Rivian Automotive Inc. (Nasdaq: RIVN) in Irvine will no longer sell the cheapest versions of its electric pickup truck and SUV due to low consumer demand.
The discontinuation bumps up the starting prices of the R1T and R1S about $5,000. The cheapest version of the R1T now costs $73,000, while the R1S is $78,000.
“We realize this news comes as a surprise and apologize to customers who have had their planning impacted,” the company said in a statement.
The company increased its prices in March as much as $20,000 for many customers who reserved their vehicles with a $1,000 deposit. The decision was met with outrage by consumers, causing the company to roll back the price increases and apologize to customers.
Following the company’s announcement of its discontinuations, shares in Rivian fell 4.6% today in midday trading to $34.25 apiece and a $30 billion market cap.
