Rivian: we’re out.

[moosehead]

I wonder how many NEW reservations Rivian has received in the last 24hrs?!?!?!?

I'll play. Best guess it is less than any other EV excluding pipe dreams.

Sponsored

 

[kanundrum]

It occurs to me that this is by design. This is how Rivian reallocates resources to fulfill Amazon contracts in a supply constrained world.

Also meet forecast for vehicles delivered/ordered in a few months from now. We now have 20k deliveries for 20k orders....

 

[Redline]

Tesla succeeded despite all the shorts because there were a lot positive "emotions" around it. People kept buying it's stock because they 'felt' good about the company despite all the professionals shorting it. Granted the company overall did execute well and government regulations helped but the emotions of customers around the company was the main indication of the success. Casual traders that don't have access to the inside info or don't want to read the news everyday and invest long term do it based on the vibe. Even warren buffett slept in a hotel room to get a feel of it before he bought. Once the love is lost, that is relevant piece of info. I have no doubt with this much capital, they really need to screw the pooch to go out of business and stock will likely to go over where it is today either tomorrow with another news or a year from now but checking out the stock of a company you don't like everyday even if it may make you a few bucks is not worth it for some of us. I bought at $52 and was planning to keep it long term. The truth is, I don't feel bad about not selling at $70 and if it hit $200+, I won't feel bad about selling at $54. Dumping it like a crazy old X feels good already. There are other ways to make money.

p.s. It is not all about emotions. I just have no confidence in the company anymore.

Those are all…..emotional.

 

[Max]

Those are all…..emotional.

Yes but emotions shared by other people who make car purchases based on emotions. Rivian sells cars. It is relevant.

 

[eherlihy]

I'm unofficially out, too.

I'm holding off on canceling, waiting for a miraculous about face from Rivian, but I don't expect it; This move was clearly in the works for a long time -- with the first coordinated communication from the company in a while, including deliberately extended CS hours for today and tomorrow -- and I see no way for them to reverse themselves and save face / gain back the goodwill they've lost with preorder holders.

I don't see how stockholders could be happy either. Maybe this improves short term profitability, but Rivian has turned tens of thousands of would-be brand ambassadors into detractors overnight. That's an unforced PR error that should have investors questioning leadership.

Such a shame because I was so excited for this company and their product.

Stockholders are taking a beating too;

 

[johnking]

Absolutely right. It's emotional coz many folks in this forum have invested their time over the last three years based on a promise of delivery. We invested money early on and placed a preorder. Dreamt about these vehicles. Cheered on for Rivian. We were excited when the colors were announced, put together information to see how a dream ownership experience was gonna be like !!

Cheered Rivian on !
Laughed and cheered each other on !

Only to be betrayed by Rivian ?!

Absolutely with so many emotions built-up, the departure will also be emotional.

Everyone who is cancelling the order is not doing it out of one emotion but many including anger, disappointment, betrayal, frustration, uncertainty, ambiguity of future and the list goes on !!!

 

[kanundrum]

actual email I sent lol

 

[No.92]

I’m out. Silverado EV already on order. Saving like crazy to try and pay for it. The new difference in price doesn’t justify loss of range, charging speed and Supercruise.

I have a friend well up the GM corporate ladder who seems confident GM won’t pull “a Rivian” on the Silverado EV.

I get the animosity right now and the current situation, but you're going to swap an R1T which is probably less than $100K for a Silverado that is potentially priced above $100K with features you know nothing about? Logically doesn't make sense. Emotionally it does I suppose

 

[MJB28]

Shares sold too
After over 3 years I’m done

 

[Surfnturf]

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.

Long time reservation holder here... December 2018. Just canceled my reservation and this will be my last post (for real this time lol). I have not been very active on the forum as of late as my interest in Rivian has been decreasing more and more ever since they missed targets last Summer. I had actually decided to change my reservation from R1T to R1S and had a delivery window April-May this year but with the news yesterday I just decided to cancel. I really can't plan anything around this brand as they apparently do not have their shit together. It appears to me that this is a company run by a bunch of Engineers instead of business people. I am sure they have a great product but they have no idea when it comes to running a business. Its the reason I opted out of buying their stock when offered. Their marketing has been horrible- their customer service has been horrible- and their ability to produce this product has been a disaster. And they want to open another factory.... Give me a break. I opted out of canceling my order yesterday to take my emotion out of it and think things through. But its going to be the same old story. There are going to be more delays and more delays because they just don't know anything about full scale production. And everyone thinking they are going to just be moving up in the imaginary preorder line good luck with that.

This attempt to raise pricing in the manner they did is a signal that their back is against the wall. I think everyone knew in the back of their mind it was coming but thought at least they would honor their pricing to their early preorder holders in the same manner they offered stock during the IPO. But they are not and my reservation went from 80k to 96k. I am not going to pay over a 100k for vehicle I haven't had a chance to test drive, view the interior, view exterior colors, etc. And lets face it this is a 2018 truck and SUV and in two more years time technology and options will blow this model away. Rivian may be ready at some point but I think they have a long way to go. I however, am done with this brand and will not be interested in any of their future vehicles. Like I told their customer service in a nice email.... Peace out Forever!

