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

  • EV maker’s shares drop on move to stem vehicle cancellations
  • Analyst projects price hike rollback could cost $850 million
Rivian R1T electric pickup truck
Rivian R1T electric pickup truckPhotographer: Bing Guan/Bloomberg
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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 as it ramps up production and seeks to win over more buyers.

The automaker was hit by customer cancellations this week after it raised the sticker prices of its battery-electric R1T pickup by 17% and its R1S SUV by 20%, citing higher input costs and a shortage of semiconductors.