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.

美好的一天，感謝您的支持，歡迎參加 Rivian 的 2022 年第二季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給你今天的演講者，投資者關係和戰略財務副總裁 Tim Bei。請繼續。

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 的 2022 年第二季度財報電話會議。加入我們今天的電話會議的還有我們的創始人、董事長兼首席執行官 RJ Scaringe；和我們的首席財務官 Claire McDonough。今天的股東信的副本可在我們的投資者關係網站上找到。

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.

在我們開始之前，我想提醒您，在本次電話會議期間，我們對您的問題的評論和回复僅反映管理層截至今天的觀點，並將包括與我們業務相關的聲明，這些聲明是聯邦證券下的前瞻性聲明法律，包括但不限於有關我們的市場機會、行業趨勢、業務運營、戰略和目標、我們的第二家國內製造工廠、我們的未來產品（包括 R2）以及我們對車輛交付的期望的聲明。由於與我們的業務相關的風險和不確定性，我們的 SEC 文件和今天的股東信函中描述了這些前瞻性陳述中包含或暗示的結果，實際結果可能與這些前瞻性陳述中包含或暗示的結果存在重大差異。

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 財務指標的對賬。有了這個，我將把電話轉給 RJ，他將首先發表一些開場白。

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，我們發布了我們的股東信函，其中概述了我們最近幾個月的進展。我鼓勵您閱讀它以了解有關我們將在今天的電話會議中介紹的一些項目的更多詳細信息。

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 團隊仍實現了強勁的第二季度業績。我們在 R1T、R1S 和 EDV 700 上生產並交付了 4,400 多輛汽車。我們最近還開始了 EDV 500 的生產驗證版本，它是 EDV 的更窄和更短的版本，非常適合尺寸更小的市場和應用需要的因素。

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.

我們的重點仍然是將我們的正常設施提高到全部 150,000 單位的裝機容量。雖然我們繼續管理供應鏈限制，但我們對所取得的進展感到鼓舞，這對我們能夠在本季度末為大會增加第二個班次非常重要。

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.

同樣重要的是對我們產品的持續強勁需求。截至 6 月 30 日，我們的 R1 車輛淨預訂量和預訂量約為 98,000 輛。與第一季度相比，我們在第二季度的每日預購率有所加快，提醒一下，這些訂單僅適用於美國和加拿大，不含交貨和取消。 6 月，我們舉辦了一場媒體活動，展示了我們的 R1S 在公路和越野環境中的能力。隨著我們越來越多的 R1S 車輛上路，很高興看到來自各種媒體來源和客戶的反饋。

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，我們在 7 月與亞馬遜合作舉辦了一場活動，宣佈在全國各地正式推出 EDV。自 2021 年初以來，我們一直在進行試點部署，以獲取駕駛員的直接反饋。在過去的 18 個月中，這種夥伴關係對 EDV 產品的改進至關重要。除了貨車的一系列獨特功能外，我們還開發了一套全面的車隊管理系統，我們稱之為 FleetOS，它提供端到端的集中車隊管理，包括車輛配送、服務、遠程信息處理、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.

如前所述，交付給亞馬遜的每輛車都附帶 FleetOS 訂閱，這代表了我們每月的經常性收入來源。我們現在正在加快建設我們的直流快速充電網絡 Rivian Adventure Network。我們認為，對於我們的品牌來說，確保我們的客戶擁有無縫的充電體驗，讓他們可以自由地去任何地方，而不必擔心充電問題，這一點至關重要。

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.

6 月，我們使用我們在伊利諾伊州 Normal 製造的 DC 充電器推出了第一家工廠。這些充電器是從零開始開發的，可在高達 900 伏的電壓下工作，這對我們未來的產品路線圖很重要。隨著許多關鍵站點的建設，我們正在努力在最初橫跨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之間快速擴展我們的網絡。我們相信這對我們來說將是一個重要的差異化點。

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.

我們還開始為我們的單電機 Enduro Drive 單元進行驗證單元的預生產。其中兩個 Enduro Drive 單元將用於 R1 平台的雙電機配置，一個 Enduro Drive 單元將用於商用貨車。這是我們正在開發的驅動單元系列中的第一個，它將提供更高的效率和性能，同時顯著節省成本。我對雙電機 R1 感到非常興奮。花了很多時間駕駛它，我可以說作為一個超過 600 馬力的基本配置，這是一個非常令人興奮的包。

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.

