What?
Rivian has made significant price cuts on its existing inventory of the 2023 and 2024 Rivian R1S and R1T models in the U.S. and Canada. The reductions apply to optional powertrain and battery pack upgrades, making these electric vehicles more accessible to potential buyers.
Why does it matter?
The price cuts on existing inventory indicate Rivian’s strategy to clear out stock and potentially boost sales in the second quarter. Despite consistent growth in production and deliveries, Rivian aims to address the challenging market conditions by offering promotions and incentives to attract customers.
How is it going to shape the future?
With the automotive industry shifting towards electrification, Rivian’s move to lower prices on existing inventory could attract more buyers looking to transition to electric vehicles. By providing discounts on popular upgrades like battery packs and powertrains, Rivian may enhance its competitive edge in the EV market and drive sales growth in the upcoming quarters.