Reported about 20 hours ago
Rivian has agreed to pay $250 million to settle a class-action lawsuit filed after the company raised prices on its R1 pickup and SUV in 2022, allegedly misrepresenting costs prior to its IPO. While denying any wrongdoing, Rivian plans to fund part of the settlement through insurance and its cash reserves. The settlement is critical for Rivian as it prepares to launch its cheaper R2 SUV in 2026 amidst lagging R1 sales and ongoing market challenges.
Source: YAHOO