Rivian has cut prices on its all-electric R1T pickup and R1S SUV, keeping pace with a trend of falling electric vehicle (EV) prices. Base models of each saw their price tags cut by $3,100 last week.
The price of the average EV dropped by nearly 20% in 2023.
The R1T pickup now starts at $71,700 (including the $1,800 delivery fee). The R1S SUV starts at $76,700 (delivery included).
Those prices are for a new base model with a smaller battery pack, good for 270 miles, paired with a dual-motor setup – its most efficient configuration. Rivian doesn’t sell the smaller battery with its Performance dual-motor trim or the quad-motor setup known for exceptional off-road capability.
Rivian saw its sales nearly double in 2023 but faces the same headwinds as other EV builders. Many early EV enthusiasts have already bought their first electric car, leaving the industry to convince more skeptical buyers to make the switch.
The company has introduced leasing to attract new buyers and will launch a smaller, less expensive model, the R2, next month.
Cox Automotive, the parent company of Kelley Blue Book and Autotrader, is a minority investor in Rivian.
