Rivian now says production of 62K vehicles planned in 2023 [Update: Rivian says figure was said at internal meeting and taken out of context]

[DuoRivians]

UPDATE:

(Reuters) - Rivian Automotive Inc (RIVN.O) on Friday said it was sticking to its official production forecast of 50,000 electric vehicles in 2023 after a Bloomberg news report said its executives had told employees it could possibly produce as many as 62,000 this year.

The 62,000 figure was said in an internal meeting and was taken out of context, the Rivian spokesperson said.

Source: https://www.reuters.com/business/au...vehicles-this-year-bloomberg-news-2023-03-03/



ORIGINAL POST:

Well, that’s one way to boost the stock.

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[jjswan33]

Where did you see that news?

 

[Guy]

Where did you see that news?

If true then they really should have said that earlier this week.

 

[DuoRivians]

Where did you see that news?

Bloomberg

 

[Guy]

Bloomberg

Very poor management if they give a figure at their conference call and two days later they then up it over 20%. Someone on here mentioned that they should have given a range, that would have saved some trouble.

Some on there were defending the low planned production figure as part of a long-standing plan. Apparently plans can change quickly!

 

[Dark-Fx]

Very poor management if they give a figure at their conference call and two days later they then up it over 20%. Someone on here mentioned that they should have given a range, that would have saved some trouble.

Some on there were defending the low planned production figure as part of a long-standing plan. Apparently plans can change quickly!

Better to underestimate than to overestimate.

 

[jjswan33]

Better to underestimate than to overestimate.

Yeah I think generally it is good to have an internal stretch goal and WHEN something goes wrong you don't look foolish.

 

[Tim-in-CA]

Better to underestimate than to overestimate.

Under Promise, Over Deliver!!!

 

[Aardvark]

My R1S is slated to be #62,001

 

[ORFynder]

Under Promise, Over Deliver!!!

Better to be on the right side of wrong!

 

[mkg3]

Very poor management if they give a figure at their conference call and two days later they then up it over 20%. Someone on here mentioned that they should have given a range, that would have saved some trouble.

Some on there were defending the low planned production figure as part of a long-standing plan. Apparently plans can change quickly!

This is pure Rivian!!!

First raise the price of the vehicles and then after mass reaction, reduce it back to what it was. Why?
- RJ didn't think it would cause such a reaction and hurt the company the way it did by bate and switch reaction by reservation holders.

First guide production lower than analysts expect, then see stock price plummet, then increase to the range Wall Street expected. Why?
- RJ didn't think it would cause such a reaction and hurt the company the way it did by selling off and reduce market cap by 20% and making capital allocation much more difficult to its own operations as well as investors and employees.

So it's pure Rivian - First time CEO of public company. He only knows what he knows and he doesn't know what he doesn't know. Part of the learning process.

 

[dp351]

https://www.reuters.com/business/au...vehicles-this-year-bloomberg-news-2023-03-03/

 

[cohall]

Clearly Bloomberg has trouble differentiating between official guidance and internal stretch goals.

But I don’t mind the bump…

 

[emoore]

And whoever sent this tweet needs to learn the difference between week and weak. Ugh.

 

[WarehouseWilly]

Perception - Expectations = Satisfaction

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