Rivian scraps cheapest electric truck option

Very few customers opted for the entry-level Explore configuration. The vehicle initially came with his two packages, Adventure and Explore, with the “majority” choosing Adventure.

Customers who chose the Explore package saved at least $5,500. Starting at $73,000, the Adventure Package has a premium interior and gear guard remote monitoring system and security cable.

“By focusing on the Adventure trim package, we will be able to streamline our supply chain and ultimately deliver vehicles faster,” said Rivian.

Rivian has a backlog of 100,000 orders, but controversy abounds these days. laid off 6% of its workforce last month, cited inflation, high interest rates and rising commodity prices as factors. and in March, reverted the price increase In pre-ordered vehicles after backlash from customers.

Rivian, a Wall Street darling at launch It went public nine months ago at $78 a share, It briefly traded above $100 in one of the largest IPOs ever. On Friday he closed at $34.45.

Customers who order the Explore option can reconfigure to Adventure packages, cancel pre-orders, or “do nothing,” Rivian said.

Packages can be reconfigured online, and Rivian said it will provide estimates for new delivery windows, noting that it doesn’t automatically mean early dates.

If customers don’t take action by September 1, Rivian said it will remove pre-orders of the Explorer package from its production queue until the configuration is updated.

Customers who choose to cancel will receive a full refund until September 16th.

Matt McFarland of CNN Business contributed to this report.