Rivian Automotive Inc (RIVN) 2023 Q1 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Rivian's First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note that today's conference is being recorded.

女士們先生們，美好的一天。謝謝你的支持。歡迎來到 Rivian 的 2023 年第一季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I will now hand the conference over to your speaker host, Tim Bei, Vice President of Investor Relations. Please go ahead.

我現在將會議交給您的演講主持人，投資者關係副總裁 Tim Bei。請繼續。

Good afternoon, and thank you for joining us for Rivian's First Quarter 2023 Earnings Call. Before we begin, matters discussed on this call, including comments and responses to questions reflect management's views as of today. We will also be making statements related to our business, operations and financial performance that may be considered forward-looking statements under federal securities laws.

下午好，感謝您加入我們的 Rivian 2023 年第一季度財報電話會議。在我們開始之前，本次電話會議上討論的事項，包括對問題的評論和回答，反映了管理層截至今天的觀點。我們還將發表與我們的業務、運營和財務業績相關的聲明，根據聯邦證券法，這些聲明可能被視為前瞻性聲明。

Such statements involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are described in our SEC filings and today's shareholder letter. During this call, we will discuss both GAAP and non-GAAP financial measures.

此類陳述涉及可能導致實際結果出現重大差異的風險和不確定性。這些風險和不確定性在我們提交給美國證券交易委員會的文件和今天的股東信中有所描述。在這次電話會議中，我們將討論 GAAP 和非 GAAP 財務措施。

A reconciliation of GAAP to non-GAAP financial measures is provided in our shareholder letter. 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.

我們的股東信中提供了 GAAP 與非 GAAP 財務措施的對賬。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。

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

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. I would like to highlight key developments during the first quarter as well as discuss progress on our key value drivers. We had a strong start to the year as our team delivered on our targets, including continuing to ramp R1 production, integration of the Enduro motor and LFP battery packs and improved operating efficiency.

謝謝，蒂姆。大家好，感謝今天加入我們。我想強調第一季度的主要發展，並討論我們關鍵價值驅動因素的進展。隨著我們的團隊實現了我們的目標，包括繼續提高 R1 產量、集成 Enduro 電機和 LFP 電池組以及提高運營效率，我們今年開局良好。

This quarter, I've asked Frank Klein, our Chief Operations Officer; and Nick Kalayjian, our Chief Product Development Officer, to join us for Q&A, given the importance of the launch and ramp of our Enduro motor platform. Last week, our R1S was awarded the highest possible safety rating of TOP SAFETY PICK+ from IIHS, joining our R1T which earned the award earlier this year.

本季度，我問過我們的首席運營官 Frank Klein；考慮到我們的 Enduro 電機平台的發布和量產的重要性，我們的首席產品開發官 Nick Kalayjian 將加入我們的問答環節。上週，我們的 R1S 獲得了 IIHS 授予的最高安全等級 TOP SAFETY PICK+，加入了我們今年早些時候獲得該獎項的 R1T。

This makes the R1S the only large SUV and the R1T the only electric pickup to achieve this rating in 2023. During the first quarter, we produced 9,395 vehicles, which reflects continued quarter-over-quarter growth in R1 production. As of March 31, we've now produced nearly 35,000 vehicles since the start of production.

這使得 R1S 成為 2023 年唯一獲得該評級的大型 SUV，R1T 成為唯一獲得該評級的電動皮卡。第一季度，我們生產了 9,395 輛汽車，這反映出 R1 產量持續環比增長。自投產以來，截至 3 月 31 日，我們已經生產了近 35,000 輛汽車。

Our team drove further improvement in the ramp of our consumer platform while successfully launching new technologies into our commercial van platform. Production during this quarter was in line with our expectations, and as a result, we are reaffirming our production outlook for the year of 50,000 total units.

我們的團隊進一步改進了我們的消費者平台，同時成功地將新技術引入我們的商用貨車平台。本季度的產量符合我們的預期，因此，我們重申我們今年總產量為 50,000 台的前景。

In addition to production, we made significant progress on our technology and product development road maps during the first quarter. As described during our last earnings call, we took the EDV line down for most of the first quarter to implement our in-house Enduro drive units as well as LFP battery packs.

除了生產，我們在第一季度的技術和產品開發路線圖方面也取得了重大進展。正如我們在上一次財報電話會議上所述，我們在第一季度的大部分時間裡都關閉了 EDV 生產線，以實施我們內部的 Enduro 驅動單元和 LFP 電池組。

Our Enduro production line is our first use our internally developed plant software platform designed to aid in the rapid bring up of equipment and our robotics. This platform offers greater control over our equipment and visibility into thousands of data points across all parts of the manufacturing process.