我還想評論一下《通貨膨脹減少法》。這剛剛在參議院通過，很可能在下週簽署成為法律。我們非常高興地看到有助於推動電動汽車更快採用的政策以及對建設國內電池生產的重要投資。為了讓世界迅速轉向無碳經濟，這類立法為消費者和行業創造了所需的順風。

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.

尤其是商業領域，將受益於車隊運營商電氣化的強大動力。我們的 RCV 平台專為廣泛的應用而開發。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 產品線和相關的單元路線圖，以使我們的客戶能夠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，但我對我們的團隊正在為 R1 EDV 車輛的坡道以及我們正在籌備中的產品、服務和技術所做的工作感到非常興奮。我要感謝我們敬業的團隊成員、供應商，重要的是我們的客戶和社區，感謝你們繼續向我們提供的巨大支持。有了這個，我會把電話轉給克萊爾。

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。我想回應您對第二季度業績和團隊正在取得的進展的興奮。在第二季度，我們生產並交付了 4,400 多輛汽車，這是我們產生 3.64 億美元收入的主要驅動力。本季度，我們錄得 7.04 億美元的負毛利潤。同時推出 2 個車輛平台和生產線是一個複雜的過程，與運行我們的大型工廠所需的勞動力和管理費用相關的固定成本很高，該工廠可支持 150,000 輛的年產能。

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.

我們本季度的毛利潤也受到材料通脹以及供應鏈挑戰的影響，這導致需要加快運輸。此外，我們在第二季度記錄了與 LCNRV 相關的 3.01 億美元會計調整。正如之前的電話會議所討論的，在考慮準備好待售庫存所需的未來成本後，LCNRV 調整將某些庫存的價值減記為我們預計在車輛銷售時收到的金額。

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，我們的團隊繼續致力於降低與 R1 和 RCV 平台相關的成本，以及開發我們的下一代車輛技術，我們希望在我們當前和未來的車輛平台上利用這些技術。我們第二季度調整後的 EBITDA 為負 13 億美元。鑑於經濟前景，我們仍然專注於優化我們的產品路線圖以及相關的運營費用和資本支出。我們在第二季度結束時擁有超過 150 億美元的現金，並且對我們用我們手頭的現金推出 R2 車輛平台的道路充滿信心。

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.

現在轉向指導。我們重申了 2022 年 25,000 單位產量的指導。供應鏈仍然是我們生產率的限制因素，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 月開始了更大的努力，將我們的出境貨運從卡車轉移到鐵路，這將在我們擴大業務規模時節省額外的成本。隨著我們提高產量，這種轉變將導致未來幾個季度的生產和交付之間出現更大的差異。

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.

由於我們正常工廠產能增加的影響、近期與我們的材料通脹相關的成本壓力、相關的 LCNRV 調整和加快的運費，我們將 2022 年調整後的 EBITDA 指導下調至負 54.5 億美元。重要的是，我們將年度資本支出指導從 26 億美元下調至 20 億美元，這主要是因為我們更加專注於產品路線圖。總體而言，我們預計 2022 年的期末現金狀況將符合我們最初的預期。

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。我們看到了實現約 25% 毛利率目標、高青少年 EBITDA 目標和約 10% 自由現金流目標的清晰道路。有了這個，讓我將電話轉回接線員以打開問答線路。

(Operator Instructions)

（操作員說明）

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2個問題。一個是給克萊爾的。在過去一年左右的時間裡，通貨膨脹和供應鏈問題顯然在財務上發生了很多事情。但是你能不能花點時間，或者只是退後一步，和我們談談從我們現在的位置實現正毛利率的橋樑？我們知道它由定價、成本和數量組成。但是，如果您可以就其中的組成部分和時間安排給我們一些想法。

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 希望您能詳細說明《通貨膨脹減少法案》對競爭格局和 Rivian 的長期影響，以及您是否看到了實現材料採購要求的途徑那里和價值要求以及商業方面的更多內容。我認為，對於某些車輛總重的車輛，這聽起來可能非常有意義，最高可達 40,000 美元。這會改變 Rivian 的前景嗎？

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.

