California-based EV startup Rivian Automotive Inc. (NASDAQ:RIVN) will be hiking prices on its R1T electric truck and R1S electric SUV in Canada by C$10,000 (about $7000) starting Feb.25, the company said in a mail to potential customers.
What Happened: The company said the price hike is due to a change in the exchange rate between the US and Canada.
“Now’s the time to bring home a new R1,” the company wrote, urging potential customers to purchase before the price hike kicked in.
One Canadian dollar currently equals $0.70, down from $0.74 a year ago.
Why It Matters: Rivian vehicles are not cheap even now. Both their electric SUV and truck are to the higher end, making them rather premium purchases.
While the R1T truck starts at C$101,900, the R1S starts at C$109,900 in Canada. In comparison, Tesla’s Model Y SUV starts at just C$64,990 in the country.
Rivian is slated to report its fourth-quarter results on Feb. 20 at 2 pm PT.
For the full year 2024, Rivian delivered 51,579 EVs, within its guidance of 50,500 to 52,000 deliveries.
In the three months through the end of December, the company delivered 14,183 vehicles, its second-highest quarterly delivery numbers since it started deliveries in 2021.
Rivian opened sales of its Rivian Commercial van to fleets of all sizes in the U.S. on Monday. The vehicle is the platform for Amaon’s custom electric delivery van. Until recently, the vans were sold only to Amazon owing to an exclusivity clause in the original agreement between the EV maker and the online retailer.
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