- Rivian sent an email out to customers informing them of an up to $10,000 CAD ($7,000 USD) price increase by Feb 25.
- Rivian says this is because of changes in the exchange rate between the U.S. dollar and the Canadian dollar.
- Canadian buyers must order by Feb 25 to lock in the (current) cheaper price.
It’s been tariff turmoil here in North America, and it’s not clear if it’ll ever get better here on either side. Rivian’s the latest victim of said turmoil; Canadian Rivians are about to get a lot more expensive within the next two weeks. Canadian Rivian hopefuls reportedly received an email warning that the price would increase by up to $10,000 CAD ($7,000 USD) by Feb 25.
To be clear, Rivian says that these price changes are due to the change in the exchange rate between the U.S. dollar and the Canadian dollar, and not any specific changes in market condition or tariffs.
“On February 25, 2025, we’re updating R1 pricing due to changes in the exchange rates between the US and Canada. Prices are increasing from $7,000 to $10,000 CAD, depending on the configuration,” wrote Rivian representative Mikhael Farah.
Now, this isn’t great news for Canadian EV buyers. The R1 is not a cheap EV in Canada, where it starts at over $100,000 CAD. That’s roughly equivalent to the R1T/R1S’s $76,000 base price. But this price bump will make an already expensive EV even more expensive. Also, unless the U.S’s prices jump in a similar range, it could make Canadian Rivians pricier than ones sold to their Southern neighbors in the U.S.
Unfortunately, this may not be the end of Rivian’s (or anyone’s) pricing woes. This week, President Trump partially reneged on his promise to push off general blanket tariffs on Canada, instead putting a 25% tariff on imported steel and aluminum. For the record, the U.S imports about a quarter of the steel it uses, and nearly half of its needed aluminum, from Canada.
This new price also doesn’t include the new threat of 100% tariff on cars made in Canada. If that happens, Canada will no doubt retaliate in kind, only further escalating prices for the U.S.-made Rivian R1. There’s a reason why Ford CEO Jim Farley said this would “blow a hole” in the auto industry, because none of this sounds great for the prices of any car, let alone the Rivian R1. The Canadian dollar has lost a bit of strength in the past year, sinking from 1 USD to 0.75 CAD last year, to 1 USD to 0.70 per CAD. It’s not clear yet how all this economic uncertainty and future tariffs will affect the economies of both countries, but things could get a lot worse.
Rivian hasn’t announced exactly what the alterations in pricing will be per trim level quite yet. But, the brand did say that the price adjustments won’t happen until Feb 25. So, if you’re in Canada and the market for a Rivian, it’s best to act sooner rather than later to get one.
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