Rivian Hits Record Low After Admitting ‘Mistake’ on Price Hikes

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Rivian Hits Record Low After Admitting ‘Mistake’ on Price Hikes

bloomberg2022-03-04

(Bloomberg) -- Rivian Automotive Inc. dropped to a record low after the electric-vehicle maker rolled back price increases on its debut cars for existing customers, marking an embarrassing about-face ...

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xiaobaii
·2022-03-04
like & comment please
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Jer_Soul
·2022-03-04
[Great]
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Dazz
·2022-03-04
Does this mean that the company is making losses for every pre ordered car that they deliver in future?
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Scaringe said in a letter to customers Thursday. “We made a mistake in how we approached our pricing changes, and what is important now is that we fix it.”Rivian said it would honor the original price for customers who placed preorders prior to March 1, when the increase was announced. Buyers who subsequently canceled will be allowed to reinstate orders at the original price, timing and configuration.Share DropThe reversal roiled Rivian’s stock, which closed down 4.9% Thursday to a fresh low of $50.91. That followed a 13.5% slide the day prior, driven by Rivian’s late-Tuesday decision to raise prices. The autos sector suffered broad declines amid concerns over supply-chain disruption following Russia’s invasion of Ukraine.Rivian’s initial public offering in November was the sixth-biggest in U.S. history as investors bet its bulkier, tech-packed vehicles would help it challenge Tesla Inc. and legacy automakers in the growing EV field. The company went public at $78 a share and quickly hit a high of about $172, with its market capitalization topping $100 billion for a short time.The roll-back on pricing could cost Rivian around $850 million in future revenues, assuming cancellations, RBC Capital Markets analyst Joseph Spak wrote in a note to clients on Thursday. Spak, who has a neutral rating and $116 price target on the stock, said the higher prices going forward could make it more difficult for the startup to attract new consumers.“The thesis had been that Rivian could sell whatever it could make, but there may now be some more holes in that,” Spak wrote.Preorder customers of the debut spec R1T with a quad-motor, all-wheel drive and a large battery pack will pay the original $67,500 cost. With the increases, new customers who didn’t place an order before March 1 will pay around $79,500. 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