Rivian Automotive Inc rolled back price hikes on electric vehicles booked before March 1 on Thursday, days after facing backlash from customers following a 20% price hike.

Prices for preorders as of March 1 will roll back to the previous price and customers who canceled orders can reinstate them, Chief Executive RJ Scrainge said in a letter.

The Amazon-backed company said on Tuesday it had increased selling prices of its vehicles by about 20% due to inflationary pressures and higher component costs.

Under the previous plan, the base price of the Rivian R1T electric pickup would have risen to about $79,500 from $67,500, while the R1S SUV to $84,500 from $70,000.

  - Reuters