這是克萊爾說話。我想回答你的第一個問題，特別是 Rivian 的正毛利潤和正單位經濟的路徑是什麼樣的。正如你所說，對，我們看到了前所未有的通脹水平，尤其是在我們的原材料投入和鋰價格上漲超過 115% 的情況下——尤其是自今年年初以來，再加上 COVID 和導致供應鏈挑戰和通貨膨脹環境的其他因素以及其中的一部分。

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.

但是當我們展望未來時，正如我在準備好的講話中提到的那樣，我們對我們為自己設定的大約 25% 的長期毛利率目標充滿信心。從今天開始，我將向您介紹從當前狀態到積極單位經濟學的未來狀態的路徑。我們認為 2024 年確實是我們推動業務內潛在毛利率預期發生階躍變化的關鍵一年，因為我們有幾個重要因素開始影響我們的基本單位經濟。

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，它實際上是由我們在 Normal 的 150,000 台裝機容量內提高我們的工廠和我們的生產力推動的，這使我們能夠真正利用與我們的大型生產設施相關的所有固定開銷和成本。其次，這也是我們將下一代技術引入車輛的能力，首先是在我們的 R1 產品和 EDV 中。所以這些就是我們的電機內購，我們的 LFP 包的引入，這將首先在我們的商用車中引入，這使我們能夠在那個時間框架內真正推動車輛性能方面的進步。這使我們能夠提高車輛的定價，因為我們將擁有增加續航里程和增加性能和能力的車輛。但是，當我們展望未來的路線圖時，它們也重要地推動了我們的材料清單中的成本顯著下降。

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，當我們從毛利潤的角度考慮這個試金石時，另一個核心因素實際上也是周年紀念或超越那些 3 月 1 日之前的預購，這使我們能夠進入當前的 ASP。正如我們重申我們上次的財報電話會議時，我們已經看到超過 93,000 美元的 ASP 以及我們在定價後發生變化的預購。

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，我很欣賞這個問題。我認為關於《降低通貨膨脹法》，正如我之前評論的那樣，這是非常重要的一步。而且我認為這對於加速電氣化並真正為碳中和經濟提供了一條道路非常有用。

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.

現在就這對我們來說代表什麼而言，它肯定是一股強大的順風。正如您所評論的，在更高 GVW 級別的商業空間中，這將屬於我們所謂的 EDV 900 領域，這是我們 RCV 平台的最大版本，因此 GVW 車輛總重量超過 14,000 磅。激勵措施非常強大，面向消費者的激勵措施超過 40,000 美元。所以 - 我們認為這確實有助於推動商業領域向電動汽車的快速過渡。

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.

然後以類似的方式在消費者方面，肯定會在供應鏈本地化方面產生順風，尤其是在電池方面。我們不僅設計了產品，還設計了我們對供應鍊和電池戰略的思考方式，以真正符合我們在《通貨膨脹減少法案》中看到的意圖。所以我認為這對電氣化來說是個好消息。這當然是我們非常興奮的事情，它將對整個行業產生長期影響。

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.

也許只是在這裡跟進羅德的問題。我的意思是，這種混合似乎最終可能比您預期的要強大得多。我認為您的股東信中一位評論員 RJ 的有趣評論之一是，他們將 R1S 與 Range Rover、Mercedes Gelandewagen 和 Urus 進行了比較。

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，當你想到零售方面時，如果有機會保持組合非常強勁，並可能推向范圍的高端，然後還將業務的商用車方面發展到這些學分那個羅德剛剛和你一起走，那種組合可能遠遠優於你過去期望的組合和定價。這確實有助於抵消通貨膨脹，也許你達到了你的保證金目標或者更好的東西。我的意思是，您如何看待這些早期的評論以及您從零售和商業方面實際得到的結果？

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談到了這一點。我們當然對產品的反應以及消費者的興奮程度感到非常滿意。有了這個，我們確實相信車輛中嵌入了很多定價權，並且嵌入了我們作為品牌創建的內容中。有了這個，我們繼續看到增長和加速的需求確實說明了這一點。

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，對於我們來說，從消費者方面來看，我們肯定會在我們未來的一些軟件包和我們將隨著時間的推移提供的一些配置的背景下考慮它。但它比我們預期的要強，它確實抵消了我們看到的一些增加的成本。關於商業，以非常相似的方式，我們看到所有不同領域對商業電氣化的需求都非常強勁，而不僅僅是最後一英里。

