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Dbeglor

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Stock prices are not logical (look at the two headlines below). And I would also argue that missing a production target by a couple hundred is about as relevant as EPS. Neither should be cause for panic by investors.

Screen Shot 2021-12-16 at 1.48.40 PM.png
Yep, SHOULD being the operative word....

Also they are just re-reporting Q3 financials that were already known as of the IPO, so the financial bit is not useful.
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mkennedy1996

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I would not be surprised if Rivian does not sell anymore R1S until January - maybe late January. The effort to get 2 sales out before the earnings calls is quite obviously about being able to state they delivered and not an indication they are actually ready to sell the R1S.
Those two sales were to the CEO and CFO
 
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mpw81

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ChrissyOne

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So it’s surprising how few support techs they have in the field and my guess is this will factor into slowing deliveries.
Assuming that they need a CDL to do this work, it's likely tied to the overall shortage of commercial drivers. That's hitting everyone.
 

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Dbeglor

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So it’s surprising how few support techs they have in the field and my guess is this will factor into slowing deliveries.
Well, or you have it backwards. How many service techs do you need for 650 brand new vehicles? That's one van for every 10 vehicles. They have far more than they need for current vehicles.
 
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mpw81

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Especially when those two vehicles went to the CEO and his spouse.

While they likely spend a lot of time together... Claire, the CFO, is not his spouse.
 

Dbeglor

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Yikes. They just said they're reevaluating the pricing of their vehicles given the inflationary environment. The bad news keeps rolling in.
I wouldn't look too far into that statement. Every company on earth is "evaluating the pricing of their products" at all times, but right now especially. I would be surprised if they raise prices on existing orders, but we'll see.
 

BradSomrak

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While they likely spend a lot of time together... Claire, the CFO, is not his spouse.
I misheard. (Admittedly, I was working and multitasking). I thought R.J. referenced purchasing two vehicles, and I thought that was weird when I heard it. (Or what I thought heard).

The CEO and CFO making the first two purchases makes more sense.

Thanks for the correction.
 

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lg3103

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Amazed no one beat me to posting this:

https://assets.rivian.com/2md5qhoea...6fc93cb/Rivian-Q3-2021-Shareholder-Letter.pdf

Highlights:

"As of December 15, 2021, we have produced 652 R1 vehicles and delivered 386 of those, including the production and sale of our first two R1S vehicles earlier this week." - Page 6
"We expect to be a few hundred vehicles short of our 2021 production target of 1,200, however, we are encouraged by the progress and learnings our team continues to incorporate into our operations." - Page 6
"Since launching our mobile drives, we have hosted drives in New York Metro, Seattle, and Denver." Page 11 (Wait, Denver??? I'm not early enough to have expected an invite yet, but amazed we haven't heard of anyone yet)​
CS is saying no test drives in Denver yet...someone is misstating the facts...
 
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mpw81

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I misheard. (Admittedly, I was working and multitasking). I thought R.J. referenced purchasing two vehicles, and I thought that was weird when I heard it. (Or what I thought heard).

The CEO and CFO making the first two purchases makes more sense.

Thanks for the correction.
No worries.

I think his exact phrasing was "Claire and I purchased the first two R1S....."
 

Dbeglor

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CS is saying no test drives in Denver yet...someone is misstating the facts...
I think it's probably both right. They have started the program in Denver in that the center is open, it's staffed, there are numerous vehicles there as we've seen, but perhaps no actual drives have happened.

So, as I expected even before this new information, mobile drive invites are going to be going out imminently for Denver.
 

Dbeglor

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Reiterated timeline for all existing preorders are still expected sitting where they are today to be completed in 2023(71k) , but insinuated that pretty soon they will push to 2024.
 

CUBldr97

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I'm a pretty early LE R1T reservation, and I'm less than 10 mins from the service center. I've not received an invite yet. Hopefully soon!
Yeah nothing for Denver yet, as questions have been asked the manager with out giving details said expect something very soon.
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