I almost this story. Huge story. Speaks volumes about the trouble these EV manufacturers are in.
I didn't keep the link but someone on twitter mentioned that he put an order in for an F-150 Lightning back in 2021 minutes after Ford started accepting pre-orders. Yesterday that individual received a note from Ford that he would not be getting his F-150 Lightning in 2022. That's absolutely stunning. Again, EVs are for the elites, for those who already have two or three cars and can wait two or three years for an EV.
How long have "we" been manufacturing EVs and there's still a supply chain problem?
Anyway, I digress. This was the story I was referring to -- about Rivian.
Rivian Automotive Inc has rolled back price hikes on electric vehicles booked before March 1 after facing backlash from customers following a 20% increase in prices.
Preorders as of March 1 will not be subject to the new prices, and customers who canceled orders can reinstate them with the original price, Chief Executive Officer RJ Scaringe said in a letter to clients on Thursday.
The Amazon-backed company on March 1 increased the base price of the Rivian R1T electric pickup to about $79,500 from $67,500, while the R1S SUV went to $84,500 from $70,000.
The price hike spurred some customers to cancel orders and express frustration, accusing the company of "betraying" its early supporters, according to social media postings.
"It was wrong and we broke your trust in Rivian," Scaringe wrote.
"I have made a lot of mistakes since starting Rivian more than 12 years ago, but this one has been the most painful."
Rivian stock, which plunged over 13% on Wednesday, extended losses on Thursday, down 4%.
A lot of Rivian owners are going to make a killing if they ever get their pre-orders. As soon as they get them, they could turn around and "flip" them for the going price of a new Rivian. My hunch: some will double their money.
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