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 平台 Rivian Commercial Van 確實為此做好了準備。當然，我們最初專注於交付空間。但是在貨物和工作車上，我們看到大量的應用需求非常強勁。當然，這將被《通貨膨脹減少法案》放大。

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，如果我可以要求快速跟進。這很有幫助，RJ。在 EBITDA 指南上，我的意思是，克萊爾，看起來下半年與上半年相比出現了非常有意義的惡化。我的意思是，數量正在增加，您可以支付其中一些固定成本。我的意思是，與上半年相比，下半年侵蝕的僅僅是成本通脹嗎？或者那裡的關鍵驅動因素是什麼？

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。我們經歷的主要驅動因素是我們預期銷售商品的預期成本會更高，而這部分被業務內較低的運營費用所抵消。我將對更高的成本前景進行一些解釋，其中包括我們已經看到更高的啟動成本或與在我們位於 Normal 的工廠的 2 條生產線上增加 4 輛汽車相關的低效率。我們還看到了更高水平的通脹，尤其是在原材料通脹方面。

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，雖然我們已經看到現貨市場在一些通脹原材料因素方面的飆升。考慮到我們與一些供應商簽訂的合同，其中一些也是我們將經歷的下半年影響。除此之外，我們還經歷了加急運費方面的成本增加，這實際上是我們一直在應對的具有挑戰性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，我們確實預計在今年剩餘時間內也會產生更高水平的 LCNRV，這實際上是我們的啟動成本和通貨膨脹中許多這些增加的結果.例如，每增加一美元的通脹也會影響我們在每個季度末對庫存和堅定承諾進行的 LCNRV 調整。因此，考慮到我所經歷的因素，從銷售成本的角度來看，當我們在下半年展望時，它確實具有放大或倍增的作用。

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.

但我確實想重申一個事實，即我們仍然預計我們的年終現金餘額將相對於您最初的預期保持不變。由於我們專注於產品路線圖以及將某些資本支出支出推遲到 2023 年，因此我們也降低了資本支出指導。

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?

我希望，首先，您可以多談談您所看到的供應鏈問題。目前最大的限制是什麼？當你談到增加第三個班次時——或者對不起，第三季度晚些時候的第二個班次，為了實現生產中的提速，需要發生什麼？

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。我們當然已經看到 - 我們在之前的電話會議中談到的一些供應鏈挑戰開始真正轉變。這已納入我們的整體預測以及我們對全年 25,000 輛汽車的指導和信心。第二季度在半導體領域以及我們供應基地內的整體銷量增長方面遇到了許多挑戰。

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.

但是我們已經 - 在我們展望今年第三季度和第四季度的剩餘時間時，我們非常有信心兩家供應商都真正支持我們，但我們也看到表現出的表現能夠達到持續的斜坡。這就是使我們能夠計劃在本季度晚些時候上線的第二個班次。

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。我的第二個問題是該公司最近宣布了一些有針對性的成本削減。完全實施後，您希望節省多少成本？你認為什麼時候才能達到全速儲蓄？

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.

從成本的角度來看，最終，正如我所提到的，當我通過一些調整我們的基本 EBITDA 指導的槓桿時。鑑於我們已經減少了力量，我們確實預計在今年整個過程中都會有潛在的運營支出節省。大部分工資節省，我們預計要到 2023 年才能真正發揮作用。但同樣重要的是要注意，在我們考慮前進的路線圖時，我們也在投資許多關鍵的增長領域這生意。因此，我們確實嘗試將資源和投資分配給那些關鍵的下一代技術，以及從交易的角度擴展我們的客戶服務和客戶支持工作。

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，總的來說，您會看到我們的運營費用更加趨於平緩，我們將從第四季度開始減少，然後在整個 2023 年期間逐步增加。這就是我們所做的改變和運營方面的優化費用觀點使我們能夠繼續投資於這些關鍵業務領域。

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

我們的下一個問題來自 BBC Capital (sic) [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.

