Patiently waiting Rivian customers opened their email inboxes to some disappointing news last Friday. Delivery dates for Rivian vehicles have been pushed back again, this time to September. The news about Rivian’s delays came directly from Rivian’s CEO, RJ Scaringe, in a hearty, letter format. It’s a good PR move from the EV company considering it’s frustrating news for R1T customers, and it’s harder to shoot the messenger when it’s coming from the CEO, and not just the Rivian Guides.
The Cause For Rivian R1T and R1S Delays
This is the second time Rivian has shifted its timeline. We were supposed to initially see R1T Launch Edition deliveries begin in June before being postponed to July. Fortunately, the public now has some actual insight into why they have to wait even longer for their EV vehicles. Even so, the reasons for Rivian’s delays aren’t that surprising; Scaringe cites that the “cascading impacts of the pandemic” have taken a toll on Rivian’s facility construction, equipment installation, and component supply (the microchip shortage). Now, Rivian R1T Launch Edition deliveries are scheduled for September while R1S will follow shortly after. While the news isn’t what any Rivian customers or EV enthusiasts want to hear, there could be a possible silver lining.
Good Things Come To Those Who Wait
Rivian, which is currently a privately held company, hopes to IPO as soon as September. They were valued at 27.6 billion back in January, and according to Bloomberg, Rivian could be worth $50 billion by the time September rolls around. With that kind of valuation, it’s easy to understand why Rivian would want to have all of its ducks perfectly in a row before going public. On that note, RJ Scaringe explains why the hundreds of Rivian vehicles that were built as part of their validation process aren’t being sold and instead continue to be tested.
The letter directly states, “We believe it is critical to both our long-term success and your ultimate satisfaction that the quality and robustness of our launch products truly sets the tone for what to expect from us as a brand.” With that mindset, there’s no telling what Rivian could be worth if initial deliveries go smoothly.
While Elon Musk fidgets in a room somewhere just thinking about the competition Rivian is soon to give Tesla, the rest of us can continue to patiently wait for the R1T. Waiting is a skill most consumers have honed over the course of the last six months, i.e. the Ford Bronco and F-150. The glass-half-full mentality also means that the EV company will have more time to fully implement additional cool features like its patented K-turn technology.