Rivian makes moves to get closer to profitability
Rivian is making moves to get closer to profitability. Rivian recently emailed R1 preorder holders to inform them about the company’s decision to simplify its pricing.
As of this writing, Rivian has decided that all customer orders will switch to the prices currently listed on its website. Rivian plans to provide vouchers to preorder holders to honor the original prices.
“We’ve calculated the average difference between preorder holder pricing and today’s pricing and are offering a percentage discount to match those savings when you select a vehicle in the R1 Shop. The voucher is redeemable in [the] R1 Shop, and voucher values are automatically applied when purchasing a vehicle,” clarified Rivian.
The vouchers apply to R1 preorder holders who ordered a Rivian EV between March 1 and May 25, 2022. Eligible customers have until September 20, 2024, to use their vouchers. Otherwise, they will lose their preorder pricing. Rivian preorder holders who ordered their R1 vehicle before March 1, 2022, can use the voucher or the company’s preorder lease promotion, which applies to eligible locations only.
Rivian prices will likely change again in a few months. The company is shutting down its EV factory in Normal, Illinois, next month. After the shutdown, Rivian’s Normal Factory is expected to significantly reduce production costs on each vehicle and increase the company’s production rate. The updates to Rivian’s Normal Factory should help the EV startup reach profitability.
“We made great progress in 2023 despite economic headwinds, and we’re excited about the year ahead. We firmly believe in the full electrification of the automotive industry, but recognize in the short term the challenging macro-economic conditions.
“We are aggressively focused on driving cost efficiency throughout the business, achieving positive margins and building our go-to-market function to support our long-term growth,” said Rivian CEO RJ Scaringe after the company released its Q4 and Full Year 2023 financial results.
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