will restore your original configuration, pricing and delivery timing. Our team will be sending an email in the next few days with more details. Regarding our updated pricing for future preorders, the introduction of our Dual-Motor configuration and Standard battery pack has been designed to enable us to maintain lower starting prices while adjusting the pricing of the Quad-Motor and larger battery packs to reflect rising costs. Building a durable business is core to the continued impact we can deliver as a company. We are focused on building a brand and products that will continue to scale to different vehicle sizes, use cases, price points and markets – this growth will only be possible with your support and continued feedback. Thank you for the personal notes and discussions I had with so many of you. Your feedback makes us better. RJ​

Automotive News posted this story yesterday that may have exposed what's was really going with Rivian's pricing: https://www.autonews.com/retail/there-may-be-more-rivians-price-hike-materials-costs

 

[ironpig]

I want to thank all you guys that canceled your orders to force the prices back in line but I'm also bummed that now I'm back to my original delivery timeline! haha

 

[Rich Truett]

Here is the Automotive News story:
3/3/22, 10:30 AM There may be more to Rivian's price hike than materials costs https://www.autonews.com/retail/there-may-be-more-rivians-price-hike-materials-costs

 

[kylealden]

Oh and I emailed RJ on Tuesday about the change so I just want to say: you’re welcome, everyone ?

 

[IlliniRivian]

I am very happy Rivian made a big mistake right but I still am more concerned about the future. This makes me nervous if Rivian will use subscription service to slowly pull back features unless you sign up and since that will be a slow drip, there will not be an uproar that makes them change course.

I kept my reservation and still will but if Land Rover announces the Range Rover Sport PHEV before my delivery date I will very carefully consider that option and do the math.

 

[paariv]

Guess people can calm down now

You must be new here!

 

[Redline]

Many of you guys are acting like sheep right now... You just got bent over, molested, then kissed on the cheek to make it better and you're ok what happened.

RJ was going to crush Rivian forever over this. It was his only decision.

Personally, I feel a little sick and a very strong distrust in Rivian right now. I'd love a truck, but can I trust them in the long run?

Dude you’re deranged.

 

[ironpig]

Well. I bought another 150 shares when that happened. We’ll see what happens. ?

Me too - I bought when it hit 50.

 

[Iwantatesla]

The drop indicated that the market thought this was a bad decision (Lucid and Tesla didn’t drop like this so it was company specific).

that was in regards to the comment about RIVN having 85b dollars

 

[Kaprice]

Congrats all you guys. Because of you, RJ got the message. I'm not surprised at the reversal, but I AM surprised that he's letting canceled pre-order to be reinstated. THAT's very cool.

So, the question is: has he regained trust? Or has the damage been done?

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