Rivian's perception is deteriorating
Rivian has no secret ambition of squeezing Tesla into the electric car industry, and despite issues since going public, the brand remained very popular.
However, as a result of a series of events, the brand's reputation has suddenly fallen, and its own shareholder has sued the firm for neglecting to notify its investors that it had underpriced its vehicles, resulting in unwanted price rises - which were quickly retracted.
Rivian has been accused of attempting to keep it a secret by underpricing the R1S SUV and R1T pickup to the point where, after going public, prices had to be immediately raised.
According to the charge, Rivian cannot be considered a trustworthy and transparent corporation because of price increases, which were extended to pre-orders. Many of the more than 55,000 pre-orders received in 2018 were canceled.
Rivian, therefore, decided to withdraw, and the canceled pre-orders may be reopened at the original prices. The executive also apologized for the unsuccessful firefighting.
Otherwise, the prices of the automobiles were hiked from $ 67,500 and $ 70,000 to $ 79,500 and $ 84,500, respectively, and then reversed two days later, with the CEO claiming that the incorrect choice had harmed Rivian's pre-order confidence. Later, inflation was blamed.
The company's stock price has dropped even lower when the company announced that due to supply issues, half of its targeted production capacity will be reached in 2022.
The relationship between Rivian and Samsung has deteriorated due to an unacceptable claim
Rivian and Samsung previously agreed to build a joint factory, and Rivian hopes to reach 100 GWh of battery production capacity by 2025. Discussions finally broke down due to Rivian's production issues, although South Korean media sources also stated that Samsung was having issues with Rivian's unreasonable demands.
Rivian has not committed to purchasing particular quantities produced, according to the article, and has asked for the adoption of battery manufacturing technologies as well as the ability to visit the interior of the plants. This claim could not be accepted by Samsung.
Despite the fact that Rivian only produces two electric vehicles per week, its market worth is comparable to that of established automakers. Stellantis, by the way, has previously signed into an agreement with Samsung under which they will build batteries in a joint venture in North America.
