Transportation
Rivian to Pay $250 Million to Settle Legal Suit Over Price Hikes
Rivian R1S electric vehicles at a dealership in South San Francisco, California.
Photographer: David Paul Morris/BloombergRivian Automotive Inc. agreed to pay $250 million to settle an investor lawsuit, against the electric vehicle maker, saying it’s eager to put the legal wrangling behind it.
The Irvine, California-based company issued a surprise statement late Thursday saying it doesn’t admit fault or wrongdoing in the proposed settlement, which requires court approval. Rivian said it will pay through a combination of $67 million in directors’ and officers’ liability insurance and $183 million from cash on hand.