Rivian shared a production update on twitter and so far they've produced 2,533 vehicles in Q1 and in total 3,568 vehicles since production started.
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Rivian produced 2,533 vehicles in the first quarter
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But why were so few delivered?
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As per Rivian statement ... they targeted 25,000 per year, that means 2083 per month.. they delievered 2553 in Q1... it says to me they are above their targets
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That math does not work, there are 3 months in a qtr so they averaged 851 a month first quarter.
They can still make their 25k but will need to ramp up 64.5% a quarter for the rest of the year that would get them in the 11k range for the 4th qtr.
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They delivered 1,227. So if the demand is there why weren't all the 2,553 that were produced delivered?
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It is possible a lot of those were built in the last 7-10 days of the quarter. They need time for shipping and delivery prep to get them delivered So they will always have some built and not delivered. They will need to shorten this time frame though as that is a lot of money left on the table. Not sure of the breakdown of vehicles or the price they get for vans but say the average price of the undelivered vehicles is 60k that is 80 million in sales they do not get that quarter. The at home delivery model is slow, you will probably see them doing more factory and service center deliveries in the near future. They can probably deliver 3 or more at a service center for every one they deliver to a home.
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I agree SANZCO2, there will always be a lag between vehicles produced and delivered. It takes time to get vehicles from Normal to service centers around the country, then to people's homes. To your point, it's in their best interest to optimize the home delivery process, as it's $$$ sitting in parking lots. I'm sure it will speed up as they gain more experience.
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I saw 60 units just sitting in the Brooklyn NY service location. Clearly more problems than just production. They can't even get them delivered.
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