Written by Cláudio Afonso | LinkedIn | X
Rivian customers are experiencing significant delays in securing service appointments, with some facing nearly four-month waits.
On Reddit, one of the Rivian owners from south San Francisco shared on Tuesday that the earliest available service date in his area is in the third week of September.
Another one, who had picked up his vehicle in San Jose at the end of February, found no available appointments until mid-June, indicating a similar four-month delay. However, the lengthy wait times are not uniform across all regions.
Another customer from West Sacramento reported a shorter wait time, with the earliest available appointment in five weeks. He mentioned, “I did check Sacramento as well, earliest July. It’s not a major debilitating issue, hence I chose to wait. I believe my issues can be looked at/fixed by mobile service. I’m waiting for a call or message so I can request that.”
The varying wait times highlight the regional differences in Rivian’s service capacity, with some areas facing more severe delays than others. In mid-April, Rivian started a new round of layoffs affecting about 1 percent of its workforce.
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In an email sent to reservation holders last Friday, the company announced delays in deliveries for customers in Washington state. The electric vehicle manufacturer cited logistical challenges following a recent surge in financing and leasing deals as the primary reason for the delay.
The email explained that Rivian had to rework over 500 deals within two days of announcing discounted MSRPs, a task described as “very ambitious.” Despite their efforts, the company was unable to generate and send contracts in time for all customers.
On Thursday, the company announced a series of new incentives aimed at boosting sales and clearing inventory of its 2023 and 2024 R1 models, including the R1S SUV and R1T truck.
The incentives include significant discounts, free upgrades, and lowered prices on battery options as the company prepares to launch refreshed versions of both models in early next year.
Barclays analyst Dan Levy has recently reiterated an Equalweight rating and $10.00 price target on Rivian shares after meeting with the company’s CFO Claire McDonough and SVP of Software Development Wassym Bensaid.
The analyst highlighted Rivian’s vertically integrated hardware/software approach and details on the revamped models R1S and R1T.
Virtu Financial has recently disclosed that it acquired 404,875 shares of Rivian in the first quarter of the year. With the last closing price at $10.70 per share, this new position is valued at approximately $4.33 million.
According to a recent form filed with the SEC, the CFO Claire McDonough sold 3,210 shares on May 16 at $10.25 per share, totaling approximately $32,902.
The automaker has been urging early pre-order holders to finalize their purchase of an R1 model by the end of September or risk forfeiting their grandfathered pricing discount of about $18,000.
The EV manufacturer confirmed recently that is partnering with Google on Google Cast and YouTube integration. Drivers will now have the capability to stream high-definition video content with premium sound directly to their vehicle’s screen, using both a native YouTube app and Cast-enabled apps on their phone or tablet.
The company has recently reported 13,980 vehicles produced in the first quarter of the year of which 13,588 were delivered to its customers. Despite having previously guided a 10-15% quarter-over-quarter drop from the fourth quarter, Rivian is on track and reaffirmed its 2024 production guidance of 57,000 vehicles.
Written by Cláudio Afonso | LinkedIn | X
