Rivian Q1 2024 results : revenue beat, earnings miss, sticks to annual production forecast

[Rividiculous]

I read the shareholder letter and the earnings call transcript. The word REFRESH was used exactly ZERO times. They mentioned RETOOLING numerous times. Retooling is not a refresh.

In fact, regarding retooling RJ is quoted below. Unless RJ is intentionally being deceptive, it can’t be any clearer that the retooling is not going to introduce any significant or substantial cosmetic changes.

“And for us, we've really emphasized building a timeless design that's not something that's of the moment or something that feels old, six months after it's released. And we think that timeless element of the design actually provides us the opportunity to make less significant exterior design changes while we continue to make progress with what's under the skin.”

One man’s retooling is another man’s refresh. And in this case, RJ’s retooling might be my refresh, especially if it brings a heat pump.

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[C12farmer]

Claire McDonough
During the first quarter, we produced 13,980 vehicles and delivered 13,588 vehicles, which represented the primary driver of the $1.2 billion of revenue we generated. Our first quarter results did not include any meaningful regulatory credit sales. Based on discussions with potential customers and executed contracts, we expect the sale of regulatory credits to increase in the second half of the year.


It's smart of Rivian to withhold selling credits until 2nd half. First two quarters of 2024 are throw away quarters. They'll probably sell them all in Q4 to juice up the financials.

 

[PBRAZ]

They could get rid of the air suspension and air compressors for onboard air and kill the camp speaker or charge extra for those features on the R1 in the updated model which would net a huge savings for Rivian and be more inline with what is coming on the R2 and R3’s. I wouldn’t miss any of those features on the R1S.

Agree on the camp speaker but air compressor was a life saver with a flat tire a few weeks back. Saved me from a 5 hour tow truck wait.

 

[Rivian_Hugh_III]

“And for us, we've really emphasized building a timeless design that's not something that's of the moment or something that feels old, six months after it's released. And we think that timeless element of the design actually provides us the opportunity to make less significant exterior design changes while we continue to make progress with what's under the skin.”

The above is all I ever suggested. No one thinks they’re going to redesign the whole vehicle. Less significant exterior design changes? For sure.

 

[bdwalters]

I read the shareholder letter and the earnings call transcript. The word REFRESH was used exactly ZERO times. They mentioned RETOOLING numerous times. Retooling is not a refresh.

In fact, regarding retooling RJ is quoted below. Unless RJ is intentionally being deceptive, it can’t be any clearer that the retooling is not going to introduce any significant or substantial cosmetic changes.

“And for us, we've really emphasized building a timeless design that's not something that's of the moment or something that feels old, six months after it's released. And we think that timeless element of the design actually provides us the opportunity to make less significant exterior design changes while we continue to make progress with what's under the skin.”

I don’t think anybody is expecting a major exterior redesign. That statement still leaves room for plenty of improvements. Why are people so reluctant to believe that Rivian is going to keep improving its vehicles? This is the natural time to do it.

 

[itselectric]

I read the shareholder letter and the earnings call transcript. The word REFRESH was used exactly ZERO times. They mentioned RETOOLING numerous times. Retooling is not a refresh.

In fact, regarding retooling RJ is quoted below. Unless RJ is intentionally being deceptive, it can’t be any clearer that the retooling is not going to introduce any significant or substantial cosmetic changes.

“And for us, we've really emphasized building a timeless design that's not something that's of the moment or something that feels old, six months after it's released. And we think that timeless element of the design actually provides us the opportunity to make less significant exterior design changes while we continue to make progress with what's under the skin.”

RJ called this a "relaunch" of R1.

I agree with the posts below.

The new R1 has been spotted with notable differences.

We know that they have new cameras, adas sensors, panel designs, and exterior lights at a minimum. We also know there will be new trims and motor configurations.

Maybe we are getting into semantics on "refresh" here? No one, including me, is expecting all new exterior and interior designs. It's not a redesign.

A refresh means updating a good number of components throughout the vehicle all at once. I believe that they've done that.

One man’s retooling is another man’s refresh. And in this case, RJ’s retooling might be my refresh, especially if it brings a heat pump.

