Rivian Virtual Shareholder Meeting and Shareholder Letter- June 6, 2022

freshpow

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Gonna need to see the backup for the statement that they've "launched" the R1S. If you're not going to delivery any in 2022 (as seems likely) then I am very skeptical that any "production" models have actually been built.
Why does it seem likely that they won't deliver any R1S' to customers in 2022? I've seen a lot of people saying this after the email communication this morning. They have already started delivering in small numbers to Rivian employees and if I remember correctly it only took 2-3 months after employee deliveries for the R1T for meaningful customer deliveries to start. There's almost certainly going to be a delay for most of the initial delivery windows but no R1S in 2022 is doomsday conjecture at this point.

 

Blueassassin

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I transferred the MS shares to my Schwab account, did not want to keep that MS account just for the DSP shares.
OK ya I Transferred all mine to Etrade with my other stocks. Haven't seen anything through them.
 

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Why does it seem likely that they won't deliver any R1S' to customers in 2022? I've seen a lot of people saying this after the email communication this morning. They have already started delivering in small numbers to Rivian employees and if I remember correctly it only took 2-3 months after employee deliveries for the R1T for meaningful customer deliveries to start. There's almost certainly going to be a delay for most of the initial delivery windows but no R1S in 2022 is doomsday conjecture at this point.
Because of the way Tony crafted his email yesterday. It is an assumption for sure. But given how he structured the email and where he chose to mention R1S (in the no longer 2022 estimate section) as well as the "many of our R1S preorder holders" statement. And Rivian's allergic reaction to their own dates. Many of us have 0 confidence in their promises at this point.

Preorder holders who no longer have delivery window estimates in 2022
As we’ve continued to ramp production, we’ve seen some customers’ delivery windows move up while others push back. This includes much anticipated updates to many of our R1S preorder holders. For those who’d previously received an estimated window in 2022 but will now be later than that, we want you to have this update so that you can adjust your plans accordingly.
I 100% want to be wrong on this.
 
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Gator42

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Key RJ takeaways and quotes from the Q&A:

On enduro motor: "..in the R1 units customers will be amazed at...the efficiency of this drive unit"

"Chassis and propulsion updates coming...not going to discuss here...unbelievably exciting"

On delivery system: "...there's confusion as to what that (delivery) sequencing looks like..." "very late changes to a customers order create an unmatched Rivian where we need to go find a customer for that...so it may actually pull an order that's a recent pre-order that gets a vehicle s00ner because of that 'second matching'..."

R2 reveal 2023...

OC customers out of luck for now...reduction in trim packages to two plus the colors makes for the most happy customers we can create...
 


sevengroove

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Because of the way Tony crafted his email yesterday. It is an assumption for sure. But given how he structured the email and where he chose to mention R1S (in the no longer 2022 estimate section) as well as the "many of our R1S preorder holders" statement. And Rivian's allergic reaction to their own dates. Many of us have 0 confidence in their promises at this point.



I 100% want to be wrong on this.
Thanks for articulating this, I feel the same way. I don't think you're wrong at all, because if the reality were any more positive Rivian would be rushing to state it in the email. For example, if they expected all LE R1S deliveries to conclude (or at least be initiated) by 2022, they'd definitely call that out. I'm preparing for an early 2023 window, which absolutely sucks ... but I'll be pleasantly surprised if it's any earlier.
 

moosehead

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It wasn’t merely another horribly crafted email indicating potential R1S delay until 2023. The fact that it still needs to be parsed and re-read at all at this late date after so many other opaque non-answers and whacked comms is a bit absurd. Why issue it at all after having missed the May status update and a good majority of Happy Friday updates which never came?

To me, those R1S pre-order holders who actually were assigned guides and April-May deliveries indicated and then got crickets with multiple self-imposed deadlines missed have every right to be concerned, if not pissed. This after the R1S ”production delivery” stunt to two C Suite executives last December.

Same goes for those early pre-order holders who watch other rando very late depositors getting vehicles with configs that matched the early depositors, including Adventure before LE.

The above debacle was largely predicted by many on this board back when Rivian announced they would have updated deliveries automated to each customer account based upon certain configs.

Many have more than given Rivian the benefit of the doubt over long periods of time, with many having waited years. Having that trust broken somewhat regularly is why telling some of Rivian’s most loyal customers to relax is obtuse.

We’re all understanding of supply chain issues and events out of the company’s control; however busted comms, and overpromising and underdelivering is completely on Rivian and it keeps happening.

