Rivian Automotive Inc (RIVN) 2022 Q2 法說會逐字稿

Good day, and thank you for standing by, and welcome to Rivian's Second Quarter 2022 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Tim Bei, Vice President of Investor Relations and Strategic Finance. Please go ahead.

大家好，感謝您的耐心等待，歡迎參加 Rivian 2022 年第二季財報電話會議。 （接線員指示）請注意，今天的會議正在錄製中。現在，我想將會議交給今天的發言人，投資者關係和策略財務副總裁 Tim Bei。請開始。

Good afternoon, and thank you for joining us for Rivian's Second Quarter 2022 Earnings Call. Joining us on today's call, we have RJ Scaringe, our Founder, Chairman and Chief Executive Officer; and Claire McDonough, our Chief Financial Officer. A copy of today's shareholder letter is available on our Investor Relations website.

下午好，感謝您參加 Rivian 2022 年第二季財報電話會議。今天的電話會議嘉賓包括我們的創辦人、董事長兼執行長 RJ Scaringe 和財務長 Claire McDonough。今天的股東信函副本可在我們投資者關係網站上查閱。

Before we begin, I would like to remind you that during the course of this conference call, our comments and responses to your questions reflect management's views as of today only and will include statements related to our business that are forward-looking statements under federal securities laws, including, without limitation, statements regarding our market opportunity, industry trends, business operations, strategy and goals, our second domestic manufacturing facility, our future products, including R2 and our expectations regarding vehicle deliveries. Actual results may differ materially from those contained in or implied by these forward-looking statements due to risks and uncertainties associated with our business which are described in our SEC filings and today's shareholder letter.

在開始之前，我想提醒您，在本次電話會議期間，我們對您提出的問題的評論和回應僅代表管理層截至今日的觀點，並將包含與我們業務相關的聲明，這些聲明根據聯邦證券法均屬於前瞻性聲明，包括但不限於關於我們的市場機遇、行業趨勢、業務運營、戰略和目標、我們在美國的第二家製造工廠、我們未來的產品（R2）。由於我們提交給美國證券交易委員會的文件和今天的股東信中所述的與我們業務相關的風險和不確定性，實際結果可能與這些前瞻性聲明中包含或暗示的結果有重大差異。

During this call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is provided in today's shareholder letter. With that, I'll turn the call over to RJ who will begin with a few opening remarks.

在本次電話會議中，我們將討論 GAAP 和非 GAAP 財務指標。今天的股東信中提供了 GAAP 與非 GAAP 財務指標的對帳表。之後，我將把電話會議交給 RJ，他將首先致辭。

Thanks, Tim. Hello, everyone, and thanks for joining us today. Just before the call, we published our shareholder letter, which includes an overview of our progress over the recent months. I encourage you to read it for additional details around some of the items we'll cover on today's call.

謝謝，蒂姆。大家好，感謝您今天加入我們。就在電話會議之前，我們發布了致股東的信，其中概述了我們最近幾個月的進展。我鼓勵您閱讀這份信，以了解更多關於我們今天電話會議將討論的一些事項的詳細資訊。

The Rivian team delivered strong second quarter results despite the challenging supply chain environment. We produced and delivered over 4,400 vehicles across the R1T, R1S, and EDV 700. We have also recently started production validation builds of our EDV 500, which is a narrower and shorter version of the EDV and well positioned for markets and applications where smaller form factors are needed.

儘管供應鏈環境充滿挑戰，Rivian 團隊仍在第二季取得了強勁的業績。我們生產並交付了超過 4,400 輛 R1T、R1S 和 EDV 700 車型。我們最近也啟動了 EDV 500 的生產驗證，EDV 500 是 EDV 的更窄更短版本，非常適合需要更小尺寸車型的市場和應用。

Our key focus remains ramping our normal facility to its full 150,000 units of installed capacity. While we continue to manage supply chain constraints, we are encouraged by the progress we are making, which is important for us to be able to add a second shift for general assembly towards the end of this quarter.

我們的重點仍然是提升我們常規設施的產能，使其達到15萬台的滿載水準。儘管我們仍在應對供應鏈限制，但我們對目前的進展感到鼓舞，這對於我們能夠在本季末增加第二個總裝班次至關重要。

Equally as important is the continued strong demand for our products. As of June 30, we had about 98,000 net preorders and reservations for our R1 vehicles. Our daily preorder rate accelerated in the second quarter compared to the first quarter, and as a reminder, these orders are for the United States and Canada only and are net of deliveries and cancellations. In June, we hosted a media venture showcasing the capabilities of our R1S in both on- and off-road settings. It's been great to see the feedback from various media sources and customers as more of our R1S vehicles get out on the road.

同樣重要的是，我們產品的需求持續強勁。截至6月30日，我們的R1車型淨預訂量和預約量約為9.8萬輛。第二季度，我們的每日預訂量較第一季有所提升。需要提醒的是，這些訂單僅限美國和加拿大地區，且已扣除交付和取消訂單。 6月，我們舉辦了一場媒體活動，展示了R1S在公路和越野環境下的表現。隨著越來越多的R1S車型上路行駛，我們很高興看到來自各大媒體和客戶的正面回饋。

Regarding our commercial business, in July, we hosted an event in partnership with Amazon to announce the formal rollout of EDVs to locations across the country. Since early 2021, we've been operating pilot deployments to capture direct feedback from drivers. This partnership was critical to the refinement of the EDV products over the last 18 months. In addition to the set of unique features of the van, we developed a comprehensive fleet management system, which we call FleetOS that provides end-to-end centralized fleet management, including vehicle distribution, service, telematics, charging, connectivity management and life cycle management.

關於我們的商業業務，今年7月，我們與亞馬遜合作舉辦了一場活動，宣布正式在全美各地推出EDV。自2021年初以來，我們一直在進行試點部署，以收集駕駛員的直接回饋。這項合作對於過去18個月EDV產品的改進至關重要。除了廂型車的一系列獨特功能外，我們還開發了一套名為FleetOS的綜合車隊管理系統，該系統提供端到端的集中式車隊管理，包括車輛分配、服務、遠端資訊處理、充電、連接管理和生命週期管理。

As previously discussed, every vehicle delivered to Amazon comes with a FleetOS subscription, which represents a monthly recurring revenue stream for us. We are now ramping the build-out of our DC fast charging network, the Rivian Adventure Network. We believe it is critical for our brand to ensure our customers have a seamless charging experience that enables freedom to go anywhere without concern around charging access.

正如之前所討論的，每輛交付給亞馬遜的車輛都附帶 FleetOS 訂閱，這對我們來說是一筆每月的經常性收入。我們目前正在加緊建置我們的直流快速充電網路—Rivian Adventure Network。我們認為，確保客戶擁有無縫的充電體驗，讓他們能夠自由出行，無需擔心充電問題，對我們的品牌至關重要。

In June, we launched our first locations using our DC chargers, which we manufacture in Normal, Illinois. These chargers have been developed from a clean sheet to operate at up to 900 volts, which is important for our future product road map. With a number of key sites underway, we are working to rapidly expand our network among popular routes, targeted destination areas and major highways initially across the U.S. and Canada. We believe this will be an important point of differentiation for us.

六月，我們啟用了首批使用直流充電樁的充電點，這些充電樁由我們在伊利諾伊州諾默爾製造。這些充電樁的開發完全基於零基礎，最高電壓可達 900 伏特，這對於我們未來的產品路線圖至關重要。隨著多個關鍵充電點的建設，我們正致力於快速擴展我們的充電網絡，首先覆蓋美國和加拿大的熱門路線、目標目的地區域和主要高速公路。我們相信，這將成為我們重要的差異化優勢。

We've also started preproduction of validation units for our single-motor Enduro Drive unit. Two of these Enduro Drive units will be used in a dual-motor configuration in the R1 platform and a single Enduro Drive unit will be used for the commercial vans. This is the first of a family of drive units we are developing that will deliver greater efficiency and performance while creating meaningful cost savings. I'm very excited for the dual-motor R1. Having spent a lot of time driving this, I can say as a base configuration with over 600 horsepower, it's a very exciting package.

