? Rivian IPO S1 Filing - reveals preorder numbers, R1S delivery date, Autonomous Subscription Fee & more...

[Longhorngirl]

Ordered my plate.

Sponsored

 

[cohall]

We plan to enhance the overall infotainment experience over time with the integration of new technologies, including gaming, video streaming, digital payment, face recognition, and enterprise productivity features such as messaging and video conferencing.

 

[DB-EV]

https://www.sec.gov/Archives/edgar/data/1874178/000119312521289903/d157488ds1.htm

Take Aways:

• 14
  • Directed Share Program - Preorder holders will likely be able to participate in the IPO in some fashion.
• 21
  • Preorders - 48,390 R1T / R1S as of September 30, 2021 in the United States and Canada.
• 100
  • R1S Deliveries Build starting in December.
• 101
  • As of September 30, 2021, we operated six service centers in four states (California, Illinois, Washington, and New York), 11 mobile service vehicles, a 24/7 service support center in Michigan, and have secured 24 RAN DCFC sites in seven states, 145 Rivian Waypoints charging sites in 30 states, and 20 service center locations for further expansion.
• 111
  • Delivery fee is likely $1,7XX
  • Autonomous Driving Fee is likely $10,000
  • Per vehicle 'subscription' (likely the Membership) is expected to be $5,500 over 10 years.
• 116
  • Driver+
    • 11 cameras, 12 ultrasonic sensors, five radars, and a high-precision GPS antenna
    • We expect our platform’s architecture will enable us to evolve and expand our Driver+ offerings to support SAE Level 3 autonomy
• 117
  • Rivian has plans for Fleet Management. Later in the doc is more detail about it.
• 119
  • Factory - 150,000 vehicles annually. Up to 200,000 vehicles annually in 2023.
• 120
  • Service
    • 120 service centers and to deploy in excess of 1,000 mobile service vans in 2023
    • Our entire service infrastructure is shared by our consumer and commercial customers which generates operational synergies in both physical assets as well as labor. (Is this using Amazon locations as service centers?)
• 121
  • DCFC - RAN DCFCs are designed to output over 200 kW of DC power for initial R1 vehicles (up to 140 miles of range in 20 minutes), with over 300 kW planned for future vehicles. Oof.
• 124
  • R1S Camp Kitchen - A rear cargo mounted Camp Kitchen will also be available for the R1S
  • Amazon Vans - There are 3 different lengths. Range of between 120-150 miles.
• 139
  • States they can sell in - Long list. Post here.
• 147
  • Board Members
    • Karen Boon - President of Restoration Hardware
    • Sanford Schwartz - Cox
    • Rose Marcario - Patagonia
    • Peter Krawiec - Amazon
    • Jay Flatley - Illumina (genetic analysis company)
    • Pamela Thomas-Graham - Dandelion Chandelier (luxo digital media)
• 156
  • RJ Salary - $1,300,000 all in salary and bonus. He also controls a tremendous amount of company shares.
• 174
  • Ford - They have purchased bodies in white from them in the past, but no longer do. They currently purchase tooling and experise.
  • Cox - Cox will be the reseller of any used Rivians, and likely trade ins. They will get preferential pricing on service on them and whatnot in exchange for marketing.
• F-25
  • Rivian terminated a contract with a major supplier in 2019 and demanded repayment of $18M. They believed that it would settle for less, but in December 2020 made a call that they would never get that money back.

They lost 300 million last quarter and have 3.5 billion cash on hand. page 10

 

[Scott]

To be fair, this may be for anything, including L3 features.

Also, it's speculation on a future event in an S1. It could be pipedream bullshit.

Exactly. By all accounts rivian’s driver + is “meh” at the moment. By the time they have a higher tier offering worth paying 10k for you likely won’t own your 2022 r1 anymore if they ever get there.

 

[Temerarius]

I'd be cool if they did a pay as you use model, not subscription, for the premium Driver+ features. I guess I understand the subscription is more financially appealing but from a customer point of view it'd be nice to use from time to time but not have to pay for it all the time.

Yeah, I can see the appeal of "by the mile" but I can also see why Rivian would be like "yeah, no, fuck that, we want your $$..."

I AM curious what the cycle is on these subs. Is it month to month, quarterly, or annual.

I'd assume monthly (would suck to pay for a year sub and then sell the car 6 months into that year...).

 

[SeaGeo]

This reads to me that the R1T/S’s will be capable of UP TO 300kW but not >300kW, which is what they’ve been telling us the entire time. Key word here is OVER 300kW, for future vehicles which I expect because of the lack of 800 V architecture. I’m fine if the vehicles are capable of 300 kW as a hard stop, that will be plenty fast for me.

they quote of 140 miles/20 minutes reads like an expected value to me. I think you're being very optimistic if you are reading the statement in the filing as saying the initial R1T and R1S is going to be able to get up to 300kW. That's partially informed by general limits of chargers on a 400V system.

I think people are way overreacting over nothing about the charge rate tidbit. Even if it was 150kw, that's still damn fast and anything above that is just awesome. I think people shouldn't act like 300kw is a bare minimum to be satisfied as a customer and anything less than that is garbage poop...

There's a middle ground here (which is where I am. Though I am annoyed that Rivian seemingly intentionally mislead people). I think the 140 miles in 20 minutes is... ok. It's not great. It's not garbage poop. A 150 kw peak would be garbage poop. With the size of these vehicles and battery, it'd take about 50 minutes just to charge from 10% to 80% every 300 miles. And that's not accounting for the charging rate dropping below 150kw at 50% for the large pack (I'd guess say 60% for the max pack).

