Rivian Automotive Inc. RIVN, -3.12% Chief Executive RJ Scaringe said Thursday that his company “wrongly decided” to apply its recent price increases to all future EV sales, including sales to those who had already preordered and configured their vehicles, and backtracked on the decision after a backlash from customers. The EV maker said it will honor prices on existing preorders. Rivian on Tuesday announced price increases for its quad-motor all-electric SUVs and pickup trucks by 20% and 17%, citing inflation and rising costs, and introduced cheaper dual-motor EVs that will be available in 2024. “I fully realize and acknowledge how upset many of you felt. I have made a lot of mistakes since starting Rivian more than 12 years ago, but this one has been the most painful. I am truly sorry and committed to rebuilding your trust,” Scaringe told customers on a letter Thursday. Shares of Rivian fell 6% in midday trading amid broad weakness for auto makers and the S&P 500 index. SPX, -0.18%
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