我們的 Enduro 生產線是我們首次使用我們內部開發的工廠軟件平台，旨在幫助快速啟動設備和我們的機器人技術。該平台可以更好地控制我們的設備，並可以查看製造過程所有部分的數千個數據點。

Enduro is providing cost improvements that will result in a significant reduction in our bill of materials. We expect to start implementing the Enduro motor into our R1 vehicles as a dual motor configuration during the second quarter of 2023, which will contribute to expanding our addressable market by enabling lower-priced future R1 variants.

Enduro 正在提供成本改進，這將顯著減少我們的物料清單。我們預計在 2023 年第二季度開始將 Enduro 電機作為雙電機配置安裝到我們的 R1 車輛中，這將有助於通過啟用價格較低的未來 R1 變體來擴大我們的潛在市場。

As a reference, the introduction of the Enduro and LFP battery pack in EDV, enable us to reduce the EDV bill of materials by approximately 25%. Our core priorities for 2023 are unchanged. The team remains focused on ramping production for our R1 and RCV platforms, driving cost reductions, developing the R2 platform and future technologies and delivering an outstanding end-to-end customer experience.

作為參考，在 EDV 中引入 Enduro 和 LFP 電池組，使我們能夠將 EDV 材料清單減少約 25%。我們 2023 年的核心優先事項沒有改變。該團隊仍然專注於提高我們的 R1 和 RCV 平台的產量，推動成本降低，開發 R2 平台和未來技術，並提供出色的端到端客戶體驗。

Growing production volume improves fixed cost leverage at our large-scale manufacturing plant in Normal, Illinois. This is crucial to realizing the long-term structural cost advantages of our vertically integrated strategy and represents the primary lever on our path to sell each vehicle profitably.

不斷增長的產量提高了我們位於伊利諾伊州諾爾馬的大型製造工廠的固定成本槓桿率。這對於實現我們垂直整合戰略的長期結構性成本優勢至關重要，並且是我們實現每輛汽車盈利銷售的主要槓桿。

While challenges remain, we've become a stronger, more agile company through this process. The duration and magnitude of our impact is directly linked to our ability to produce vehicles profitably. We have a strong sense of urgency in achieving this goal, driving lower costs will be enabled by integration of new technologies such as Enduro and LFP battery packs as well as our company-wide program designed to maximize efficiency across key cost elements of material costs, logistics, labor overhead, indirect costs and capital expenditures.

儘管挑戰依然存在，但通過這一過程，我們已經成為一家更強大、更敏捷的公司。我們影響的持續時間和程度與我們生產盈利汽車的能力直接相關。我們對實現這一目標有著強烈的緊迫感，通過集成 Enduro 和 LFP 電池組等新技術以及我們旨在最大限度地提高材料成本關鍵成本要素效率的全公司計劃，可以推動降低成本，物流、人工間接費用、間接成本和資本支出。

Beyond our push to drive operational efficiency, innovation that deliver both improved performance and range as well as simplified production, our core focus of our development teams. Much of the work we are doing in R1, including Enduro drive units, simplified network architecture, and updated sensor set and compute directly translates to our R2 platform.

除了推動運營效率、提高性能和範圍以及簡化生產的創新之外，我們開發團隊的核心重點。我們在 R1 中所做的大部分工作，包括 Enduro 驅動單元、簡化的網絡架構以及更新的傳感器組和計算，都直接轉化為我們的 R2 平台。

We are utilizing R1 to help capture and drive earnings to ensure a smooth ramp of R2. This alignment of technical road maps between R1 and R2 will help further drive long-term cost efficiencies. Finally, we continue to progress the purchase process and service experience.

我們正在利用 R1 來幫助獲取和推動收益，以確保 R2 的平穩增長。 R1 和 R2 之間的技術路線圖對齊將有助於進一步推動長期成本效率。最後，我們繼續推進購買流程和服務體驗。

This year, we expect to grow our physical go-to-market infrastructure, including our mobile and physical service footprint, charging through or Rivian Adventure Network and Rivian Spaces. Further, we plan to increase engagement with our preorder customers and drive additional demand by expanding our demo drive program, offering more opportunities for potential customers to experience Rivian vehicle.

今年，我們希望擴大我們的實體上市基礎設施，包括我們的移動和實體服務足跡，通過 Rivian Adventure Network 和 Rivian Spaces 充電。此外，我們計劃通過擴大我們的試駕計劃來增加與預購客戶的互動並推動更多需求，為潛在客戶提供更多體驗 Rivian 車輛的機會。

Overall, the progress we're making against our core value drivers of ramping production, driving costs down, developing new technologies and platforms and enhancing customer experience positions us well to continue executing on our goals for the remainder of the year as well as into 2024.

總體而言，我們在提高產量、降低成本、開發新技術和平台以及增強客戶體驗等核心價值驅動因素方面取得的進展使我們能夠在今年剩餘時間和 2024 年繼續執行我們的目標.

With that, I'll pass the call over to Claire for more details on our financial and operating performance for Q1.