我們也已開始預生產單馬達Enduro Drive單元的驗證裝置。其中兩台Enduro Drive單元將用於R1平台的雙馬達配置，而一台Enduro Drive單元將用於商用廂型車。這是我們正在開發的驅動單元系列中的第一款產品，它將提供更高的效率和性能，同時顯著節省成本。我對雙馬達R1感到非常興奮。我花了很多時間駕駛它，可以說，作為一款擁有超過600馬力動力的基礎配置，它是一款非常令人興奮的配置。

I also want to comment on the Inflation Reduction Act. This just recently passed the Senate and is likely to be signed into law over the next week. We're incredibly happy to see policy that helps drive more rapid adoption of electric vehicles as well as the important investments in building domestic battery cell production. For the world to quickly shift towards a carbon-free economy, this type of legislation creates the needed tailwinds for both consumers and industry.

我還想就《通膨削減法案》發表一些看法。該法案最近剛在參議院獲得通過，預計下週簽署成為法律。我們非常高興地看到這項政策有助於推動電動車的快速普及，並推動對國內電池生產建設的重要投資。為了使世界能夠快速轉向無碳經濟，這類立法為消費者和產業創造了必要的助力。

The commercial segment, in particular, will benefit from the strong incentives for fleet operators to electrify. And our RCV platform has been developed for a wide range of applications. While many of our R1 configurations won't meet the bill's pricing requirements, our R2 product line and associated cell road map are being developed to allow our customers to capture the value of these incentives.

商用領域尤其受惠於車隊營運商大力推行電氣化措施的激勵措施。我們的 RCV 平台已開發用於各種應用。雖然我們的許多 R1 配置無法滿足法案的定價要求，但我們正在開發 R2 產品線和相關的電池路線圖，以使我們的客戶獲得這些激勵措施的價值。

We have plenty of work ahead of us, but I couldn't be more excited about the work our teams are doing for the ramp of the R1 EDV vehicles as well as the products, services and technologies we have in the pipeline. I wanted to thank our dedicated team members, suppliers and importantly, our customers and communities, for the tremendous support you continue to show us. With that, I'll pass the call over to Claire.

我們還有很多工作要做，但我對我們的團隊為 R1 EDV 車型的量產以及我們即將推出的產品、服務和技術所做的工作感到無比興奮。我要感謝我們敬業的團隊成員、供應商，更重要的是，感謝我們的客戶和社區，感謝你們一直以來給予我們的大力支持。接下來，我將把電話交給克萊爾。

Thanks, RJ. I want to echo your excitement around the second quarter results and the progress the team is making. During the second quarter, we produced and delivered over 4,400 vehicles, which was the primary driver of the $364 million of revenue we generated. During the quarter, we recorded negative gross profit of $704 million. Simultaneously launching 2 vehicle platforms and production lines is a complex process with high fixed costs associated with the labor and overhead required to run our large-scale plant, which can support 150,000 units of annual capacity.

謝謝，RJ。我想表達您對第二季業績和團隊進展的興奮之情。第二季度，我們生產並交付了超過4,400輛汽車，這是我們3.64億美元收入的主要動力。本季度，我們的毛利為負7.04億美元。同時啟動兩個汽車平台和生產線是一個複雜的過程，運作我們規模龐大的工廠所需的勞動力和管理費用以及高昂的固定成本，而我們的工廠年產能可達15萬輛。

Our gross profit for the quarter was also impacted by the inflation of our materials as well as supply chain challenges, which caused the need for expedited shipping. In addition, we recorded a $301 million accounting adjustment in the second quarter related to LCNRV. As discussed on prior calls, the LCNRV adjustment writes down the value of certain inventory to the amount we anticipate receiving upon vehicle sale after considering the future costs necessary to ready the inventory for sale.

本季的毛利也受到材料價格上漲以及供應鏈挑戰的影響，導致需要加快運輸。此外，我們在第二季記錄了與LCNRV相關的3.01億美元會計調整。如同先前的電話會議中所討論的，LCNRV調整將某些庫存的價值減記至我們預計在車輛出售時收到的金額，同時會考慮準備庫存待售所需的未來成本。

On the research and development side, our team continues to pursue ongoing cost-down efforts associated with the R1 and RCV platforms as well as the development of our next-generation vehicle technologies, which we expect to leverage across our current and future vehicle platforms. Our adjusted EBITDA for the second quarter was negative $1.3 billion. Given the economic outlook, we remain focused on optimizing our product road map and associated operating expenses and capital expenditures. We ended the second quarter with over $15 billion of cash and remain confident in our path to launch the R2 vehicle platform with our cash on hand.

在研發方面，我們的團隊持續致力於降低與R1和RCV平台相關的成本，並致力於開發下一代汽車技術，我們預計這些技術將應用於我們現有和未來的汽車平台。第二季調整後的EBITDA為負13億美元。鑑於當前的經濟前景，我們將繼續專注於優化產品路線圖以及相關的營運費用和資本支出。截至第二季度，我們擁有超過150億美元的現金，並對我們憑藉現有現金推出R2汽車平台充滿信心。

Now turning to guidance. We are reaffirming our 2022 guidance of 25,000 units of production. The supply chain continues to be the limiting factor in our production rates but we remain confident in our ability to achieve our target. On the delivery side, in July, we started a larger effort to move from truck to rail for our outbound freight, which should provide additional cost savings as we scale our operations. This transition will cause a larger discrepancy between production and deliveries in the coming quarters as we ramp production.

現在談談業績指引。我們重申2022年2.5萬台的產量目標。供應鏈仍然是限制我們生產力的因素，但我們對實現目標的能力仍然充滿信心。在交付方面，我們在7月開始加大力度，將出站貨運從卡車運輸改為鐵路運輸，這將在我們擴大營運規模的同時，進一步節省成本。隨著我們逐步提高產量，這一轉變將導致未來幾季產量與交付量之間的差異進一步擴大。

As a result of the impacts from the ramp of our Normal factory, recent cost pressures associated with the inflation of our materials, the associated LCNRV adjustments and expedited freight expenses, we are lowering our 2022 adjusted EBITDA guidance to negative $5.45 billion. Importantly, we are lowering our annual capital expenditure guidance from $2.6 billion to $2 billion, primarily due to our more focused product road map. In aggregate, we expect our ending cash position for 2022 to be in line with our initial expectations.

由於我們普通工廠產能提升的影響、近期材料價格上漲帶來的成本壓力、相關的低碳稅費調整以及加急運費，我們將2022年調整後EBITDA指引下調至負54.5億美元。更重要的是，我們將年度資本支出指引從26億美元下調至20億美元，這主要得益於我們更專注的產品路線圖。整體而言，我們預計2022年的期末現金狀況將與最初的預期一致。

In closing, I want to reiterate our confidence in our long-term financial targets. We see a clear path to our approximately 25% gross margin target, high teens EBITDA target and approximately 10% free cash flow target. With that, let me turn the call back to the operator to open the line for Q&A.

最後，我想重申我們對長期財務目標的信心。我們清楚地看到了實現約25%毛利率、15%左右EBITDA和約10%自由現金流目標的途徑。好了，現在請容許我將電話轉回接線生，開始問答環節。

(Operator Instructions)

（操作員指示）

And our first question comes from Rod Lache from Wolfe Research.

我們的第一個問題來自 Wolfe Research 的 Rod Lache。

I'd like to just ask 2 questions. One is for Claire. A lot has obviously happened financially over the past year or so with inflation and supply chain issues. But could you maybe take a minute and maybe just take a step back and talk to us about the bridge to achieving positive gross margin from where we're at right now? We know that it consists of pricing and cost and volume. But if you could give us some thoughts on the components of that and the timing.

我只想問兩個問題。一個是問克萊爾的。過去一年左右，通貨膨脹和供應鏈問題顯然在財務上發生了許多變化。您能否抽出一點時間，退一步談談，從目前的情況來看，如何才能實現正毛利率？我們知道，這包括定價、成本和產量。能否請您談談這些因素以及實現正毛利率的具體時間安排？

And then secondly, RJ, was hoping you can maybe elaborate a little bit on the longer-term implications of the Inflation Reduction Act for the competitive landscape and for Rivian specifically, and whether you see a path to achieving the material sourcing requirements that are in there and the value requirements and a little bit more on the commercial side. Which sounds like it could be really meaningful up to, I think, $40,000 on certain gross vehicle weight vehicles. Does that sort of change the outlook for Rivian?

