No, because they never should have done the price increase to reservation holders in the first place.
I think they are doing this for three reasons -
1) the price increase (and the reaction/cancelations) made them look bad and they lost a lot of brand equity (not to mention market cap)
2) they...
Here's something "official" about it. BTW, I've canceled my pre-order.
TechCrunch: Rivian raises price on R1T electric truck, R1S SUV ahead of new dual-motor versions.
https://techcrunch.com/2022/03/01/rivian-raises-price-on-r1t-electric-truck-r1s-suv-ahead-of-new-dual-motor-version/