2021 Q3 Rivian Shareholder Letter – December 16, 2021. 71K Preorders Received

[mpw81]

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​

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"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​

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"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)​

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[MountainBikeDude]

Amazed no one beat me to posting this:

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

Was waiting for this the last few days.

Good to see pre-orders are on the uptick

"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. "

Doubtful they'll make 1000 produced by end of year.

 

[Redline]

Calls about to start.

 

[koersontap]

including the production and sale of our first two R1S vehicles earlier this week."

LOL. I'll take it!

 

[Diddy123]

Already missing production targets. Not awesome.

Post-market trading appears to be equally concerned.

 

[mgc0216]

Already missing production targets. Not awesome.

Post-market trading appears to be equally concerned.

Could be that or it could be the forecasts of losing $12.21 EPS vs the forecasted losing $5.50 EPS

 

[virgnia_rivian]

I hit the nail on the head for reservations. Guessed 70-75k.

 

[Dbeglor]

Could be that or it could be the forecasts of losing $12.21 EPS vs the forecasted losing $5.50 EPS

Current earnings have little to do with the stock price at this point. Lucid missed their earnings by similar margin on their earnings call and the stock was up nearly double digits.

 

[mgc0216]

Current earnings have little to do with the stock price at this point. Lucid missed their earnings by similar margin on their earnings call and the stock was up nearly double digits.

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.

 

[IlliniRivian]

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.

 

[Evan S]

"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)

Interesting that they did not mention Denver First Drives on the earnings call.

 

[cohall]

(Wait, Denver??? I'm not early enough to have expected an invite yet, but amazed we haven't heard of anyone yet)

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!

 

[virgnia_rivian]

So it’s surprising how few support techs they have in the field and my guess is this will factor into slowing deliveries.

 

[BradSomrak]

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.

Especially when those two vehicles went to the CEO and CFO.

(Edited to clean up an error).

 

[ChrissyOne]

Nothing much here that we didn't already know. I was guessing 70-75k pre-orders as well. RIVN has already recovered from the big after hours dip, and is only off a percent from the close. Doesn't seem to be much to see here.

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