Rivian has announced a significant price increase for the R1T and R1S is coming soon to Canada. The price adjustment, which will take effect on February 25, 2025, will see increases of up to $10,000.
In an email sent to customers on Monday night, Rivian said the increase was a necessary response to currency fluctuations, which have impacted the company’s Canadian pricing structure. U.S. pricing for the R1T and R1S will remain unchanged.
Currently, the base model Rivian R1T starts at $101,900, but can climb to as much as $142,900, while the R1S ranges from $109,990 to $150,990. With the upcoming price adjustment, prospective buyers will see these figures climb even higher, although Rivian did not detail how much each variant will be increasing by.
Here is Rivian’s current pricing structure in Canada:
- R1T Dual Standard: $101,900
- R1T Dual: $111,900
- R1T Tri: $142,900
- R1S Dual Standard: $109,900
- R1S Dual: $119,900
- R1S Tri: $150,900
Rivian is encouraging prospective buyers to act quickly before the February 25 deadline to secure current pricing. This move is likely to drive a short-term surge in Canadian orders as customers rush to lock in their purchase before the price hike, but will likely result in a sales decline once the higher prices take effect.
To soften the blow of the impending price increase, Rivian is reminding customers about their incentive program known as the All-Electric Upgrade offer. Through this program, eligible customers can save up to $8,600 on select configurations in the R1 Shop when asking for a trade-in request, offsetting most, or more, than the upcoming price increase.
Rivian’s decision to raise prices in Canada comes just a few weeks after Tesla made a similar price adjustment in Canada. While Tesla did not explicitly state why prices of their vehicles increased as much as $9,000 in Canada on February 1, it is widely believed to have also been in response to the weakening Canadian dollar.