有了這個，我會把電話轉給克萊爾，了解我們第一季度財務和運營業績的更多細節。

Thanks, RJ. The team's achievements during Q1 established an important base of new technologies that will benefit Rivian for quarters to come through greater material cost reduction, enhanced range efficiency and access to additional market segments. Technologies such as Enduro and LFP are critical to achieve our long-term target cost structure across current vehicle platforms as well as R2.

謝謝，RJ。該團隊在第一季度取得的成就為新技術奠定了重要基礎，這將使 Rivian 在幾個季度內受益，通過更大程度地降低材料成本、提高航程效率和進入更多細分市場。 Enduro 和 LFP 等技術對於實現我們當前車輛平台和 R2 的長期目標成本結構至關重要。

Turning to our first quarter results. we produced 9,395 vehicles and delivered 7,946 vehicles, which was the primary driver of the $661 million of revenue we generated. During 2022, we took measures to drive greater efficiency, which remains our focus for 2023. Compared to our fourth quarter of 2022, Q1 gross profit per alert vehicle improved 46%. Cash SG&A expenses were relative flat, while cash R&D increased slightly, primarily due to restructuring expenses. Total gross profit for the quarter was negative $535 million, which was impacted by a net charge for LCNRV write-downs on inventory and losses on firm purchase commitments.

轉向我們的第一季度業績。我們生產了 9,395 輛汽車並交付了 7,946 輛汽車，這是我們產生的 6.61 億美元收入的主要驅動力。 2022 年，我們採取措施提高效率，這仍然是我們 2023 年的重點。與 2022 年第四季度相比，第一季度每輛警報車輛的毛利潤提高了 46%。現金 SG&A 費用相對持平，而現金研發費用略有增加，這主要是由於重組費用。本季度總毛利潤為負 5.35 億美元，這是受到 LCNRV 庫存減記淨費用和堅定採購承諾損失的影響。

The cumulative inventory write-downs and losses on firm purchase commitments of $822 million is comprised of $561 million of write-downs related to inventory on hand, and $261 million of losses on firm purchase commitments. Given we are now in a new fiscal year, the LCNRV charge of $229 million, you will see on our statement of cash flows is reflected of the charge on new inventory purchased and firm purchase commitments entered into in Q1.

8.22 億美元的累計庫存減記和確定採購承諾損失包括 5.61 億美元的手頭庫存減記和 2.61 億美元的確定採購承諾損失。鑑於我們現在處於新的財政年度，您將在我們的現金流量表中看到 2.29 億美元的 LCNRV 費用反映了第一季度購買的新庫存和確定的採購承諾的費用。

The cumulative LCNRV and firm purchase commitments of $822 million represents a $98 million decrease versus the prior quarter due primarily to significant reductions in material costs for the EDV and an increase in average selling price for our R1 vehicles.

累計 LCNRV 和確定購買承諾為 8.22 億美元，較上一季度減少 9800 萬美元，這主要是由於 EDV 的材料成本大幅降低以及我們的 R1 車輛平均售價上漲。

As the cumulative LCNRV inventory write-down decreases, we expect to see an increase in net inventory balances and over time, a net decrease in cost of goods sold per vehicle. We forecast reaching positive gross profit in 2024 and therefore, expects by the end of 2024, we will no longer have material LCNRV inventory charges and losses on firm purchase commitments associated with our production at our Normal plant.

隨著累計 LCNRV 庫存減記減少，我們預計淨庫存餘額將增加，並且隨著時間的推移，每輛車的銷售成本將淨減少。我們預計 2024 年將實現正毛利潤，因此預計到 2024 年底，我們將不再有與正常工廠生產相關的重大 LCNRV 庫存費用和堅定採購承諾的損失。

Total operating expenses in the first quarter of 2023 fell to $898 million, as compared to $1.1 billion in the same period last year. The primary driver of the reduction in operating expenses was related to decreases in stock-based compensation. We continue to prioritize investments in our core and vehicle technologies and customer experience while also driving additional focus and cost optimization across the business.

2023 年第一季度的總運營費用下降至 8.98 億美元，而去年同期為 11 億美元。運營費用減少的主要驅動力與股票薪酬的減少有關。我們繼續優先投資於我們的核心和車輛技術以及客戶體驗，同時也在整個業務中推動額外的關注和成本優化。

Adjusted EBITDA for the first quarter of 2023 was negative $1.1 billion as compared to negative $1.1 billion for the same period last year. Capital expenditures were $283 million in Q1 of 2023 as compared to $418 million during the same period last year. We ended the first quarter of 2023 with [$11.8 billion] in cash, cash equivalents and restricted cash.

