Good to have more alternatives to Tesla but how strong is Rivian financially? If this hatchback is expected to be on the street only in a couple of years, this might not even materialize.
On a related note, I haven’t seen many Cybertrucks around in TX. Is it selling well on the west coast?
I see about one Cybertruck every time I leave the house here in the East Bay. Not nearly as ubiquitous as the other Tesla models, but no longer a stop-and-gawk novelty.
I'm no expert on balance sheets and income statements, but with 2022 cash ending $11.5 billion and 2023 ending $7.9 billion, and losing 33% car value every time they sell a car (COGS + Depreciation at 133%). Their 2023 Operating Income was losing $5.4 billion, yikes. It doesn't look great.
Fisker also is currently going bankrupt, but I'm sure they were extra poorly run.
Over/under on what year it will actually ship to customers? If they are targeting late 2026 for the R2,then my most optimistic huess is late 2028 for small volumes of the R3, to ramp up through 2029. Seems almost silly to announce it this early.
My guess is they'll need an additional $4-6 billion to make it to then, even if they aggressivle cut costs and increase margins
The R3 is heavily based on the R2, so that will reduce the cost and time to market somewhat.
They also said that they are pausing their spending on the Georgia factory and will build the R2 in Illinois. I don’t know how much they’ve been spending on the new factory, but that will be some amount of cost savings.
One thing that concerns me is that the R3 is getting a lot more attention than the R2. If all the buyers skip the R2 and wait for the R3, they aren’t likely to survive.
Rivian needs to do some clever marketing around the R2. They briefly showed the R2 with all the seats folded down. Run with that… I have a Subaru Outback that will need to be replaced in the next few years. One of the things that I actually do with it is to fold down the front passenger seat and the passenger side 2nd row seat. And then load it up with 2x6s from Home Depot. Close all the doors, drive away like normal. What other vehicle can do that nowadays? The R2.
I'm on my fifth Tesla now and by far the Model 3 Performance was my favorite to drive around even though Model S Plaid is a lot faster. If this handles anything like that, it's an instant buy from me.
I’m only on my first Model Y, and it’s a great car albeit a bit cramped with a kid and a dog, and some pretty dumb UX/design choices. Rivian seems to be the only company building thoughtful, well-sized EV SUVs rather than trucks. Definitely going to choose the R2 for our next car; nice to see some competition while Tesla is asleep at the wheel with the cybertruck.
I find Rivian design to look boringly conventional. I’m guessing they use the same body fabrication machines as other auto makers? Vs Tesla who build the machines in house AFAIK. If they didn’t look so much worse I would consider them.
It sure felt that pronounced the first time I tried to follow a Tesla up a freeway onramp while riding my motorcycle and it just ghosted me. I had never seen a four-wheeled vehicle move like that before.
On a related note, I haven’t seen many Cybertrucks around in TX. Is it selling well on the west coast?