Q1 2025 Earnings Report & Shareholder Letter Released

[pricedm]

The Gen 2 "improvements", and I say this as a Gen 2 owner, are complete hogwash. The only real improvement is camera resolution.

That's too bad. I was hoping the suspension and other issues from Gen 1 to Gen 2 were significantly improved upon.

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[UnsungZero_OldTimeAdMan]

That's too bad. I was hoping the suspension and other issues from Gen 1 to Gen 2 were significantly improved upon.

The adaptive/matrixing headlights on gen 2 are nice and a first in the US. But, it's not like gen 1 headlights needed improvement.

 

[carsly]

That's too bad. I was hoping the suspension and other issues from Gen 1 to Gen 2 were significantly improved upon.

The suspension is pretty bad on Gen 2 as is the steering calibration/tuning. It's very numb at slow speeds making it an adjustment to figure out where the front end is pointing and almost dead on center at higher speeds forcing more steering input then you'd think. Combine that with the jittery highway ride and staying straight can be quite taxing on rough road - and it really shouldn't be. Most offroaders, including my Defender, will absorb all the ruts and bumps and track straight without any steering input, not so the Rivian Gen 2 - constant small corrections are necessary.

If you only drive on smooth roads, it's probably not noticeable. I went with the 22" wheels for lower cost and better efficiency, but having demo driven a Gen 1 on 20" off road tires I think the play is the 20's to absorb more of the road imperfections since the suspension isn't up to the task. And I'm not even talking about sport mode - I'm not daring enough to try that on our NJ roadways.

 

[DuoRivian]

I'm with you here. I think for the R1 series, they need to find way to LOWER the MSRP ... get rid of the air suspension and some of crap we don't need. $100k EV buyers are few and far between and have plenty of other options.

The most compelling reason I got my R1T LE was because it cost me $75k all in. Gone are the days of $7500 incentives.

My guess on R2 price. $60k to start. They'll go with top end models first, then try to find ways to lower the price.

I agree they will go out first with tri and/or dual performance but they have confirmed $45k and achieve that with a smaller battery, just one motor, simplified suspension, probably cloth interior etc.

 

[BigSkies]

This was a pretty damn good quarter. Better than I expected.

I was expecting to see roughly break-even on gross margins. They got to 17% gross margins operating at a low volume. That's slightly better than Tesla's margins last quarter and way better than any traditional automaker.

Cash flow from operations is also significantly better than prior quarters. The R2 might even get them to positive operating cash flow (which I previously didn't expect).

The trade war still promises to be spicy for all automakers, but I'm feeling a lot better about Rivian's financial viability after this report.

 

[bmedfo1]

I am shocked that there was no mention of the Gen 2 Qaud. I hope this is not a bad sign.

 

[captainjp]

I am shocked that there was no mention of the Gen 2 Qaud. I hope this is not a bad sign.

Focus. Quad is niche and will not get them where they need to be financially. Buildout for R2 is #1 priority.

 

[DuoRivian]

Focus. Quad is niche and will not get them where they need to be financially. Buildout for R2 is #1 priority.

Quad even if it is only 1000 vehicles this year would be 3% of volume and be a great help to ATP.
They also took deposits so not a great look to let that linger into 2026.

 

[SANZC02]

Quad even if it is only 1000 vehicles this year would be 3% of volume and be a great help to ATP.
They also took deposits so not a great look to let that linger into 2026.

I’d be surprised if we do not see it soon like end of Q2, start of Q3.

Not sure how much of a driver that would have been for the 1st qtr results meeting. That seems like something that would be more of a marketing announcement for consumer interest than an investor trigger. They were more pushing that they were still on track for R2 and building inventory to carry through the R2 plant shutdown later this year.

 

[UnsungZero_OldTimeAdMan]

Quad order holders must have money burning a hole straight through their undies. If this is you, I will gladly relieve you of that great burden. From RJ's own IG post few weeks ago, we know the motor units are in production. So, just sit tight. You're getting closer to relief with each passing day.

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