其次，RJ，我希望您能詳細說明《通膨削減法案》對競爭格局，尤其是對Rivian的長期影響，以及您是否認為有辦法滿足其中的材料採購要求、價值要求，以及一些商業方面的要求。這聽起來可能非常有意義，我認為，對於某些總重不超過4萬美元的車輛來說，這是否會改變Rivian的前景？

This is Claire speaking. And I wanted to hit on your first question in terms of what that path to positive gross profit and positive unit economics looks like for Rivian in particular. As you called out, right, we've seen unprecedented levels of inflation, especially across our raw material inputs and lithium prices that have gone up north of 115% over -- since the start of this year, in particular, coupled with COVID and other factors that have driven a challenging supply chain and inflationary environment as well as part of that.

我是克萊爾。我想先回答你的第一個問題，關於Rivian實現正毛利和正單位經濟效益的路徑是怎樣的。正如你所說，我們已經看到了前所未有的通貨膨脹，尤其是原材料投入和鋰的價格，自今年年初以來，已經上漲了115%以上，再加上新冠疫情和其他因素，導致供應鍊和通膨環境面臨挑戰，這也是其中的一部分。

But as we look out to the future, as I mentioned in my prepared remarks, we have significant confidence in the long-term gross profit margin targets that we've set out for ourselves of approximately 25%. And I'll give you a little bit of that path as we see from today going from our current state to that future state of positive unit economics. We see 2024 as really that pivotal year for us in driving a step change in terms of the underlying gross margin expectations within the business, as we have a couple of significant factors that are starting to impact our underlying unit economics.

但展望未來，正如我在準備好的發言中提到的，我們對設定的約25%的長期毛利率目標充滿信心。我會稍微介紹一下我們從今天看到的從當前狀態到未來正向單位經濟效益的路徑。我們認為2024年是我們推動業務基本毛利率預期發生重大轉變的關鍵一年，因為有幾個重要因素正在開始影響我們的基本單位經濟效益。

First and foremost, it's really driven by us ramping our plants and our productivity within our 150,000 units of installed capacity within Normal that allows us to really leverage all of those fixed overhead and costs associated with our large-scale production facility. Second, it's also our ability to introduce our next-generation technologies into our vehicles, first in our R1 products as well as in our EDVs. So those are things like in-sourcing of our motors, the introduction of our LFP pack, which will be introduced first in our commercial vehicles, that allow us to really drive a step change in terms of vehicle performance in that time frame. Which enables us to increase pricing on the vehicles, given the fact we'll have vehicles with added range and added performance and capabilities. But they also importantly drive significant cost-down within our bill of materials as we look at that road map ahead.

首先，也是最重要的，這得益於我們在諾默爾工廠內不斷提升工廠產能和生產力，這使我們能夠充分利用與大規模生產設施相關的所有固定成本和間接費用。其次，我們也能夠將下一代技術引入我們的車輛，首先應用於我們的R1產品以及我們的EDV車型。例如，電機的內購，磷酸鐵鋰電池組的推出（該電池組將首先應用於我們的商用車），這些都使我們能夠在這段時間內真正推動車輛性能的階躍式變化。考慮到我們將擁有續航里程更長、性能更強、功能更強大的車輛，這使我們能夠提高車輛的定價。但更重要的是，在我們著眼於未來發展路線圖的同時，這些措施也將大幅降低我們的物料清單成本。

And then finally, the other core factor as we think about that touchstone from a gross profit perspective is also really the anniversarying or moving beyond those pre-March 1st preorders as well that allow us to move into our current ASPs. And as we reiterated our last earnings call, we've seen $93,000-plus ASPs with the preorders that we've had post pricing change.

最後，從毛利角度考慮這項試金石時，另一個核心因素實際上是周年紀念日或超越3月1日之前的預訂量，這使我們能夠進入目前的平均售價。正如我們在上次財報電話會議上重申的那樣，在價格調整後的預訂量中，平均售價已超過9.3萬美元。

Thanks, Claire. And Rod, I appreciate the question. I think with regards to the Inflation Reduction Act, this is, as I commented earlier, this is a really important step. And I think it's great for the acceleration of electrification and really providing a path to a carbon-neutral economy.

謝謝，克萊爾。羅德，我很感謝你的提問。我認為，關於《降低通膨法案》，正如我之前所說，這是非常重要的一步。我認為這對加速電氣化進程非常有益，並且真正為實現碳中和經濟提供了一條道路。

Now in terms of what that represents for us, it's certainly a powerful tailwind. As you commented, in the commercial space at the higher GVW classes, this would be in the realm of what we call our EDV 900, which is the largest version of our RCV platform, so GVW, gross vehicle weight, above 14,000 pounds. The incentives are quite strong, the consumer-facing incentives at over -- at $40,000. So the -- we see this as really helping to drive a rapid transition to electric vehicles in the commercial space.

就其對我們而言的意義而言，這無疑是一股強勁的順風。正如您所說，在商用領域，更高GVW等級的車型，也就是我們所謂的EDV 900，它是我們RCV平台的最大版本，GVW（車輛總重）超過14,000磅。激勵措施相當有力，面向消費者的激勵措施超過——40,000美元。因此，我們認為這確實有助於推動商用領域向電動車的快速轉型。

And then in a similar way on the consumer side, certainly creating tailwinds around localization of the supply chain, in particular with battery cells. And we've designed not just the product but also the way we think about our supply chain and our battery cell strategy to really be consistent with the intent of what we've seen in the Inflation Reduction Act. So I think this is great news for electrification. It's certainly something we're very excited about, and it's going to have long-range implications for the whole industry.

消費者方面也是如此，這無疑會為供應鏈本地化創造有利條件，尤其是在電池領域。我們不僅設計了產品，也重新思考了供應鏈和電池策略，力求與《通膨削減法案》的宗旨保持一致。所以我認為這對電氣化來說是個好消息。這當然讓我們非常興奮，它將對整個產業產生深遠的影響。

And our next question comes from John Murphy from Bank of America.

我們的下一個問題來自美國銀行的約翰·墨菲。

Maybe just to follow-up on Rod's question here. I mean, the mix seems like it may ultimately be much stronger than you are expecting. And I think one of the interesting comments from one of the reviewers in your shareholder letter, RJ, was that they compared the R1S to the Range Rover, Mercedes Gelandewagen, and Urus.

也許只是想跟進Rod的問題。我的意思是，最終的車型組合看起來可能比你預期的要強得多。我覺得你給股東信中一位評論員RJ說的很有意思，他們把R1S和攬勝、賓士Gelandewagen以及Urus做了比較。

So I'm just curious, as you think about the retail side, if there's an opportunity to keep mix incredibly strong and push maybe to the higher end of the range and then also grow the commercial vehicle side of the business kind of to those credits that Rod just going over with you and that sort of the mix maybe just far superior to anything you were expecting mix and pricing in the past. And that's really what helped offset to offset the inflation and maybe you hit your margin targets or maybe something better. I mean, how do you think about these early days of the reviews and what you're actually getting on a mix from a retail and commercial side?

所以我很好奇，就零售方面而言，您是否有機會保持強勁的產品組合，並可能將產品推向高端，同時還能拓展商用車業務，達到Rod剛才與您討論的那種程度，這樣的組合可能遠遠超出您過去對產品組合和定價的預期。這確實有助於抵銷通貨膨脹的影響，或許也能讓您達到利潤目標，甚至能取得更好的成績。我的意思是，您如何看待這些早期的評估，以及您在零售和商用車組合方面實際取得了哪些成果？

Yes. Thanks, John. We've certainly -- we talked about this in the last call. We've certainly been really pleased with the reaction to the product and how excited consumers are. And with that, we do believe there's a lot of pricing power embedded in the vehicles and embedded in what we're creating as a brand. And with that, the demand that we continue to see growing and accelerating really speaks to that.

是的，謝謝，約翰。我們當然——我們在上次電話會議中討論過這個問題。我們對產品的反應以及消費者的興奮程度感到非常滿意。因此，我們確信這些車型以及我們作為品牌所創造的一切都蘊含著巨大的定價權。而我們持續成長且加速的需求正好證明了這一點。

So for us, looking on the consumer side, we're certainly thinking about it in the context of some of our future packages and some of the configurations that we'll offer over time. But it is stronger than what we expected, and it does certainly offset some of the increased costs we're seeing. With regards to commercial, in a very similar way, we see the demand for commercial electrification being very strong across all different segments, not just last mile.