At the end of the day, we'll survive. But having that 800v switch could (in theory) cut that 10 to 80% charging time down by about 20% or more with less heat generated.

 

[Temerarius]

We plan to enhance the overall infotainment experience over time with the integration of new technologies, including gaming, video streaming, digital payment, face recognition, and enterprise productivity features such as messaging and video conferencing.

"Chase, we see you are available on Teams, can we do a quick call on X"?
"NO! F$%K OFF... I'm CAMPING"

 

[aAlpine]

I think people are way overreacting over nothing about the charge rate tidbit. Even if it was 150kw, that's still damn fast and anything above that is just awesome. I think people shouldn't act like 300kw is a bare minimum to be satisfied as a customer and anything less than that is garbage poop...

I disagree. The batteries in the R1T/S are significantly larger due to the inherent inefficiency of these vehicle types. This means that you'll be waiting longer than charging something like a Model 3/Y. Combine this with the fact that some chargers are current limited, so you might not even get 150kW. With the large batteries planned from the beginning, and 2 years of delays, I think any vehicle launching without 800V charging is already outdated. Even GM figured this out.

 

[DB-EV]

I disagree. The batteries in the R1T/S are significantly larger due to the inherent inefficiency of these vehicle types. This means that you'll be waiting longer than charging something like a Model 3/Y. Combine this with the fact that some chargers are current limited, so you might not even get 150kW. With the large batteries planned from the beginning, and 2 years of delays, I think any vehicle launching without 800V charging is already outdated. Even GM figured this out.

So, December will be for R1s what September was for R1T according to page 81 of the Prospectus:

"In the consumer market, we launched the R1 platform with our first generation of consumer vehicle, initially with the R1T, a two-row five-passenger pickup truck, and then plan to launch the R1S, a three-row seven-passenger SUV, in December 2021"

 

[Monkey]

I did note on the Colorado trip videos, they were referring to "Miles gained" and no longer referencing "% Battery in x mins" which I thought was odd at the time.

Tesla and the rest of the industry is trying to promote EV charging in terms of miles gained per minute or hour of charging. They don’t want to reference KWh or battery %. Partially because it takes focus away from technical shortcomings, but more so because this is how most people WANT to understand it. Your average person has no clue what a KWh is or how any of it applies to them. They just want to know how many miles/km they can drive.

The % reference is OK to many as it’s the same as looking at a fuel gauge. “OK, battery 3/4 full”, me drive. Unga bunga…

 

[SeaGeo]

Even GM figured this out.

When a $45k Kia outspecs the Halo vehicle for a company that touts their technology...?

 

[Trekkie]

I know that Tesla has a 10k option of adding hardware for future autonomous driving capabilities. I'm assuming Rivian includes the hardware (cameras, sensors) in our trucks, but $10k is to unlock the software?

Keep in mind also that 10k in some cases resulted in an upgrade to the hardware in the car (HW 2/2.5 to 3) so that said, I'm waiting to see on this. Since they mention level 3 to me we still will get Driver + as it is (ACC + LCA) and anything more advanced will be in that $10k.

 

[SeaGeo]

Tesla and the rest of the industry is trying to promote EV charging in terms of miles gained per minute or hour of charging. They don’t want to reference KWh or battery %. Partially because it takes focus away from technical shortcomings, but more so because this is how most people WANT to understand it. Your average person has no clue what a KWh is or how any of it applies to them. They just want to know how many miles/km they can drive.

The % reference is OK to many as it’s the same as looking at a fuel gauge. “OK, battery 3/4 full”, me drive. Unga bunga…

I hate the mile/minute reference. Partially because of implementation on some manufacturers. Depending on how I drive, my ID.4 says it's charging at a different mile/min for the same damn kw, because their logic works off the GOM. So 125kw may be 5 miles/minute, it may be 7 miles/minute. It's also much harder to see if something isn't doing what it's supposed to.

 

[DB-EV]

So, December will be for R1s what September was for R1T according to page 81 of the Prospectus:

"In the consumer market, we launched the R1 platform with our first generation of consumer vehicle, initially with the R1T, a two-row five-passenger pickup truck, and then plan to launch the R1S, a three-row seven-passenger SUV, in December 2021"

And they are going to hit us on services to make money, not the vehicle: p 84

Ability to Convert our Customers to Subscribers of our Services. Services are a key part of our growth strategy, driven by initial attach rate, member retention, and the subsequent adoption of future service offerings. We intend to offer a variety of services, including financing and insurance, vehicle maintenance and repair, membership, software, charging solutions, and FleetOS solutions that we believe will grow our revenue outside of vehicle sales. As we increase our base of Rivian customers and expand our services portfolio, we expect our customers to expand their usage of our service offerings over the full lifecycle of their vehicle ownership. We believe the services portion of our business will have the benefit of creating a higher margin, recurring revenue stream for each vehicle, therefore improving our margin profile. Our ability to grow revenue and our long-term financial performance will depend in part on our ability to drive adoption of these offerings.

 

[atlastracer]

If anyone is familiar with these documents. There are a bunch of places where there are clearly values missing. Like the % of shares set aside for the directed purchase, initial share price (and other stuff). Is that normal for an S-1? Is that something with the format of the doc we are reviewing (webpage and not a PDF) or do they just leave that blank for now and determine the final values prior to IPO?

Sponsored