Rivian: we’re out.

[BigE]

I am unofficially out as well. I doubt there will be any saving Grace but I'll give it at least a week before I cancel.

I just waited on hold for 20 minutes to talk to CS rep who was in a very loud room. I’m going to sit on canceling for a week or two, but if nothing changes I’ll be canceling. Sad day for Rivian. Poor decision making seems part of their early culture.

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[NorthernOak]

I'm out on the stock. Should have sold it long ago but I held on believing in the vision/brand the company was building. I didn't care about gains/losses as I was fully on board. Not anymore. Sold at a loss and I really don't care. I'm in the same boat as a few others just hoping they will reverse course after the backlash and massive amount of cancellations. I doubt it will happen though.

 

[moosehead]

I’m likely out, but not until I carpetbomb the living crap out of Rivian’s customer service department.

Wondering if they’ll admit a pitbull with a missing leg and froth at the mouth into the upcoming earnings report?

 

[Aroohoo]

Half out...cancelled one order, most likely will cancel the remaining one after the dust settles (might even wait until when/if a guide ever reaches out to convert the order just to F with them).

 

[Tim-in-CA]

I'm out. I would say that I wish Rivian the best but I can't lie to them like that. I hope the company goes down in flames but that the employees are able to find good jobs somewhere else.

Would be good to see the original text of that letter and see how much holds up after yesterday’s cluster f#ck!

 

[Toadkillerdog]

Well I’m unofficially out as well. Too many alternatives at similar price. R1T no longer a great buy but just a comparable buy. Platinum F150 ev with massaging seats, better comfort in my opinion is over 10000 dollars cheaper now than my max pack r1t but has less range. What to do? Wanted the smaller R1T because of size and value. Value is no longer there in my opinion. Hard dose of reality is that majority of people out there who buy a Rivian in future won’t be going through this gut punch of a price correction and will simply see it as a comparatively priced ev vehicle so I hardly think that long term it is going to sink the company. They will most probably do fine. But my reasons for buying this great truck have been struck a blow and I have to look strongly at competition. Chevy Silverado ev reservation in. Already had lightning reservation. Going to make a hummer ev reservation now that their price is competitive with rivian today. Economically doesn’t make sense for me to stick with R1T. In two yeas when my max pack is supposed to be deliverred what will the price be? Best of luck to all sticking with their plans to buy this great truck!

 

[raj]

I just don't get what they were trying to do here with the price increase, sure the inflation caused this. They are smart ppl to understand that they will lose a lot of goodwill if they do this, they should have known their stock will take a beating. They just lost 10B$ in market cap, they could have just eaten the cost for reservation holders. I am out, just dont trust a company that just flushed down all the goodwill of ppl who trusted them and held on for years.

 

[jppelt]

I'm out and just placed an order for a Defender 90 - final build came in at $2K less and guess what, the $1000 deposit provides PRICE PROTECTION! They will not gouge me after the fact. That is how you build customer loyalty. Rivian should be considered click bait.

 

[RforRivian]

Would be good to see the original text of that letter and see how much holds up after yesterday’s cluster f#ck!

 

[Canthoney]

I am unofficially out as well, waiting a week to see if they course correct and then will cancel if they don’t do anything. Sold all of my stock too, luckily I sold half of it at break even a couple weeks back and just made a small loss selling the rest this morning

 

[kbusarow]

My RS1 reservation went up to over $90K. Wanted the 4-motor version for the torque vectoring, I'm guessing that's not possible with the new 2-motor version? No matter, I cancelled. Shorted the stock this morning for a quick profit to somewhat appease my disappointment.

 

[R1Tr8000]

I’m unofficially out too.. My R1T (white, Adventure, Max Pack, a few option, accessories) jumped from like 84725 to $101950. No f’g way, they have really screwed the pooch.
Since I needed a new, bigger tow vehicle for this summer..and wasn’t getting a Max Pack until end of ‘23 (or later)..we found this new ‘22 Sequoia and the dealer delivered to our home. Had it a few weeks now, yes a massive gas hog, yes the new models are out later this year, etc. So much for Rivian/RJ being really ‘concerned’ about getting all of us early adopters out of ICE machines..

I had already canceled our R1S res a few weeks back. Will wait for stock price to make some sort of mini bounce ..then dump that too. Will hold the R1T res, but will not actually buy it unless some divine intervention drives a serious change on their part. I know that won’t happen.
Good luck to all.

 

[Tim-in-CA]

Thanks. Doesn’t really hold true as of yesterday. Hopefully Rivian will do what’s right to regain all the goodwill lost yesterday. It will be a tough hill to climb! Guess those quad motors will come in handy after all!

 

[Bilbo]

Between my wife and I, we had two pre-orders, an R1T ADVENTURE and an R1S LE.

Suffice it to say, we’re disappointed in the way the price increase was handled, and we have no confidence that by downgrading to the lowered specs that are pushed out to 2024 that the prices won’t be raised another 20% then.

We’ve officially canceled both reservations and are moving on.

…started a thread just for cancellations. Chime in.

Unofficially I am too. Officially I have not cancelled my order.

Extremely disappointed in the massive hike or having to downgrade and I feel like it is a certainty that this is only the beginning of price increases especially with inflation and the time delays.

Biggest disappointment = Sending money to a company that chose to let a forum inform me of my price increase and not letting me know directly

Side note. I am curious how low the stock can go before Rivian has to look to "partner up" If that happens maybe it will be with someone that respects customer loyalty and can take a "hit" on early production sales. So I will wait for the dust to settle before yanking my funds back.

 

[LeoH]

It depends if the increase is worth it for you.

I do not think it is for me, in my personal valuation, R1S in the 70-80K range in the original config was a fair price. But at the new price range it is not worth it, I would much rather put 100K into a something else.

Now, all that aside. My concern is that I will pay 100K for R1S, then a year down the line I get told that I can no longer use half of the features unless I pay an insane monthly subscription. I have been down the startup road twice with Tesla, shitty cars, low quality....etc but when you pre-order, you lock your price and move on.

My guess, someone completely fucked up the numbers originally, and with supply issues, they figured if we can only produce at 30% capacity anyway, might as well make more money on each unit we sell.

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