我想知道您是否可以在第二個班次中提供更多顏色，您希望在本季度末出現這種情況，對吧。這不是另一條線，這是一個轉變。因此，如果您的第一個班次按速度運行，那麼第二個班次給您的速度會提高多少？我想它不會是 2 倍，但一些框架會有所幫助。

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。進行第二次轉變是——正如我們之前談到的，它涉及確保供應鏈能夠支持它。對我們來說，不得不僱用整個第二班然後讓生產線仍在等待零件是沒有任何意義的。因此，首先，我們一直非常強調供應商準備支持這一點，並且密切合作以研究我們認為受到限製或可能受到限制的任何部分。

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.

但有了這個，另一個重要因素當然是確保組織為此做好準備。這真的與車間領導有關，所以要確保我們的團隊領導，我們的團隊領導做好準備。我們已經制定了培訓計劃。事實上，我們在場外擁有出色的領導力。幾週前，我們召集了全廠的所有組長，真正讓整個組織準備好上第二班，並確保我們有在第一班有經驗的領導，正如你所說，這條線相當穩定，這樣我們就可以進行第二班，我們可以從第二班中獲得盡可能多的輸出。

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.

現在它不是一個二元步驟。有一個增加第二班次的過程，就像我們第一次班次一樣。但是在設備準備、機器人和自動化控制方面，這些項目當然已經通過第一班的運行而得到解決。因此，我們預計第二個班次的啟動和加速將非常迅速。我們已經開始為此招聘，所以招聘一直在進行，而且正在發揮作用——正如我之前所說，我們正在努力在本季度末之前將第二個班次上線。

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，您在股東信中對此進行了詳細說明。那是亞馬遜專門使用的嗎？或者他們是否在您提供的軟件之上使用了他們自己的軟件層？然後，既然你指出這裡有一個經常性收入的元素，是否有可能打破本季度有多少 EDV？而且我知道媒體報導了一些數字，就像你對今年的預期一樣，但也許你可以澄清一下你認為今年可以向亞馬遜交付的東西。

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 計劃真正令人興奮的事情之一是表面上，你看，我們就看到了麵包車。這輛大型、外觀非常友好的商用貨車。但它 - 你不一定看到的是真正將車輛深度整合到亞馬遜生態系統中的工作量和努力。因此，當您進入車輛時，您在屏幕上看到的內容，它在路由平台中的集成方式，需要大量的後期合作和協作，以及與駕駛員合作的大量反饋和迭代。

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。因此，這是著眼於維護和服務的預測，當然，查看有關車輛使用情況的數據，我們可以在哪裡預測性地評估可能出現的問題，以及我們如何看待車輛老化的車隊管理.當然，還有一些真正影響日常運營的更大項目，比如充電。

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.

所以這是我們開發的東西，得益於大量迭代和與亞馬遜的迭代，但也對大規模電動車隊將如何使用有很多可見性。以及圍繞您部署的車隊的效率和有效性的集中確定性決策可以帶來的好處。

Okay. And any chance of the number of EDVs?

好的。 EDV數量的任何機會？

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。我們尚未公佈正在建造的 EDV 的具體數量。我想說，正如我們已經談到的，你公開引用了它。我們真的很高興開始在路上看到更多這樣的東西。幾週前，我們與亞馬遜合作舉辦了一場發布會。可能對我們來說最激勵的事情就是有機會與司機見面，看看他們在車裡有多興奮。

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.

以及我們研究和考慮的所有小細節，無論是電動艙壁門、台階高度、把手，甚至是我之前談到的軟件功能，我們的冷卻座椅。這些功能中的每一個都點亮了司機的一天，並讓他們的辦公室，可以這麼說，成為一個更愉快、更好的地方。所以我們非常非常有動力提供盡可能多的服務。當然，亞馬遜也在推動這一點。這是他們氣候承諾的關鍵部分。我們很快就會開始在路上看到更多這樣的東西。

And our next question comes from Charles Coldicott from Redburn.

我們的下一個問題來自 Redburn 的 Charles Coldicott。

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?

我的第一個生產。我想知道您是否願意評論您退出 Q2 時的每週生產率，並讓我們了解它今天的情況，或者至少可能還有一些關於我們應該如何考慮 Q3 與 Q4 的想法您的生產指導的剩餘部分？

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。如果有人試圖平均我們第二季度的產出，其中一件有趣的事情是，在某些方面，它會產生誤導，因為它隱藏了信號。可以這麼說，從某種意義上說，第二季度我們無法充分利用我們的生產線。由於組件供應，我們甚至無法運行一個完整的單班制。

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.

