Welcome to the Rivian report, an incredibly thrilling and exhilarating adventure that aims to shed light on every captivating aspect of Rivian. As we embark on this journey together, week after week, we promise to delve deep into the realms of the latest news, awe-inspiring events, and invaluable information surrounding the ever-evolving world of Rivian. Brace yourself for an unparalleled experience as we uncover the most intriguing happenings within the realm of Rivian, leaving no stone unturned.

Apologies for the month-long break in our communication. I recently took some time off for vacation and have since been dedicated to enhancing the visual aesthetics, strategizing methods to expand our audience reach, and refining the quality of our newsletter on Beehiiv.

News of the Week

Apple Rumor

Monday night a rumor from digitimes.com a well-respected and reputable source for Apple rumors in Taiwan released and article titled:

This article briefly states, “Apple is discussing the possibility of cooperation with a new car-making force in the United States.” They also name Rivian as the most likely due to “At the moment, the most vocal approach to Apple is Rivian”

This is pure speculation, and nothing may come from it, but it will be exciting to see if this flourishes into anything. How do you see Apple and Rivian benefiting from one another?

Q1 Earnings and investor call

On Tuesday Rivian CEO RJ Scaringe and CFO Clair McDonough hosted Rivian’s first quarter 2024 investor earnings call. During this call there were some key highlights below

• Produced 13,980 vehicles up 150% YOY

• Delivered 13,588 vehicles up 171% YOY

• Revenue of 1,204 million USD up 182% YOY

• Produced their 100,000th vehicle off the line

• Currently have 13,500 EDV delivered and in service with Amazon

• Increased leasing states now in 32 US states

• Increased RAN network now 77 locations with 470 chargers

• Hosted over 28,000 demo drives a 91% increase versus Q4 2023

• Hosted over 257,000 people in spaces

• Opening RAN network during Summer of 2024

• Reiterated guidance of 57,000 vehicles for 2024

• Operating costs of 957 million up from 898 million last year

• Total loss from operations during Q1 was 1,484 million USD

• Ended Q1 with nearly 8 billion in cash, cash equivalents and short-term investments

Read the full shareholder letter here.

RAN Updates

The RAN network has continued to expand with recent openings of 6 chargers in Granger, Indiana in addition to another 6 charging stations in Columba, Missouri. The Rivian Adventure Network now has 77 stations and 470 chargers.

Our Friend RanTracker noted two new stations on the RAN map this week

• Bozeman, MT with 6 chargers

• Albuquerque, NM with 6 chargers

Rivian Leasing

Leasing is currently available in 32 states at this time - Which state are you hoping is next? During the investor call on Tuesday, Claire McDonough mentioned that we would be seeing north of 40 states in the coming quarters.

I compared the current states where Rivian, Tesla, and Lucid currently offer leases. (LINK) I found that Rivian likely will be looking to enter Idaho, Kansas, Maine, Minnesota, Washington D.C., West Virginia, and Wyoming.

R2 / R3 / R3X updates

During this week’s investor call the biggest question that was left unanswered was regarding the reservation numbers for the R2.

Below is an interview with Ed Ludlow from Bloomberg discussing R2 Reservations and RJ indicates they want to focus on the product but does indicate it’s gone up significantly from the original 68,000.

Ongoing Promotions

Currently running the Electric Upgrade Offer - running from now until June 30th, 2024. Full details on Rivian’s website (LINK)

Upcoming Events

Check your local Rivian Space for a list of local events (LINK)

Mentioned several times during the earnings call was “Investor Day” This is slated for late June with no set date. Stay tuned for more news regarding Investor Day.

Photo of the week

Countless pictures of the Northern lights were taken on Friday and Saturday night, visible in a majority of the Northern Hemisphere. This photo was sent to me Friday night and I can’t get enough of it. Share your favorites for next week’s photo of the week!

Special shoutout this week to Jose who runs the account RivianTrackr. He is celebrating his two-year anniversary with his R1T. Make sure to follow him on X and check out his website. RivianTrackr - Your go-to source for all things Rivian

Thanks for joining this new adventure! Bear with me as I work out the kinks of creating a weekly newsletter. Please subscribe if you enjoy the content and feel free to reach out with any suggestions [email protected]