03 Mar 2022 | Rivian Backtracks, Apologises Over Massive Price Hikes

Episode 1392,   Mar 03, 2022, 05:00 PM

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On the podcast today:
• Rivian Backtracks On Price Increases For Existing Reservations
• Watch an autonomous drone launch from Polestar's electric concept convertible
• Polestar O2 convertible concept hints at range expansion | Auto Express
• Polestar's second concept car is a convertible with an integrated drone
• Hyundai Ioniq 5 N Spotted Hiding Under Checkered Camo
• Britains first Zero Emission Zone begins in Oxford
• BMW Rules Out Swappable Batteries For Neue Klasse EVs
• Will high gas prices supercharge electric vehicle sales?
• Elon Musk challenges UAW union to hold vote at California Tesla plant | Elon Musk
• Here's When 2023 Chevy Bolt EV, Bolt EUV Production Starts
• Volvo tests wireless vehicle charging technology
• China adds 180,000 NEV-related firms in 2021

Show #1392

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RIVIAN BACKTRACKS ON PRICE INCREASES FOR EXISTING RESERVATIONS

- The strong reactions from Rivian reservation holders, especially early supporters, to the price hikes recently announced by the EV startup may be the reason why the company has just announced it has backtracked on price adjustments for existing reservations.

- Rivian reassures customers that existing reservations made prior to the March 1 announcement will be honored at the original price. Furthermore, those who canceled their preorders on or after March 1 have the option to restore their original configuration.

- "For anyone with a Rivian preorder as of the March 1 pricing announcement, your original configured price will be honored. If you canceled your preorder on or after March 1 and would like to reinstate it, we will restore your original configuration, pricing and delivery timing. Our team will be sending an email in the next few days with more details."

- "As we worked to update pricing to reflect these cost increases, we wrongly decided to make these changes apply to all future deliveries, including pre-existing configured preorders. We failed to appreciate how you viewed your configuration as price locked, and we wrongly assumed the announced Dual-Motor and Standard battery pack would provide configurations that would deliver price points similar to your original configuration. While this was the logic, it was wrong and we broke your trust in Rivian."


RIVIAN BUYERS ARE CANCELING AT ALARMING RATES AFTER PRICE INCREASES

- A poll shows that Rivian buyers are canceling their reservations at an alarming rate after significant price increases for the R1T electric pickup truck and R1S electric SUV.

- Rivian announced significant price increases across its lineup that are resulting in some configurations going up by more than $12,000, and some by as much as $20,000 – these price increases also apply to people who had reservations for years, and they are not happy.

- Forums and social media are full of Rivian reservation holders who are saying that they are canceling their orders because they are either don’t want to pay the increase, or because they feel cheated by the company.

- Out of over 3,000 respondents, the majority is canceling their orders with still a significant part of reservation holders being undecided. At the end of last year, Rivian disclosed having over 70,000 reservations for the R1T and R1S.

- I am pretty sure that I’m going myself to cancel my reservation of four years. While I agree that it is a frustrating situation for reservation holders, it is likely the only way for Rivian to survive.


FULLY LOADED RIVIAN R1S SUV SHOWS $106,515 PRICE ON CONFIGURATOR

- Many reservation holders took to social media to complain about the cost of their orders jumping significantly—yes, the price increases apply to all existing orders. The only way to avoid them is to accept a downgrade from the 800+ hp four-motor powertrain and Large battery to the 600+ hp dual-motor setup with the new Standard battery pack expected to exceed 260 miles of range. There's a problem, though: these variants are not going to be delivered before 2024.

- Starting with the exterior, we chose the Adventure Package starting at $78,000, the iconic Rivian Blue paint (a $2,500 option), and the 22-inch Sport Dark rims ($3,500). As for the interior, we chose the optional Ocean Coast interior theme, which costs $2,000.

- We then selected the Quad-Motor AWD drive system, which is now a $6,000 option, and the Large battery pack, also priced at $6,000.

- The estimated cost of this fiscally irresponsible experiment amounted to $106,515—or $1,639 a month for a 72-month lease contract.

