It’s safe to say that all markets are looking pretty volatile at the moment, with chip shortages taking their toll on just about every industry out there. Carmakers haven’t been immune to this issue and have been facing both shortages as well as various delays in production.
Such is the case with Amazon-backed EV-maker Rivian Automotive, who has reportedly begun notifying its R1S SUV buyers of delivery delays, as reported by Reuters. In the wake of this development, the company’s shares fell 4.5% earlier this week, to $114.31.
The R1S was supposed to reach its first customers in January of 2022, after rolling off the line at the carmaker’s Normal, Illinois plant. However, Rivian is now sending emails to customers to inform them that the delivery window has moved to between May and July, at the earliest.
Following their Nasdaq debut on November 10, Rivian’s shares have surged as much as 53%, making them the second most valuable U.S. carmaker, thanks to a successful $100 billion IPO.
The EV startup has already announced plans for a second U.S. factory and is also looking to open production facilities in both Europe and China. No location has been specified as of yet, for any of these upcoming plants.
As for the R1S, it has an estimated EPA range of 316 miles (508 km), can drive through 3+ feet of water, rack crawl at a 100% grade and tow up to 7,700 lbs (3,492 kg). It’s also pretty darn quick to 60 mph (97 kph), needing just 3 seconds flat in order to get there – depending on your tire selection.
All R1S SUVs come with a standard 5-year, 60,000-mile warranty, while the battery pack and drivetrain are covered for 8 years or 175,000 miles, depending on which comes first. As for potential Rivals, the R1S should be looking to battle the likes of the Tesla Model X and even the Hummer EV SUV.