(RIVN) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to Rivian's Fourth Quarter and Full Year 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. Please go ahead.

美好的一天，謝謝你的支持。歡迎來到 Rivian 的第四季度和 2022 年全年收益電話會議。 （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今天的演講者，投資者關係副總裁 Tim Bei。請繼續。

Good afternoon, and thank you for joining us for Rivian's fourth 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，感謝您加入我們參加 Rivian 的 2022 年第四季度財報電話會議。加入我們今天的電話會議的有我們的創始人、董事長兼首席執行官 RJ Scaringe；和我們的首席財務官 Claire McDonough。今天的股東信函副本可在我們的投資者關係網站上獲取。

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 production ramp and manufacturing capacity expansion; our future products and product enhancements, including R2; and our expectations regarding vehicle production and deliveries.

在我們開始之前，我想提醒您，在本次電話會議期間，我們對您問題的評論和答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，這些聲明屬於聯邦證券項下的前瞻性聲明法律，包括但不限於關於我們市場機會的聲明；行業趨勢；商業運作;戰略和目標；我們的產能提升和產能擴張；我們未來的產品和產品增強功能，包括 R2；以及我們對車輛生產和交付的期望。

Actual results may differ materially from those contained in or implied by these forward-looking statements due to risks and uncertainties in associated with our business, which are described in our SEC filings and today's shareholder letter. 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.

由於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陳述中包含或暗示的結果存在重大差異，這些風險和不確定性在我們的 SEC 文件和今天的股東信中有所描述。在這次電話會議中，我們將討論 GAAP 和非 GAAP 財務措施。今天的股東信中提供了 GAAP 與非 GAAP 財務措施的對賬。

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. With that, I'll turn the call over to RJ who will begin with a few opening remarks.

就在電話會議之前，我們發布了股東信，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上討論的一些項目的更多詳細信息。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 thank you for joining us. 2022 is a transformational year for us. We fought through a difficult operating environment to ramp the R1T, the R1S and the EDV, with total production of 24,337 vehicles for the year. Beyond ramp, we focused our product teams on our next generation of in-vehicle technologies in the R2 platform. I want to thank our team, suppliers and partners for their grit and determination in helping Rivian achieve its targets.

謝謝，蒂姆。大家好，感謝您加入我們。 2022 年對我們來說是轉型的一年。我們在艱難的運營環境中奮戰，推出了 R1T、R1S 和 EDV，全年總產量為 24,337 輛。除了 ramp，我們還讓我們的產品團隊專注於 R2 平台中的下一代車載技術。我要感謝我們的團隊、供應商和合作夥伴幫助 Rivian 實現目標的勇氣和決心。

In the fourth quarter, we increased production over 10,000 units. This represents a 36% increase over the third quarter of 2022. We maintain a vehicle backlog that provides clear demand visibility well into 2024. We launched our Adventure Network, which gives customers a smoother charging experience. We expanded our service infrastructure to 28 physical service locations in addition to nearly 200 mobile service vans and we pushed a range of major software updates to our customers.

在第四季度，我們增加了超過 10,000 台的產量。這比 2022 年第三季度增長了 36%。我們保持車輛積壓，為 2024 年提供清晰的需求可見性。我們推出了 Adventure Network，為客戶提供更順暢的充電體驗。除了將近 200 輛移動服務車外，我們還將服務基礎設施擴展到 28 個物理服務點，並向我們的客戶推送了一系列主要軟件更新。

Our core priorities for 2023 are ramping production of our R1 and RCV platforms, driving cost reductions, developing the R2 platform and its future technologies and delivering an outstanding end-to-end customer experience. In my role as CEO, my most important responsibility is to make sure we have the right leaders and the right organizational design in place to drive focus and execute on our priorities. It's great to see the very capable and experienced leaders we've added over the last year.

我們 2023 年的核心優先事項是提高 R1 和 RCV 平台的產量，推動降低成本，開發 R2 平台及其未來技術，並提供出色的端到端客戶體驗。作為首席執行官，我最重要的職責是確保我們擁有合適的領導者和合適的組織設計，以推動關注並執行我們的優先事項。很高興看到我們在去年增加的非常有能力和經驗豐富的領導者。

Equally important to ramping production is our drive towards profitability. We are focused on reducing our bill of materials, conversion costs, logistics costs and overall operating expenses. Core to this is our close work with our supplier partners to lower our material costs through new engineering solutions as well as revisiting some of the customer and commercial negotiations that were agreed to years ago when Rivian was still in prelaunch. In support of these efforts, we held a Supplier Day at the end of 2022, where we hosted over 400 members of our supply chain at the plant to demonstrate the growth and the scale of what we're building. Our supplier partners are engaged and fully understand the benefits of us achieving profitability as quickly as possible.

對提高產量同樣重要的是我們對盈利能力的推動。我們專注於減少材料清單、轉換成本、物流成本和整體運營費用。其核心是我們與我們的供應商合作夥伴密切合作，通過新的工程解決方案降低我們的材料成本，並重新審視多年前 Rivian 仍處於預發布階段時達成的一些客戶和商業談判。為了支持這些努力，我們在 2022 年底舉辦了供應商日活動，我們在工廠接待了 400 多名供應鏈成員，以展示我們正在建設的產品的增長和規模。我們的供應商合作夥伴積極參與並充分了解我們盡快實現盈利的好處。

One of the enablers to reduce our material cost is the introduction of our future technologies. Earlier this month, we started producing saleable units of our in-house Enduro drive unit. Enduro is our single-motor drive unit, and in our commercial van platform, we use it in our front-drive application, and in the R1 platform, as a dual motor setup, we use it for all-wheel drive application. The Enduro drive units are also accompanied by our new lithium iron phosphate battery packs for our commercial van line. These LFP packs are ideally suited for commercial use cases due to their low cost and really the durability of this chemistry.

降低我們的材料成本的推動因素之一是引入我們未來的技術。本月早些時候，我們開始生產可銷售的內部 Enduro 驅動裝置。 Enduro 是我們的單電機驅動單元，在我們的商用貨車平台中，我們將其用於前驅應用，而在 R1 平台中，作為雙電機設置，我們將其用於全輪驅動應用。 Enduro 驅動單元還配備了我們用於商用貨車系列的新型磷酸鐵鋰電池組。這些 LFP 電池組非常適合商業用例，因為它們成本低，而且這種化學物質非常耐用。

Another important example of our technology development that I'm excited to introduce is the 390-mile R1S max pack variant. We begin deliveries on this vehicle this fall, and we expect high demand for this new offering. The R1S max pack will launch with the dual motor configuration, leveraging our Enduro drive unit, and will deliver 0 to 60 acceleration in around 3.5 seconds. And when we couple that with our full air suspension and electro hydraulic damping system, it will really deliver incredible on-road and off-road performance.

我很高興介紹的我們技術開發的另一個重要示例是 390 英里 R1S max pack 變體。我們將於今年秋天開始交付這款車，我們預計對這款新產品的需求量很大。 R1S max pack 將採用雙電機配置啟動，利用我們的 Enduro 驅動單元，並將在大約 3.5 秒內提供 0 至 60 加速。當我們將它與我們的全空氣懸架和電液阻尼系統結合使用時，它會真正提供令人難以置信的公路和越野性能。

The purpose of our investments in software, electronics, drive units and batteries is to improve performance and to create long-term structural cost advantages. These technologies will serve as the foundation for our R2 platform. Our production ramp and the introduction of multiple vehicle platforms has equipped our team with valuable manufacturing operations and product development experience in a short period of time. We're taking advantage of these learnings and are aggressively applying this experience to our first mass market vehicle, the R2 as well as to our new manufacturing facility in which we'll build the R2 located in Georgia with the goal of establishing a considerably lower cost structure.

我們在軟件、電子產品、驅動單元和電池方面進行投資的目的是提高性能並創造長期的結構性成本優勢。這些技術將作為我們 R2 平台的基礎。我們的生產坡道和多個車輛平台的引入使我們的團隊在短時間內獲得了寶貴的製造業務和產品開發經驗。我們正在利用這些經驗，並積極地將這些經驗應用到我們的第一款大眾市場車輛 R2 以及我們將在佐治亞州建造 R2 的新製造工廠，目標是建立一個相當低的成本成本結構。

Speaking of R2, we're really at an exciting and defining moment for the program. We have members across our organization, from design to engineering to manufacturing, coming together to develop what we believe is a true category-defining platform. Over the next 6 months, we'll be finalizing the majority of the core engineering and sourcing decisions that will drive how the R2 product line is built and the speed at which we can ramp production to profitability.

說到 R2，我們確實正處於該計劃激動人心的決定性時刻。從設計到工程再到製造，我們整個組織的成員齊心協力開發我們認為是真正的類別定義平台。在接下來的 6 個月裡，我們將完成大部分核心工程和採購決策，這些決策將推動 R2 產品線的構建方式以及我們提高生產盈利能力的速度。

We spent years creating our brand and award-winning set of products that drive excitement and attract new customers to what we're doing. The validation received from our customers and media continues to be strong. In fact, the R1T received several new accolades, including being named Best Ownership Experience among Premium Battery Electric Vehicles by J.D. Power.

我們花了數年時間創建我們的品牌和屢獲殊榮的產品系列，這些產品激發了我們的熱情並吸引了新客戶。我們的客戶和媒體對我們的認可仍然很強烈。事實上，R1T 獲得了幾項新的榮譽，包括被 J.D. Power 評為高級純電動汽車中的最佳擁有體驗。

In addition to its Editors' Choice award, the R1T was also included in Car and Driver's coveted 10Best award for 2023. And along with that, it was praised as being the best driving pickup Car and Driver has ever tested. In consumer reports, customer satisfaction survey, Rivian was rated among the highest across all categories with our R1T being the highest-rated truck. We've also received the highest safety rating of TOP SAFETY PICK+ from IIHS, and that's passing IIHS's new tougher standards for 2023 across all categories.

