There Could Be A Lot Of Angry Rivian Buyers

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The first examples of the Rivian R1T pickup truck are rolling off the assembly line. What's more, the EV automaker aims to deliver 1,000 examples before the end of the year. A launch date for the R1S SUV still isn't known but we don't think it's too far away. But, there is some new and somewhat troubling news to report. A member of the Rivian Owners Forum noticed a new paragraph that's been added to the company's recent Securities and Exchange Commission (SEC) filing. It states the company doesn't expect to fulfill all 55,400 R1 pre-orders for at least another two years.

"Based on our current production forecast, we expect to fill our preorder backlog of approximately 55,400 R1 vehicles by the end of 2023," the document says.

2022 Rivian R1T Truck Frontal Aspect Rivian
2022 Rivian R1T Truck Rear Angle View Rivian
2022 Rivian R1T Truck Side View Rivian

Bear in mind everyone who placed a pre-order also put down a $1,000 refundable deposit. Even if they decide to keep their order, some will ultimately be waiting a few years until delivery. That will certainly require a lot of patience and we could see some requesting refunds.

However, the Normal, Illinois factory is capable of producing 65,000 R1s annually. Rivian also predicts it'll reach this production rate by 2023. If so, then why did Rivian amend the SEC document with the conservative production rate? There are two possible reasons.

Central Console Rivian
2022 Rivian R1T Truck Table Rivian
2022 Rivian R1T Truck Rear-Facing View Rivian
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One, Rivian could be taking into account production issues that have yet to happen. These types of things can be very unpredictable so it could be wise to take that into account. Tesla knows a thing or two about production hell, for example. Another reason has to do with its looming IPO.

Rivian executives may have decided to set the production bar low to provide a safety zone in upcoming quarterly earnings statements. If production surpasses predictions, the company's stock value should increase. However, just knowing all of those pre-orders may not be fulfilled for another two years is kind of troubling. Let's just hope Rivian will keep things moving at a brisk pace.

Front Angle View © 2018 Ben Moon
Rear View Driving Rivian
2022 Rivian R1T Truck Front-End View Rivian

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