2023 年第一季度調整後的 EBITDA 為負 11 億美元，而去年同期為負 11 億美元。 2023 年第一季度的資本支出為 2.83 億美元，而去年同期為 4.18 億美元。截至 2023 年第一季度，我們擁有 [118 億美元] 現金、現金等價物和受限制現金。

Importantly, during the quarter, we took steps to reinforce our robust liquidity position. Maintaining a strong balance sheet is a key priority. It provides a buffer during volatile industry conditions and mitigates risk while scaling significant growth capital projects. It also allows us to focus on delivering against our long-term growth plans, including the path to positive gross profit in 2024 as well as the launch of R2.

重要的是，在本季度，我們採取措施加強我們穩健的流動性狀況。維持穩健的資產負債表是重中之重。它在動蕩的行業條件下提供緩衝，並在擴大重大增長資本項目的同時降低風險。它還使我們能夠專注於實現我們的長期增長計劃，包括在 2024 年實現正毛利潤的途徑以及 R2 的推出。

During the first quarter of 2023, we issued green convertible senior notes due in 2029, which generated proceeds of approximately $1.5 billion. In mid-April, we announced an amendment to our asset-based revolving credit facility, which doubles the available revolving commitments to $1.5 billion extends the maturity to 2028, improved borrowing availability by more efficient lending on some current assets and increases our permitted indebtedness provisions to expand debt capacity.

2023 年第一季度，我們發行了 2029 年到期的綠色可轉換優先票據，產生了約 15 億美元的收益。 4 月中旬，我們宣布對基於資產的循環信貸安排進行修訂，將可用循環承諾增加一倍至 15 億美元，將到期日延長至 2028 年，通過對某些流動資產進行更有效的貸款來提高借貸可用性，並增加我們允許的債務準備金擴大舉債能力。

In aggregate, these transactions have increased Rivian's liquidity profile by over $2.4 billion, provide debt maturity beyond the launch of R2 and are reflective of our diversified approach to funding the business. We remain confident that our cash can fund operations through 2025 and believe with these recent additions, we have strengthened our balance sheet as we approach the launch of R2 in 2026.

總的來說，這些交易使 Rivian 的流動性狀況增加了超過 24 億美元，提供了 R2 推出後的債務到期日，並反映了我們為業務提供資金的多元化方法。我們仍然相信我們的現金可以為 2025 年之前的運營提供資金，並且相信隨著最近的這些增加，我們在接近 2026 年推出 R2 時加強了資產負債表。

I also want to take this opportunity to reiterate our gross profit bridge from Q1 2023 to Q4 2024. We continue to target positive gross profit in 2024. Excluding the impact of LCNRV and firm purchase commitments, we expect approximately half of the improvement will be driven by greater volume and utilization of our installed capacity.

我還想藉此機會重申我們從 2023 年第一季度到 2024 年第四季度的毛利橋樑。我們繼續以 2024 年的正毛利為目標。排除 LCNRV 和堅定購買承諾的影響，我們預計大約一半的改善將被推動通過更大的數量和我們的裝機容量的利用率。

Our 2023 production guidance of 50,000 units implies a doubling of capacity utilization, which will result in significantly lower fixed cost per vehicle, and we expect production volumes to increase further in 2024. The remaining half is split between increases in average selling prices and material cost reduction.

我們 2023 年 50,000 輛的生產指導意味著產能利用率將翻一番，這將導致每輛車的固定成本顯著降低，我們預計 2024 年產量將進一步增加。剩下的一半由平均售價和材料成本的增加來分攤減少。

Lower material costs will be enabled by the integration of new technologies such as Enduro and LFP battery packs which delivered about a 25% material cost reduction for our commercial vehicles in Q1 versus Q4. In addition to the engineering design-driven cost reductions we also expect to realize commercial cost savings as we negotiate with our suppliers.

Enduro 和 LFP 電池組等新技術的集成將降低材料成本，與第四季度相比，第一季度我們的商用車材料成本降低了約 25%。除了工程設計驅動的成本降低外，我們還希望在與供應商談判時實現商業成本節約。

The increase in average selling prices is based upon the gradual improvements we expect to achieve as we complete the fulfillment of our pre-March 2022 preorder base as well as the introduction of new technologies that produced improved performance and capabilities. While gross margin is expected to remain negative in 2023, Q1 represented significant progress versus Q4 2022 with gross profit loss per delivered vehicle nearly cut in half.

平均售價的上漲是基於我們在完成 2022 年 3 月前的預訂基礎以及引入可提高性能和功能的新技術時預期實現的逐步改進。雖然預計 2023 年毛利率仍為負，但與 2022 年第四季度相比，第一季度取得了重大進展，每輛交付車輛的毛利潤損失幾乎減少了一半。

This was due to cost of goods sold improvements and higher average selling prices. During the first quarter of 2023, cost of goods sold benefited from lower LCNRV, freight and material costs versus Q4 2022. While performance for any particular quarter may vary, we expect these trends to persist throughout 2023.