除了獲得編輯選擇獎外，R1T 還入選了《汽車與駕駛員》(Car and Driver) 夢寐以求的 2023 年 10 大最佳獎項。除此之外，它還被譽為《汽車與駕駛員》(Car and Driver) 測試過的最佳駕駛皮卡。在消費者報告和客戶滿意度調查中，Rivian 在所有類別中均名列前茅，其中我們的 R1T 卡車是評分最高的卡車。我們還獲得了 IIHS 的 TOP SAFETY PICK+ 最高安全評級，這在所有類別中均通過了 IIHS 2023 年更嚴格的新標準。

On our go-to-market side of the business, which includes our customer engagement, service, delivery and demand generation teams, we've experienced rapid growth over the past year as we built the foundation for our end-to-end customer experience and software and service offerings. We need to execute against our robust customer backlog and remain focused on our customers as we scale our 150,000 units of annual capacity in Normal into ultimately multiple production plants around the world.

在我們的業務進入市場方面，包括我們的客戶參與、服務、交付和需求生成團隊，我們在過去一年中經歷了快速增長，因為我們為端到端客戶體驗奠定了基礎以及軟件和服務產品。我們需要針對我們強大的客戶積壓執行並繼續關注我們的客戶，因為我們將我們在 Normal 的 150,000 單位的年產能最終擴展到世界各地的多個生產工廠。

The enthusiasm for our products and our brand, combined with the progress we're making on our future vehicles and technologies along with the strong team that we've built, gives me confidence in our ability to help drive the massive impact we need this planet and the transition to a carbon-free economy. With that, I'll pass the call over to Claire.

對我們產品和品牌的熱情，加上我們在未來車輛和技術方面取得的進步，以及我們建立的強大團隊，讓我相信我們有能力幫助推動我們需要這個星球的巨大影響以及向無碳經濟的過渡。有了這個，我會把電話轉給克萊爾。

Thanks, RJ. I want to reinforce the important steps we took during 2022 to drive towards profitability. Our goal is to build Rivian for the long term, to build a company capable of adapting during good times as well as challenging ones. In the last year, we took intentional measures to focus our product portfolio and drive a lower cost structure.

謝謝，RJ。我想強調我們在 2022 年為實現盈利而採取的重要步驟。我們的目標是長期打造 Rivian，打造一家能夠適應順境和挑戰的公司。去年，我們採取了有意識的措施來集中我們的產品組合併推動降低成本結構。

Operating expenses in the second half of 2022 fell 21% as compared to the first half of the year. For the full year 2022, operating expenses were in line with 2021 results, while we continue to invest in and scale our delivery and go-to-market operations and next-generation technologies. In addition, our team was able to reduce our capital expenditures for 2022 to $1.4 billion versus $1.8 billion in 2021 due to the fact that our equipment and facility costs were more highly concentrated leading into our start of production in Normal.

2022年下半年營業費用較上半年下降21%。 2022 年全年，運營支出與 2021 年的業績持平，同時我們繼續投資並擴大我們的交付和上市運營以及下一代技術。此外，我們的團隊能夠將 2022 年的資本支出從 2021 年的 18 億美元減少到 14 億美元，因為我們的設備和設施成本更加集中，導致我們在 Normal 開始生產。

We're encouraged by this progress and recognize there is an additional opportunity to drive greater efficiency. We are concentrating our investments and resources on growing the consumer business while continuing to leverage our existing commercial platform. We believe these core aspects of our company represent the greatest levers to maximize our impact and drive attractive financial returns.

我們對這一進展感到鼓舞，並認識到還有一個額外的機會來提高效率。我們正在集中我們的投資和資源來發展消費者業務，同時繼續利用我們現有的商業平台。我們相信，我們公司的這些核心方面是最大的槓桿，可以最大限度地發揮我們的影響力並推動有吸引力的財務回報。

I will now review our fourth quarter 2022 results. The last 12 months were characterized by economic uncertainty as well as significant supply chain volatility across the industry. By focusing on factors within our control, our team was able to achieve meaningful milestones. During the fourth quarter, we produced 10,020 vehicles and delivered 8,054 vehicles, which generated $663 million of revenue. We generated negative gross profit of $1 billion for the fourth quarter of 2022. Gross profit for the fourth quarter was impacted by a lower of cost or net realizable value, LCNRV, adjustment.

我現在將回顧我們 2022 年第四季度的業績。過去 12 個月的特點是經濟不確定性以及整個行業供應鏈的顯著波動。通過關注我們控制範圍內的因素，我們的團隊能夠實現有意義的里程碑。第四季度，我們生產了 10,020 輛汽車，交付了 8,054 輛汽車，創造了 6.63 億美元的收入。我們在 2022 年第四季度產生了 10 億美元的負毛利。第四季度的毛利受到較低的成本或可變現淨值 LCNRV 調整的影響。

As discussed in the past, the LCNRV adjustment breaks down the value of certain inventory and records losses on firm purchase commitments to the amount we anticipate receiving upon vehicle sale after considering the future costs necessary to ready the inventory for sale. As of December 31, 2022, LCNRV was $920 million as compared to $95 million as of December 31, 2021. These charges are expected to continue through 2023.

正如過去所討論的，LCNRV 調整分解了某些庫存的價值，並將確定購買承諾的損失記錄為我們在考慮準備銷售庫存所需的未來成本後預計在車輛銷售時收到的金額。截至 2022 年 12 月 31 日，LCNRV 為 9.2 億美元，而截至 2021 年 12 月 31 日為 9500 萬美元。這些費用預計將持續到 2023 年。

However, as we reduced cost of goods sold per vehicle by lowering material production, logistics and other costs, we anticipate that the total charge will decline. We forecast reaching positive gross profit in 2024 and therefore expect by the end of 2024, we will no longer have material LCNRV inventory charges and losses on firm purchase commitments associated with the production at our Normal plant.

然而，由於我們通過降低材料生產、物流和其他成本來降低每輛車的銷售成本，我們預計總費用將會下降。我們預測 2024 年將實現正毛利潤，因此預計到 2024 年底，我們將不再有與我們正常工廠生產相關的堅定採購承諾的重大 LCNRV 庫存費用和損失。

In addition to LCNRV, there were factors which negatively impacted our cost of goods sold that we do not believe are reflective of our long-term cost structure. The most significant driver continues to be our production levels. Producing highly vertically integrated vehicles at low volumes on lines designed for higher volumes means we currently carry more overhead per vehicle produced. This impact has and will continue to be magnified during the ramp of our second shift in production as we introduce new technologies like our LFP battery pack and Enduro motor, for which we stopped the commercial production line for the majority of the first quarter of 2023.

除了 LCNRV 之外，還有一些因素對我們的銷售成本產生了負面影響，我們認為這些因素並不能反映我們的長期成本結構。最重要的驅動因素仍然是我們的生產水平。在專為高產量設計的生產線上以低產量生產高度垂直整合的車輛意味著我們目前每生產一輛車承擔更多的間接費用。隨著我們引入 LFP 電池組和 Enduro 電機等新技術，這種影響已經並將繼續在我們第二次生產轉移的斜坡期間被放大，為此我們在 2023 年第一季度的大部分時間停止了商業生產線。

Additionally, because we are in an LCNRV position, we do not fully capitalize our logistics and conversion costs into inventory, which can lead to volatility in our cost of goods sold based on the amount of inbound materials we received in a particular quarter or the difference between our vehicle production and deliveries as we saw in Q4 2022.

此外，由於我們處於 LCNRV 位置，我們沒有將我們的物流和轉換成本完全資本化為庫存，這可能導致我們的銷售成本根據我們在特定季度收到的入庫材料數量或差異而波動正如我們在 2022 年第四季度看到的那樣，我們的汽車生產和交付之間的差距。

Operating expenses in the fourth quarter of 2022 fell $1.3 billion as compared to the same period last year. Approximately $1.1 billion of this difference was due to higher noncash expenses in the fourth quarter of 2021, including a donation to Forever by Rivian and stock-based compensation in conjunction with the IPO. The remaining reduction of approximately $200 million was due to lower cash expenses associated with the operations of our business. We continue to prioritize investments in our core in-vehicle technologies and customer experience while also driving additional focus and cost optimization across the business.

與去年同期相比，2022 年第四季度的運營費用下降了 13 億美元。其中約 11 億美元的差異是由於 2021 年第四季度非現金支出增加所致，包括 Rivian 向 Forever 的捐贈以及與 IPO 相關的股票補償。剩餘約 2 億美元的減少是由於與我們業務運營相關的現金支出減少。我們繼續優先投資於我們的核心車載技術和客戶體驗，同時也在推動整個業務的額外關注和成本優化。

Our adjusted EBITDA for the fourth quarter of 2022 was negative $1.5 billion, which compares to negative $1.1 billion for the fourth quarter of 2021. We ended the fourth quarter of 2022 with $12 billion in cash, cash equivalents and restricted cash. This excludes the capacity under our $750 million asset-based revolving credit facility. We continue to monitor the economic environment and believe we have a high level of flexibility regarding the cadence of our growth investments.

我們 2022 年第四季度的調整後 EBITDA 為負 15 億美元，而 2021 年第四季度為負 11 億美元。截至 2022 年第四季度，我們的現金、現金等價物和受限制現金為 120 億美元。這不包括我們 7.5 億美元基於資產的循環信貸額度下的能力。我們繼續監測經濟環境，並相信我們在增長投資的節奏方面具有高度的靈活性。

I want to take this opportunity to highlight important operational changes we're making in Normal. In addition to the commercial van line shutdown during the first quarter of 2023 which we expect to result in a drop in overall production and deliveries relative to Q4 2022, we also expect to be taking both the R1 and EDV production lines down for a week during the fourth quarter of 2023 to prepare for a capacity change which will happen in 2024.

