? RJ's Letter -- Making it Right -- REVERSING THE PRICE CHANGE FOR PREORDER HOLDERS

[moosehead]

Well done my brothers and sisters. Thank you as a fellow depositor and shareholder.

Confirming same email to my inbox with all deposit holders pre March 1 price increase reset to deposit pricing.

The company deserves significant credit for acknowledging its mistakes and specifically calling out trust and communication. As many here noted, the deposit agreement gave Rivian full ability to increase prices, it was the method, magnitude, and timing that were wrong.

A sincere thank you to the mods here who put up with my sarcasm, frustration, and off color language. My apologies. This morning my avatar of Leonidas will be replaced with kittens and puppies.

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[Lil'Dave]

Money talks. Cancelling orders is an effective way of communicating your displeasure. I chose to go that route versus an email that goes to an admin who probably deletes it.

 

[kurtlikevonnegut]

For anyone who thought RJ was a fraud because of the decision that was made 2 days ago, don't turn around and say he's a saint now. This was also a business decision.

I can guarantee the last 36 hours have been an insane level of activity in the C-Suite running analysis on how cancellations would affect revenue. In the end, it's obvious that the numbers showed that the additional revenue from remaining preorders was insignificant enough that they decided they could absorb it.

RJ is not a savior any more than was a fraud. It's just business.

 

[TyrusRex]

Wow, this really does show the power of the customer. Thanks to everyone who raised hell.

While I’m certainly happy about it and appreciate it, my confidence in Rivian isn’t quite fully restored yet. Now I have concerns that they’ll take some short cuts and not tell us about them.

As of now, though, I’m happy to know I’ll be getting my LE instead of canceling.

 

[andisimose]

Well my indecision saved me from having to contact support to get my order back in line. Guess procrastination does payoff

 

[TDWRT1]

Better. And the humility from a billionaire is nice to see.

 

[kurtlikevonnegut]

For anyone who thought RJ was a fraud because of the decision that was made 2 days ago, don't turn around and say he's a saint now. This was also a business decision.

I can guarantee the last 36 hours have been an insane level of activity in the C-Suite running analysis on how cancellations would affect revenue. In the end, it's obvious that the numbers showed that the additional revenue from remaining preorders was insignificant enough that they decided they could absorb it.

RJ is not a savior any more than was a fraud.

 

[Gavinmcc]

Maybe bump up the delivery for people who didn’t cancel or sell their stock?

nah, just kidding. I’m so happy for all the Rivian dreamers. Hopefully we are all driving ev trucks by winter.
And yes, yesterday sucked so hard. I didn’t cancel, but was heartbroken.

 

[Max]

I would have told those who cancelled to bug off ?

You owe this to those who cancelled. They are the hero of the story. Rivian would never go back if they could getaway with it. And the company has to be on the watch list on how they plan to make up the difference after you purchase your vehicle. Those who do the right thing only after they are forced to can never be fully trusted.

 

[Kevlar]

What a comms disaster. Im glad they don't make safety equipment...oh wait.

(still a good case study on what not to do).

 

[Forager]

Hooray!

Still not sure how I feel.

 

[frostbit3]

I'm back in, didn't actually cancel but had 0 intentions of paying the new price. I will say though, they still utterly pissed me off and I'm now hesitant to get excited again. They broke trust with me and it's going to take a while for it to come back to where it was.

 

[mifj]

Can't find any other EV with price range better than Rivan, I am BACK!

 

[Jmiller929]

RJ did the right thing with integrity. I have always told my employees that we will make mistakes from time to time because we are human. It is how quickly we resolve the error that will be remembered.

 

[Northish]

Glad they are making it right and admitting fault. We'll stay but they aren't going to be back on the same level as they were before March 1. This was the right decision but shouldn't have been needed to be made in the first place. They got dinged in cancellations, stock price and reputation. Hope they're smarter for it in future decisions.

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