這是由於商品銷售成本的改善和更高的平均售價。在 2023 年第一季度，與 2022 年第四季度相比，LCNRV、運費和材料成本較低，從而使銷售成本受益。雖然任何特定季度的表現可能會有所不同，但我們預計這些趨勢將持續到 2023 年。

We are reaffirming all aspects of our 2023 guidance. Most notably, we are reaffirming 2023 total vehicle production of 50,000 units and 2023 EBITDA guidance of negative $4.3 billion which represents an improvement of $900 million versus 2022. Additionally, we expect capital expenditures for 2023 will be $2 billion.

我們重申 2023 年指南的所有方面。最值得注意的是，我們重申 2023 年的汽車總產量為 50,000 輛，2023 年的 EBITDA 指引為負 43 億美元，與 2022 年相比增加了 9 億美元。此外，我們預計 2023 年的資本支出將為 20 億美元。

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 margin target.

最後，我想重申我們對長期財務目標的信心。我們看到了實現大約 25% 的毛利率目標、高青少年 EBITDA 利潤率目標和大約 10% 的自由現金流利潤率目標的明確途徑。

With that, let me turn the call back over to the operator to open the line up for Q&A.

有了這個，讓我把電話轉回接線員以打開問答隊列。

(Operator Instructions) Now first question coming from the line of John Murphy with Bank of America.

（操作員說明）現在第一個問題來自美國銀行的 John Murphy。

Just wanted to ask a first question on pricing. I mean, RJ, sort of your entire strategy, you've kind of looked at the lifetime revenue opportunity of the vehicle and really thought about that in a holistic way. And I think I have a pretty good view of that.

只想問第一個關於定價的問題。我的意思是，RJ，在你的整個戰略中，你已經審視了車輛的終身收入機會，並真正從整體上考慮了這一點。我認為我對此有很好的看法。

There are some folks that are taking that view and saying, hey, listen, I can cut my upfront price on the vehicle and not make that much money on it and make up the profitability on the back end from that lifetime revenue and profit opportunity. I'm just curious, as you think about the company and the strategy and the philosophy of running it, if you would ever think of embracing something like that.

有些人持這種觀點並說，嘿，聽著，我可以降低車輛的前期價格，而不是賺那麼多錢，並從終生收入和利潤機會中彌補後端的盈利能力。我只是很好奇，當你思考公司及其戰略和經營理念時，你是否會考慮擁抱這樣的事情。

And then maybe as a sort of a second part of that question, you're talking about raising pricing. So you're kind of going in the opposite direction. How should we think about the cadence of the roll-off of the pre-March '22 preorders that had the price protection?

然後也許作為這個問題的第二部分，你在談論提高價格。所以你有點走向相反的方向。我們應該如何考慮具有價格保護的 22 年 3 月前預購訂單的推出節奏？

Thanks, John. It's -- these are, I think, really relevant questions here for us as we think about the pricing of vehicles. In the case of R1, this is our flagship product. So from a flagship product point of view, we've introduced with what we call a large pack and with our quad motor. And over the course over the next several months, we're going to be launching our Max pack, which introduces a higher price variances R1, and we will also be introducing our dual motor with Enduro drive unit, which introduces our entry configuration.

謝謝，約翰。這是 - 我認為，當我們考慮車輛定價時，這些問題對我們來說真的很重要。就 R1 而言，這是我們的旗艦產品。因此，從旗艦產品的角度來看，我們推出了所謂的大包裝和四電機。在接下來幾個月的過程中，我們將推出我們的 Max 包，它引入了更高的價格差異 R1，我們還將推出我們的雙電機和 Enduro 驅動單元，它引入了我們的入門配置。

And so we're both going to be growing pricing on some variants, but also offering some of our lower price variants at the same time. And for us, really important with that is giving customers and we see this, the data, giving customers what they're looking for. And a significant portion of our customers are looking for the best of the best when it comes to R1 platform in terms of wanting to get the maximum range and maximum performance.

因此，我們都將提高某些變體的價格，但同時也會提供一些價格較低的變體。對我們來說，真正重要的是為客戶提供數據，我們看到了這一點，數據為客戶提供了他們正在尋找的東西。在 R1 平台方面，我們的很大一部分客戶都在尋找最好的，因為他們希望獲得最大的範圍和最大的性能。

And so we are really looking forward to getting the Max pack out there, and that will contribute to growing ASP. But as you said, the other element is the growth in post March 1 orders, or as Claire noted, the pre-March 1 orders have a lower price. And as we start to come off of those orders and into newer orders, that's going to naturally start to shift pricing up.

因此，我們非常期待推出 Max 包，這將有助於提高 ASP。但正如您所說，另一個因素是 3 月 1 日之後訂單的增長，或者正如克萊爾指出的那樣，3 月 1 日之前的訂單價格較低。當我們開始擺脫這些訂單並進入新訂單時，這將自然而然地開始提高定價。

We're already seeing that in Q1 of this year. So those 2 together give us a lot of confidence in ASP growing over time for the R1 platform. Now more broadly as we think about the business in terms of revenue opportunities beyond the initial sale. This is something we also believe strongly and it's driving a lot of the investment we're making into our technology platforms, of course, around not only our full software stack, but importantly, and what we're building with autonomy.