我想藉此機會強調我們在 Normal 中所做的重要操作更改。除了 2023 年第一季度的商用貨車生產線關閉（我們預計這將導致相對於 2022 年第四季度的整體產量和交付量下降）之外，我們還預計將在 2023 年第一季度將 R1 和 EDV 生產線停產一周2023 年第四季度，為 2024 年發生的產能變化做準備。

In the first half of 2024, we intend to take production of the plant down for a few weeks to implement new technologies into our vehicles and shift the overall capacity of the plant to be about 55% R1. While the incorporation of these new technologies temporarily impacts production, they are expected to provide improved vehicle performance and range and deliver cost reductions that are critically important to our path to profitability.

2024 年上半年，我們打算將工廠停產幾週，以將新技術應用到我們的車輛中，並將工廠的總產能提高到 55% R1 左右。雖然這些新技術的採用會暫時影響生產，但它們有望提高車輛性能和續航里程，並降低成本，這對我們的盈利之路至關重要。

Now turning to our 2023 outlook. We are guiding to 50,000 vehicles produced for the year. This represents a doubling of year-over-year production while also accounting for the risks and uncertainties associated with the supply chain and integration of our new technologies. We expect the ramp of our second shift for the R1 line to continue to progress through the first quarter. We expect full year production to be back-end weighted due to supply constraints we believe will alleviate in the second half of the year and the commercial line downtime we're taking in Q1 2023.

現在轉向我們的 2023 年展望。我們正在指導今年生產 50,000 輛汽車。這意味著產量同比翻了一番，同時也考慮了與供應鍊和新技術集成相關的風險和不確定性。我們預計 R1 生產線的第二班次將在第一季度繼續推進。由於供應限制我們認為將在下半年緩解以及我們將在 2023 年第一季度進行的商業生產線停機，我們預計全年產量將在後端加權。

During 2023, our gross margin is expected to remain negative, but we anticipate improving on a dollar basis for the year as we reduce our cost of goods sold per vehicle produced, improve our average selling prices per vehicle and begin to see our LCNRV charge decline. For 2023, total operating expenses are expected to modestly increase as compared to 2022. As a result of these factors, adjusted EBITDA is expected to be negative $4.3 billion in 2023, an improvement of $900 million versus 2022.

在 2023 年期間，我們的毛利率預計將保持負值，但我們預計今年的毛利率會有所改善，因為我們降低了每輛車的銷售成本，提高了每輛車的平均售價，並開始看到我們的 LCNRV 費用下降.與 2022 年相比，2023 年的總運營費用預計將略有增加。由於這些因素，預計 2023 年調整後的 EBITDA 將為負 43 億美元，比 2022 年減少 9 億美元。

We continue to rationalize our capital expenditures due to a greater focus on our core business. Capital expenditures in 2023 are expected to be $2 billion driven by additional investment in our Normal and Georgia facilities, next generation technologies and the continued build out of our go-to-market operations. In addition to our 2023 guidance, I wanted to address the capital needs of the business over the medium term. The largest lever in our forecast is the swing from negative $1 billion of gross profit in Q4 2022 to a step change in positive gross margin in 2024.

由於更加關注我們的核心業務，我們繼續合理化我們的資本支出。 2023 年的資本支出預計將達到 20 億美元，這主要得益於對我們 Normal 和 Georgia 設施的額外投資、下一代技術以及我們上市業務的持續建設。除了我們的 2023 年指導方針外，我還想解決中期企業的資本需求。我們預測的最大槓桿是從 2022 年第四季度的負 10 億美元毛利潤轉變為 2024 年正毛利率的逐步變化。

There are 3 key levers that enable this improvement. First, the most impactful driver is the per-unit reduction of labor overhead and ramp expenses as our large-scale plant produces a greater number of units. With the addition of our second shift, the plant in Normal is currently staffed to produce a significantly higher number of units than our current run rate. For context, these expenses represent 2/3 of the bridge from our current COGS per unit to what we expect by the end of 2024.

有 3 個關鍵槓桿可以實現這一改進。首先，最有影響力的驅動因素是隨著我們的大型工廠生產更多的單位，每單位勞動力間接費用和斜坡費用的減少。隨著我們第二個班次的增加，Normal 工廠目前的工作人員生產數量明顯高於我們目前的運行率。就上下文而言，這些費用占我們目前每單位 COGS 到 2024 年底預期的橋樑的 2/3。

The second area is our material costs. We have a detailed road map of both engineering and commercial cost downs. As RJ mentioned, our recent Supplier Day demonstrated the win-win opportunity for our suppliers to participate in Rivian's growth. The final bucket is price. The implementation of our reservation system in early 2022 provides us the pricing flexibility to accommodate the introduction of new products, technologies and inflationary pressures.

第二個領域是我們的材料成本。我們有工程和商業成本降低的詳細路線圖。正如 RJ 所提到的，我們最近的供應商日展示了我們的供應商參與 Rivian 發展的雙贏機會。最後一桶是價格。我們在 2022 年初實施的預訂系統為我們提供了定價靈活性，以適應新產品、新技術的推出和通脹壓力。

While most of our deliveries today are based on pre-March 1, 2022 pricing, we expect to see a meaningful step change in average selling price over the next 2 years as we introduce new higher-priced variants as well as move to our post March 1 preorders. In addition to the gross profit improvements I outlined, we expect to see significant leverage of our operating expenses over this period as we leverage our R&D and SG&A expenses over a much larger sales base.

雖然我們今天的大部分交付都是基於 2022 年 3 月 1 日之前的定價，但隨著我們推出新的價格更高的變體以及移至 3 月後的價格，我們預計未來 2 年的平均售價將發生有意義的階躍變化1 個預購。除了我概述的毛利潤改善外，我們預計在此期間我們的運營費用將有顯著的槓桿作用，因為我們將研發和 SG&A 費用用於更大的銷售基礎。

We also anticipate being able to maintain our capital expenditures in the low $2 billion area over this time frame. Our objective continues to be driving towards profitability and our prudent deployment of capital. From a cash burn perspective, we expect 2024 to improve versus 2023 by approximately 40%, enabled by the step change we see in gross profit. In 2025, we expect our cash burn to improve meaningfully versus 2024 as we have a full year of production at our new price points and the incorporation of our next generation technologies.

我們還預計在此期間能夠將我們的資本支出維持在 20 億美元的低水平。我們的目標繼續推動盈利能力和我們審慎的資本配置。從現金消耗的角度來看，我們預計 2024 年將比 2023 年提高約 40%，這得益於我們看到的毛利潤的階躍變化。到 2025 年，我們預計與 2024 年相比，我們的現金消耗將顯著改善，因為我們將以新的價格點進行全年生產，並採用我們的下一代技術。

We remain confident that our cash and cash equivalents can fund our operations through 2025. We continue to evaluate a variety of capital markets available to Rivian ranging across the capital structure. We plan to employ a portfolio-based approach as we look to maintain a strong balance sheet position.

我們仍然相信我們的現金和現金等價物可以為我們的運營提供資金到 2025 年。我們將繼續評估 Rivian 可用的各種資本市場，涵蓋資本結構。我們計劃採用基於投資組合的方法，因為我們希望保持強勁的資產負債表狀況。

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 margin 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% 的毛利率目標、高青少年 EBITDA 利潤率目標和約 10% 的自由現金流目標的明確途徑。有了這個，讓我把電話轉回給接線員打開問答線。

(Operator Instructions) Our first question comes from the line of Rod Lache with Wolfe Research.

（操作員說明）我們的第一個問題來自 Rod Lache 與 Wolfe Research 的合作。

Just a couple of things maybe just to kick things off. Do you have an estimate for the magnitude of the LCNRV losses you expect in 2023?

只有幾件事可能只是為了開始。您是否對 2023 年預期的 LCNRV 損失量級有估計？

Thanks, Rod. As we think about the LCNRV, as I mentioned in my prepared remarks, right, today, we sit with a $920 million charge, and we expect that charge to be fully offset or out of our P&L in effect as we approach positive unit economics in that 2024 time frame as outlined.

謝謝，羅德。當我們考慮 LCNRV 時，正如我在準備好的發言中提到的，對，今天，我們有 9.2 億美元的費用，我們預計隨著我們在概述的 2024 年時間框架。

And so what -- the guidance that I would provide for you is as you think about the cadence of that $920 million going to 0 is it won't necessarily be a linear path over the course of the next several quarters, but we will start to see those impacts even as early as Q1 as we start to reduce the material costs within our vehicles, and importantly, as we think about the technology introductions that we have in EDV, for example, where we introduced the LFP pack and Enduro drive unit that drives a material step change in material cost there.

那麼 - 我將為您提供的指導是，當您考慮 9.2 億美元變為 0 的節奏時，在接下來的幾個季度中它不一定是線性路徑，但我們將開始在我們開始降低車輛內部材料成本時，甚至早在第一季度就能看到這些影響，重要的是，當我們考慮我們在 EDV 中引入的技術時，例如，我們引入了 LFP 套件和 Enduro 驅動單元這推動了材料成本的重大變化。

So for example, the marginal unit that we're producing today for that EDV is now profitable due to some of those changes that we've had from a technology introduction perspective. But we'll continue to see what's been a headwind throughout the course of 2022 become a tailwind as we look at '23 and '24.

因此，例如，由於我們從技術引進的角度來看發生了一些變化，我們今天為該 EDV 生產的邊際單位現在是有利可圖的。但我們將繼續看到，在 2022 年的整個過程中，逆風變成了順風，因為我們回顧了 23 年和 24 年。

Okay. So it's actually going to decline. So it would be a subtraction from your cost of goods sold, just to clarify that, in 2023?

好的。所以它實際上會下降。所以這會從你的銷售成本中減去，只是為了澄清一下，在 2023 年？

That's correct.

這是正確的。

Okay. And RJ, I was just hoping maybe you can give us some preliminary thoughts on how different the R2 cost structure will need to be compared to R1 to be competitive when that vehicle comes out? And what's your visibility into achieving those? Maybe talk a little bit about -- we think about batteries primarily when we think about that, but what are some of the non-battery opportunities that you see? Are there any unconventional design or manufacturing innovations that you're looking to implement for that vehicle?