因此，當您查看退出率時，或者我認為更重要的是，我們擁有組件的不受限制的生產率-支持生產線充分利用的組件供應。這大大高於本季度的平均水平。了解供應鏈的狀態並了解 - 並在整個第三季度和第四季度對組件供應充滿信心，這使我們對本季度將要交付的數量水平的擴張充滿信心，然後肯定會進入第四季度，因為我們將充分利用 2 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.

因此，最終，我們再次對今年的指導充滿信心。這得益於第二季度的生產線運營表現以及我們與供應商的深厚關係和信心。

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。然後就訂單接收而言，所以它似乎在第二季度末加速了。你能談談你為什麼這麼認為嗎？也許分享一些最受歡迎的特定車輛裝飾的細節。

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。我們已經能夠花費大量時間與客戶互動，我們繼續從客戶那裡聽到的一件事是他們多久被問及他們的車輛。如果您去海灘旅行或在購物廣場，人們自然會被車輛吸引並提出很多問題，並且很高興看到它。這正在創造更大的意識。因此，路上行駛的車輛越多，人們就越了解它們，聽到它們。我們當然認為這導致了我們現在目睹的一些加速需求。

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.

但正如之前在電話會議中提到的那樣，我們也繼續看到非常積極的評論。因此，記者、有影響力的人有機會接觸到這輛車，他們看到這是一個獨特的組合，結合了極高的公路性能、令人難以置信的越野性能、非常好的日常可用性，從技術角度來看觀點和連接觀點，使用起來非常有趣。因此，我認為，這與整個客戶群產生了共鳴，人們在分享車輛並對此感到非常興奮。

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，克萊爾也提到了這一點，我們也看到了我們對一些最高裝飾的強烈偏好。因此，無論是車輛內部的內容，還是我們的動力傳動系統配置。因此，高裝飾或更昂貴的裝飾非常高，事實上，也比我們預期的要高。它在很多方面都體現了車輛和品牌所代表的真正強大的定價能力。正如我們之前談到的，是什麼讓我們對我們的長期利潤率結構充滿信心。

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?

我很想听聽你在路上有什麼車。到目前為止，他們與您共享了哪些類型的數據？您收集的數據如何為未來的產品設計提供信息？或者它告訴您迄今為止的產品性能？

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。可能真正令人興奮的事情之一——我認為我們的團隊最喜歡的事情之一就是看看我們所有的車輛是如何被使用的，聽聽客戶的故事，看看日常用例和極端用例.所以我一直收到電子郵件和筆記，上面有山頂上的車輛照片或在越野小道上行駛的照片。然後我們還看到他們在前往迪斯尼世界的路上塞滿了孩子和裝備。

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.

所以這真的是——不僅對我自己，而且對整個團隊來說，看到人們真正按照我們的意圖使用我們的車輛，這既能激勵人們去做他們想做的事情，也能激勵他們去做他們想要拍照的事情。因此，當我們現在考慮 R2 和其中的一些功能時，這確實是貫穿整個組織，以及我們如何確保我們繼續抓住品牌的精髓——渴望——或品牌精髓只是驅使人們去探索和看到新事物的慾望。

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，就來自車輛的具體數據而言，當然，我們正在使用來自我們自動駕駛平台的數據來繼續改進和完善功能。我們每隔幾週就會看到我們的無線更新，這些更新提供了從自動駕駛到新駕駛模式的所有方面的增強——我們最近剛剛添加了寵物模式。很快，我們將添加一個營地模式。這是一個非常令人興奮的模式。因此，反饋循環以及我們如何實現車輛將被使用的方式，為我們隨著時間的推移不斷添加到車輛中的許多數字功能集提供了信息。

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?

