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

[ThumprMN]

This all sounds like words and stuff, but what about carplay?

I heard CarPlay… <pops head up>

CarPlay?

caaaarrrrpppplllaaaayyyy < >

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[Grabs10]

They could get rid of the air suspension and air compressors for onboard air and kill the camp speaker or charge extra for those features on the R1 in the updated model which would net a huge savings for Rivian and be more inline with what is coming on the R2 and R3’s. I wouldn’t miss any of those features on the R1S.

 

[Polar]

They could get rid of the air suspension and air compressors for onboard air and kill the camp speaker or charge extra for those features on the R1 in the updated model which would net a huge savings for Rivian and be more inline with what is coming on the R2 and R3’s. I wouldn’t miss any of those features on the R1S.

That would require a whole suspension redesign for the R1. Just because you don’t use it, doesn’t mean others feel the same.

 

[jjswan33]

That would require a whole suspension redesign for the R1. Just because you don’t use it, doesn’t mean others feel the same.

Maybe they can software lock it

 

[Riviot]

Maybe they can software lock it

Software lock EVERYTHING.

 

[itselectric]

The expectation that others have voiced, which makes sense, is that Rivian doesn't want to give people a reason to hold off on purchase of an already built vehicle when they have a large inventory if they have tangible expectations of significant improvements.

Exactly, I agree. I still found it funny that they mentioned it multiple times throughout the call but no one asked a question about when they will ship and what benefit they will offer customers to improve demand.

 

[Grabs10]

That would require a whole suspension redesign for the R1. Just because you don’t use it, doesn’t mean others feel the same.

Why would changing to a coil over, like a McLarens 720s has require a whole suspension modification?

 

[madgrey]

Why would changing to a coil over require a whole suspension modification?

For one thing, the current air suspension does not require an anti-roll bar. A change to coil-overs would. Also, I doubt the geometry could be retained. It would end up needing a redesign.

Besides, a refresh shouldn't take away a major feature. The air suspension is one of my favorites. I use the full range, and we all enjoy less ride vs. performance compromises. It's what a vehicle with this capability and price point deserves.

 

[Khaos]

Exactly, I agree. I still found it funny that they mentioned it multiple times throughout the call but no one asked a question about when they will ship and what benefit they will offer customers to improve demand.

As someone who is on the fence just itching to pull the trigger but waiting for a refresh....I can wait, I'm not in a rush.

As a Canadian sitting on the fence...if they want us Canadians to get off the fence, then give us some of the deals we are seeing south of the border because there are zero deals to be had on anything right now in Canada by Rivian (stealth PPF deal you ask? There was literally 1 R1S, that's it). If they were to give me some sort of solid incentive, I'd get off the fence and say 'forget the refresh'...but without an incentive...well... I'll just sit tight

 

[Zoidz]

It was strange. They mentioned the refresh numerous times while being careful to not state anything that a customer would find as a benefit.

Rivian made no mention of when they would start delivering the new models or any other information. Very odd.

I read the shareholder letter and the earnings call transcript. The word REFRESH was used exactly ZERO times. They mentioned RETOOLING numerous times. Retooling is not a refresh.

In fact, regarding retooling RJ is quoted below. Unless RJ is intentionally being deceptive, it can’t be any clearer that the retooling is not going to introduce any significant or substantial cosmetic changes.

“And for us, we've really emphasized building a timeless design that's not something that's of the moment or something that feels old, six months after it's released. And we think that timeless element of the design actually provides us the opportunity to make less significant exterior design changes while we continue to make progress with what's under the skin.”

 

[Rivian Head]

RivIan is in trouble. I don’t see Rivian distinguishing itself among the crowds, and the financial report was underwhelming. Stock has been following Fisker’s trajectory, and soon will need to raise more money. Not good

 

[Stickboy46]

For one thing, the current air suspension does not require an anti-roll bar. A change to coil-overs would. Also, I doubt the geometry could be retained. It would end up needing a redesign.

Besides, a refresh shouldn't take away a major feature. The air suspension is one of my favorites. I use the full range, and we all enjoy less ride vs. performance compromises. It's what a vehicle with this capability and price point deserves.

Yea, the air suspension is 100% a selling point.

 

[jjswan33]

As someone who is on the fence just itching to pull the trigger but waiting for a refresh....I can wait, I'm not in a rush.

As a Canadian sitting on the fence...if they want us Canadians to get off the fence, then give us some of the deals we are seeing south of the border because there are zero deals to be had on anything right now in Canada by Rivian (stealth PPF deal you ask? There was literally 1 R1S, that's it). If they were to give me some sort of solid incentive, I'd get off the fence and say 'forget the refresh'...but without an incentive...well... I'll just sit tight

I hate to tell you but not many deals available on R1S south of the border either but loads of killer deals on 2023 R1Ts.

 

[Craigins]

Claire also pointed out that they will have flexibility to run different mixes of production based on demand - they can pick from up to 85k run rate for R1, 60k for EDV/RCV, and once R2 is up and running up to 155k.

I wish they would put this stuff in writing. Seems the things Claire says don't appear in writing (previous factory capacity numbers), very annoying. If they have a written reference to production numbers and are planning to change it, those changes should be described in writing.

The shareholder letter reads 60k R1 with 155k R2.

 

[jjswan33]

I wish they would put this stuff in writing. Seems the things Claire says don't appear in writing (previous factory capacity numbers), very annoying. If they have a written reference to production numbers and are planning to change it, those changes should be described in writing.

The shareholder letter reads 60k R1 with 155k R2.

To be fair those comments were in direct response to a question on the call.

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