好的。 RJ，我只是希望你能給我們一些初步的想法，關於 R2 的成本結構與 R1 相比需要有多大的不同才能在該車輛問世時具有競爭力？您對實現這些目標有何看法？也許談一點——當我們考慮電池時，我們主要考慮電池，但你看到了哪些非電池機會？您是否希望為該車輛實施任何非常規的設計或製造創新？

Thanks, Rod. As we think about the R2 platform, it's leveraging a lot of -- some of the technologies we're going to be introducing into R1 in terms of our updated electronics architecture and network architecture where we work to really consolidate a lot of compute functions into a smaller number of ECUs, which simplifies the harness, simplifies the number of compute platforms you have across the vehicle.

謝謝，羅德。當我們考慮 R2 平台時，它利用了很多——我們將在更新的電子架構和網絡架構方面引入 R1 的一些技術，我們致力於將大量計算功能真正整合到較少數量的 ECU 簡化了線束，簡化了車輛上的計算平台數量。

As Claire mentioned, our Enduro drive units and the, really, focus on vertically integrating our propulsion platform from a drive unit point of view drives considerable cost changes into R1. But we take those improvements, and we leverage those heavily for R2. And in the case of the vehicle, as you think about body, interior chassis system, we've really learned a lot in developing and launching R1 and the EDV program.

正如 Claire 所提到的，我們的 Enduro 驅動單元以及真正專注於從驅動單元的角度垂直整合我們的推進平台的做法推動了 R1 的顯著成本變化。但我們採用了這些改進，並在 R2 中大量利用了這些改進。就車輛而言，當你想到車身、內部底盤系統時，我們在開發和推出 R1 和 EDV 程序方面確實學到了很多東西。

And so the way we've looked at the design of the product is really through the lens of where we can see opportunities to consolidate parts, so larger single piece stampings, use of parts consolidation through extrusions or castings. And that part consolidation not only reduces the number of parts of the vehicle, but as a result, there's less joints, there's less things that need to be attached to one another. It simplifies the assembly process. It simplifies the sourcing process.

因此，我們看待產品設計的方式實際上是通過我們可以看到合併零件的機會的鏡頭，因此更大的單件沖壓件，通過擠壓或鑄造使用零件合併。這種零件合併不僅減少了車輛零件的數量，而且因此接頭更少，需要相互連接的東西也更少。它簡化了裝配過程。它簡化了採購流程。

And so that's a major, major focus for us with the R2 product. And really the magic of it or the core of it is to ensure that the brand essence and the excitement of what we build is still fully captured in the R2 product line, but of course, achieving it with a meaningfully lower cost structure.

因此，這是我們 R2 產品的主要關注點。它真正的魔力或核心是確保品牌精髓和我們打造的產品的興奮仍然完全體現在 R2 產品線中，但當然，以有意義的低成本結構實現它。

The other thing I'd just point out is, and I noted this in my opening remarks, we're in a very different position with our supply chain today than we were when we were sourcing a lot of our supply components for R1. A lot of the components or a vast majority of them are sourced in 2018, 2019, well before we launched the product, well before we saw the incredible response from customers around the brand.

我要指出的另一件事是，我在開場白中指出了這一點，與我們為 R1 採購大量供應組件時相比，我們今天的供應鏈處於非常不同的位置。許多組件或其中絕大部分都是在 2018 年、2019 年採購的，遠在我們推出產品之前，遠在我們看到品牌周圍客戶令人難以置信的反響之前。

So today, as we're now making those supplier selections, negotiating the supplier contracts in R2, we're not only using the R2 contracts to help drive better cost into R1, but we're achieving much, much more aggressive cost and much more aggressive pricing with all the various components across the vehicle. So in aggregate, we are going to see a materially lower cost structure for R2, and that's, as I said, that's foundational to how we think about that product.

所以今天，當我們正在選擇供應商，談判 R2 中的供應商合同時，我們不僅使用 R2 合同來幫助將更好的成本帶入 R1，而且我們正在實現更激進的成本和更多對整個車輛的所有各種組件進行更積極的定價。因此，總的來說，我們將看到 R2 的成本結構大大降低，正如我所說，這是我們考慮該產品的基礎。

It sounds like, RJ, you're thinking about things like Giga castings and just a lot of innovations in reducing the number of parts in the structure of a vehicle. Do you, at this point, have visibility into that? And are you starting to get visibility into what the component cost structure will be for the R2?

聽起來，RJ，你正在考慮諸如 Giga 鑄件之類的事情，以及在減少車輛結構中的零件數量方面的大量創新。在這一點上，您對此有了解嗎？您是否開始了解 R2 的組件成本結構？

And just lastly, do you have any color on -- as we're sort of bridging to profitability, for gross profit profitability, what kind of volume targets are you thinking about as you look out to 2024? You mentioned the 150,000 units of capacity, but do you think you can get to at least 100,000 in that time frame?

最後，你有什麼看法——因為我們正在接近盈利能力，為了毛利潤，你在展望 2024 年時考慮了什麼樣的銷量目標？你提到了 150,000 單位的產能，但你認為你能在那個時間框架內至少達到 100,000 單位嗎？

Well, just to your first point on how we're thinking about component design or system design across the vehicle. One of the things we spend a lot of time on across all the different tech layers of the product is looking for opportunities at a holistic level or at a system level to reduce complexity and reduce the parts.

好吧，關於我們如何考慮整個車輛的組件設計或系統設計的第一點。我們在產品的所有不同技術層上花費大量時間的一件事是在整體層面或系統層面尋找機會，以降低複雜性和減少部件。

So whether that's in, I'll take, for example, in our Enduro drive unit, we took the gearbox, the motor and the inverter, those are typically 3 different subassemblies that are mechanically fastened together. And in the case of Enduro, those -- we call it 3 in 1, those 3 systems are captured into 1 casting. So we designed this system really holistically to take 3 different parts, combine it into 1, reduce the number of fasteners, of course, increase the assembly and build time, or decrease the assembly and build time for the drive unit.

因此，無論是在，例如，在我們的 Enduro 驅動單元中，我們採用了變速箱、電機和逆變器，這些通常是機械固定在一起的 3 個不同的子組件。在 Enduro 的情況下，那些 - 我們稱之為 3 合 1，這 3 個系統被捕獲到 1 個鑄件中。所以我們把這個系統真正整體地設計了，把3個不同的部分，組合成1個，減少緊固件的數量，當然，增加組裝和構建時間，或者減少驅動單元的組裝和構建時間。

But that mentality, that mindset we're applying to everything, whether it's a seat frame, whether it's a door system, a drive unit, as I just described, of course, body structure is a big opportunity for this as well. So this is something that we carry into every design review. It's part of the design criteria that we approach the vehicle with, and it's one of the big enablers that we have because we vertically integrated so much of the technology.

但是那種心態，我們應用於一切的心態，無論是座椅框架，還是車門系統，驅動裝置，正如我剛才所描述的，當然，車身結構也是一個很好的機會。所以這是我們在每次設計審查中都要考慮的事情。這是我們處理車輛的設計標準的一部分，也是我們擁有的重要推動因素之一，因為我們垂直整合瞭如此多的技術。

I mentioned it before, but the ability to dramatically reduce the number of computers in the vehicle, the number of ECUs through a zonal architecture, we have a computer in the front, the computer in the back, computer in the middle, so to speak, rather than separate domain-based or function-based computers, which is historically how you've seen vehicles done today, and it's largely a result of an outsourced model around electronics. So these are some of the core focus areas where we're leveraging what we've built in terms of capability and what we've built in terms of technology as we go into R2.

我之前提到過，但是能夠通過區域架構顯著減少車輛中的計算機數量，ECU 數量，我們前面有一台計算機，後面有一台計算機，中間有一台計算機，可以這麼說，而不是單獨的基於域或基於功能的計算機，這在歷史上是您今天看到車輛的方式，並且主要是圍繞電子產品的外包模型的結果。因此，這些是我們在進入 R2 時利用我們在能力方面構建的內容和在技術方面構建的內容的一些核心重點領域。

And Rod, maybe...

還有羅德，也許……

And the volume?

音量呢？

(inaudible) directly on the volume question that you have there as well. As I talked about in my prepared remarks, today we have 65,000 units of R1 capacity in the plant at Normal, and we're increasing that capacity so that 55% or call it, 85,000 units will become R1 capacity as we re-rate the lines midyear next year. And so next year, we'll have both the impact of having a multi-week shutdown as we re-rate the plant to add that incremental R1 capacity.

（聽不清）直接針對您那裡的音量問題。正如我在準備好的發言中所說，今天我們在 Normal 的工廠有 65,000 單位的 R1 產能，我們正在增加產能，以便 55% 或稱之為 85,000 單位將成為 R1 產能，因為我們重新評估明年年中線。因此明年，當我們重新評估工廠以增加增量 R1 產能時，我們將受到停工數週的影響。

And at that same time, we'll be introducing a number of the next generation technologies that RJ just talked about as well. And so we'll still be in a period whereby we'll be continuing to ramp out of that shutdown in midyear to produce more units in the back half of the year, but it really won't be until full year 2025, where we'll be ramping up the then re-rated capacity from an R1 perspective.

與此同時，我們將介紹 RJ 剛才談到的一些下一代技術。因此，我們仍將處於這樣一個時期，我們將繼續在年中結束停產，以便在今年下半年生產更多的產品，但實際上要到 2025 年全年才能實現，我們從 R1 的角度來看，將提高當時重新評級的容量。

So just to clarify what you're saying, are you saying that you're not going to have the 85,000 units of R1 capacity available for 2024? Or will you?

因此，為了澄清您的意思，您是說您不會在 2024 年擁有 85,000 台 R1 容量？或者你會嗎？

It will be available. We're re-rating the lines midyear in 2024. And so from a full year perspective, we won't have the full year impact of that re-rate as we go through the process of a couple of weeks shutdown and then ramps back out of that shutdown in the back half of the year.

它將可用。我們將在 2024 年年中對線路進行重新評級。因此，從全年的角度來看，在我們經歷幾週的關閉過程然後逐漸恢復的過程中，我們不會受到重新評級的全年影響擺脫了今年下半年的停工。

Okay. But despite that, you're still thinking that you can get to gross profit in 2024?