因此，對我們來說，從消費者角度來看，我們當然會結合未來推出的一些套餐和配置來考慮這個問題。但它的表現比我們預期的要強勁，而且確實抵消了我們看到的部分成本上漲。就商用領域而言，情況也非常類似，我們看到商用電氣化的需求在所有不同領域都非常強勁，而不僅僅是最後一哩路。

And the platform we have with RCV, Rivian Commercial Van, is really set up well for that. Of course, we're initially focusing on the delivery space. But across cargo, across work van, there's a whole host of applications where we see very strong demand. And that's, of course, going to be amplified by the Inflation Reduction Act.

我們擁有的 RCV（Rivian 商用廂型車）平台確實為此做好了充分準備。當然，我們最初專注於配送領域。但在貨運、工作廂型車等眾多應用領域，我們看到了非常強烈的需求。當然，《通膨削減法案》將進一步擴大這項需求。

Okay. And then if I can ask a quick follow-up. That's helpful, RJ. On the EBITDA guide, I mean, Claire, it looks like there's a pretty meaningful deterioration through the second half versus the first half. I mean, volume is ramping up, you get some of these fixed costs covered. I mean, is it just simply cost inflation that's eroding the second half versus the first half? Or what's the key driver there?

好的。然後我可以快速問一個後續問題。 RJ，這很有幫助。關於EBITDA指南，Claire，我認為下半年相對於上半年，業績似乎出現了相當明顯的下滑。我的意思是，銷售量正在成長，部分固定成本也被覆蓋了。那麼，只是成本上漲導致下半年業績下滑，而不是上半年嗎？或者說，主要驅動因素是什麼？

Sure. The key drivers that we've experienced are both our expectation that there'll be higher anticipated cost of goods sold, and that's partially offset by lower operating expenses within the business. And I'll unpack a little bit of the higher cost outlook, which includes both the fact that we've seen higher startup costs or inefficiencies associated with ramping 4 vehicles across 2 production lines at our plant in Normal. We've also seen higher levels of inflation, especially around raw material inflation.

當然。我們經歷的關鍵驅動因素是，我們預期銷售成本會上升，而這部分被公司內部營運費用的下降所抵銷。我會稍微解釋一下成本上升的前景，這包括我們在諾默爾工廠的兩條生產線上同時生產4輛汽車導致的啟動成本上升和效率低下。我們也看到了通貨膨脹率上升，尤其是原物料價格上漲。

And some of those, while we've seen spike in terms of where the spot market is for some of those inflationary raw material factors. Some of those are also second half impacts that we'll experience, just given the contracts that we have with some of our suppliers. And then beyond that, we've also experienced increased costs in regard to our expedited freight expenses, which are really the result of the challenging supply chain environment that we've been navigating as well.

其中一些因素，雖然我們已經看到一些通膨原物料現貨市場價格飆升。考慮到我們與一些供應商簽訂的合同，其中一些因素也將在下半年產生影響。除此之外，我們的加急貨運成本也出現了上漲，這實際上是我們一直在應對充滿挑戰的供應鏈環境的結果。

And then one last point on it is also the fact that we do expect to also incur higher levels of LCNRV over the course of the remainder of the year, which are really the results of many of these increases across our startup costs as well as inflation. So for example, every additional dollar of inflation also impacts the LCNRV adjustment that we make on our inventory and firm commitments at the end of each quarter. And so it really has an amplifying or multiplying effect, given the factors that I walked through that have driven some of this headwind from a cost of goods sold perspective as we look out over the course of the second half of the year.

最後一點是，我們預計在今年剩餘時間內，LCNRV 水準也會上升，這實際上是啟動成本和通貨膨脹等諸多因素共同作用的結果。例如，通貨膨脹率每增加一美元，都會影響我們在每個季度末對庫存和已確認訂單進行的 LCNRV 調整。因此，考慮到我之前提到的那些從銷售成本角度造成部分不利因素的影響，展望下半年，通貨膨脹確實會產生放大或倍增效應。

But I do want to just reiterate the fact that we do still expect that our year-ending cash balance will be unchanged relative to your initial expectations. Given the fact we've also reduced our CapEx guidance due to our focused product road map and the pushout of certain CapEx spend to 2023.

但我確實想重申，我們仍然預計，相對於您最初的預期，我們的年末現金餘額將保持不變。鑑於我們專注的產品路線圖以及將某些資本支出推遲到2023年，我們也下調了資本支出指引。

And our next question comes from Mark Delaney from Goldman Sachs.

我們的下一個問題來自高盛的馬克·德萊尼。

I was hoping, first, you could talk a little bit more on the supply chain issues that you're seeing. What are some of the biggest constraints currently? And as you speak to adding a third shift -- or excuse me, a second shift later in the third quarter, what needs to happen in order to enable that pickup in production?

首先，我希望您能再多談談您所看到的供應鏈問題。目前最大的限制因素是什麼？您提到增加第三個班次——或者不好意思，在第三季後期增加第二個班次，為了實現產量回升，需要採取哪些措施？

Thanks, Mark. We've certainly seen a -- some of the supply chain challenges we've talked about in previous calls start to really shift. And this was embedded into our overall projections and our guidance and confidence around our guidance for 25,000 vehicles for the year. The second quarter saw a number of challenges in terms of the semiconductor space as well as just overall ramping of the volume within our supply base.

謝謝，馬克。我們確實看到了一些我們在先前的電話會議中談到的供應鏈挑戰開始真正改變。這已經融入我們的整體預測、指導以及對全年25,000輛汽車產量目標的信心中。第二季度，半導體領域以及我們供應基地整體產量的成長都面臨許多挑戰。

But we've -- as we look out for the remainder of the year through Q3 and Q4, we have a lot of confidence that both the suppliers are really leaning in with us, but also we see the demonstrated performance to be able to hit the continued ramp. And this is what's enabling us to plan for the second shift to come online here later this quarter.

但展望今年剩餘時間，也就是第三季和第四季度，我們非常有信心，兩家供應商都與我們緊密合作，而且我們也看到了已經展現出的表現，能夠持續提升產量。這使我們能夠計劃在本季稍後啟動第二班次。

That's helpful. And my second question is the company announced some targeted cost reductions recently. How much cost do you expect that to save when fully implemented? And when do you think you'll be at that full run rate of savings?

這很有幫助。我的第二個問題是，公司最近宣布了一些有針對性的成本削減措施。您預計這些措施全面實施後能節省多少成本？您認為什麼時候才能達到這樣的成本削減目標？

From a cost perspective, ultimately, as I mentioned, as I walked through some of the levers of the adjustments to our underlying EBITDA guidance. We do expect there to be an underlying OpEx savings throughout the course of this year, given the reductions in force that we had made. Most of the payroll savings, we don't expect to really take full effect until 2023. But it's also important to note that as we think about our road map forward, we're also investing in a lot of the key areas of growth within the business. So we really try to allocate that resource and investment in those critical next-generation technologies and the build-out of our customer service and customer support efforts from a transaction perspective as well.

從成本角度來看，正如我之前提到的，最終會涉及到調整我們基本EBITDA指引的一些因素。考慮到我們已實施的裁員，我們預計今年全年將實現基本營運支出的節省。大部分工資成本的節省，我們預計要到2023年才能真正完全生效。但同樣值得注意的是，在規劃未來發展路線圖時，我們也在投資許多關鍵的業務成長領域。因此，我們努力將這些資源和投資分配給關鍵的下一代技術，並從交易的角度來加強我們的客戶服務和客戶支援工作。

So in aggregate, you'll see more of a flattening of our operating expenses that we'll start with a reduction in Q4 and then build up throughout the course of 2023. That's the changes that we've made and the optimization from an operating expense perspective allows us to continue to invest in these critical areas of the business.

因此，總體而言，您會看到我們的營運費用更加趨於平穩，我們將從第四季度開始減少，然後在整個 2023 年期間逐漸增加。這就是我們所做的改變，從營運費用角度進行的優化使我們能夠繼續投資於這些關鍵的業務領域。

And our next question comes from Joe Spak from BBC Capital (sic) [RBC Capital].