我們已經在今年第一季度看到了這一點。因此，這 2 個一起讓我們對 R1 平台的 ASP 隨著時間的推移而增長充滿信心。現在更廣泛地說，我們根據初始銷售以外的收入機會來考慮業務。這也是我們堅信的事情，它推動了我們對技術平台的大量投資，當然，不僅圍繞我們的完整軟件堆棧，而且重要的是，以及我們正在構建的自主性。

And as I noted in my opening comments, a lot of work is underway right now in our next-generation platform for new sensor set, updated sensors, I should say, as well as updated compute, which will allow us, as we look at future variants and future products to really overdeliver when it comes to the Level 2, Level 3 self-driving feature set and enable our ability to monetize that as well.

正如我在開場評論中指出的那樣，我們的下一代平台目前正在進行大量工作，用於新的傳感器組、更新的傳感器，我應該說，以及更新的計算，這將使我們能夠看到當涉及到 2 級、3 級自動駕駛功能集時，未來的變體和未來產品將真正超額交付，並使我們能夠將其貨幣化。

So that we certainly see as part of the business in the long term. And above and beyond self-driving, there are other opportunities to create meaningful recurring revenue. And some of those, we've started to launch and initiated already with our insurance product, with some of the financing products that we have. So we do see the business, as you pointed out, very holistically across the life cycle of the products.

因此，從長遠來看，我們當然會將其視為業務的一部分。除了自動駕駛之外，還有其他機會可以創造有意義的經常性收入。其中一些，我們已經開始推出並啟動了我們的保險產品，以及我們擁有的一些融資產品。因此，正如您所指出的，我們確實在產品的整個生命週期中非常全面地看待業務。

Just to follow-up, RJ, you would never cut price on the front end to drive the hardware sale to get the profit back over time on sort of the software and services side over time. You believe you need to earn adequate margins and returns on the front end, even though you have this opportunity in the back end. Is that a fair statement?

只是為了跟進，RJ，你永遠不會降低前端的價格來推動硬件銷售，隨著時間的推移在軟件和服務方面獲得利潤。你相信你需要在前端賺取足夠的利潤和回報，即使你在後端有這個機會。這是一個公平的說法嗎？

For us with the R1 platform, this -- our strategy isn't to -- certainly have been to do that. But longer term, as the business evolves, we've -- and I'm sure we'll talk about this today in the Q&A portion. We're putting a tremendous amount of focus on driving cost efficiencies into R2 platform.

對於使用 R1 平台的我們來說，這——我們的戰略不是——當然是這樣做。但從長遠來看，隨著業務的發展，我們已經 - 我相信我們今天會在問答部分討論這個問題。我們將大量精力放在提高 R2 平台的成本效率上。

That's how the vehicle is architected. That's how we're looking at part consolidation. It's how we're thinking about everything from network architecture to ECU topology across the vehicle to drive cost efficiencies to facilitate obviously, a much lower-priced vehicle but also to give us flexibility in the long term to look at different revenue streams and different revenue opportunities.

這就是車輛的設計方式。這就是我們看待零件整合的方式。這就是我們如何考慮從網絡架構到整個車輛的 ECU 拓撲的一切，以提高成本效率，以明顯促進價格低得多的車輛，同時也讓我們在長期內靈活地看待不同的收入流和不同的收入機會。

But as it stands on R1, as I reiterate at the start, we do see ASP continuing to expand and grow both because of -- we're pulling a new post-March 1 customers as well as the expanded number of offerings that bring in things like Max pack and certainly, we will be continuing to the feature set to allow us to fully access customer demand.

但就 R1 而言，正如我在開始時重申的那樣，我們確實看到 ASP 繼續擴大和增長，因為 - 我們正在吸引新的 3 月 1 日後客戶以及帶來更多產品的數量像 Max pack 這樣的東西，當然，我們將繼續使用功能集，讓我們能夠充分滿足客戶的需求。

Okay. And if I could just ask 1 follow-up here on the virtual factory technologies that you used for the Enduro motor launch. Can you just kind of explain what that actually means? And how you can use that in the future and how much that saves you in the launch process as far as time and money?

好的。如果我可以在這裡就您用於 Enduro 發動機發布的虛擬工廠技術提出 1 個後續問題。你能解釋一下這到底意味著什麼嗎？以及您將來如何使用它以及在啟動過程中為您節省了多少時間和金錢？

Yes, this is an important development. Our team has been working hard, and it's Enduro represents for us really the sort of a full embodiment of what we believe we're capable of in terms of both product engineering as well as our manufacturing engineering teams and the close integration between those teams led to a lot of innovations, which we've talked about in previous calls, in terms of part consolidation and part -- or overall design simplification.