好的。但是儘管如此，您仍然認為您可以在 2024 年獲得毛利？

That's right.

這是正確的。

Okay. Just to clarify that, that's -- I could see -- it looks like you're going to have something like a $2 billion gross profit loss in 2023. Maybe there's half of the LCNRV benefit left from 2023 to 2024. That gives you maybe $1.5 billion, and you have a $13,000 price increase.

好的。只是為了澄清這一點，那就是 - 我可以看到 - 看起來你將在 2023 年有大約 20 億美元的毛利潤損失。也許從 2023 年到 2024 年還有一半的 LCNRV 收益。這給你也許15 億美元，價格上漲 13,000 美元。

If that was applied this year, that would have been $650 million better. So that would have gotten you to maybe an $850 million gross profit loss. I guess the rest of it is whatever volume you're expecting plus lowered component costs. Is that fair as we think about the bridge to next year?

如果今年應用這一點，那將增加 6.5 億美元。因此，這可能會使您損失 8.5 億美元的毛利。我想剩下的就是您期望的任何數量加上降低的組件成本。當我們考慮到明年的橋樑時，這公平嗎？

As we think about that 2024 bridge, right, it's a combination of increased volumes that are driving significant fixed cost leverage within the business as we're continuing to ramp up production levels in the plant in Normal.

當我們考慮 2024 年的橋樑時，是的，隨著我們繼續提高 Normal 工廠的生產水平，它是銷量增加的組合，正在推動企業內顯著的固定成本槓桿。

And then the next 2 core drivers for us is the reduction in our material costs, which you heard RJ talk a bit about, is really delivered through both the combination of engineering design changes in the vehicle through the introduction of these next generation technologies and then the commercial cost-down efforts that we have underway overall.

然後我們接下來的兩個核心驅動因素是材料成本的降低，你聽 RJ 談過一點，這實際上是通過引入這些下一代技術結合車輛的工程設計變化來實現的，然後我們總體上正在進行的商業成本降低工作。

So I would guide you to about a 50-50 split as we think about the core drivers between commercial cost downs and engineering changes to drive the material cost reduction. And then at the same time, we have both the step change in pricing as we move past the pre-March 1, 2022 preorders, and then we also introduced some of the newer higher-priced variants into the fold as well that also further improves or increases ASP in 2024.

因此，當我們考慮商業成本下降和工程變更之間的核心驅動因素以推動材料成本降低時，我將引導您進行大約 50-50 的分配。同時，隨著 2022 年 3 月 1 日之前的預購，我們的定價也發生了階躍變化，然後我們還引入了一些更新的價格更高的變體，這也進一步改善了或在 2024 年提高 ASP。

Our next question comes from the line of John Murphy with Bank of America.

我們的下一個問題來自美國銀行的 John Murphy。

Just a first question around what's going on with suppliers. It sounds like there's still a fair amount of bottlenecks there. Just curious if you could sort of elucidate where those specifically are, how much they're holding you back. And I mean I kind of applaud you, RJ, for having that Supplier Day.

只是關於供應商的情況的第一個問題。聽起來那裡仍然存在相當多的瓶頸。只是想知道您是否可以闡明它們的具體位置，它們在多大程度上阻礙了您。我的意思是，RJ，我要為你舉辦供應商日而鼓掌。

It sounds like it's a good thing to build those relationships, but it sounds like you felt like you needed to do that both for sort of comfort on their part, but also for you to get maybe closer to them and pull them along. So I'm just trying to understand what those constraints are at the moment, how much they're holding you back in 2023 and why you need to kind of get in there and kind of do that bear hug on that Supplier Day.

聽起來建立這些關係是件好事，但聽起來你覺得你需要這樣做既是為了讓他們感到舒適，也是為了讓你更接近他們並拉近他們。所以我只是想了解目前這些限制是什麼，它們在 2023 年阻礙了你多少，以及為什麼你需要進入那裡並在那個供應商日做那種擁抱。

Yes. Thanks, John. As we look at 2022, there's a lot of challenges just with some of the surprises and the things that we didn't expect in terms of supply interruptions and component availability. Now as we look at 2023, we have much better visibility and a much clearer picture of access to supply and where there are going to be challenges or constraints. And very different than where we were last year. That visibility allows us to focus on exactly what will go wrong or what will be a gap.

是的。謝謝，約翰。當我們展望 2022 年時，在供應中斷和組件可用性方面，有一些驚喜和我們沒有預料到的事情會帶來很多挑戰。現在，當我們展望 2023 年時，我們對獲得供應的機會以及將面臨挑戰或限制的地方有了更好的可見性和更清晰的了解。與我們去年的情況大不相同。這種可見性使我們能夠準確地關注會出現什麼問題或存在差距。

And as I said today in the numbers that Claire referenced earlier in terms of guidance, it really reflects supply constraint, in our case, around power semiconductors. And this is being addressed through working hard with suppliers, but also as I talked about bringing up the new driving at the Enduro drive unit, we've sourced the power semiconductors for this in a way that allows us to have multiple [paths] to continue to ramp.

正如我今天在克萊爾早些時候在指導方面提到的數字中所說的那樣，它確實反映了在我們的案例中圍繞功率半導體的供應限制。這正在通過與供應商的努力合作來解決，而且當我談到在 Enduro 驅動單元上提出新的驅動時，我們已經為此採購了功率半導體，使我們能夠有多種 [路徑]繼續斜坡。

So we have a different set of power semiconductor suppliers for our existing driving unit as a quad motor from what we have in the dual motor and in the single motor for the commercial van. So those changes of the new technology, along with the supplier relationships we've built, allow us to alleviate some of that constraint, but it will be the ultimate limiting factor for us this year.

因此，對於我們現有的四電機驅動單元，我們擁有一組不同的功率半導體供應商，這與我們在商用貨車的雙電機和單電機中所擁有的不同。因此，新技術的這些變化，以及我們建立的供應商關係，使我們能夠減輕一些限制，但這將是今年我們的最終限制因素。

And fortunately, unlike last year, we can plan around it. We have this building into what those constraints look like. So it's not going to be a surprise, which is why we're wanting to be thoughtful on how we guide here.

幸運的是，與去年不同，我們可以圍繞它進行計劃。我們將這些構建到這些約束的外觀中。所以這不會是一個驚喜，這就是為什麼我們想要考慮我們如何在這裡指導。

RJ, there's a lot of people that want to understand what is sort of -- I mean, it's certainly not onetime because this is not going to ease that quickly, what's happening because of the supply chain side and what's happening because of what is not getting done sort of internally on a micro basis.

RJ，有很多人想了解什麼是——我的意思是，這肯定不是一次性的，因為這不會那麼快緩解，供應鏈方面正在發生什麼，而供應鏈方面正在發生什麼，而不是什麼。在微觀基礎上在內部完成某種工作。

So is there a way to tease that out and say, hey, listen, if we had all the semis that we could get, we can actually be 100,000 units as opposed to 50,000 units this year, right? I mean is there a way to tease that out? Or is that getting too cute?

那麼有沒有辦法梳理一下並說，嘿，聽著，如果我們有我們能得到的所有半成品，我們實際上可以達到 100,000 個單位，而不是今年的 50,000 個單位，對嗎？我的意思是有沒有辦法弄清楚？還是變得太可愛了？

Well, I think the issue we have is that the supply constraint is, by far and away, the biggest constraint. We talked about our second shifts coming online and the ramp of our second shift. We didn't really talk about why it's -- what's constraining that ramp, but it's ultimately -- it is component supply. And that's on the R1 line today. If you think about the commercial vehicle line, we're still running a single shift there.

好吧，我認為我們面臨的問題是供應限制是迄今為止最大的限制。我們談到了我們的第二班上線和第二班的斜坡。我們並沒有真正談論為什麼它 - 是什麼限制了這個斜坡，但它最終 - 它是組件供應。這就是今天的 R1 線路。如果您考慮商用車生產線，我們仍然在那裡運行一個班次。

So it's -- we wish we could have the components still to fully run the plant across all lines, across multiple shifts, but that's not the case. And as I think about power semiconductors, in addition to having multiple sources of supply, we also have different types of technologies. So we use both silicon carbide and silicon IGBTs, and we have some level of fungibility in how we apply those across the vehicle sets.

所以它 - 我們希望我們仍然可以讓組件在所有生產線上，跨多個班次完全運行工廠，但事實並非如此。當我想到功率半導體時，除了擁有多種供應來源外，我們還擁有不同類型的技術。因此，我們同時使用碳化矽和矽 IGBT，並且我們在如何將它們應用於車輛組方面具有一定程度的可替代性。

But it's -- I think you understand very well that some of the constraints that exist in silicon carbide are going to be challenging over the next year, and so we've worked really hard to set up our supply chain so as we come out of this year and into 2024, we're positioned to really grow. And of course, as we think about R2, this is a major consideration from a power module point of view.

但它 - 我認為你非常了解碳化矽中存在的一些限制在明年將具有挑戰性，因此我們非常努力地建立我們的供應鏈，以便我們走出今年和 2024 年，我們已準備好實現真正的增長。當然，當我們考慮 R2 時，從電源模塊的角度來看，這是一個主要考慮因素。

Okay. And then just lastly, real quick. CapEx at $2 billion is a little bit lower than we would have expected. Claire, is that the kind of thing that you can kind of run with as you're launching Georgia and the R2 and ultimately maybe the R3 at some point? Or could there be a significant step-up as that plant ramps in '24, '25, and we see the R3 come on there as well?

好的。最後，真的很快。資本支出為 20 億美元，略低於我們的預期。克萊爾，當你推出 Georgia 和 R2 並最終可能在某個時候推出 R3 時，你可以使用這種東西嗎？或者隨著該工廠在 24 年、25 年的擴產，我們是否會看到 R3 也出現在那裡？

Sure, John. As I talked about, our expectation is that we'll maintain our CapEx in the low $2 billion area over the next couple of years and the guidance reflects the continued build-out of our facility in Georgia, continued investment in our plant in Normal and then the continued investments that we have across our go-to-market operations as well as across the business in aggregate. So the way I would characterize it is that the $2 billion per year certainly sets us up in a position to launch R2 in Georgia in 2026, as we've talked about in the past.