下一個問題來自 BBC Capital（原文如此）[RBC Capital] 的 Joe Spak。

I was wondering if you could just provide a little bit more color on the second shift that you expect to sort of come on here at the end of this quarter, right. It's not another line, it's a shift. So if you have that first shift running at rate, how much more rate does that second shift give you? I imagine it wouldn't be 2x, but some framing would be helpful.

我想知道您能否更詳細地介紹一下預計在本季結束時開始的第二班次。這不是另一條生產線，而是一班次。如果第一班次的產量以目前速度運行，那麼第二班次的產量會提高多少？我想不會是兩倍，但稍微介紹一下會有幫助。

Thanks, Joe. Bringing on a second shift is -- it involves both making sure the supply chain is capable of supporting it, as we talked about before. It wouldn't make any sense for us to have to hire a whole second shift and then have the line still waiting for parts. So first and foremost, we've been very much emphasizing supplier readiness to support this, and have worked very closely to look at any parts that we think are constrained or may be constrained.

謝謝，喬。正如我們之前討論過的，引入第二班次意味著既要確保供應鏈能夠支持，又要確保供應鏈能夠支持。如果我們必須僱用一整個第二班次的員工，然後生產線還在等待零件，那真是太不合理了。因此，我們首先非常重視供應商的支援準備，並且密切注意我們認為存在或可能存在限制因素的任何零件。

But with that, the other big element is, of course, making sure the organization's ready for that. And this really ties to the shop floor leadership, so making sure our team leaders, our group leader's prepared. We've got the training programs in place. In fact, we had a great leadership offsite. We had all the group leaders from across the plant a couple of weeks ago, and really getting the whole organization ready to go to a second shift and making sure we have leaders that have experience running in the first shift, as you said, on a line that's fairly stable such that we bring on the second shift that we get as much output out of the second shift as possible.

但除此之外，另一個重要因素當然是確保組織為此做好準備。這和車間領導息息相關，所以要確保我們的團隊領導、小組組長做好準備。我們已經制定了培訓計劃。事實上，我們舉辦了一次很棒的場外領導力培訓。幾週前，我們召集了全廠所有小組組長，真正讓整個組織為第二班次做好準備，並確保我們的組長擁有第一班次的運行經驗，正如您所說，第一班次的生產線比較穩定，這樣我們才能在開始第二班次時，盡可能多地提高產量。

Now it's not a binary step. There is a process of ramping the second shift, much like we have with the first shift. But in terms of equipment readiness, robotics and automation controls, those items, of course, have already been worked out through the running of the first shift. So we expect the bring-on and ramp up of the second shift to be much very rapid. And we've begun hiring for that, so the hiring has been underway, and it's working -- we're working towards bringing that second shift, as I said before, online by the end of this quarter.

現在，這不是一步到位的。第二班次的提升有一個過程，就像我們提升第一班次一樣。但就設備準備、機器人技術和自動化控製而言，這些項目當然已經在第一班次的運作過程中得到了解決。因此，我們預計第二班次的啟動和提升速度會非常快。我們已經開始為此招募員工，招募工作一直在進行中，而且進展順利——正如我之前所說，我們正在努力在本季度末實現第二班次的上線。

Okay. I guess the second question is related to FleetOS, which you detailed in the shareholder letter somewhat. Is that exclusively what Amazon is using? Or are they using a layer of their own software on top of what you provide them? And then since you indicated that there's an element of recurring revenue here, is it possible to sort of break out how many EDVs were in the quarter? And I know there's been some numbers reported in the press as sort of what you expected for the year, but maybe you could sort of just clear that up on what you think you could deliver to Amazon for the year.

好的。我想第二個問題與FleetOS有關，您在致股東的信中對此進行了詳細說明。這是亞馬遜獨有的嗎？還是他們在您提供的軟體基礎上添加了一層自己的軟體？然後，既然您提到這裡面有經常性收入，能否透露本季的EDV數量？我知道媒體報導了一些您今年預期的數據，但也許您可以澄清一下，您認為今年可以為亞馬遜帶來什麼。

One of the things that's really exciting about the EDV program is on the surface, you look at and we see the van. This large, very friendly-looking commercial van. But it -- what you're not necessarily seeing is the amount of work and effort that went into really deeply integrating the vehicle into Amazon's ecosystem. And so when you get into the vehicle, what you see on the screen, the way it integrates within the routing platform, took a lot of post partnership and collaboration, and a lot of feedback and iteration working with drivers.

EDV 專案真正令人興奮的一點在於，表面上，你看到的是一輛麵包車。這輛大型、外觀非常友善的商用麵包車。但你未必能看到的是，為了將這輛車深度融入亞馬遜的生態系統，他們投入了大量的工作和精力。所以，當你坐進車裡，你在螢幕上看到的內容，以及它與路線平台的整合方式，都離不開大量的後期合作和協作，以及與司機的大量反饋和迭代。

Now above and beyond that, of course, FleetOS is a platform we use to effectively utilize and manage the fleet. So that's looking at prognostics around maintenance and service, of course, looking at the data around how the vehicles are being used, where we can predictively assess issues that may come up, fleet management in terms of how do we think about aging of the vehicles. And then, of course, some of the bigger items that really affect day in, day out operations like charging.

當然，除此之外，FleetOS 是我們用來有效利用和管理車隊的平台。它關注的是維護和服務方面的預測，當然，它還會查看車輛使用情況的數據，以便我們能夠預測性地評估可能出現的問題，並管理車隊，例如如何應對車輛老化。當然，還有一些更重要的問題，例如充電，這些都會對日常營運產生影響。

So this is something that we developed with the benefit of a lot of iteration and this iteration with Amazon, but also with a lot of visibility to exactly how an electric fleet at scale is going to be used. And the benefits that can be derived from centralized deterministic decision-making around how efficiently and effectively the fleet you deployed.

所以，這是我們在與亞馬遜合作的過程中，經過多次迭代和改進後開發出來的，同時也讓我們對大規模電動車隊的使用方式有了更清晰的了解。此外，透過集中式確定性決策，可以有效地部署電動車隊，從而帶來許多益處。

Okay. And any chance of the number of EDVs?

好的。 EDV 的數量有多少？

Yes. We haven't announced the specific number of EDVs that are being built. I would say, as we've talked about, you referenced it publicly. We're really excited to start seeing a lot more of these on the road. We had a launch event several weeks ago in partnership with Amazon. And the thing that is perhaps the most motivating to us is just getting a chance to meet with drivers and seeing how excited they are to be in the vehicles.

是的。我們還沒有公佈正在生產的電動車的具體數量。我想說，正如我們之前討論過的，您公開提到了這一點。我們非常高興看到更多這樣的電動車上路。幾週前，我們與亞馬遜合作舉辦了一場發表會。對我們來說，最激勵人心的或許就是有機會與車主見面，感受他們對駕駛這些車的興奮之情。

And all the little details that we worked through and thought about, whether it's the powered bulkhead door, the step height, the grab handles, even the software features I talked about before, our cooled seats. Each of those features lights up a driver's day and makes the -- makes their office, so to speak, a more enjoyable and better place to be in. So we are very, very motivated to deliver as many as possible. And certainly, Amazon is pushing for that as well. This is a key part of their climate pledge. And we'll start seeing a lot more of these on the road very soon.

我們精心設計並考慮了所有細節，無論是電動隔板門、踏步高度、扶手，還是我之前提到的軟體功能，例如我們的座椅冷卻功能。每項功能都能讓駕駛者心情愉悅，讓他們的辦公室變得更舒適、更舒適。因此，我們非常積極地想要盡可能提供這些功能。當然，亞馬遜也在努力實現這一點。這是他們氣候承諾的重要組成部分。我們很快就會在路上看到更多這樣的功能。

And our next question comes from Charles Coldicott from Redburn.

下一個問題來自雷德伯恩的查爾斯·科爾迪科特。

My first one on production. I wondered if you would be willing to comment on the weekly production rate that you exited Q2 with and give us an idea of where it is today, or at least maybe also some sort of idea about how we should think about Q3 versus Q4 for the remainder of your production guidance?