- Interestingly, that's pretty much the same price as the 2024 GMC Hummer EV SUV Edition 1, which starts at $105,595.


RIVIAN LAUNCHES 600-HP DUAL-MOTOR R1S AND R1T, RAISES QUAD-MOTOR PRICING

- Rivian's fully electric R1S SUV and R1T pickup truck have always seemed like kind of a bargain. For $68,575 the R1T has 835 horsepower from a quad-motor setup, which provides mega capabilities both on- and off-road that best pretty much any other light-duty truck on the market, even ones that are much pricier. Today Rivian announced new entry-level dual-motor versions of both the R1S and R1T, which come alongside a serious price hike for the existing quad-motor models.

- the dual-motor variants use new motors designed and built in-house by Rivian. The company says the new motors are among the most power-dense single-drive units on the market and they have fewer moving parts than the Bosch motors, making them lighter cheaper to build. The dual-motor trucks will make more than 600 hp and 600 pound-feet of torque and hit 60 mph in as little as 4 seconds, just 1 second off the quad-motor models.

- Rivian says the Standard pack will give the dual-motor R1T a range of over 260 miles; with the Large pack the dual-motor models will do over 320 miles. For reference, the quad-motor R1T with the Large pack is rated by the EPA at 314 miles of range while the R1S will do 316 miles. The R1T-only Max pack, which is coming in 2023 for the quad-motor model and 2024 for the dual-motor, will offer over 400 miles for both motor setups.


POLESTAR'S O2 CONCEPT PREVIEWS AN OPEN-TOPPED FUTURE

- The goal is for this to be a driver-first car, a major focus in developing the bonded aluminum space frame first designed for the 5 and now adapted to the O2. Small roll angles, high roll damping, and direct steering feel would add to that experience, all potentially paired with a two-motor system announced for the 5 that produces an all-wheel output of 872 horsepower. That straight line feel isn't the focus, though.

- Polestar's last concept car was announced only as a preview of its new styling language ahead of the release of the still-unrevealed 3 and 4 SUVs. It became a product in its own right, even though that decision required a major investment on Polestar's part. Now that the 5 is already in development, the O2 could theoretically build on most of the same developments fairly easily. For now, though, this is just a concept of what a Polestar halo car can be.


WATCH AN AUTONOMOUS DRONE LAUNCH FROM POLESTAR'S ELECTRIC CONCEPT CONVERTIBLE

- The Polestar O2 is the flashiest EV yet from Volvo's spinoff brand. With an interior made from recycled polyester and a frame from recycled aluminum, the two-door EV is a hardtop convertible. It's also very much a concept car that likely won't ever be produced as envisioned.

- It has a similar look to Polestar's first concept car, the Precept, but this idea is sleeker and undeniably sexier as a sports car.

- Adding to the Swedish car's intrigue is an autonomous drone that launches from the back of the car. The quadcopter ejects from behind the back seats and captures footage of the car going up to 56 mph. Once parked you can view and even edit the footage on the car's 15-inch front touchscreen.


POLESTAR O2 CONVERTIBLE CONCEPT HINTS AT RANGE EXPANSION | AUTO EXPRESS

POLESTAR'S SECOND CONCEPT CAR IS A CONVERTIBLE WITH AN INTEGRATED DRONE

HYUNDAI IONIQ 5 N SPOTTED HIDING UNDER CHECKERED CAMO

BRITAINS FIRST ZERO EMISSION ZONE BEGINS IN OXFORD

BMW RULES OUT SWAPPABLE BATTERIES FOR NEUE KLASSE EVS

WILL HIGH GAS PRICES SUPERCHARGE ELECTRIC VEHICLE SALES?

ELON MUSK CHALLENGES UAW UNION TO HOLD VOTE AT CALIFORNIA TESLA PLANT | ELON MUSK

HERE'S WHEN 2023 CHEVY BOLT EV, BOLT EUV PRODUCTION STARTS

VOLVO TESTS WIRELESS VEHICLE CHARGING TECHNOLOGY

CHINA ADDS 180,000 NEV-RELATED FIRMS IN 2021 


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