當然，約翰。正如我所說，我們的預期是，我們將在未來幾年內將我們的資本支出維持在 20 億美元的低水平，該指導反映了我們在佐治亞州的設施的持續擴建，對我們在 Normal 和 Normal 的工廠的持續投資然後是我們在上市業務以及整個業務中的持續投資。所以我要描述的方式是，每年 20 億美元肯定會讓我們有能力在 2026 年在佐治亞州推出 R2，正如我們過去談到的那樣。

Our next question comes from the line of Doug Dutton with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Doug Dutton。

So given the target for positive gross margins in '24 and what we've heard about the road to reach this goal with the LCNRV phaseouts and rerates at the factory, in your mind, can '25 approach a normalized gross margin profile, assuming full capacity at Normal and price to normalization on the R1 platform prior to sort of R2 coming online? And a follow-up there, is that target still 15% to 20%?

因此，考慮到 24 年實現正毛利率的目標，以及我們聽說通過 LCNRV 逐步淘汰和工廠重新評級實現這一目標的道路，在您看來，25 年能否接近正常化的毛利率狀況，假設全部在某種 R2 上線之前，R1 平台上正常化的容量和價格？還有一個後續行動，這個目標仍然是 15% 到 20% 嗎？

Sure. Our long-term vehicle gross margin target is 20%. And then through the introduction of additional software and services, we've guided to a long-term overall aggregate gross margin target of 25%. Our expectation is through the continued ramp of the R1 and EDV in Normal, we can certainly arrive at our target vehicle margins, and 2025 becomes really that sweet spot as volumes come together and we have our first full year production with the integration of our next generation technologies and price points as well.

當然。我們的長期汽車毛利率目標是 20%。然後通過引入額外的軟件和服務，我們將長期總體毛利率目標定為 25%。我們的期望是，通過 Normal 中 R1 和 EDV 的持續增長，我們當然可以達到我們的目標車輛利潤率，而 2025 年將成為真正的最佳點，因為銷量匯集在一起，我們將迎來第一個全年生產，並整合我們的下一個發電技術和價格點也是如此。

So I have a lot of confidence around the cash flow generation that Normal can provide Rivian, and believe that Normal can support our operating expenses as a company as we continue to invest in the build-out of the R2 platform and get ready to start to launch that platform in Georgia in '26.

因此，我對 Normal 可以為 Rivian 提供的現金流產生充滿信心，並相信 Normal 可以支持我們作為一家公司的運營費用，因為我們將繼續投資於 R2 平台的建設並準備開始26 年在佐治亞州推出該平台。

Okay. That's helpful. And then just an accounting question for me. Could we have a brief description or explainer on the CapEx and liabilities bucket at the bottom of the cash flow statement?

好的。這很有幫助。然後對我來說只是一個會計問題。我們能否在現金流量表底部對資本支出和負債欄進行簡要說明或解釋？

We can follow up with you with some details there.

我們可以在那裡跟進您的一些細節。

Our next question comes from the line of Dan Levy with Barclays.

我們的下一個問題來自巴克萊銀行的 Dan Levy。

Wanted to ask about the commentary on the preorders, and I see the comment that, that lasts into 2024. Maybe you can provide any additional voiceover. How have preorders trended year-to-date? And specifically, maybe you can -- you mentioned pricing as a tailwind. You have the higher pricing flowing through eventually. But given the price cut that we saw from one of your large EV competitors, how does potential for price cuts eventually factor into your calculus?

想問一下關於預購的評論，我看到評論說，這會持續到 2024 年。也許你可以提供任何額外的畫外音。年初至今的預購趨勢如何？具體來說，也許你可以——你提到定價是順風。您最終會獲得更高的定價。但考慮到我們從您的一個大型電動汽車競爭對手那裡看到的降價，降價的可能性最終如何影響您的計算？

Thanks, Dan. As you think about the R1 product line, this is really our flagship product line. It's -- we've built it and launched it to establish the brand and as part of that. The pricing levels and the segments through which these products are going to compete in, it's a larger set of vehicles, the 3-row SUV and 3-row pickup. The pricing levels really need to be compared to things that are in those segments, and we feel very strong about where we position the products.

謝謝，丹。當您想到 R1 產品線時，這確實是我們的旗艦產品線。它是 - 我們已經建立並推出它來建立品牌並作為品牌的一部分。這些產品將要競爭的定價水平和細分市場，是一組更大的車輛，3 排 SUV 和 3 排皮卡。定價水平確實需要與這些細分市場中的東西進行比較，我們對我們定位產品的位置感到非常強烈。

The R1T, we bring online our standard pack, we'll start at $73,000, and the R1S is just around $80,000, 3-row SUV with very, very strong performance. So the positioning there, we feel confident. We made pricing adjustments in 2022, and we haven't further adjusted from there.

R1T，我們將我們的標準包上線，起價為 73,000 美元，而 R1S 的起價僅為 80,000 美元左右，三排 SUV，性能非常非常強勁。所以定位在那裡，我們有信心。我們在 2022 年進行了定價調整，之後我們沒有進一步調整。

Certainly, as Claire noted, our reservation process now gives us more flexibility to make adjustments to pricing over time, but we do see the introduction of some of the new technologies and some of the new features to allow us to actually grow ASP, as Claire said, with not only the new prices coming on for post-March 1 orders, but also to reflect some of the new technologies that are going to be in the vehicle.

當然，正如 Claire 指出的那樣，我們的預訂流程現在為我們提供了更大的靈活性，可以隨著時間的推移對定價進行調整，但我們確實看到了一些新技術和一些新功能的引入，使我們能夠真正提高 ASP，正如 Claire說，不僅 3 月 1 日之後的訂單會出現新價格，而且還會反映車輛中將採用的一些新技術。

Great. And as a follow-up, I wanted to ask about the direction of some of the material costs. And I know you mentioned on your end, some initiatives to drive cost down. But I want to just ask about the raws because we've seen some cost moderation on the raws.

偉大的。而作為後續，我想問一下一些材料成本的方向。我知道你最後提到了一些降低成本的舉措。但我只想問一下原材料，因為我們已經看到原材料的成本有所下降。

So maybe you can just talk about whether some of the raw material costs are coming down? Or I know there's a dynamic of contract resets. And so those might be higher year-over-year. So maybe you could just talk about the underlying BOM given the movement in some of the raw material costs.

所以也許你可以談談一些原材料成本是否正在下降？或者我知道有合同重置的動態。所以這些可能會比去年同期更高。因此，考慮到某些原材料成本的變動，也許您可以只談論基礎 BOM。

Sure. Today, we haven't seen those actually hit our financial statements because many of our contracts are actually backwards looking as it pertains to inflation index prices that are embedded within those contracts. And so we'll begin to see some of those benefits as we progress throughout the course of 2023 itself.

當然。今天，我們還沒有看到這些實際上影響了我們的財務報表，因為我們的許多合同實際上是向後看的，因為它與嵌入這些合同中的通脹指數價格有關。因此，隨著我們在 2023 年的整個過程中取得進展，我們將開始看到其中的一些好處。

I would also say that embedded within our guidance, we've been a bit conservative of not forecasting really significant reductions in those material costs overall. So much more projecting more of the status quo of what we're seeing today on a go-forward basis.

我還要說，在我們的指導中，我們一直有點保守，沒有預測這些材料成本總體上會真正顯著降低。在前進的基礎上，更多地預測了我們今天所看到的現狀。

Our next question comes from the line of George Gianarikas with Canaccord Genuity.

我們的下一個問題來自 George Gianarikas 與 Canaccord Genuity 的合作。

I'd just like to piggyback on the previous demand question, that preorder question. I know you're not disclosing the preorders, but given there have been so many high-profile admissions of a weakening environment for demand, particularly for EVs, I'm curious as to whether you could shed any light or color as to how your net preorders have been tracking?

我只想藉用之前的需求問題，即預訂問題。我知道你沒有透露預訂單，但鑑於有如此多的高調承認需求疲軟的環境，尤其是電動汽車，我很好奇你是否可以闡明你的需求如何網預購一直在追踪？

Certainly what we're witnessing in the macro and what we're seeing in terms of interest rate is, I think, across the industry, having an effect of moderating overall demand. But what we would say is, and as we think about it, the demand backlog that we have is very robust. It gives us a clear line of sight until well into 2024.

當然，我認為，我們在宏觀和利率方面所看到的，對整個行業都具有緩和整體需求的作用。但我們要說的是，正如我們所考慮的那樣，我們擁有的需求積壓非常強勁。它為我們提供了一個清晰的視線，直到 2024 年。

And with that, it really focuses the attention of the organization on satisfying this large backlog and ensuring that we can get customers vehicles. One of the biggest complaints, in fact our customer team tells me this every week, is around delivery timing. How can I get my vehicle sooner? Is there a way to get ahead in the line? So this is our core challenge today.

這樣一來，它真正將組織的注意力集中在滿足大量積壓訂單並確保我們能夠獲得客戶車輛上。事實上，我們的客戶團隊每週都會告訴我，最大的抱怨之一是關於交貨時間。我怎樣才能更快地拿到我的車？有沒有辦法在隊伍中取得領先？所以這是我們今天的核心挑戰。

Now with that said, it's really important to note with the R2 program, we made comments on this earlier, the focus on cost and the focus on engineering the vehicles really to achieve a materially lower price point is key. And as we look out into middle of the decade, 2026 and beyond, this cost structure, we believe, is going to be really important. And some of the areas we've invested in terms of vertical integration, we think, will be foundational for delivering on those costs.