我只想問一個跟進的問題。據報導，大眾的首席執行官丟掉了工作，因為該公司沒有足夠快地轉向開發自己的內部軟件。你們在繼續僱用合適的軟件人才方面取得了多大的成功？如果您能提醒我們，您在整個車輛中使用了多少第三方軟件？你自己開發了多少？

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，我們的車輛架構的核心是真正設計為真正以軟件為中心或軟件優先的平台。因此，整個車輛的 ECU 計算平台、網絡架構，這些都是內部開發的。所以這些都是從體驗模塊到自主控制模塊再到車輛動力學模塊的一切。這些計算平台是內部開發的，當然，位於這些平台之上的軟件堆棧也是內部開發的。

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，不僅控制電子設備，而且控制在所有這些平台上運行的軟件對於創造差異化的客戶體驗和隨著時間的推移而增強的體驗而言非常重要。當我說隨著時間的推移而增強時，我不是用幾個月或幾年來衡量時間，而是用幾週來衡量時間。因此，車輛一周一周，一個月又一個月地變得更好。

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.

這是我們在早期客戶中發現的他們真正喜歡的東西之一。他們對某些事情有反饋，我們可以解決它。如果有一個功能的想法，我們可以創建它。因此，從 Rivian 成立之初，我們就一直非常關注我們的電子和軟件堆棧的垂直集成和控制對於創造這些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 的幾個問題。所以第一個，你提到對貨車的需求很大。這些類型的應用程序，電子商務之外的貨物和最後一英里的交付。但我也很感興趣，您實際上有多少帶寬來處理來自您所關注的初始市場之外的大型車隊的入站問題或詢問。您是否有能力開始交談，我不知道是電信公司還是其他一些商業麵包車座位，您將如何與亞馬遜緊密結合？我的意思是，這不是你一夜之間就能完成的事情。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，這是一個很好的問題。正如您所指出的，對於這些非常大的車隊，可以說，銷售週期需要很長時間。因此，建立關係，了解車隊的需求。確定需要對車輛或車輛的特定屬性進行哪些調整，需要考慮它們在這些大型車隊中的使用方式，這只是需要時間。

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，在生產的同時——生產線正在增加，我們正在向亞馬遜提供盡可能多的車輛。我們已經開始與一些非常大的艦隊進行長期的討論。他們肯定會確保，隨著這些更大的車隊越過最後一英里，當他們開始計劃實現完全電氣化的道路時，我們支持該計劃，當然，我們也將自己融入該計劃。正如我所說，我認為《降低通脹法案》肯定會極大地放大這裡的需求，並且在我們進行這些討論時肯定會給我們帶來非常強大的順風。

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。然後是《通貨膨脹減少法案》，你提到了這一點，這讓我想起了我想問的另一個問題。可行性如何？你會得到很多人說這是出於好意，每個人都在某種程度上與目標一致。但是，在美國獲得生產、提煉和採礦許可可能需要 7 年或 10 年的時間。所以我們是否需要打破瓶頸，我猜，或者削減繁文縟節，才能使該法案最終產生任何影響?

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。在電池方面 - 國內電池生產，你是對的，這些是 - 其中一些項目確實需要時間，無論是電池廠還是材料加工，比如氫氧化鋰加工設施。值得注意的是，在商業領域，對本地化的要求並不像在消費者領域那樣激進。因此，對我們來說，這是一個重要的區別，即供應鏈的完全本地化不像我們在消費車輛中所看到的那樣——沒有我們所看到的同樣嚴格的要求。

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 的消費車輛方面，這是我們已經研究了一段時間並且之前已經討論過的事情，但實際上設計的供應鏈可以解決一些目前存在的地緣政治風險受《通貨膨脹減少法案》的推動。但這已經進行了很長時間。當我們考慮和規劃 R2 的長期供應鏈時，我們總是從確保我們擁有國內供應鏈來支持該產品的升級的角度來看待它。

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

我們的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 EDV 和亞馬遜的交付。我認為在過去，您已經強調了 R1 和 EDV 之間的 25,000 台拆分的至少一些全年目標。您能否提醒我們那是什麼以及到目前為止您是否按照這些目標進行跟踪？然後與類似亞馬遜的業務相關，您能否提醒我們 FleetOS 的定價或經濟性？

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，伊曼紐爾。正如 RJ 所提到的，我們今年正在努力製造盡可能多的 EDV。一個快速標註也是我們對亞馬遜的季節性影響。 Q4 真的是亞馬遜的假期高峰期。所以對我們來說，我們真的在努力向前衝，並在秋天盡可能多地建造，以便在接下來幾個月的整個假期高峰期讓盡可能多的車輛上路服務這些客戶.

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.

