Prices for preorders as of March 1 will roll back to the previous price and customers who canceled orders can reinstate them, CEO RJ Scaringe said in a letter.
"Earlier this week, we announced pricing increases that broke the trust we have worked to build with you," the letter said.
The startup automaker said on Tuesday it had increased selling prices of its vehicles by about 20 percent 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.
Rivian shares were down 4.9 percent to $50.91 when the market closed Thursday.
"As we worked to update pricing to reflect these cost increases, we wrongly decided to make these changes apply to all future deliveries," Scaringe wrote.
"I have made a lot of mistakes since starting Rivian more than 12 years ago, but this one has been the most painful."