話雖如此，注意 R2 計劃非常重要，我們早些時候對此發表了評論，關注成本和關注車輛工程以真正實現更低的價格點是關鍵。當我們展望 2026 年及以後的十年中期時，我們相信這種成本結構將非常重要。我們認為，我們在垂直整合方面投資的一些領域將成為實現這些成本的基礎。

Just as a follow-up, great segue into my question about vertical integration. I mean I'm sure you've read the same press releases that I have that some of your peers are getting incredibly deep into that. I mean they're partnering with mines, buying mines, buying stakes in mines and doing things that seem to be a little bit far field. I'm curious as to how much vertical integration in your opinion, is too much vertical integration? Do you think that longer term, that might be something that you might explore as well?

作為後續行動，很好地解決了我關於垂直整合的問題。我的意思是我確定您已經閱讀了我所擁有的相同新聞稿，您的一些同行正在對此進行深入研究。我的意思是他們和礦山合作，買礦山，買礦山的股份，做一些看似有點遠的事情。我很好奇您認為垂直整合有多少，垂直整合太多了嗎？你認為從長遠來看，這可能也是你可以探索的東西嗎？

Yes. Well, George, I think the core of the question is sort of pointing towards lithium. And your previous question talked about raw material costs, and this has certainly had the most outsized impact across the EV industry, with lithium hydroxide spot market price hovering around $80 a kilogram, up 4, 5x relative to what it was a year, 1.5 years ago.

是的。好吧，喬治，我認為問題的核心有點指向鋰。你之前的問題談到了原材料成本，這無疑對整個電動汽車行業產生了最大的影響，氫氧化鋰現貨市場價格徘徊在每公斤 80 美元左右，相對於一年、1.5 年上漲了 4、5 倍前。

So this is a real consideration as everyone, certainly ourselves included, thinking about what's the right sourcing relationships for lithium in lithium hydroxide, lithium carbonate, and we're certainly in midst of a lot of those discussions. And I think it's causing the material sources and, in our case, the manufacturers, the OEMs, to think about deal structures that are very different than what existed 2 years ago, 3 years ago, 4 years ago.

所以這是一個真正的考慮，因為每個人，當然包括我們自己，都在考慮氫氧化鋰、碳酸鋰中鋰的正確採購關係，我們當然正在進行很多這樣的討論。我認為這導致材料來源，在我們的例子中，製造商，原始設備製造商，考慮與 2 年前、3 年前、4 年前存在的交易結構截然不同的交易結構。

That could involve ownership positions, but I think for the most part, the opportunities lie just more in unique structuring. And so we haven't announced anything on that front, but it's something I spend an enormous amount of time on and work very closely with some of the very large players in this space.

這可能涉及所有權地位，但我認為在大多數情況下，機會更多地在於獨特的結構。所以我們還沒有在這方面宣布任何事情，但這是我花費了大量時間並與這個領域的一些非常大的參與者密切合作的事情。

Our next question comes from the line of Colin Langan with Wells Fargo.

我們的下一個問題來自 Colin Langan 與 Wells Fargo 的對話。

You're burning through -- this year, you burned through over $6 billion in cash. You have $12 billion. So you have a couple more years of cash [credit] at this rate. I mean if I look at the guidance, adjusted EBITDA is supposed to improve a bit, the CapEx is higher, so it sounds like free cash flow may be modestly better this year, but not massively. What are your thoughts on the potential need to raise capital? When do you start making those decisions? Or should we see a pretty massive inflection in a couple of years?

你燒光了——今年，你燒掉了超過 60 億美元的現金。你有 120 億美元。所以按照這個速度，你還有幾年的現金[信貸]。我的意思是，如果我看一下指導意見，調整後的 EBITDA 應該會有所改善，資本支出會更高，所以聽起來今年的自由現金流可能會略有好轉，但幅度不會很大。您對籌集資金的潛在需求有何看法？你什麼時候開始做這些決定？還是我們應該在幾年內看到一個相當大的拐點？

On -- we'll continue to look at a variety of capital market solutions to maintain our strong balance sheet position. We plan to execute a portfolio-based approach for our capital raising across the entirety of the capital structure. And as I mentioned in my prepared remarks as well, we expect to see pretty significant moderation from a cash burn perspective in 2024 relative to 2023 as gross profit or the movement from negative gross profit to positive gross profit is a key lever in that walk of improvements. And then as we talked a bit about as well, 2025 is significant improvement from there as well.

在 - 我們將繼續研究各種資本市場解決方案，以維持我們強大的資產負債表狀況。我們計劃在整個資本結構中實施基於投資組合的融資方式。正如我在準備好的發言中提到的那樣，從現金消耗的角度來看，我們預計 2024 年相對於 2023 年將出現相當顯著的緩和，因為毛利或從負毛利到正毛利的轉變是這一步的關鍵槓桿改進。然後正如我們也談到的那樣，2025 年也是從那裡開始的重大改進。

Got it. I think in the last call, you mentioned you're planning an LFP plant. That's not actually in the near-term horizon. Any thoughts on raising capital to accelerate that given the health at a higher rate that might apply there?

知道了。我想在上次電話中，你提到你正在計劃一個 LFP 工廠。這實際上不在近期範圍內。鑑於健康狀況可能適用於更高的速度，是否有關於籌集資金以加速這一進程的想法？

Yes, Colin. As I referenced in the context of lithium supply, if you move slightly downstream from a battery supply point of view and thinking about IRA, there's going to need to be investment in new capacity. And the types of structures and arrangements to achieve that dedicated capacity, there's lots of different ways to look at that.

是的，科林。正如我在鋰供應的背景下所提到的，如果你從電池供應的角度稍微向下游移動並考慮 IRA，那麼就需要對新產能進行投資。以及實現這種專用能力的結構和安排的類型，有很多不同的方式來看待它。

That's something, certainly, that's part of our plan and something that we're spending time on. We haven't announced anything on that front either, but it is a very important aspect of what we're doing in terms of creating new supply, creating supply that's IRA compliant, both in terms of raw material but also in terms of cell production.

當然，這是我們計劃的一部分，也是我們正在花時間做的事情。我們也沒有在這方面宣布任何事情，但這是我們在創造新供應方面所做工作的一個非常重要的方面，創造符合 IRA 標準的供應，無論是在原材料方面還是在電池生產方面.

And you have your own LFP chemistry? Or do you have a partner for it? Or you had your own?

你有自己的 LFP 化學嗎？或者你有合作夥伴嗎？或者你有自己的？

So we've -- when we think about the build-out of our battery, overall battery portfolio, we have an internal team that's developing chemistry, and it's working to really understand across a variety of trade-offs how we think about what's the right cell for different duty cycles and for different applications. And that internal team also works very closely with some of our key partners to make sure that we can achieve the scale very quickly that we need to.

所以我們 - 當我們考慮構建我們的電池，整體電池組合時，我們有一個內部團隊正在開發化學，並且它正在努力真正了解各種權衡我們如何考慮什麼是適合不同佔空比和不同應用的電池。該內部團隊還與我們的一些主要合作夥伴密切合作，以確保我們能夠非常迅速地達到我們需要的規模。

So in the case of what's in our vehicles today, it's a high nickel chemistry. That's something we've worked very closely with our supplier partner to develop that and to refine that to achieve the performance in our vehicles today. With the LFP that we're going to be launching shortly first in the commercial vans, that's in close partnership that we haven't yet announced, although those vehicles in the form of the vans will be on the road here very soon.

因此，就我們今天的車輛中使用的東西而言，它是一種高鎳化學物質。這是我們與我們的供應商合作夥伴密切合作開發並改進它以實現我們今天車輛的性能的東西。我們將在不久後首先在商用貨車上推出 LFP，這是我們尚未宣布的密切合作夥伴關係，儘管這些貨車形式的車輛很快就會在這裡上路。

And then as we look forward, there's going to be portfolio of different partners and different approaches to achieve the scale we need across different cell form factors and cell chemistries, both high nickel and lithium iron phosphate.

然後，正如我們所期待的那樣，將會有不同合作夥伴和不同方法的組合，以實現我們在不同電池形狀因素和電池化學方面所需的規模，包括高鎳和磷酸鐵鋰。

Our next question comes from the line of Ryan Brinkman with JPMorgan.

我們的下一個問題來自摩根大通的 Ryan Brinkman。

I wanted to get your thoughts on any impact to Rivian you see from the Inflation Reduction Act. I remember as that bill was being written, it was speculated it could have been various different proposals. But in the end, it only subsidized the lower-priced vehicles, right, and benefits those manufacturers that are making the batteries that are vertically integrated or partnered, which you have yet to do.

我想了解您對《降低通貨膨脹法案》對 Rivian 的任何影響的看法。我記得在起草該法案時，有人推測它可能是各種不同的提案。但最終，它只補貼了低價汽車，對吧，並使那些生產垂直整合或合作電池的製造商受益，而你還沒有這樣做。

So do you see any benefit in charging or other tailwinds? And how do you expect or hope to or plan to position the company to better benefit from that act as the next several years play out?

那麼您認為充電或其他順風有什麼好處嗎？在接下來的幾年中，您如何期望或希望或計劃定位公司以更好地從該行為中受益？

Yes. So I think the IRA bill, I've said this before, I think it's incredibly aggressive and appropriate to drive a broad scale shift towards electrification and to build out a supply chain within the U.S. And with that, in the case of our R1 product line, there's some tailwind, some benefits that it provides largely in the form of -- because we build modules in the U.S., we have a $10 per kilowatt hour benefit that's derived from IRA on the R1 platform. That's a manufacturing-facing benefit. But in terms of the consumer-facing credit, our vehicles aren't really applicable on the R1 platform.

是的。所以我認為 IRA 法案，我之前說過，我認為它非常積極和合適，可以推動大規模向電氣化轉變，並在美國建立供應鏈。就我們的 R1 產品而言線，有一些順風，它主要以形式提供的一些好處——因為我們在美國構建模塊，我們從 R1 平台上的 IRA 獲得每千瓦時 10 美元的好處。這是一個面向製造業的好處。但就面向消費者的信用而言，我們的車輛並不真正適用於 R1 平台。

Now in the case of R2, it's a very different story. In the case of R2, as alluded to in previous questions, it's really important that we ensure that the vehicle and the way we manufacture the vehicle and the batteries in the vehicle ensures IRA compliance. The price points need to be considerably lower and fall really right into the sweet spot as contemplated by IRA, and the sourcing of the critical materials plus the build of the cells, the manufacturing of the cells needs to be done such that we qualify for the $7,500 credit that is consumer-facing. So that's foundational to how we're thinking about the R2 program and platform and certainly plays into sourcing decisions and engineering decisions.

