Rivian Raises Pricing of the R1T Electric Truck by $12,000 and Up: How Will This Affect Cybertruck?

Fellow electric vehicle startup Rivian informed reservation holders for its R1T pickup truck and R1S SUV that they have had to increase pricing by $6,000-$12,000 and up: will this be an industry-wide trend that inevitably influences the pricing of Tesla’s vehicles?

The base model of the R1T truck known as Explore was intended to start at $67,500.

Today’s price increase of $6,000 will raise the price of a Dual-Motor AWD configuration to $73,500.

However, the R1T is currently only in production in a Quad-Motor AWD configuration, which pushes the starting price with a Large 314-mile battery pack to $79,500.

As the Dual-Motor configuration won’t enter production until 2024, effective price increases equate to $12,000 for those imminently ordering Rivian’s R1T electric truck.

There are additionally options and accessories for the R1T that have increased in price, which can push the cumulative price increases to over $12,000 for reservation holders.

A customer has informed us that the total cost of his R1T configuration has increased by nearly $20,000 as a result.

Ultimately, a reservation for Rivian’s vehicles didn’t lock in expected pricing.

Rivian attributes the price increases to pressure in the supply chain and raw materials, which all automakers are still facing as a result of an ongoing automotive part shortage.

Real Talk

Initial pricing for the R1T was set in 2018, then lowered to be more competitive with Cybertruck.

A $67,500 base price is still expected to be achieved once volume production makes it possible to manufacture a Dual-Motor Standard battery pack R1T, which would have 260 miles of estimated range.

A Quad-Motor R1T can reach 0–60 in as little as three seconds, and is comparatively a stronger value than a Dual-Motor R1T. Let’s not forget that a Quad-Motor configuration of Cybertruck should cost around $69,990.

Nonetheless, we won’t see a Quad-Motor Cybertruck anytime soon whereas the R1T is currently in production.

Tesla recently pulled pricing and specifications for Cybertruck, leaving a question mark for reservation holders.

Let’s be candid: a Cybertruck reservation effectively reserves a space in line but doesn’t guarantee pricing to be consistent with pre-order figures.

Tesla did explicitly guarantee that the price of Full Self-Driving, which was configurable for as low as $7,000, would be locked in with a Cybertruck reservation.

It’s entirely likely that Tesla will also face supply chain pressure when finalizing Cybertruck pricing and have to raise prices to maintain profit margins much as they have across the entire Tesla lineup, and Rivian has now followed suit.

We would look to Rivian and the rest of the electric vehicle industry as guidance for Tesla, which has a knack for adjusting pricing and specifications to remain competitive.

While Cybertruck would still be a better value overall, we could envision a similar story for Cybertruck before Tesla’s futuristic electric pickup truck enters production next year.

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