我的第一個問題是關於生產的。我想知道您是否願意評論一下您第二季結束時的周產量，並告訴我們目前產量水平如何，或者至少請您談談在製定剩餘產量指導時，我們應該如何考慮第三季度和第四季度的產量？

Sure, Charles. And one of the interesting things if one tries to average our output over the second quarter, it's, in some ways, misleading because it hides the signal. So to speak, in the sense that there was a lot of second quarter where we weren't able to fully utilize our line. We weren't able to even run a full single shift because of component supply.

當然，查爾斯。有趣的是，如果有人試圖將我們第二季的產量平均化，就會發現它在某種程度上會產生誤導，因為它掩蓋了真正的訊號。也就是說，第二季我們有很多時間都無法充分利用生產線。由於零件供應問題，我們甚至無法進行一個完整的班次。

And so as you look at the exit rate or I think even more importantly, the unconstrained production rate where we had components -- component supply to support full utilization of the lines. It was considerably higher than what the average was over the course of the quarter. And knowing the state of the supply chain and knowing the -- and having the confidence around component supply throughout quarter 3 and into quarter 4 allows us to have confidence in an expansion in the level of volume we're going to be delivering this quarter and then certainly into Q4 as we move to fully utilizing 2 shifts.

所以，當你觀察出口率，或者我認為更重要的是，不受約束的生產率時，我們擁有足夠的零件供應來支援生產線的滿載運作。它比本季的平均水平高得多。了解供應鏈的狀況，了解—並且對第三季和第四季的零件供應充滿信心，讓我們對本季以及第四季的交付量成長充滿信心，因為我們將全面利用兩班制。

So ultimately, again, we continue to have confidence in our guidance for the year. And that's borne out of the demonstrated performance in terms of line operations through quarter 2 and through the deep relationships and confidence we have with our suppliers.

所以，最終，我們仍然對今年的業績指引充滿信心。這得歸功於第二季生產線營運的良好表現，以及我們與供應商之間深厚的關係和信任。

Okay. And then just on the order intake, so it seems like it accelerated at the end of Q2. Can you talk a bit about maybe why you think that was? Perhaps share some detail on particular vehicle trims that were most popular.

好的。然後就訂單量而言，似乎在第二季末有所加速。您能否談談您認為這是為什麼？或者可以分享一些最受歡迎的車型的細節。

For sure. We've been able to spend a good deal of time interacting with customers, and one of the things that we continue to hear back from customers is how often they get asked about their vehicle. And if you take a trip to the beach or if you're in a shopping plaza, people are naturally drawn to the vehicle and ask lots of questions and are excited to see it. And that's creating ever greater awareness. So the more vehicles that are on the road, the more people are learning about them, hearing about them. And we certainly think that's leading to some of the accelerated demand that we're now witnessing.

當然。我們花了大量時間與客戶互動，我們不斷收到客戶的回饋，其中之一就是他們經常被問到自己的車輛。如果你去海灘或購物廣場，人們自然會被車輛吸引，問很多問題，並且很高興看到它。這正在提高人們對車輛的認知度。所以，路上行駛的車輛越多，了解和聽到它們的人就越多。我們當然認為，這導致了我們現在看到的車輛需求加速成長。

But as was referenced earlier on the call, we're also continuing to see very positive reviews. So journalists, influencers having a chance to get exposure to the vehicle are seeing that this is such a unique combination of extremely high on-road performance, incredibly capable off-road performance, really nice everyday usability within a package that, from a technology point of view and a connectivity point of view, is wonderfully fun to use. So that's creating echoes, I think, with -- throughout the customer base where people are sharing about the vehicle and getting very excited about it.

但正如先前電話會議中提到的，我們也持續看到非常正面的評價。記者和有影響力的人士有機會接觸到這款車，他們看到它如此獨特地融合了極高的道路性能、令人難以置信的越野性能以及非常出色的日常實用性，而且從技術角度和互聯互通的角度來看，它使用起來非常有趣。所以，我認為，這在整個客戶群中引起了共鳴，人們紛紛分享關於這款車的訊息，並對它感到非常興奮。

Now with that said, and Claire mentioned this, we also see strong preference for some of our highest trims. So both in terms of the content on the interior of the vehicle but also our drivetrain configurations. And so the high trims or for the more expensive trims is very high, in fact, higher than we had expected as well. And it's, in many ways, capturing the really strong pricing power that the vehicles and the brand represent. And what gives us a lot of confidence, as we talked about before, around our margin structure long term.

話雖如此，正如克萊爾所提到的，我們也看到消費者對我們一些最高配車型的強烈偏好。這不僅體現在車輛內裝方面，也體現在動力傳動系統配置方面。因此，高配車型或更昂貴車型的售價非常高，實際上也高於我們的預期。這在許多方面體現了車輛和品牌所代表的強大定價能力。正如我們之前提到的，這讓我們對長期利潤結構充滿信心。

And our next question comes from George Gianarikas from Canaccord.

我們的下一個問題來自 Canaccord 的 George Gianarikas。

I'd love to hear about what the cars that you have on the road. What kind of data they're sharing with you so far? How the data that you've collected can inform future product design? Or what it's telling you about your product performance to date?

我很想了解你們在路上行駛的車輛。到目前為止，他們分享了哪些數據？你們收集的數據如何指導未來的產品設計？或者這些數據如何反映出你們產品迄今為止的性能表現？

Thanks, George. One of the really exciting things that probably -- one of the things I think our team enjoys the most is to see how all of our vehicles get used and to hear the stories from customers and to see the everyday use cases and the extreme use cases. So I get e-mails and notes all the time with pictures of the vehicles at the top of mountains or driving through off-road trails. And then we also see them stuffed full of kids and gear on their way to Disney World.

謝謝，喬治。最令人興奮的事情之一，或許也是我們團隊最享受的事情之一，就是觀察我們所有車輛的使用情況，傾聽客戶的使用故事，了解它們的日常使用場景和極限使用場景。所以我經常收到電子郵件和短信，裡面有車輛在山頂或越野路上行駛的照片。有時，我們也會看到它們載著孩子和裝備，開往迪士尼樂園。

So it is really -- it's rewarding for not just myself but for the full team to see people really using our vehicles as we intended, to both enable but also inspire people to go do the kinds of things they want to take photographs of. And so that really is that going through the organization as we now think about R2 and some of the features that go into it and how do we make sure we continue to capture the essence of the brand that -- the desire to -- or the brand essence of just driving the desire to go explore and to see new things.

所以，看到人們真正按照我們的初衷使用我們的車輛，不僅對我本人，對整個團隊都感到欣慰，這不僅讓我們受益匪淺，也激勵我們去做那些他們想拍的東西。所以，我們現在要思考的是，R2 和它的一些功能，以及如何確保我們能夠繼續抓住品牌的精髓——渴望——或者說，驅動人們探索和發現新事物的渴望的品牌精髓。

Now in terms of the specific data coming off the vehicles, of course, we're using the data off of our self-driving platform to continue to improve and refine features. And we're seeing that every couple of weeks with our over-the-air updates that provide enhancements on everything from self-driving to new drive modes to -- we just recently added a pet mode. Soon, we're going to be adding a camp mode. It's a very exciting mode. So the feedback loop as well as how we're realizing the vehicles are going to be used informs a lot of the digital feature set that we continually add to the vehicle over time.

現在就車輛的具體數據而言，我們當然會利用自動駕駛平台的數據來持續改進和完善功能。我們每隔幾週就會透過無線更新來增強功能，從自動駕駛到新的駕駛模式，甚至最近我們剛剛添加了寵物模式。很快，我們還會加入露營模式。這是一個非常令人興奮的模式。因此，反饋循環以及我們對車輛用途的理解，為我們不斷添加到車輛中的許多數位功能集提供了資訊。

I'd like to ask just one follow-up on that. Reportedly, VW's CEO lost his job because the company wasn't pivoting quickly enough to developing its own internal software. How successful are you guys in continuing to hire the right software talent? And if you could just remind us, how much third-party software do you use throughout your vehicle? And how much have you developed on your own?

