-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
All discussion of Rivian Automotive
- Thread starter RobStark
- Start date
Doggydogworld
Active Member
I don't think they give monthly numbers. If July was good they'll highlight it during the 8/11 earnings call.
The large 14,000 GVWR version could get up to $40k under the commercial portion ($7.5k for <14k). However, it's limited to the incremental cost over an equivalent ICE vehicle or 30% of vehicle price, whichever is less.
From main:
"Signing a binding order agreement does not guarantee vehicle pricing"
Umm.....
This is interesting
How will the Inflation Reduction Act impact my eligibility for the electric vehicle (EV) federal tax credit? - Support Center - Rivian
On Tuesday, August 16, the Inflation Reduction Act was signed into law. At this time, we’re no longer accepting new binding order agreements to purchase Rivian vehicles. As a reminder, buyers who signed a “written binding contract” to purchase a qualified EV before the Inflation Reduction Act...rivian.com
"Signing a binding order agreement does not guarantee vehicle pricing"
Umm.....
As mentioned, this allows for an increased likelihood to get the $7500 tax credit for the purchase of an expensive EV
Or they could just jack the price up to the point that you no longer want it and they can keep your order deposit.
It is great for them, it gets them instant revenue without committing to anything.
When you build up the entire market, that is not just one company (e.g. Tesla), it grows the TAM. If a market is being grown with other entrants, it only helps Tesla as the only single company (or market leader) right now building compelling EVs at such scale.
Only if the Feds totally overlook what 'binding' means. The need for a binding order is to prevent people bypassing the legislation with place holders.
I'm not here to argue - I originally posted that it's interesting! It's cool they're helping out their order holders, no? What's with the interrogation?!
I'm criticizing Rivian, not you.
Lucid is playing funny with the date (maybe), Rivian is playing funny with 'binding order agreement'.
Thank you, but it seriously turned into a "poke the beehive" situation on this forum when I posted about this interesting thing.
rhumbliner
Member
Somehow I missed that in their email to me. Where does it state that? They honored the price for my first R1T reservation and I assume they’ll honor the price for my 2nd.
rhumbliner
Member
Signing the binding contract only commits $100 of the $1000 deposit. The other $900 is refunded if you decide to back out and not take delivery.
Then that isn't much of a binding contract. Somehow I think that that won't meet the criteria to count for the tax credit.
Rivian has released their Q2 results: https://downloads.rivian.com/2md5qh...cf80955/Rivian-Q2-2022-Shareholder-Letter.pdf
They produced 4,401 and delivered 4,467 vehicles this quarter. They lost ~$158k per vehicle this quarter, a significant improvement from the $409k they lost per vehicle last quarter. (So it seems that between increased volume and other cost cutting they are making good progress.)
They burned $1B in cash leaving them with $15.4B, again a good improvement from Q1.
Net loss for Q2 was up slightly to $1.7B.
It sounds like they are still having losses from purchase commitments, and they expect that to continue for a while. (Taking delivery of fewer parts than they committed to.)
All in they are doing much better than Lucid, there may actually be light at the end of the tunnel for them.
They produced 4,401 and delivered 4,467 vehicles this quarter. They lost ~$158k per vehicle this quarter, a significant improvement from the $409k they lost per vehicle last quarter. (So it seems that between increased volume and other cost cutting they are making good progress.)
They burned $1B in cash leaving them with $15.4B, again a good improvement from Q1.
Net loss for Q2 was up slightly to $1.7B.
It sounds like they are still having losses from purchase commitments, and they expect that to continue for a while. (Taking delivery of fewer parts than they committed to.)
All in they are doing much better than Lucid, there may actually be light at the end of the tunnel for them.
rhumbliner
Member
That presents an interesting legal question. If you sign a “binding” contract for a particular configuration at a specified price, are you required to accept delivery if Rivian changes either one? Without losing any of your deposit?
If the terms are not stated and enforceable, it's not binding.
At least that's what Google told me.
contract
