Rivian Settles Shareholder Lawsuit for $250 Million Following 2022 Vehicle Price Controversy
Electric vehicle maker Rivian will pay $250 million to resolve a class-action lawsuit filed by shareholders after sudden price increases on its R1 vehicles. The settlement comes as the company prepares for its crucial R2 SUV launch amid declining R1 sales and recent layoffs.
Major Settlement Agreement Reached
Electric vehicle manufacturer Rivian has reportedly agreed to pay $250 million to settle a class-action shareholder lawsuit stemming from controversial price increases on its R1 vehicles in 2022, according to court documents and company statements. The lawsuit alleged that Rivian included misleading information about production costs in its IPO documentation prior to going public in 2021.