我想就此再問一個問題。據報道，大眾汽車的執行長丟掉了工作，因為公司沒有足夠快地轉向開發自己的內部軟體。你們在持續招募合適的軟體人才方面做得如何？能否提醒我們一下，你們的車輛使用了多少第三方軟體？又有多少是你們自己開發的？

So our vehicle architecture was really designed, at its core, as being really a software-focused or software-first platform. So the compute platforms of the ECUs across the vehicle, the network architecture, these are developed in-house. So those are everything from the experience module to the autonomous control module to the vehicle dynamics module. These compute platforms developed in-house and, of course, the software stack that sit on top of those are developed in-house.

因此，我們的車輛架構本質上是一個以軟體為中心或軟體優先的平台。因此，車輛各ECU的運算平台、網路架構，這些都是內部開發的。從體驗模組到自主控制模組，再到車輛動力學模組，一切都是內部開發的。這些計算平台都是內部開發的，當然，其上的軟體堆疊也是內部開發的。

And we deeply believe that control of not just the electronics but also the software that runs across all those platforms is incredibly important in terms of creating differentiated customer experiences and experiences that are enhanced over time. And when I say enhanced over time, I'm not measuring time in months or years but measuring time in weeks. So the vehicle gets better week over week, month after month.

我們深信，不僅要控制電子設備，還要控制運行在所有平台上的軟體，這對於打造差異化的客戶體驗以及持續改進的體驗至關重要。我說的持續改進，不是以月或年為單位，而是以週為單位。因此，車輛會一週又一週、一月又一月地不斷改進。

And it's one of the things we're finding with our early customers that they really love. They have feedback on something, we can address it. If there's an idea for a feature, we can create it. And so from the very early days of forming Rivian, it was -- we always had a very heavy focus on knowing the vertical integration and control of our electronics and software stack was going to be critical for creating these highly differentiated customer experiences.

這是我們早期客戶真正喜歡的一點。他們對某些功能有回饋，我們就能處理。只要有功能創意，我們就能實現。所以，從 Rivian 成立之初，我們就非常重視電子和軟體堆疊的垂直整合和控制，這對於打造高度差異化的客戶體驗至關重要。

And our next question comes from Alexander Potter from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Alexander Potter。

A couple of questions on RCV and FleetOS. So first one, you mentioned there's a lot of demand for vans. These types of applications, cargo outside of e-commerce and last-mile delivery. But I'm also interested the extent to which you actually have the bandwidth to entertain inbound questions or inquiries from big fleets that are outside those initial markets that you're focusing on. Do you have the ability to start talking through, I don't know if it's telco or some of these other commercial van seats, how you would integrate as closely as you have with Amazon? I mean, it's not something you do overnight. So yes, I guess that's the first question.

關於RCV和FleetOS，我有幾個問題。首先，您提到廂型車的需求很大。這類應用，包括電商以外的貨運和最後一哩配送。但我也想知道，您實際上有多少頻寬來處理來自您關注的初始市場之外的大型車隊的來電或諮詢。您能否談談，無論是電信業者還是其他一些商用廂型車，您如何像與亞馬遜一樣緊密整合？我的意思是，這不是一朝一夕就能完成的。所以，是的，我想這是第一個問題。

Alex, it's a great question. And as you noted, for these very large fleets, the sales cycle, so to speak, takes a long time. So building the relationships, understanding the needs of the fleet. Determining what adjustments to the vehicle or specific attributes of the vehicle need to be sort of thought about in the context of how they're used within these larger fleets, it just simply takes time.

亞歷克斯，這個問題問得很好。正如你所說，對於這些規模龐大的車隊來說，銷售週期可以說很長。所以，建立關係、了解車隊的需求，以及確定需要對車輛進行哪些調整或車輛的具體屬性，都需要結合這些大型車隊的使用情況來考慮，這確實需要時間。

And so while the production -- while production lines are ramping and we're delivering as many vehicles as we can to Amazon. We've started those long -- sort of long-cycle discussions with some of the very large fleets. And they're certainly making sure that as these larger fleets beyond the last mile as well, as they start to plan their path to being fully electrified, that we're supporting that planning but also, of course, embedding ourselves into that planning. And as I said, I think the Inflation Reduction Act certainly creates a very large amplification of the demand here and certainly a very strong tailwind for us as we have those discussions.

因此，在生產線不斷提升產能、我們盡可能地向亞馬遜交付車輛的同時，我們也開始與一些大型車隊進行長期、週期性的討論。他們當然會確保，隨著這些大型車隊也開始規劃「最後一哩路」的路線，並開始規劃全面電氣化的道路，我們會支持他們的規劃，當然也會將我們自身融入其中。正如我所說，我認為《通膨削減法案》無疑會大幅刺激需求，也無疑會為我們開展這些討論提供強大的助力。

Okay, yes. Then Inflation Reduction Act, you mentioned that, so that reminded me of the other question I wanted to ask. How feasible is it? You get a lot of people saying that it's well intentioned and everybody is sort of on board with the objective. But it can take whatever, 7, 10 years to get production, refining, mining permitted in the U.S. So do we need to break bottlenecks on the, I guess, or cut red tape in order for this bill to actually end up having any impact?

好的，是的。然後你提到了《降低通貨膨脹法案》，這讓我想起了我想問的另一個問題。它有多可行？很多人說它的出發點是好的，而且大家都認同這個目標。但在美國，獲得生產、精煉和採礦許可可能需要7到10年的時間。那麼，我們是否需要打破瓶頸，或簡化繁文縟節，才能讓這項法案真正產生影響力呢？

Yes. In terms of battery -- domestic battery production, you're right, these are -- some of these items do take time, whether it's a cell plant or material processing, let's say, lithium hydroxide processing facility. It's important to note that in the commercial space, the requirements for localization are not as aggressive as they are in the consumer space. So that's an important distinction for us that the full localization of that supply chain is not -- does not have the same tight requirements that we're seeing -- that we have in the consumer vehicles.

是的。就電池而言——國內電池生產，你說得對，這些——其中一些項目確實需要時間，無論是電芯工廠還是材料加工，例如氫氧化鋰加工廠。值得注意的是，在商業領域，對在地化的要求不像在消費領域那麼嚴格。所以，對我們來說，一個重要的區別是，該供應鏈的完全本地化並不像我們在消費汽車領域看到的那麼嚴格。

Now in the consumer vehicle side for R2, this is something that we've been working on for a while and have talked about previously, but really designing a supply chain that is addressing some of the geopolitical risks above and beyond what's now sort of being driven by the Inflation Reduction Act. But that's been something that's been work underway for quite some time. And as we've contemplated and planned for the long-term supply chain for R2, we've always looked at it through the lens of making sure we had domestic supply chain to support the ramp-up of that product.

現在，在R2的消費汽車方面，我們已經為此努力了一段時間，之前也討論過，但實際上，我們設計的供應鏈能夠應對一些地緣政治風險，而不僅僅是《通膨削減法案》帶來的風險。這項工作已經進行了相當長一段時間。在我們思考和規劃R2的長期供應鏈時，我們始終從確保擁有國內供應鏈來支持該產品產能提升的角度來看待它。

And our next question comes from Emmanuel Rosner from Deutsche Bank.

下一個問題來自德意志銀行的 Emmanuel Rosner。

First question is on the EDVs and deliveries to Amazon. I think in the past, you've highlighted at least some full year target around the split in the 25,000 units between R1s and EDVs. Can you just remind us what that is and whether you're tracking in line with those targets so far? And then related to sort of like this Amazon business, can you also remind us of either the pricing or economics of the FleetOS?

第一個問題是關於電動車（EDV）以及向亞馬遜的交付情況。我記得您過去至少強調過全年目標，即R1和EDV的銷量​​各佔2.5萬輛。您能否提醒我們這個目標是什麼，以及到目前為止，您的進度是否符合這些目標？然後，關於亞馬遜的業務，您能否介紹一下FleetOS的定價或經濟效益？

Sure, Emmanuel. As RJ mentioned, we're working hard to build as many EDVs as possible this year. One quick callout is also the seasonality impacts that we have with Amazon. Q4 is really Amazon peak holiday period. And so for us, we're really trying to charge ahead and build as many as we can through the fall to get as many of those vehicles out on the road to service those customers throughout that peak holiday period over the next handful of months overall.

