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Reinstating your order?

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Got this email this morning! Who’s reinstating their orders? It’s a win-win. Already have at least a 15 to 20% equity in the car when taking delivery.

From RJ:

Hello Everyone,

Earlier this week, we announced pricing increases that broke the trust we have worked to build with you. Since originally setting our pricing structure, and most especially in recent months, a lot has changed. The costs of the components and materials that go into building our vehicles have risen considerably. Everything from semiconductors to sheet metal to seats has become more expensive and with this we have seen average new vehicle pricing across the U.S. rise more than 30% since 2018. Given our build lead up times, we need to plan production costs not only for today, but also for the future.

As we worked to update pricing to reflect these cost increases, we wrongly decided to make these changes apply to all future deliveries, including pre-existing configured preorders. We failed to appreciate how you viewed your configuration as price locked, and we wrongly assumed the announced Dual-Motor and Standard battery pack would provide configurations that would deliver price points similar to your original configuration. While this was the logic, it was wrong and we broke your trust in Rivian.

We also didn’t manage communications well. We didn’t give you enough insight into what was driving these decisions. The most important aspect of what we are building is our relationship with all of you. As we demonstrated earlier this week, trust is hard to build and easy to break. In speaking with many of you over the last two days, I fully realize and acknowledge how upset many of you felt. I have made a lot of mistakes since starting Rivian more than 12 years ago, but this one has been the most painful. I am truly sorry and committed to rebuilding your trust.

One of the things we talk about a lot internally is that we will make mistakes – it’s part of building something complex. The key is to learn from them and address them when they are made. It is how we grow. We made a mistake in how we approached our pricing changes, and what is important now is that we fix it.

For anyone with a Rivian preorder as of the March 1 pricing announcement, your original configured price will be honored. If you canceled your preorder on or after March 1 and would like to reinstate it, we will restore your original configuration, pricing and delivery timing. Our team will be sending an email in the next few days with more details.

Regarding our updated pricing for future preorders, the introduction of our Dual-Motor configuration and Standard battery pack has been designed to enable us to maintain lower starting prices while adjusting the pricing of the Quad-Motor and larger battery packs to reflect rising costs. Building a durable business is core to the continued impact we can deliver as a company. We are focused on building a brand and products that will continue to scale to different vehicle sizes, use cases, price points and markets – this growth will only be possible with your support and continued feedback.

Thank you for the personal notes and discussions I had with so many of you. Your feedback makes us better.

RJ​
 

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This ends up being a bit genius even if by accident. It essentially ensures everyone knows that their pre-orders are a really good investment.
Indeed. I was totally prepared to accept some sort of price increase because the original pricing was clearly too low. Now we'll be locked in! Who would've thought ... we're all getting a phenomenal deal (relatively speaking).
 

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eek. The seriously poor decision making within this company really has me questioning whether giving this company $85K is a wise decision.

The communication has been quite poor all along.
Similar... new company and mistakes, $85k is nothing to sneeze at. Currently feeling like comfortable relying on them to be my daily driver.
 

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Appreciate the candor and still hope I will eventually have an R1S in my driveway in the next 1-2 years. I'm still on the fence because my original configuration was still about $105,000 Canadian before tax and it appears I have to pay a luxury tax, plus barely any EV incentives in my Province currently (thanks Doug Ford) . Still no First Mile event in sight near me to get a feel for the vehicle and still not idea what service will look like for my location, I'm tempted more and more to wait and see what other options for a similar vehicle are coming between now and 2025. This letter by RJ does make a difference though; we all make mistakes. Owning it and making it right is the best we can ask for. Wishing Rivian and RJ nothing but the best!
 

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All this drama and we are back to square one. I couldn't eat or sleep, and almost jumping off the cliff since the email 😎 .............at least throw in the Home Charger for pains and suffering.
Not back at square one. Your Rivian is now worth 20% more when your handed the keys. If you wanted to you could literally sell your brand new Rivian for $20k profit to a new purchaser who doesn’t want to wait in line for their order.
 

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Not back at square one. Your Rivian is now worth 20% more when your handed the keys. If you wanted to you could literally sell your brand new Rivian for $20k profit to a new purchaser who doesn’t want to wait in line for their order.
Lol yes on paper $15k-$20k, but in the real world is difference......maybe $5k-$8k if my delivery is this year. Remember there is other 50k+ people too and some will undercut each others. Yes i likes my position now than before the email......and i dont plans on selling.
 
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