Rivian has cut prices on two of its entry-level vehicle configurations ahead of the automaker’s launch of its next-generation vehicle next month.
After Rivian added two new range options for the R1T and R1S last week, the electric truck and SUV maker has also cut prices on some of its lineup. Rivian has cut $3,100 off of its entry-level R1T and R1S units on its online configurators, just as it has debuted new range options costing the same amount.
The base model Rivian R1T and R1S now start at $71,700 and $76,700, respectively, including shipping but before a $3,750 federal tax credit—though buyers can also access the full $7,500 if leasing.
The price is down from previous R1T and R1S prices of $74,800 and $79,800 with the delivery fee,
The news also comes ahead of Rivian’s launch of the R2 vehicle platform on March 7, and as many in the auto industry have aired concerns around cooling electric vehicle (EV) demand.
“Like every electric vehicle producer with a U.S. presence, Rivian has to reconcile past expectations with current market realities,” said Karl Brauer, iSeeCars executive analyst in a statement to Automotive News. “Price continues to be a leading factor in why people don’t buy EVs, so anything Rivian can do to lower that barrier is a good idea.”
Rivian will begin delivering vehicles with the new standard and standard plus range packs next month.
“We’re leveraging our product portfolio to offer something new to customers who want to make the transition to electric today,” Rivian wrote in a press release. “This opens Rivian ownership up to more and more people, which is vital to our mission.”
Rivian will build the upcoming R2 vehicles at a new, upcoming factory in Georgia, and the EV platform is expected to be a smaller, lower-cost and higher-volume build.
Not unlike Rivian’s price cuts, Tesla has also temporarily cut prices on its Model Y for the remainder of this month. The market leader has also been offering additional incentives, such as $1,000 off for Cybertruck reservation holders, and perk transfers of the Full Self-Driving (FSD) beta and the lifetime Supercharging benefit on orders received by March 31.