當然，Emmanuel。正如RJ所提到的，我們今年正在努力生產盡可能多的EDV。需要注意的是，亞馬遜的季節性因素也對我們造成了影響。第四季是亞馬遜的假日旺季。因此，我們正努力提前做好準備，在秋季盡可能多地生產EDV，以便在接下來的幾個月裡，也就是假日旺季期間，讓盡可能多的EDV上路，為這些客戶提供服務。

We're not providing a specific target at this time in terms of the overall penetration of EDVs that we expect to produce this year. But as RJ mentioned, we're working through some of the supply chain bottlenecks as we speak to make sure that we're continuously ramping our production output of the EDVs. And we've seen really significant progress on the line, so our lines are capable of producing or in excess of the underlying weekly output from a production perspective that we've seen to date.

目前，我們還沒有設定今年預計生產的EDV整體滲透率的具體目標。但正如RJ所提到的，我們正在努力解決一些供應鏈瓶頸，以確保持續提升EDV的產量。我們已經看到生產線取得了顯著進展，因此從目前的生產角度來看，我們的生產線能夠達到或超過每週的基本產量。

And as we've talked about in the past, we're not providing specifics around the FleetOS pricing that we're providing for Amazon. But we specifically see this as a significant long-term margin accretive piece of our business as we think about the broader service opportunity that Rivian can address. And FleetOS is really that first example of that long-term opportunity, and it's a proposition that we can offer to many other fleet customers as well.

正如我們過去所討論的，我們不會提供為亞馬遜提供的 FleetOS 定價的具體細節。但考慮到 Rivian 能夠提供的更廣泛的服務機會，我們將其視為我們業務中一個重要的長期利潤成長點。 FleetOS 實際上是這一長期機會的第一個例子，我們也可以向許多其他車隊客戶提供這項方案。

I think that's one of the key advantages is just the flexibility that the platform entails for both Amazon but also importantly, for other potential commercial fleet managers as well that we can address with it.

我認為，其中一個關鍵優勢是該平台為亞馬遜以及我們可以利用它解決的其他潛在商業車隊管理者帶來的靈活性。

And then my second question is on the CapEx outlook. So you've cut this year's planned spending from $2.6 billion to $2 billion. Can you talk about the implications for the outlook beyond this year? I think that as part of last quarter's update, I think this was generally lower to -- like below $2 billion or so per year through mid-decade. Do you have to catch up on some of the delayed spending from this year into next year? Is $2 billion the new run rate on a go-forward basis? How should we think about that?

我的第二個問題是關於資本支出前景的。所以你們把今年的計畫支出從26億美元削減到了20億美元。您能談談這對今年以後的前景有何影響嗎？我認為，根據上個季度的更新，我認為到2025年，資本支出通常低於每年20億美元左右。你們是否需要把今年延後到明年的部分支出補齊？ 20億美元是未來的新運行率嗎？我們該如何看待這個問題？

Sure. So as we think about the CapEx road map for the coming years, we still expect to be spending in that low $2 billion area through 2025. Which allows us to continue to invest in the expansion of our plant in Normal, Illinois, where right now we're adding our in-sourced motor production lines. It also entails us the opportunity to invest in the first 200,000 units of capacity for R2 in Georgia.

當然。因此，當我們考慮未來幾年的資本支出路線圖時，我們預計到2025年仍將支出維持在20億美元的低點。這使我們能夠繼續投資擴大位於伊利諾伊州諾默爾的工廠，目前我們正在那裡增加內部採購的馬達生產線。這也使我們有機會在喬治亞州投資R2的首批20萬台產能。

And so the timing -- some of the timing changes definitely do fluctuate 1 year to the next. But in total, our expectation remains unchanged around continuing to spend in that low $2 billion area from a CapEx perspective. And that's really been driven by the focused product road map that we've set out and we've talked about throughout the course of the last quarter as well.

所以時間安排——一些時間安排的變化肯定會逐年波動。但總的來說，從資本支出的角度來看，我們的預期保持不變，即繼續在20億美元的低位區域進行支出。這實際上是由我們制定的重點產品路線圖所驅動的，我們在上個季度也一直在討論這個路線圖。

And our next question comes from Ryan Brinkman from JPMorgan.

我們的下一個問題來自摩根大通的 Ryan Brinkman。

I realize your vehicles have not been on the road all that long, but I'm curious how many miles you estimate your customers may have driven thus far. I think you may have good data around that, and how warranty and service claims might be tracking relative to your initial expectations, either in terms of frequency or severity or expense for that given mileage amount?

我知道你們的車上路時間不長，但我很好奇，你們估計客戶到目前為止可能行駛了多少英里。我想你們可能掌握了這方面的可靠數據，而且保固和服務索賠的進展情況與你們最初的預期相比如何？無論是在頻率、嚴重程度還是在給定里程數下的費用方面，情況如何？

And then when the vehicles are subject to service or repair, are they more coming into your service centers? And maybe remind us how many you're up to now. I think over 20. Or are you more frequently sending mechanics out to your customers' homes? And how has the customer experience been tracking to date in either case?

那麼，當車輛需要保養或維修時，它們會更多地前往你們的服務中心嗎？或許可以提醒我們一下，你們目前服務了多少輛車？我想應該超過20輛。還是你們更頻繁地派機械師上門服務？無論是哪種情況，到目前為止，客戶體驗如何？

Yes, Ryan, great bunch of questions. Just to sort of start with the service question. We have 24 brick-and-mortar service locations today and these handle the larger service activities. They also handle predelivery inspection for us. But as you indicated in your question, a lot of our service is actually done through our mobile fleet. So we have a fleet of Vans and Rivian R1Ts that go to a customer's home or go to a customer's place of business and can service the vehicle there.

是的，Ryan，問題很多。先從服務問題說起。我們目前有24個實體服務點，負責處理大型服務業務。它們也負責交貨前的車輛檢驗。但正如你在問題中提到的，我們的許多服務實際上是透過我們的移動車隊完成的。我們擁有一支由廂型車和Rivian R1T組成的車隊，可以前往客戶家中或辦公地點，為客戶車輛提供維護服務。

And that will -- over time, that's going to make up the vast majority of our service events. Today, it's on the order of about 50% but growing very quickly. With that said, there are a lot of miles driven and a lot of miles driven on different terrains. We haven't published a number on total number of miles driven. And with regards to warrant for your service, we also haven't provided guidance on warranty or service numbers.

隨著時間的推移，這將構成我們服務活動的絕大部分。目前，這一比例約為50%，但成長非常迅速。話雖如此，行駛里程數很高，而且是在不同的地形上行駛的。我們尚未公佈總行駛里程數。關於您的服務保修，我們也沒有提供保固或服務號碼的指導。

But what we can say certainly that it's been great to see the vehicles being used across so many different environments and seeing what we've really enjoyed is seeing people take very long road trips. We've had lots of trips going across the country. We have -- we actually have some -- just got some notes, some vehicles that drove from California up to Alaska. So there's a lot of really long trips, a lot of really strenuous trips that are being taken into vehicles, which is fun to see.

但我們可以肯定地說，看到這些車輛在如此多不同的環境中使用，我們感到非常高興，我們真正喜歡的是看到人們進行長途公路旅行。我們已經進行過多次穿越全國的旅行。我們——實際上我們有一些——剛剛收到一些記錄，有些車輛從加利福尼亞一直開到了阿拉斯加。所以，有很多非常漫長的旅行，很多非常艱苦的旅行都被用汽車進行，這很有趣。

Thank you. And I am showing no further questions. I would now like to turn the call back over to RJ Scaringe for closing remarks.

謝謝。我沒有其他問題了。現在我想把電話轉回給RJ Scaringe，請他做最後發言。

Well, thank you, everyone, for joining the call. We're really excited about the path ahead. The continued ramp of the R1 product line and, of course, the EDVs from our Normal facility as well as the technologies that Claire and I both spoke to today that we're developing across our propulsion platform, our network architecture, our self-driving and, of course, software and our full software stack. So looking forward to seeing a lot more of our vehicles on the road, and thank you again for the time.

好的，感謝各位參加電話會議。我們對未來充滿期待。 R1 產品線的持續成長，當然還有我們諾默爾工廠生產的 EDV，以及克萊爾和我今天提到的我們正在開發的技術，這些技術涵蓋我們的推進平台、網路架構、自動駕駛，當然還有軟體以及我們完整的軟體堆疊。我們期待看到更多我們的車輛上路，再次感謝大家抽出時間。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。現在可以掛斷電話了。