是的，這是一個重要的發展。我們的團隊一直在努力工作，Enduro 真正代表了我們認為我們在產品工程和製造工程團隊以及這些團隊之間的緊密結合方面的能力的完整體現到我們在之前的電話會議中討論過的許多創新，包括零件整合和零件 - 或整體設計簡化。

But what's not necessarily seen in the product is how we're manufacturing it and the bring up of this line has gone very smoothly. It's ahead of schedule. We're actually ahead of our ramp curve, which is a great thing. But a lot of that's been facilitated by really careful planning from the teams but also what I referred to in the opening comments, we've developed a platform that allows us to very seamlessly bring up all the PLCs, all the controllers and all the robotics and the equipment associated with that much more seamlessly by creating effectively an extraction layer that we control from a plant software point of view. And we can access equipment much more seamlessly and we can bring up the equipment much more seamlessly than when we're working through a variety of third-party platforms to do those things.

但是在產品中不一定能看到我們是如何製造它的，而且這條生產線的推出非常順利。它提前了。我們實際上領先於我們的斜坡曲線，這是一件好事。但其中很多都是通過團隊非常仔細的計劃以及我在開場評論中提到的，我們開發了一個平台，使我們能夠非常無縫地調出所有 PLC、所有控制器和所有機器人通過有效地創建我們從工廠軟件的角度控制的提取層，以及與之相關的設備更加無縫。與我們通過各種第三方平台來做這些事情相比，我們可以更無縫地訪問設備，也可以更無縫地調出設備。

And our next question coming from the line of Adam Jonas with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Adam Jonas。

So my first question is for Frank. You're coming up on 1 year at the company as COO. When you think about the next 12 months, where do you see the greatest opportunity to improve efficiency at Normal? And what would you point out as the greatest risk to execution from here?

所以我的第一個問題是給弗蘭克的。你即將在公司擔任首席運營官 1 年。當您考慮接下來的 12 個月時，您認為 Normal 提高效率的最大機會在哪裡？您認為從這裡執行的最大風險是什麼？

Yes. Thanks, Adam, for the question. I mean my priority, certainly for the next 12 months is to continue focusing on the ramp-up in Normal, certainly driving down the cost, as RJ and Claire already mentioned, and certainly also already preparing the ramp-up of our R2 platform. And this is, I think, will give us a competitive advantage as we are already as a team, jointly together with Nick, working on the next generation R2 and really preparing that. And you've seen we've already, in the last few months shown that we are in line with the expectation on the Q1 production numbers, and we really anticipate continuing the ramp-up of the R1 line.

是的。亞當，謝謝你提出這個問題。我的意思是，在接下來的 12 個月裡，我的首要任務當然是繼續專注於 Normal 的升級，肯定會降低成本，正如 RJ 和 Claire 已經提到的那樣，當然也已經準備好 R2 平台的升級。我認為，這將給我們帶來競爭優勢，因為我們已經作為一個團隊，與尼克一起，致力於下一代 R2 並真正做好準備。你已經看到，在過去的幾個月裡，我們已經表明我們符合對第一季度生產數量的預期，我們真的預計會繼續增加 R1 生產線。

And we will really see in the second half of this year that we should see the numbers being really close to our installed capacity. Again, on the cost initiative, yes, I mean we still see a significant gap on what we should be paying our suppliers and what we're currently paying. So what we have done in the last few months is starting to engage the discussions with every single supplier and to show them the gap, and we're working on closing the gap within the next few months. So this is really my priority. I think we have a great plan in place. So right now, for me, it's literally just executing the plan that we put together as a team.

我們將在今年下半年真正看到，我們應該看到這些數字非常接近我們的裝機容量。同樣，在成本計劃方面，是的，我的意思是我們仍然看到我們應該向供應商支付的費用與我們目前支付的費用之間存在顯著差距。因此，我們在過去幾個月所做的是開始與每個供應商進行討論並向他們展示差距，我們正在努力在接下來的幾個月內縮小差距。所以這真的是我的首要任務。我認為我們有一個很好的計劃。所以現在，對我來說，它實際上只是在執行我們作為一個團隊制定的計劃。

And RJ, just a follow-up for you. Now that you've been released some exclusivity on the EDV. Are you able to provide any update on status of discussions with other commercial customers at a high level in the last few months?

RJ，只是你的後續行動。既然您已經獲得了 EDV 的一些獨家經營權。您能否提供過去幾個月與其他商業客戶高層討論的最新狀態？

Thanks, Adam. We're, at this point, continue to focus from a production point of view on really the single customer with Amazon. And in terms of looking beyond the exclusivity into other customers, we do see a broad set of needs in the commercial space. And as you all know, these are long lead time discussions and negotiations, especially for some of these larger contracts.

