Rivian has recently initiated a major price cut on its existing 2023-2024 R1S electric SUV and R1T electric pickup inventory by thousands in the US and Canadian markets, autoevolution reported.
The move is apparently part of the American electric automaker’s strategy to clear inventory to make way for 2025 model-year units.
Rivian R1S price cuts
Rebates reportedly concern optional powertrain and battery packs. Below are the price cuts for American customers of the Rivian R1S:
| Model & Year | Option | Original Price | New Price from Inventory | $ Change | % Change |
| 2023/2024 R1S | Quad-Motor Upgrade | $8,000 | $6,000 | -$2,000 | -25% |
| 2023/2024 R1S | Large Battery | $9,100 | $7,100 | -$2,000 | -22% |
| 2023/2024 R1S | Max Battery | $19,100 | $15,100 | -$4,000 | -21% |
Meanwhile, here are the price changes in the Canadian market:
| Model & Year | Option | Original Price | New Price from Inventory | $ Change | % Change |
| 2023 R1S Quad-Motor | Quad-Motor Upgrade | $12,500 | $8,000 | -$4,500 | -36% |
| 2024 R1S Quad-Motor | Quad-Motor Upgrade | $12,500 | $5,000 | -$7,500 | -60% |
| 2024 R1S | Large Battery Pack | $14,500 | $5,500 | -$9,000 | -62% |
| 2023 R1S | Large Battery Pack | $14,500 | $2,500 | -$12,000 | -83% |
Rivian R1T price cuts
As mentioned, the Rivian R1T also received notable price cuts. Here are the adjustments in the US market:
| Model & Year | Option | Original Price | New Price from Inventory | $ Change | % Change |
| 2023 R1T | Performance Dual-Motor | $5,000 | Free | -$5,000 | -100% |
| 2023 R1T | Large Battery | $9,100 | $5,100 | -$4,000 | -44% |
| 2024 R1T | Large Battery (Dual-Motor) | $9,100 | $3,100 | -$6,000 | -66% |
| 2024 R1T | Large Battery (Performance Dual-Motor and Quad-Motor) | $9,100 | $5,100 | -$4,000 | -44% |
Canadian customers can also enjoy price cuts by up to thousands when buying an inventory of Rivian R1T. Refer to the table below:
| Model & Year | Option | Original Price | New Price from Inventory | $ Change | % Change |
| 2023 R1T | Large Battery Pack | $14,500 | $3,000 | -$11,500 | -79% |
| 2024 R1T | Large Battery Pack | $14,500 | $6,000 | -$8,500 | -59% |
| 2023 R1T Quad-Motor | Quad-Motor Upgrade | $12,500 | $8,000 | -$4,500 | -36% |
| 2024 R1T Quad-Motor | Quad-Motor Upgrade | $12,500 | $11,000 | -$1,500 | -12% |
It must be noted that interested customers must still double-check the specific pricing in Rivian’s existing inventory per area, as availability might be limited. In addition, rebates remain dynamic.
Boosting sales
Apart from clearing inventory, Rivian’s recent price cuts seem to have been intended to boost its second-quarter sales results in the North American market.
In the first quarter, Rivian’s electric vehicle sales surged 71% year-on-year to more than 13,000 units. However, this figure represents a decline compared to the last three quarters.
Rivian’s R1S and R1T portfolio currently offers several battery and powertrain configurations, such as the newly announced Standard/Standard+. The models also qualify for a $3,750 federal tax credit in the US, considering that the total costs do not exceed the $80,000 price cap.
