Rivian hit with shareholder lawsuit over surprise EV truck price hike

Enlarge / That air compressor can output up to 150 psi. (credit: Rivian)

Rivian, the electric vehicle manufacturer, is being sued (PDF) by a shareholder who alleges that the company's surprise 20 percent price hike tarnished Rivian's reputation and violated US securities laws.

The company made "untrue statements" in its IPO about the pricing of its R1T truck and R1S SUV, the lawsuit says. "Unbeknownst to investors," the suit says, Rivian's filings for the IPO contained statements that were "materially inaccurate, misleading, and/or incomplete because they failed to disclose, among other things, that the R1T and R1S were underpriced to such a degree that Rivian would have to raise prices shortly after the IPO."

The lawsuit alleges that the surprise price increases would "tarnish Rivian's reputation as a trustworthy and transparent company" and risk the cancellation of a "significant number" of the nearly 56,000 preorders the company had accumulated.

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