Rivian deliveries update#

Rivian had revenue of $55 million last year and a net loss of $4.7 billion. After the introduction of new offerings, the price could reach $95,000. Scaringe apologized in a letter to customers.īefore the price change, Rivian’s truck and car could cost as much as $83,000. Facing a backlash, Rivian backtracked and applied the increases only to new orders, and Mr. Rivian said last week that it would increase the prices of its vehicles, even those already ordered. The shares declined in recent months after Rivian said it was facing production challenges, then tumbled further in a customer relations debacle over pricing. The stock soared at first, giving Rivian a market value exceeding that of General Motors, but it is now trading at roughly half its I.P.O. Rivian went public in November, raising $13.5 billion - cash it will need to expand its factory in Normal, Ill., and build one in Georgia. “We hope the inflation that we’ve seen with nickel pricing very recently is short-lived,” Mr. “It’s been a very frustrating name,” said Dan Ives, analyst and managing director at Wedbush Securities, “and these results show that Rivian still has a lot more wood to chop.” He said he had originally expected Rivian to make 40,000 vehicles this year, well above the company’s latest forecast, adding that analysts had expected orders for Rivian vehicles to be higher than the 83,000 reported.

Stock analysts said Rivian’s report was disappointing, and its stock plunged 12 percent in after-hours trading after the company released its results. The company did not say how many vans it had delivered to Amazon this year. Rivian said that as of Tuesday, it had produced 1,410 vehicles this year, a small fraction of the 83,000 orders submitted. The high cost of electric cars and gasoline have given them an opening. sales of plug-in hybrids have been surging. Plug-In Hybrids: After falling behind all-electric cars, U.S.But new rules complicate the qualification process.

Inflation Reduction Act : The law extends tax incentives in an effort to steer more U.S.Banning Gasoline Cars: California is leading the way in the push to electrify the nation’s car fleet with a plan to ban sales of new internal-combustion vehicles by 2035, but the rule will face several challenges.A Crucial Mine: A thousand feet below wetlands in northern Minnesota are ancient deposits of nickel, a sought-after mineral seen as key to the future of the U.S.“Honestly disgusted with the lack of communications from Rivian and these delivery dates mean absolutely nothing after constant pushbacks of dates,” writes user TessP100D.

So, all Canadians then?Īnother “disappointed early adopter Canadian” chimed in below to echo the sentiment, saying his 2019 order has been pushed back to December, or January 2023. The letter goes on to list “supply chain” and “service infrastructure” issues as the reasons for the delay, basically saying that those buyers who live in areas where Rivian does not have readily available service are being treated as low-priority. Your Launch Edition package R1T estimated delivery window is the second half of 2023… Your delivery window estimate is based on your preorder date, delivery location and current configuration.”

Rivian deliveries update#

As we continue to assess our supply chain and build plans, we want to provide an update on your estimated delivery window. “Thank you for your preorder and your commitment to helping us create a more sustainable world. This advertisement has not loaded yet, but your article continues below.