Rivian Automotive Inc. dropped to a record low after the electric-vehicle maker was forced to perform an about-face and roll back price increases on its debut cars for existing customers, marking an embarrassing episode for the carmaker as it seeks to win over more buyers.

The automaker was hit by customer cancellations this week after it raised the sticker prices of its battery-electric R1T pickup by 17% and its R1S SUV by 20%, citing higher input costs and a shortage of semiconductors.

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