現在在 R2 的情況下，這是一個非常不同的故事。對於 R2，正如前面的問題所提到的，我們確保車輛以及我們製造車輛和車輛電池的方式確保 IRA 合規性非常重要。價格點需要大大降低並真正落入 IRA 預期的最佳點，關鍵材料的採購加上電池的構建，需要完成電池的製造，以便我們有資格獲得面向消費者的 7,500 美元信貸。因此，這是我們考慮 R2 程序和平台的基礎，並且肯定會影響採購決策和工程決策。

Okay. Great. And also just a follow-up on that earlier Q&A around pricing, the up to 20% price cut on -- some of the Tesla models, [Lester] Ford and some of the others, et cetera. But I'm sure there's passing along of lower input costs in all the battery metals, but is there anything else? It just seems like a large reduction, right? So how are you feeling about the demand, the new order intake level or whatnot for the prices that you're currently charging?

好的。偉大的。而且這只是對早期關於定價的問答的跟進，最高降價 20%——一些特斯拉車型、[Lester] 福特和其他一些車型，等等。但我敢肯定，所有電池金屬的投入成本都較低，但還有其他嗎？這看起來像是一個很大的減少，對吧？那麼，您對需求、新訂單接收水平或您目前收取的價格有何看法？

I think as I was describing before, in the case of R1, we feel confident in the value proposition of what we're delivering at our pricing levels today. And if you were to compare, take, for example, the R1S to other 3-row SUVs that offer the level of range and performance that the R1S is delivering, it's really -- we think of it as it's a really good deal.

我認為正如我之前所描述的那樣，就 R1 而言，我們對我們今天的定價水平所提供的價值主張充滿信心。如果你要比較，例如，將 R1S 與提供 R1S 所提供的範圍和性能水平的其他 3 排 SUV 進行比較，它真的 - 我們認為這是一個非常好的交易。

Of course, we get biased here, but 0 to 60 in 3 seconds, well over 300 miles of range. As we just announced today, we have a max pack range with 390 miles of range, which when coupled with the Enduro dual motor configuration delivers 0 to 60 in 3.5 seconds. And to be able to deliver that at the types of pricing that we're talking about relative to the competitive set, it's positioned quite well.

當然，我們在這裡有偏差，但在 3 秒內從 0 到 60，遠超過 300 英里的範圍。正如我們今天剛剛宣布的那樣，我們的最大續航里程為 390 英里，與 Enduro 雙電機配置相結合，可在 3.5 秒內提供 0 到 60 英里的續航里程。並且能夠以我們正在談論的相對於競爭對手的定價類型提供它，它的定位非常好。

Now as you said, there's been price reductions that we've seen on the order of 20% in vehicles that are more in the R2 market basket, if you will. And a lot of that segment has seen significant price inflation in the first half of 2022, and I think we saw the prices go up very rapidly.

現在正如您所說，如果您願意的話，我們已經看到 R2 市場籃子中的車輛降價了 20%。在 2022 年上半年，該細分市場中的很多都出現了顯著的價格上漲，我認為我們看到價格上漲得非常快。

And we, of course, saw the other side of that, which is the prices come down very rapidly. I think what we're seeing today is reflective of a more stable and sustainable long-term pricing model for vehicles that are in the sort of midsized crossover and SUV segment versus what we were seeing in the mid -- early parts of 2022 into middle late part of 2022.

當然，我們也看到了另一面，即價格下降得非常快。我認為我們今天所看到的反映了一種更穩定和可持續的長期定價模式，適用於中型跨界車和 SUV 細分市場的車輛，而不是我們在 2022 年中期 - 早期到中期看到的情況2022 年下半年。

Our last question comes from the line of Mark Delaney with Goldman Sachs.

我們的最後一個問題來自馬克德萊尼與高盛的合作。

One for me, please, was about the re-rating discussion and specifically around the timing and how much of the capacity is being shifted towards R1. I had thought that R1 capacity might be adjusted to something like 2/3 of the facility and perhaps that might be taking place later in 2023. So maybe you could update us on what may have changed in terms of the timing in '24 and the 55% that you spoke about today.

請給我一個關於重新評級的討論，特別是關於時間以及有多少容量被轉移到 R1。我原以為 R1 容量可能會調整到設施的 2/3 左右，也許這可能會在 2023 年晚些時候發生。所以也許你可以向我們更新關於 24 年和你今天談到的 55%。

Sure, Mark. As we looked at the re-rating process within the plant, we really tried to optimize around the level of investment that would be required to increase that re-rate capacity. And as we've talked about in the past, desiring today to maintain the 150,000 units of installed capacity in Normal, but just slightly tweak that more towards the consumer side of the business today.

當然，馬克。當我們審視工廠內的重新評級過程時，我們真的試圖圍繞提高重新評級能力所需的投資水平進行優化。正如我們過去所討論的那樣，今天希望在 Normal 中保持 150,000 台的裝機容量，但只是稍微調整一下，更多地面向當今業務的消費者方面。

And so that was really the way that we calibrated around the trade-offs on how deeply we would have to disrupt the line or the level of downtime that would be required to make a more material increase in the production capacity of the R1 line as we thought about this re-rate process itself. So those are some of the core considerations that we went through as we evaluated the re-rate opportunity for us. And after we sort of go through this re-rate, we'll obviously think through additional opportunities to increase that potentially over time as well.

因此，這確實是我們在權衡取捨的方式，即我們必須中斷生產線的深度或停機時間的水平，因為我們需要更多地提高 R1 生產線的生產能力考慮了這個重新評估過程本身。因此，這些是我們在為我們評估重新評級機會時經歷的一些核心考慮因素。在我們對這種重新評級進行排序之後，我們顯然會考慮更多的機會，以隨著時間的推移增加這種可能性。

That's helpful, Claire. And on the IRA, thanks for all the comments you made already so far. But in terms of demand from commercial customers, including for the delivery van, have you seen any change in terms of customer interest levels and when they may be able to or may be interested in taking vehicles?

這很有幫助，克萊爾。關於 IRA，感謝您到目前為止所做的所有評論。但就商業客戶的需求而言，包括對送貨車的需求，您是否發現客戶興趣水平有任何變化，以及他們何時能夠或可能有興趣乘坐車輛？

Thanks, Mark. I should have actually commented on that in the context of IRA. Just to be clear, the -- for commercial vehicles, the requirements of domestic cell production are much different. And so in the case of our commercial vans, they're applicable. And in the case of R1T for commercial applications, it's also applicable.

謝謝，馬克。我實際上應該在 IRA 的背景下對此發表評論。需要明確的是，對於商用車，國內電池生產的要求大不相同。因此，對於我們的商用貨車，它們是適用的。對於商業應用的 R1T，它也適用。

So we do see that, and we see that's something that certainly, some of the business owners that are buying R1Ts are leveraging. And then in the case of the commercial vans, this is something that we think is going to be very important. And we're seeing that as we talk to customers outside of Amazon, we see this as a very important enabler, and it helps ignite this large-scale transition of our commercial vehicle fleet towards electrification.

所以我們確實看到了這一點，我們看到一些購買 R1T 的企業主正在利用這一點。然後就商用貨車而言，我們認為這將非常重要。當我們與亞馬遜以外的客戶交談時，我們看到這是一個非常重要的推動因素，它有助於點燃我們商用車隊向電氣化的大規模轉型。

Thank you. I would now like to turn the conference back over to RJ Scaringe for closing remarks.

謝謝。我現在想把會議轉回給 RJ Scaringe 作閉幕詞。

All right. Well, thank you, everyone, for joining the call, and thanks for the questions. As I said in my starting comments, we're really excited about what we see in front of us. 2022 was an important year for us. It was a critical year where we launched and ramped 3 different vehicles between the R1T, the R1S and the EDV platform.

好的。好吧，謝謝大家加入電話會議，也感謝大家提出問題。正如我在開始的評論中所說，我們對眼前的一切感到非常興奮。 2022 年對我們來說是重要的一年。這是關鍵的一年，我們在 R1T、R1S 和 EDV 平台之間推出並推廣了 3 款不同的車輛。

And as we look into this year, more than doubling the overall output, but importantly, getting a lot of customers or a lot of vehicles into a lot of customers' hands. We'll start to see a lot more of these on the roads, whether that's the commercial vans or the consumer vehicles, the R1T and the R1S.

當我們展望今年時，總產量增加了一倍多，但重要的是，讓很多客戶或很多車輛交到很多客戶手中。我們將開始在道路上看到更多這樣的車型，無論是商用貨車還是消費車輛，R1T 和 R1S。

And as that ramp continues and as we start to see more and more of our vehicles on the road, as Claire and I both described, the core focus for us is driving cost down across the business. Some of that will happen naturally as volumes go up when we get the fixed cost leverage that Claire described in some detail, but that's also happening through the engineering changes we're making and this really heavy focus on the commercial relationship with all of our suppliers.

正如克萊爾和我所描述的那樣，隨著這種趨勢的繼續，隨著我們開始看到越來越多的車輛上路，我們的核心重點是降低整個企業的成本。當我們獲得克萊爾詳細描述的固定成本槓桿時，隨著產量的增加，其中一些會自然發生，但這也會通過我們正在進行的工程變更以及我們非常重視與所有供應商的商業關係而發生.

So with that, we're very excited about the year ahead and looking forward to getting a lot more vehicles on the road and our path towards profitability. Thank you, everyone.

因此，我們對未來的一年感到非常興奮，並期待在路上獲得更多的車輛以及我們通往盈利的道路。謝謝大家。

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

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。