Rivian Automotive, Inc. (NASDAQ:RIVN) could be facing a setback with its R1S SUV that was launched in December.
What Happened: The delivery schedules of the R1S have been pushed back from anywhere between one month and nine months, Autoevolution said, citing a letter Rivian sent to reservation holders and information shared among forum members.
Amazon.com Inc. (NASDAQ:AMZN)-backed Rivian reportedly attributed the delay to supply chain challenges and prioritization of deliveries to locations where service infrastructure is in place to "provide full ownership experience" to users from day one.
Some of the users have seen deliveries shifted from March/April to August/September, while others are facing longer lead times and are looking at a timeline of October/December, the report noted.
Autoevolution said not all users on the thread complained of pushbacks, which could mean some of the deliveries may be on track.
Related Link: Rivian Q1 Earnings Highlights: 2,553 Vehicles Produced, 1,227 Delivered, Supply Chain Constraints And More
Why It's Important: Rivian shares have come under significant selling pressure following a high-profile initial public offering in November. Although the company managed to unveil an electric pickup truck ahead of rivals, it faced production issues for the R1T amid supply constraints. In March, the company notably lowered its production forecast for 2022.
Liquidation of stock by major shareholders, including Ford Motor Company (NYSE:F), following lockup expiration and the broader market mayhem have pressured the stock further.
Price Action: Rivian closed Monday's session down 5.47% at $26.81, according to Benzinga Pro data.
Photo: Courtesy of Rivian