 

[_evtrk]

its a shame that this company, who everyone thought was different, who said they were different, turned out to be like all other legacy auto maker. they had the best EV truck and SUV in my opinion,
that it no longer the case, they lacked in every aspect of technology, motor, battery, battery management, UI, hardware... but the one thing that they had that made all that irrelevant was their price, it seemed too good to be true and it turns out it was. They caused me a great deal of monetary loss with all their promises and constant let downs and delays. I feel like they were planning this all along and were only waiting for most of the employees to get their discounted R1's, and for people to go all in on the stock. I hope some have already talked to their attorneys and I hope that there is some legal routes that many can go to recoup some of their losses, the more I think about this the more I think there was some serious miss leading people into the IPO, and some of the most recent stock purchasers. with all that said, its been fun guys, but this has become too rich for my blood, canceling my pre-order and, I'm out!!

 

[lolmpg]

Don't cancel. Accept delivery and then return it in the 7 day return window. That would hurt Rivian's pockets a lot more.

 

[KingTodd]

Too many "unofficially" out posters. Rivian doesn't feel the results of their actions until you are "officially" out. I cancelled yesterday. At that price point, just doesn't have the value anymore, especially to make compromises to go with Rivian. The price made the compromise worth it. Now that's gone.

Had hedged my bets by ordering an F-150 Lariat Lightning. Order was confirmed last week and price LOCKED for $78,000. Far more truck than the Rivian, which was at $78K and jumped to $95K yesterday. Was on the fence about which one to get. I guess I should thank Rivian as I was driving myself nuts trying to decide. Made it a no-brainer. My F-150 is already in production and due by June. Will hold me over until the Silverado comes along.

I am OFFICIALLY out as of yesterday!

I have a feeling that a lot of the unofficially out posters will still be here posting in the future and still have an order with Rivian.
If this move is the final straw for someone, then why haven't they cancelled yet? Waiting a week is just a way to give yourself time for go through all the stages of grief and then finally accept the new reality.
People being pissed off about this makes sense. Being a drama queen about it, is just lame...take action or accept it. There are no other options. But I would prefer people take action so I move up in line.

 

[Max]

Just canceled. Easiest $1000 I ever made. Just one click. I am happy to give a boost in the spot for those that decide to stay. I have no doubt when they get theirs, they will enjoy it. I just know, I won't be able to after this.

It has been nice folks. I am not sure I will be able to successfully drop my bad habits (checking in) but I will try. If I do succeed, I wish you the best, if I don't I still do.

MAX OUT

 

[kizamybute']

The stock is a whole other issue. I say I sold my stock yesterday before today's decline. Saved myself 13%, so happy that I did. After the dust settles, will make a determination if it's worth purchasing again. Cancelling the truck order was a no-brainer.

I had been on the fence between the Rivian and F-150. I liked Rivian for its size and off-road oriented styling. But, was never in love with the look of the Rivian overall. Not in love with the Ford either. But, aside from the size, weighing the two options and the Ford was making a good case for itself. I proceeded to convert my reservation into an actual order. $78,000 for a Lariat version wasn't bad compared to a similar price point for the Rivian. I also prefer the air suspension Rivian offers. While I like the off-road styling, I likely would never go off-road. But, with the Ford, you get far more rear leg room, more bed space and a larger, more functional frunk. Give up the long narrow gear tunnel, but that's easy as I'd rather have the rear leg room.

The performance of the Rivian has some appeal, but I'm not one that needs to "floor it" very often, so both are plenty quick enough. Both have similar range.

The part that made the Ford very appealing was the utility of it. The fact that it can power my home for three days is very appealing. Have been considering solar and back up batteries for my house. To buy enough Tesla power walls would have been over $100,000 to match the battery capacity of the Ford. Basically, like getting a free truck with your battery!

I wasn't a fan of the Model 3 and having to control everything from the center screen. Rivian pretty much went that route, so that was a turn off. Plus, its UI is like a past version of Tesla's UI, so would be a step backward as compared to the Tesla with its far more advanced UI. Arguably, inferior to the more recently designed UI of the Ford too. Prefer the more user friendly buttons available in the Ford. I like the worktop console of the Ford. More interior storage space. Has a glove box and huge center console. And again, much more leg room. The gear tunnel is cool, but its narrow shape limits what you can use it for.

Point is, I actually converted my reservation for the Ford to an order because it has significant appeal in many ways. They are different trucks and tough to compare. But, given the bigger size and space, superior user friendliness controls and capability to power my home or campsite were factors that made its $78,000 price tag start to seem like a bargain over the Rivian at the same price point. But, it's lacking the air suspension. Was still a tough decision to make. I figured Rivian had until May or June when the Ford is ready for delivery to convert my reservation to an order. Was starting to lean more towards the Ford anyway. Then, the price on my Rivian configuration went up to just under $95,000. So, $17,000 more then the Ford and I'd still have to buy backup batteries for the house.

Again, different trucks, but the Ford was narrowly winning when it was equally priced and I considered all factors. Now, there's no decision to make. No way in heck I can say the smaller Rivian with slightly more performance and off-road capability that I'll never use, has 20% more value than the Ford.

I thought of the fact that Rivian could reverse course. But after having dealt with Tesla for the past several years and seeing Rivian pull even more crap than Tesla has already, and I've lost faith and trust in the company. So, even if they do reverse course, I don't want to be a part of a company that pulls this crap, thus went ahead and cancelled the order. If I invest in the stock again, it will only be because is see an opportunity to gain financially, not because I like the company. Same with Tesla. On the vehicle side, I'm ready for a more predictable and stable environment that the bigger manufacturers offer. In 2-3 years when I'm ready for the next vehicle, we'll see what's available.

Sponsored