I don’t think anybody is expecting a major exterior redesign. That statement still leaves room for plenty of improvements. Why are people so reluctant to believe that Rivian is going to keep improving its vehicles? This is the natural time to do it.

I believe a lot of this comes from current owners who are hoping Rivian wont upgrade the cars too much. I get that, no one wants to pay this type of money and have their vehicle be outdated a very short time later. That's why I prefer the model year approach.

RJ was asked this question specifically in regards to philosophy of updating the vehicles moving forward.

His answer was to try and mirror Tesla's strategy of continuous improvement while not needing to update the sheet metal every time.

As I stated originally, RJ referred to this as a "relaunch"during the call. To me, that's more than reducing the size of a cable and changing some underpinnings.

I wish we could have gotten the answer yesterday, but now that timeline is pretty nebulous.

 

[SDH]

RivIan is in trouble. I don’t see Rivian distinguishing itself among the crowds,

I'm not going to dispute the trouble bit. They may need tap investors/bond markets at some point. It's still early days in their 'journey' (man, I'm disgusted with myself for using that phrase!)

However, I disagree that Rivian isn't distinguished from others. I think as a brand in itself, not least versus other car companies, Rivian is the most distinct. Each car is designed and built ground up from a blank sheet of paper. Other OEMs not so. e.g. Lambo Urus, Porsche Cayenne, VW Tuareg, Audi Q7 ... all SAME chassis, just different badge. I'm sure that's how to make $ in the car biz, so I'm not knocking it, just saying.

Also, look at all the adventure gear, show rooms, roof tents etc etc. They also may not be money makers in themselves, but as a brand, Rivian is solid. They are unique. In fact, I think its brand/distinction is what will ultimately save them from going Lucid/Fisker.

 

[Count Orlok]

any word on the Rivian e-bike?

 

[jjswan33]

any word on the Rivian e-bike?

The engineers on that project got axed by Elon

 

[NY_Rob]

"Panel redesign" = no more $42,000 rear quarter panel repairs?

 

[Zoidz]

any word on the Rivian e-bike?

That's what Apple is negotiating with Rivian about. Apple is getting ready to announce BikePlay for e-bikes.

 

[SurfnBike]

Didn't anyone listen to the conference call? Rivian isn't refreshing anything, they are retooling to try and reduce COGS. I would not expect anything in the vehicle to change other than hand-welded items to be robotically welded, redundant parts eliminated, complex parts simplified, and cheaper materials used throughout to save money. Rivian needs to tighten their belt like Tesla is doing, or else they are going to go out of business like Fisker.

 

[jjswan33]

Didn't anyone listen to the conference call? Rivian isn't refreshing anything, they are retooling to try and reduce COGS. I would not expect anything in the vehicle to change other than hand-welded items to be robotically welded, redundant parts eliminated, complex parts simplified, and cheaper materials used throughout to save money. Rivian needs to tighten their belt like Tesla is doing, or else they are going to go out of business like Fisker.

Definitely did listen to the conference call, they were not going to announce any new car features there, companies just don't do that. They talked with investors about what investors want to talk about, as they should.

For the record though I don't expect a shut down will be needed for them to introduce a 'refresh' and I suspect that will come with MY 2025 vehicles. May just be limited to introduction of QM/TM enduro, ascent trim?, new colors. Maybe some other new features shared with R2, such as a heat pump or structural pack to help de-risk that launch. They will likely introduce them in late Q3 or Q4 to juice demand.

 

[solaskaze]

any word on the Rivian e-bike?

 

[KootenayEV]

Definitely did listen to the conference call, they were not going to announce any new car features there, companies just don't do that. They talked with investors about what investors want to talk about, as they should.

For the record though I don't expect a shut down will be needed for them to introduce a 'refresh' and I suspect that will come with MY 2025 vehicles. May just be limited to introduction of QM/TM enduro, ascent trim?, new colors. Maybe some other new features shared with R2, such as a heat pump or structural pack to help de-risk that launch. They will likely introduce them in late Q3 or Q4 to juice demand.

I would add further that given the "price-protected" folks have to order by (or in? I forget exactly) September, I wouldn't expect to see any updates until then.

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