Russia is a major global supplier of nickel, and the price of the metal has surged as investors grapple with the implications of the heavy sanctions imposed in the wake of the country's invasion of Ukraine. Against that backdrop, Rivian last week announced steep price increases – about $12,000 – on higher-end "quad-motor" versions of its R1T pickup and R1S SUV, saying that rising costs made the move necessary. "Since originally setting our pricing structure, and most especially in recent months, a lot has changed," Scaringe wrote in a letter to stakeholders on March 3.