Rant over. Sorry, last time I’ll bitch about this latest comms mess. Let’s hope there’s no more but wouldn’t hold your breath.
 

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I 100% want to be wrong on this.
It is possible that he is referring to Q4 people that will be pushed to 23 not all 22 R1S guys. Because those delays can have tax implications.

A drone shot or two in next few months could tell us what we are looking at.

On enduro motor: "..in the R1 units customers will be amazed at...the efficiency of this drive unit"

"Chassis and propulsion updates coming...not going to discuss here...unbelievably exciting"
Very interesting quotes. Unfortunately it adds to confusion and uncertainty instead of removing it. Should I be happy for the delays? When is the cutoff on who gets the good stuff? I miss the days that you didn’t know anything until information was actionable.
 
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Gator42

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Should I be happy for the delays? When is the cutoff on who gets the good stuff?
This was a Tesla issue: continuous updates- iow, not holding improvements until a new model year meant constantly wondering about purchase timing.
 
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It is possible that he is referring to Q4 people that will be pushed to 23 not all 22 R1S guys. Because those delays can have tax implications.
This is how I interpret it. SOME ‘22 deliveries will slide to ‘23, not all.

But to someone else’s point above, we are having to parse words. A better PR release would make that unnecessary.

I continue to believe that the influencer Yosemite video from a couple of weeks ago means R1S deliveries are imminent. I am convinced that was supposed to be released concurrent with 1st delivery and the blogger just posted it early.
 
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Max

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This was a Tesla issue: continuous updates- iow, not holding improvements until a new model year meant constantly wondering about purchase timing.
Aside from software, is that how Rivian suppose to operate? If Homemade drive-train is ready tomorrow, would they be pumping out those tomorrow with no advance warning? If I recall correctly, with Model Y, people seem not to know if they would get 4680 and structural pack from Texas or the old style Y when they made the reservation. Has Rivian ever communicated what the plan is with the new tech?
 

SANZC02

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Aside from software, is that how Rivian suppose to operate? If Homemade drive-train is ready tomorrow, would they be pumping out those tomorrow with no advance warning? If I recall correctly, with Model Y, people seem not to know if they would get 4680 and structural pack from Texas or the old style Y when they made the reservation. Has Rivian ever communicated what the plan is with the new tech?
If they are like Tesla it may be hard to say.

When I ordered my Model S Tesla in June of 2016, they had the old front with the fake grill. 4 weeks later in June when I picked it up it was one of the newer designed front ends. I liked it better, was glad I got it, but was a complete surprise as there was no mention of the pending design change when I ordered.
 
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paariv

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This is how I interpret it. SOME ‘22 deliveries will slide to ‘23, not all.

But to someone else’s point above, we are having to parse words. A better PR release would make that unnecessary.

I continue to believe that the influencer Yosemite video from a couple of weeks ago means R1S deliveries are imminent. I am convinced that was supposed to be released concurrent with 1st delivery and the blogger just posted it early.
That is the most reasonable read of the situation, but reason hasn't always been our guide here.

And I feel like we heard a lot of rumblings last fall about R1T events, embargoes, and impending press coverage. We saw R1Ts on trucks heading to those events. There's nothing equivalent with the R1S, just this odd influencer video which may have only gone through because it was a one-off that people kinda forgot to postpone.

I hope I'm wrong, I just don't see indicia of other PR activity that makes me think they're preparing for any sort of launch.
 
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Gator42

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just this odd influencer video which may have only gone through because it was a one-off that people kinda forgot to postpone
A contractual date to lift an embargo before an ‘issue’ with the S is discovered is my theory.
 

Atlrivian

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Why does it seem likely that they won't deliver any R1S' to customers in 2022? I've seen a lot of people saying this after the email communication this morning. They have already started delivering in small numbers to Rivian employees and if I remember correctly it only took 2-3 months after employee deliveries for the R1T for meaningful customer deliveries to start. There's almost certainly going to be a delay for most of the initial delivery windows but no R1S in 2022 is doomsday conjecture at this point.
I would argue this isn't quite accurate. We knew of "production" vehicles getting shipped from June/July 2021. They shipped somewhere north of 1200 employee / youtuber / influencer / insider trucks through Feb 2022 (this year). VERY FEW vehicles were shipped to "regular" customers until after that. If you want to be generous you could say Aug to Feb, or about 6 months of NDA testing until the public got ahold of them.

I would count on the same for the S.
 

 
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