Rivian Q4 FY2021 Earnings Call 3-10-22

[Sgt Beavis]

On March 1, we announced the Dual-Motor and Standard battery pack
along with the associated updated pricing model that was referenced above. In applying the updated pricing to existing preorder customers, we failed to appreciate that customers viewed their configuration price as locked, and we wrongly assumed preorder customers would be open to reconfiguring to the recently announced Dual-Motor and Standard battery pack if they wanted to maintain a similar price point to their original configuration. We recognized the impact on our customers and quickly moved to honor the originally configured pricing for our pre-March 1, 2022 preorders. Our relationship with customers is one of the most important aspects of what we are building,
and we believe our early customers are critical for establishing the brand foundation needed to support many millions of annual sales across our future vehicle portfolio. Since launching in 2018, we believe the brand loyalty we have forged is one of our most valuable assets, one that we believe will continue to drive network effects moving forward.

I'm calling BS on this statement. It's either that or RJ and his team are really incompetent.

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[TXR1S]

I'm calling BS on this statement. It's either that or RJ and his team are really incompetent.

No kidding. “We offered an option at the same price! (With an additional 2-3 year delay)” is a really feeble claim.

 

[fotoflux]

oooh, they are developing a bi-directional home charger.

 

[Taco]

Interesting... 800 volt everything and bi-directional power in the works.

 

[TXR1S]

Not impressed with the amount of blame on the supply chain parts.

 

[timf]

No kidding. “We offered an option at the same price! (With an additional 2-3 year delay)” is a really feeble claim.

Had they made both options available for delivery this year, they likely could have gotten away with it. How they would expect people already delayed 2 years to accept another 2 year delay is beyond me.

 

[Gavinmcc]

Gee.... guess when my delivery is scheduled for

Well, on the bright side.. I'll probably be able to pay in full with cash with another few delays...

yes, as a 10-12 2022 delivery customer, if I get delayed a few months the only upside is my down payment will be that much larger.
still would like it for winter driving.

 

[ironpig]

Interesting... 800 volt everything and bi-directional power in the works.

I think there is always an interest in demonstrating continued innovation alongside current production goals to keep stockholders interested, but I'm not sure we'll see these things for a while.

 

[TollKeeper]

so the delivery of 920 vehicles created a income revenue of $54,000,000? Doing that math there means each vehicle produced a income of $58,695.65. Why does that math not work?

 

[fotoflux]

so the delivery of 920 vehicles created a income revenue of $54,000,000? Doing that math there means each vehicle produced a income of $58,695.65. Why does that math not work?

Employee discount????

 

[bd5400]

they won't say their weekly production rate. Just that it's 2x a previous rate.

I find this to be really frustrating. Just say the number.

It would also be nice to know how many LE vehicles there are or how the pre-orders break down between trims and battery selection. But of course none of that detail is included.

 

[ironpig]

so the delivery of 920 vehicles created a income revenue of $54,000,000? Doing that math there means each vehicle produced a income of $58,695.65. Why does that math not work?

Maybe they should introduce a price increase!

 

[Scoiatael]

so the delivery of 920 vehicles created a income revenue of $54,000,000? Doing that math there means each vehicle produced a income of $58,695.65. Why does that math not work?

Employee discount I guess?

 

[garthkoyle]

so the delivery of 920 vehicles created a income revenue of $54,000,000? Doing that math there means each vehicle produced a income of $58,695.65. Why does that math not work?

Discounts on vehicles to employees.

 

[Guy]

Had they made both options available for delivery this year, they likely could have gotten away with it. How they would expect people already delayed 2 years to accept another 2 year delay is beyond me.

They now say the dual motor is available 2H 2023. So it has been accelerated. I wished they would have slides come up as the CFO goes through numbers.

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