GM rival Rivian has made significant price cuts to 2023 and 2024 models in an apparent effort to clear existing inventory and boost sales. The price cuts were applied to units of the Rivian R1T and Rivian R1S in the U.S. and Canada. The R1T and R1S are considered rivals to the GMC Hummer EV Pickup and GMC Hummer EV SUV, respectively. The R1T is also considered to be a rival for the Chevy Silverado EV and the GMC Sierra EV. Pricing to order a new Rivian remains unchanged; the recent price cuts only apply to models in existing inventory, and target optional equipment specifically, including drive system and battery pack upgrades.
Rivian R1T
Rivian’s decision to slash prices on these models appears strategic, with the EV producer likely aiming to move existing stock more quickly and make room for future production amid a decline in demand for new electric vehicles.
According to a report from Drive Tesla, the 2023 R1T Quad-Motor Upgrade, originally priced at $12,500 in Canada, has been reduced to $8,000, marking a 36-percent decrease. Similarly, Canadian-spec models with the 2024 R1S Quad-Motor Upgrade see a 60-percent reduction for the option, from $12,500 to $5,000.
The price reductions vary across different models and configurations, with the biggest cut for Canadian models applied to the Large Battery Pack upgrade for the 2023 R1S, originally priced at $14,500, now available for $2,500, a reduction of 83 percent.
Check out the table below for a more thorough breakdown of Canadian-spec Rivian upgrade price cuts, per Drive Tesla:
| Model | Previous Price | Revised Price | Difference |
|---|---|---|---|
| 2023 R1S Quad-Motor AWD | $12,500 | $8,000 | -$4,500 |
| 2024 R1S Quad-Motor AWD | $12,500 | $5,000 | -$7,500 |
| 2023 R1S Large Battery | $14,500 | $2,500 | -$12,000 |
| 2024 R1S Large Battery | $14,500 | $5,500 | -$9,000 |
| 2023 R1T Quad-Motor AWD | $12,500 | $8,000 | -$4,500 |
| 2024 R1T Quad-Motor AWD | $12,500 | $11,000 | -$1,500 |
| 2023 R1T Large Battery | $14,500 | $3,000 | -$11,500 |
| 2024 R1T Large Battery | $14,500 | $6,000 | -$8,500 |
In the U.S., the Performance Dual-Motor upgrade for the 2023 R1T, originally a $5,000 option, is now free. Further highlights for U.S. models include a 66-percent price reduction for the Large Battery (Dual-Motor) upgrade for the 2024 R1T (from $9,100 to $3,100) and a 44-percent price cut for the Large Battery (Performance Dual-Motor and Quad-Motor) upgrade for the 2024 R1T (from $9,100 to $5,100).
Check out the table below for a more thorough breakdown of U.S.-spec Rivian upgrade price cuts, per Drive Tesla:
| Model | Previous Price | Revised Price | Difference |
|---|---|---|---|
| 2023/2024 R1S Quad-Motor AWD | $8,000 | $6,000 | -$2,000 |
| 2023/2024 R1S Large Battery | $9,100 | $7,100 | -$2,000 |
| 2023/2024 R1S Max Battery | $19,100 | $15,100 | -$4,000 |
| 2023 R1T Performance Dual-Motor AWD | $5,000 | $0 | -$5,000 |
| 2023 R1T Large Battery | $9,100 | $5,100 | -$4,000 |
| 2024 R1T Large Battery (Dual-Motor AWD) | $9,100 | $3,100 | -$6,000 |
| 2024 R1T Large Battery (Performance Dual-Motor AWD/Quad-Motor AWD) | $9,100 | $5,100 | -$4,000 |
The new prices cuts arrive amid broader shifts in the automotive industry with regard to electrification. GM, for example, has announced that it will reintroduce plug-in hybrid electric vehicles (PHEVs) to the North American market as an interim solution while the U.S. continues to build out its EV charging infrastructure.
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Comments
Over priced and low demand.
The Rivian pickup’s front facia reminds me of Mr. Magoo.
Definitely prefer the styling of the Silverado EV over the Rivian.
They discount what they cannot sell. I don’t see too many electric vehicles out on I 80…
I’ve seen a few Rivians on the road and in parking lots. Also heard a Rivian owner wax eloquent about how great a vehicle it is. Yesterday I saw a Cyber Truck for the first time and, frankly, the Rivian is a better looking vehicle. Perhaps I like the look better because it’s more like a truck.
Regardless of the flash for these vehicles I’m not interested – doesn’t fit my need. If someone else wants the shell out the moola for an electric truck I have nothing bad to say – just not for me.
My 2023 Denali 1500 Sierra with the 3.0 L is averaging close to 29 MPG lifetime. I’ll take it.