Rivian: we’re out.

[AdamsFan1983]

Between my wife and I, we had two pre-orders, an R1T ADVENTURE and an R1S LE.

Suffice it to say, we’re disappointed in the way the price increase was handled, and we have no confidence that by downgrading to the lowered specs that are pushed out to 2024 that the prices won’t be raised another 20% then.

We’ve officially canceled both reservations and are moving on.

…started a thread just for cancellations. Chime in.

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[r1t_kev]

Was budget stretching at $75k for an EV truck, but I'm now priced out - and I still could use a truck. A lower spec model for the same price, especially with less range and 2+ years away, isn't an option for me. Sorry. #byerivian

 

[RivianDeac]

I am sorry to hear this news. Always enjoyed your posts. Clearly this sucks, and although released in typical poor Rivian fashion, I understand their conclusions.

 

[Blueassassin]

I'm out luckily got out of my stock this morning very sad and angry after this being so much of my hopes and dreams for over three years. Already determined on buying the TRX which doesn't have a subscription fee and I can also buy parts for and fix myself. i just never looked at the truck as the "cheaper" option till yesterday. I lost a lot on my stocks selling out but i wont own stocks for a company I don't stand behind.

 

[Diddy123]

100% out. Rivian is no longer a brand I trust. Why would I do business with a company that clearly has no respect for its customers, no moral compass, and so clearly tries to manipulate its investors. (And yes, I recognize I’m describing most large corporations. But Rivian was supposed to be different, remember?)

I’ve never seen a company vaporize the goodwill and loyalty of its supporters so quickly and with such obvious disdain.

I truly believe this will become a case study in the future of how to destroy a seemingly brilliant business overnight.

 

[kanundrum]

Between my wife and I, we had two pre-orders, an R1T ADVENTURE and an R1S LE.

Suffice it to say, we’re disappointed in the way the price increase was handled, and we have no confidence that by downgrading to the lowered specs that are pushed out to 2024 that the prices won’t be raised another 20% then.

We’ve officially canceled both reservations and Rivian.

…started a thread just for cancellations. Chime in.

I am unofficially out as well. I doubt there will be any saving Grace but I'll give it at least a week before I cancel.

 

[sevengroove]

I am unofficially out as well. I doubt there will be any saving Grace but I'll give it at least a week before I cancel.

Same here, unofficially out for now. At first it was about the sheer size of the price increase, but after having processed the news better I agree with @Diddy123. Even if $15-20k magically appears in my bank account tomorrow, why would I want to do business with a company that treats its most ardent supporters this way? Take off the rose-colored glasses and we'll all see that Rivian is far from the company we thought we we were buying into.

Speaking of which, still contemplating what to do about my stocks, which are sitting at a -50% loss right now.

 

[NooterIA]

I’m out as well. For a startup company looking to make its place among the big players, I think they just made a major mistake.

 

[RDB]

Also, unofficially out

 

[Socalriv]

Out.

 

[Larry]

I’m out. Silverado EV already on order. Saving like crazy to try and pay for it. The new difference in price doesn’t justify loss of range, charging speed and Supercruise.

I have a friend well up the GM corporate ladder who seems confident GM won’t pull “a Rivian” on the Silverado EV.

 

[hilld]

Cancelled and sold the stock. I am done with Rivian. Good luck to others that are sticking it out. If they company can actually deliver on their promises, I might buy a used one down the road.

 

[RforRivian]

I'm out. I would say that I wish Rivian the best but I can't lie to them like that. I hope the company goes down in flames but that the employees are able to find good jobs somewhere else.

 

[Jamlank]

I’m out. Devastated

 

[bbenoit726]

I'm unofficially out, too.

I'm holding off on canceling, waiting for a miraculous about face from Rivian, but I don't expect it; This move was clearly in the works for a long time -- with the first coordinated communication from the company in a while, including deliberately extended CS hours for today and tomorrow -- and I see no way for them to reverse themselves and save face / gain back the goodwill they've lost with preorder holders.

I don't see how stockholders could be happy either. Maybe this improves short term profitability, but Rivian has turned tens of thousands of would-be brand ambassadors into detractors overnight. That's an unforced PR error that should have investors questioning leadership.

Such a shame because I was so excited for this company and their product.

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