Rivian Q4 FY2021 Earnings Call 3-10-22

[Trandall]

BoA banker is saying the new prices are too low. No F-ing way it's worth more than a Tesla Model X with an established brand and built out ecosystem.

I would pay more for the Rivian.

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[hilld]

It sounds like that, but they also acquire new orders since last quarter, so I don’t think will ever know.

fuzzy math

 

[SANZC02]

So doing the math here, 50% cancellation is 35k, out of those 50% reversed, so that is 17,500 cancellations, guess I moved that many spots up in line as I am a late 2021 order.

They never said how many cancelation there were. Sounds like way less than people are speculating. If there were 71k in December they cleared 2500 through deliveries, lost half of the canceled order and are still at 83k the number of actually canceled seems pretty small.

 

[bd5400]

Really confused about LFP batteries and 800v architecture. How long are we looking at for this?

RJ mentioned LFP batteries being used later this year, but it sounds like that will be for EDV applications first.

800v seemed like revisions to R1 and EDV lines once they switch over entirely to the in-house motors, but that's just a guess based on wording. He wasn't clear at all on 800v.

 

[RWerksman]

Yeah, but you would have raised the prices and not reversed it so F that pure energy and thought stuff

Getting to Nirvana takes cash, yo.

 

[aAlpine]

Really confused about LFP batteries and 800v architecture. How long are we looking at for this?

Really hoping the 800v architecture coincides with the max pack deliveries. It would make sense why the max pack was delayed, and why the cost of the option is so high.

 

[nfrank]

Really confused about LFP batteries and 800v architecture. How long are we looking at for this?

I think this is what the delay of the max pack is all about. Mid-late next year maybe.

 

[Ralph]

Really confused about LFP batteries and 800v architecture. How long are we looking at for this?

I'm not sure what they said or may have implied in the call. But I'm relatively certain that if those items and bi-directional tech actually do become available, for those of us with orders prior to March 1, there will be a min of $10k cost. Perhaps much more.

And that assumes that these items will be designed to run with the Bosch motors......


...Sorry, posted before I read the last 6-8 posts prior.

 

[SANZC02]

All in all not that bad considering.

Lose all of the doom and gloom of people who clearly do not believe there are supply chain issues, there are 3 more weeks in Q1, to date they delivered 2400 units. They will most likely exceed the 2012 number Tesla had of 2600 units (June thru December) by the end of the 1st quarter which is the end of their second QTR of production.

Tesla did not have the global supply chain issues but they were struggling with cash flow.

If they do hit the 25k in their first year of full production that will beat Teslas 22k and Tesla was QTRs 3-6, Rivian is QTRs 2-5.

 

[SANZC02]

Really hoping the 800v architecture coincides with the max pack deliveries. It would make sense why the max pack was delayed, and why the cost of the option is so high.

Did not sound like that. Sounded like the new in-house motors are 800 volt so probably not until those configurations are built.

Also hard to say but sounded like the bi-directional charging is going to be the new hardware as well wish they could confirm that. Some people may decide to delay if they knew they would get that.

 

[TollKeeper]

As someone that does work in this industry... It gets worse as you look at the whole picture. Chip shortage, transportation, Covid, staffing, war, border restrictions, and a gluttony of other imposed, self-imposed , or semi-imposed issues.

The fact that some of the grocery stores still have some products is surprising to me. I was at the store last night, and they were out of salt! The milk that my son requires, as he has allergies to cows milk (so do I), we havent been able to get for 2 months now.

Right now is not the time to be starting a company, or ramping production, and if you do, you better have a mountain of cash! And even then, it may not help.

 

[Forager]

At this point I’m willing to speculate that low production —25k total EVs including 15k R1 for 2022 is why we’ve not seen the rollout of the configurator delivery tool. This is half the production they assumed when providing delivery windows at end of Dec 2021.

 

[Guy]

It is interesting that the drone video showed c.800 vehicles last week which is over half the production to date for this quarter. They must have been waiting for some part or shipping was very slow.

 

[foofoo]

Ugh. Earnings report filled with excuses, not accountability.

Honest... I ran out of gas chips. I... I had a flat tire. I didn't have enough money for cab fare. My tux didn't come back from the cleaners. An old friend came in from out of town. Someone stole my car. There was an earthquake. A terrible flood. Locusts! IT WASN'T MY FAULT, I SWEAR TO GOD!

 

[SANZC02]

It is interesting that the drone video showed c.800 vehicles last week which is over half the production to date for this quarter. They must have been waiting for some part or shipping was very slow.

Hard to say, with the shutdown in January there was probably not a lot built that month and the video was in February.

Would be interesting if some of the forum members that recently took delivery could share the build dates.

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