Cancelation Crazy: Rivian Pre-Orders Bailing in Huge Numbers-Investors Want Investigation
For the new truck company Rivian, it has been a horrible week, and it could only be the beginning.
It announced price increases for everyone yesterday, even those with reservations.
The raises range from $20,000 and upwards for some.
According to recent allegations, it purportedly planned to raise prices following the start of its IPO.
There should be an SEC inquiry into that. There's more, though.
The pre-order cancellations were not expected by Rivian
According to the Rivian forums, many reservation holders are breaking their orders.
They desire a refund of their money and will purchase their electric truck elsewhere.
There are many more options for purchasers, which is another issue for the vehicle manufacturer in addition to the apparent.
The pickup's price rise places it in GMC Hummer territory, where it could find it difficult to compete.
One reason is because Hummer has a lot more features than Rivian does.