【Wisdom Car Pie News】Previously, Rivian announced that it would raise the price of its two models R1T and R1S, which caused heated discussions, and its practice of requiring the same price delivery of pre-booked customer models after the price increase caused dissatisfaction among many booking users, although in the end Rivian changed the price increase strategy and apologized to the affected customers, but the impact of this incident is still fermenting. Recently, a Rivian shareholder sued the company in the local court, which is also related to the Price Increase of Rivian.
Rivian R1S
The shareholder, Charles Larry Crews, filed a lawsuit against Rivian in San Francisco's district court on Monday, saying Rivian's price increase would tarnish Rivian's "reputation as a trustworthy and transparent company" and put some orders already booked in 2018 at risk of cancellation. He called the subsequent price correction and The apology by Rivian CEO R.J. Scaringe a "futile attempt to damage control" and did not eliminate the impact of the incident on the company.
Although Rivian apologized for the order holders and restored the original price, Rivian's share price was still affected. The company went public in November 2021 at $78 per share before rising to more than $100 per share. However, after entering 2022, Rivian's stock price has been in a downward trend, and this price increase event has greatly affected its stock price, as of Monday, its stock price closed at $42.43, and fell 37% in the previous five days, setting a new low for the company's stock price.