Electric truck maker Rivian confirmed on Wednesday that the line of people waiting for his truck is getting longer, much faster than their construction.
The company has received 10,000 new reservations for its R1T and R1S since the controversial price of the Revian rose to $ 12,000 in March – met with a combined pushback from early adopters.
That’s nearly double the 5,000 electric trucks that Rivian built from the start of production for the consumer truck in September 2021 to May 9.
Yes, that’s right you can now become known as a Lord of the Rings. Surprisingly, CEO RJ Scaringe confirmed that a higher proportion of those who have made reservations since the Rivian’s price increase have opted for a more expensive quad-motor version.
“What we see is that customers have a very high desire to spend, and this vehicle has a lot of price capability and has what we’ve created as a brand,” Scarring said in response to a question from Charles Coldcut, Redburn said. “And it gives us a lot of confidence because we can go to the next 6 to 12 months to understand the inflationary environment we are in – that this vehicle has a significant pricing potential.”
At Scarring’s suggestion, this led Rivian to streamline the number of different variants of the R1 family that were in the works, as it saw “an incredible level of demand for our R1 products.”
Rivian is in the very early stages of the ramp. In Q1, Rivian delivered 1,227 vehicles, while it produced 2,553 vehicles.
Rivian occasionally pointed to continued supply-chain problems as the cause of the decline in production. “Since March 31, 2022, we have been forced to shut down production for longer than expected, resulting in a loss of about a quarter of the planned production time due to supplier constraints,” it summed up. But it also used supply constraints and consequent line shutdowns to “refine the process and equipment for the R1S” as it ramped up production of SUVs as well as R1T pickups.
First customer Rivian R1T (via Rivian CEO RJ Scaringe via Twitter)
The company maintains a 25,000-vehicle production target for 2022, while it aims for a total planned annual capacity of about 600,000 between its Illinois and Georgia plants. Rivian says it plans to build a more affordable R2 SUV family at a future Georgia plant starting in 2025.
Rivian further stressed that its learning from both the R1 family and its van, called RCV, is being used to develop its second platform for the R2, which Scaringe said would represent a high bar in terms of economy, economy and efficiency. .
For R2, it is looking for new ways to use welding and look for opportunities to integrate more parts. It is working towards using its internally designed “Enduro” single-motor unit – the first reason for its van later this year. And in March it confirmed plans for LFP cells, heat pumps and an 800V upgrade.
The company is proud that the company’s vertically integrated strategy for software and all related control units makes it an advantage, as it can continue to feature new features and enhancements. “The collection of diagnostic data has allowed us to monitor the health parameters of the vehicle and verify that the performance of the vehicle meets our expectations,” it says.
Revian R1T and R1S dual-motor vs. quad-motor specs
Revian dual motor components
Revian dual motor components
Meanwhile, Rivian says it is working to build its service network, which includes third-party conflict centers. As of May 9, it had 19 physical service centers and a fleet of mobile service vehicles, including a distribution center on the east coast and part of the west coast.
Rivian maintained হাতে 17 billion in cash on hand, while its Q1 operating loss of $ 1.77 per share exceeded analysts’ expectations. Ford on Monday decided to sell 8 million shares of Rivian, valued at $ 26.80 a share – much lower than at the end of last year – although it still holds many times over: about 94 million shares.