Rivian Q1 2024 results : revenue beat, earnings miss, sticks to annual production forecast

[VC_Rivian]

Shareholder Letter:
https://downloads.rivian.com/2md5qh...35921cd9c8c7/RIVN_1Q24_Shareholder_Letter.pdf

Articles:
https://finance.yahoo.com/news/rivian-posts-quarterly-revenue-beat-201437700.html

https://electrek.co/2024/05/07/rivi...ue-beat-earnings-miss-slight-margin-increase/

Shareholder letter: RIVN_1Q24_Shareholder_Letter.pdf

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[evhelphub]

Love the capex reduction

 

[zefram47]

You could actually link the Rivian Q1 Shareholder Letter rather than articles.

https://downloads.rivian.com/2md5qh...35921cd9c8c7/RIVN_1Q24_Shareholder_Letter.pdf

 

[Mark_AZR1T]

Inventory is almost 2800 vehicles. I wish we knew the product mix breakdown....and any word on full production date for the refreshed line with 600+ new robots, etc?

 

[jeeden]

Apple question inbound on the call...

 

[jeeden]

Apple question inbound on the call...

RJ: building our own computers lets us partner how we want like we have with Amazon

 

[SDH]

Drink a shot every time the word "Apple" is mentioned.

 

[Rivtony]

It doesn't look like RJ will mention details about the "new" R1 but from the sounds of it is all about cost reduction and less about new features or new design.

 

[s0ysauce]

On the conference call, did RJ just say that the retooling in Normal is expected to have up to 50% in cost reduction materially for the R1?

 

[shrink]

On the conference call, did RJ just say that the retooling in Normal is expected to have up to 50% in cost reduction materially for the R1?

I think he said on some body panels the cost reduction was 50%.

 

[Rivtony]

On the conference call, did RJ just say that the retooling in Normal is expected to have up to 50% in cost reduction materially for the R1?

I believe he mentioned that for one specific structural body component.
The average is less than that, I believe 30%? 30% is the increase in production numbers capability.

 

[Noplacelikeloam]

It doesn't look like RJ will mention details about the "new" R1 but from the sounds of it is all about cost reduction and less about new features or new design.

Echoes what the investors letter says also.

 

[Rivtony]

Echoes what the investors letter says also.

Indeed. Definitely the investors care more about cost reduction than new features

 

[VSG]

It doesn't look like RJ will mention details about the "new" R1 but from the sounds of it is all about cost reduction and less about new features or new design.

I believe 30%? 30% is the increase in production numbers capability.

Which is EXACTLY what they have been saying publicly for at least six months now.

 

[edman007]

It doesn't look like RJ will mention details about the "new" R1 but from the sounds of it is all about cost reduction and less about new features or new design.

Yes cost reduction, but people need to remember cost reduction doesn't mean worse or improvements won't be made. It can often mean that you make a minor change on a part for a big cost cut, and roll in all the irrelevant fixes to that at the same time. It means you eliminate old chips going out of production with the cheaper, newer, faster chip. It means you upgrade communication to reduce harness cost. There are also many things that HAVE to happen this year due to supply issues, it make sense to push forward an upgrade to avoid a mid-year upgrade. Battery pack gets reconfigured for manufacturing, and cooling issues discovered are fixed.

I expect significant minor upgrades, things like camera improvements, because a 4-year old 1080p camera isn't cheaper than a brand new 1440p camera.

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