Key Takeaways
- Rivian has cut prices on 2023/2024 R1T and R1S models, making certain upgrades essentially free.
- Competitors like Tesla are also slashing prices to clear inventory.
- Price cuts are likely to make way for updates and new models like the upcoming R2.
Rivian is feeling the strain of the EV industry cooling down, and it’s decided to do something about it by cutting pricing on its inventory of R1T and R1S models. First discovered by Drive Tesla Canada, the pricing cuts affect 2023 and 2024 models in the company’s inventory, seeing the prices drop on models from the Quad-Motor R1S to a Large Battery R1T, and essentially make some upgrades free if you’re willing to grab something slightly older.
Rivian
Rivian Automotive, Inc. is an American electric vehicle manufacturer launched in 2009 by R.J. Scaringe as Mainstream Motors before being renamed Avera Automotive and, later, Rivian in 2011. Despite initial plans to launch a sports car as its first product, Rivian changed focus to cater to the growing demand for adventure vehicles, launching the R1T and R1S in 2021 and 2022, respectively. As of the beginning of 2024, Rivian has sold a total of 82,572 EVs, with plans to grow this figure rapidly by launching new products like the R2 and R3.
- Founded
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June 2009 (as Mainstream Motors)
- Founder
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R.J. Scaringe
- Headquarters
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Irvine, California, USA
- Owned By
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Publicly Traded
- Current CEO
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R.J. Scaringe
Competitors like Tesla have also been going through rounds of price cuts to eat through its inventory as it has new models on the way. While this isn’t great for the manufacturer, it could be great for you if you’ve been waiting to get a deal on a model from one of the best EV brands on the market.
Here’s What’s Been Slashed
Starting with the R1T, 2023 models that have the Large Battery can be nabbed for $4,000 less than what they originally went for, and 2024 models with the Dual-Motor AWD system paired with the Large Battery are $6,000 off the original price. The 2024 Performance Dual-Motor and Quad-Motor R1Ts with the Large Battery also see discounts of $4,000. Perhaps the best deal is the one on the 2023 Performance Dual-Motor R1Ts which sees a $5,000 discount, effectively making the Performance upgrade free, and you won’t even have to wait for an OTA update to use it.
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As for the R1S, opting for 2023/2024 Max Battery models will get you a $4,000 discount, Large Battery Models will have a $2,000 discount, and Quad-Motor models will have a $2,000 discount over their original prices. Remember, these discounts are only for the models currently in the company’s inventory, so if you build one you’re going to be looking at full price.
Making Way For Updates And New Models
While these price cuts are most likely from a glut of inventory, they’ve also probably been implemented to make way for updated versions and new models. Recently leaked documents have outlined the changes Rivian is planning on making to the R1 vehicles this year.
These include lighter batteries, some aesthetic changes, but no NACS port yet. It’s not a comprehensive refresh by any means, but it does show these models have been around for a few years now.
Related
Here’s What It Costs To Drive A Rivian R1T For A Year
Here’s what you can expect to spend on a Rivian R1T per year.
In addition, the company is gearing up for the R2 to go into production, which is sure to help Rivian’s bottom line as it will open up the brand to millions of new customers as the company prepares for it to quickly become its best-selling model. While it’s not slated to go into production until next year, it’s never too early to start making room, so if you’re interested in a new-to-you R1 model, now’s the time.
Source: DriveTeslaCanada
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