"
The decision we took was to ultimately honor the original configuration pricing, which wasn't due to any cancellations but rather was really because we have such a focus on our brand and the relationship we have with customers. They're -- this wasn't driven by some mass cancellation, but rather the recognition that the brand we're building is the foundation is the platform upon, which ultimately we're going to be selling millions of different vehicles per year across different vehicle types and of course, across different markets. And these early customers are such a critical part of what we're building as an organization."
So this sounds like a load of crap. The questions were softballs; they lost billions of dollars of value since a 24-hour decision emailed to all the customers who DID NOT FOCUS ON RELATIONSHIPS from Customer Service to one focused on Customer Service and Relationships 24 hours later when the orders were canceled. The stock had fallen like a rock ever since. More billions and billions lost. Did the CEO not know that Customer Service was jacking up the price with all their relationship customers? Not sure if I see an SUV coming out of this company to my driveway in several years. Supply problems, no Amazon delivery vans on the road (just test vans), no wiring harnesses from Mexico, the Head Of Sales and Marketing gets fired (no questions there), the Chief Operating Officer is gone after the IPO? May 25K, or a third of the reservations projected to go out this year? No SUVs delivered except a prototype? See any in one reviewer's hands yet? And then we open with about a prayer for Ukraine? Nobody gave a damn about Ukraine 6 weeks ago during the Olympics; not it's everyone's excuse. Rivian is mining battery ingredients in places far nastier than Russia for labor (Congo). So many problems in this concise call. Look, these suppliers mentioned repeatedly sign contracts; let's say you are one of them; are you going to sign with Telsa, VW Group, Volvo, BMW, Ford, GM, Korean Manfucatureer, etc., or Rivian who has one plant and two lines? You better see some heavily experienced auto executives roll into this company fast; they need help, and not sure a bunch of stock options will attract the professionals required to turn this around in 2-3 years out. Now a quote from Ford CEO, "Ford CEO Jim Farley stated that the chip shortage will likely continue to impact the industry
through 2023. Remember,
103 F-150 pickups are sold per hour, 24 hours a day, seven days a week. Ford has sold 1.7 trucks per minute, every minute of the day, for the past three years. Any supplier is going to be pretty loyal to Ford.