就我們預計今年生產的 EDV 的整體滲透率而言，我們目前沒有提供具體目標。但正如 RJ 所提到的，我們正在努力解決一些供應鏈瓶頸，以確保我們不斷提高 EDV 的產量。而且我們已經看到生產線取得了重大進展，因此從我們迄今為止看到的生產角度來看，我們的生產線能夠生產或超過潛在的每週產量。

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.

正如我們過去談到的那樣，我們沒有提供有關我們為亞馬遜提供的 FleetOS 定價的細節。但當我們考慮 Rivian 可以解決的更廣泛的服務機會時，我們特別認為這是我們業務中一個重要的長期利潤增長部分。 FleetOS 確實是這種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一提議。

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.

我認為關鍵優勢之一是該平台為亞馬遜帶來的靈活性，而且重要的是，對於其他潛在的商業車隊經理以及我們可以解決的問題。

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?

然後我的第二個問題是關於資本支出的前景。因此，您已將今年的計劃支出從 26 億美元削減至 20 億美元。你能談談對今年以後前景的影響嗎？我認為，作為上個季度更新的一部分，我認為這通常會低於 - 到十年中期每年低於 20 億美元左右。您是否必須趕上從今年到明年的一些延遲支出？ 20 億美元的新運行率是前進的基礎嗎？我們應該怎麼想？

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，我們仍然預計到 2025 年將在這個低 20 億美元的領域進行支出。這使我們能夠繼續投資於擴大我們在伊利諾伊州諾曼市的工廠，現在就在那裡我們正在增加我們的內購電機生產線。這也讓我們有機會在喬治亞州為 R2 投資前 200,000 個單位的產能。

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 - 一些時間變化肯定會在一年到下一年波動。但總的來說，從資本支出的角度來看，我們對繼續在這個低 20 億美元的領域進行支出的預期保持不變。這實際上是由我們制定的重點產品路線圖推動的，我們在上個季度的整個過程中也一直在討論。

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?

我知道您的車輛在路上行駛的時間並不長，但我很好奇您估計您的客戶到目前為止可能已經行駛了多少英里。我認為您可能對此有很好的數據，以及保修和服務索賠如何相對於您最初的預期進行跟踪，無論是頻率、嚴重程度還是給定里程數的費用？

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?

然後當車輛需要服務或維修時，它們是否會更多地進入您的服務中心？也許提醒我們你現在有多少。我認為超過 20 個。或者您是否更頻繁地將機械師派往客戶家中？在這兩種情況下，迄今為止客戶體驗如何跟踪？

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，瑞安，一大堆問題。只是從服務問題開始。我們今天有 24 個實體服務點，這些服務點處理更大的服務活動。他們還為我們處理交貨前檢查。但正如您在問題中指出的那樣，我們的許多服務實際上是通過我們的移動車隊完成的。因此，我們擁有一支由 Vans 和 Rivian R1T 組成的車隊，它們可以前往客戶家中或客戶的營業地點，並可以在那里維修車輛。

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.

這將——隨著時間的推移，這將構成我們服務活動的絕大部分。今天，它的比例約為 50%，但增長非常迅速。話雖如此，在不同的地形上行駛了很多英里，而且行駛了很多英里。我們還沒有公佈行駛總里程數。對於您的服務保修，我們也沒有提供保修或服務編號的指導。

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，很高興看到這些車輛在這麼多不同的環境中使用，看到我們真正喜歡的是看到人們進行很長的公路旅行。我們在全國各地旅行過很多次。我們有——我們實際上有一些——剛剛收到一些筆記，一些從加利福尼亞開到阿拉斯加的車輛。所以有很多非常長的旅行，很多非常艱苦的旅行被帶進了車輛，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.

謝謝你。我沒有再提出任何問題。我現在想將電話轉回給 RJ Scaringe 以結束髮言。

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，謝謝大家加入電話會議。我們對未來的道路感到非常興奮。 R1 產品線的持續增長，當然還有我們 Normal 工廠的 EDV，以及 Claire 和我今天談到的我們正在開發的推進平台、網絡架構、自動駕駛技術當然，還有軟件和我們的完整軟件堆棧。因此，期待在路上看到更多我們的車輛，並再次感謝您抽出寶貴的時間。

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

謝謝你。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。