謝謝，亞當。在這一點上，我們繼續從生產的角度關注亞馬遜真正的單一客戶。就排他性以外的其他客戶而言，我們確實看到了商業領域的廣泛需求。眾所周知，這些都是長時間的討論和談判，尤其是對於其中一些較大的合同。

So those have been underway for some time now and certainly play into the long-term plan for the platform, and it's been something we've been working very closely with Amazon on to allow us to pursue these other (inaudible) customers as quickly as possible.

所以這些已經進行了一段時間，並且肯定會影響該平台的長期計劃，並且我們一直在與亞馬遜密切合作，讓我們能夠盡快吸引這些其他（聽不清）客戶可能的。

And our next question coming from the line George Gianarikas with Canaccord.

我們的下一個問題來自 George Gianarikas 和 Canaccord 的台詞。

I was wondering if you could help us understand a little bit with a little more granularity, some of the leverage you could have to EV commodity prices coming in, you'd mentioned in the past that your contracts from 2018, 2019 are expiring. Any additional color would be greatly appreciated.

我想知道你是否可以幫助我們更詳細地了解一些你可能對 EV 商品價格產生的槓桿作用，你過去曾提到你 2018 年、2019 年的合同即將到期。任何額外的顏色將不勝感激。

This is important. Frank referenced it a bit in his previous comment, but a lot of our -- the vast majority of our bill of materials from when we started production, were negotiated in contracts in the 2018, 2019 time frame. So that was a few years before we started production.

這個很重要。弗蘭克在他之前的評論中提到了一點，但我們的很多——我們開始生產時的絕大部分材料清單，都是在 2018 年、2019 年的時間框架內通過合同談判的。所以那是我們開始生產之前的幾年。

Certainly, we didn't have the negotiating leverage that we have today. And as we wind the clock forward through to today, the level of excitement and engagement that we have from suppliers is -- it's absolutely night and day. So there's a tremendous amount of passion to drive towards -- help us drive towards profitability.

當然，我們沒有今天這樣的談判籌碼。當我們將時鐘撥快到今天時，我們從供應商那裡得到的興奮和參與程度是 - 這絕對是白天和黑夜。因此，有巨大的熱情可以推動 - 幫助我們推動盈利。

Really, as the suppliers see us as a significant partner going forward and are excited not just about R1, but are certainly very excited about the R2 platform as well. So as Frank talked about, these are negotiations that are happening real time, and we're working closely with our partners to find appropriate cost down paths to achieve our targets and to achieve the long-term profitability on R1 but also to set up the relationships to be profitable very rapidly in R2.

真的，因為供應商將我們視為未來的重要合作夥伴，並且不僅對 R1 感到興奮，而且對 R2 平台當然也非常興奮。因此，正如 Frank 所說，這些是實時進行的談判，我們正在與我們的合作夥伴密切合作，尋找適當的降低成本的途徑，以實現我們的目標並實現 R1 的長期盈利能力，同時建立關係在 R2 中非常迅速地獲利。

As a follow-up, asking for a friend, any curious on timing for the Max pack curation for the R1 platform?

作為後續，詢問朋友，對R1平台的Max pack curation時間有好奇嗎？

Yes. My gut has been asking me that a lot lately, too. So I think there's a tremendous amount of excitement for the Max pack and we are working very hard to bring that forward. I think as I noted at the beginning, it certainly also helps us grow. So there's a lot of reasons in addition to your friend and my dad satisfaction of pulling Max pack in as quickly as possible.

是的。我的直覺最近也經常問我這個問題。所以我認為 Max 包令人興奮不已，我們正在努力推動它的發展。我認為正如我在開始時指出的那樣，它當然也有助於我們成長。因此，除了您的朋友和我父親對盡快將 Max pack 拉進來感到滿意之外，還有很多原因。

And our next question coming from the line of Rod Lache with Wolfe Research.

我們的下一個問題來自 Rod Lache 與 Wolfe Research 的合作。

I know that you are not talking about backlog anymore on the consumer side, but I was hoping, RJ, you might be able to just give us some color, first of all, on what you're seeing in terms of demand trends on that side of the business?

我知道你不再談論消費者方面的積壓，但我希望，RJ，你可以給我們一些顏色，首先，關於你在需求趨勢方面看到的情況業務方面？

Sure. Thanks, Rod. Well, backlog still extends well into 2024. I think important to note here is just the engagement we have with customers and the level of satisfaction that our early customers the first 35,000-or-so customers are having really creates a powerful flywheel where our biggest, and I would say, most important advocates are the buyers of our vehicles.

當然。謝謝，羅德。好吧，積壓訂單仍會延續到 2024 年。我認為這裡需要注意的重要一點是我們與客戶的互動以及我們的早期客戶以及前 35,000 名左右的客戶所擁有的滿意度確實創造了一個強大的飛輪，我們最大的飛輪，我想說，最重要的擁護者是我們車輛的購買者。

And so with that said, we continue to see that through the online forms. We see that through the communities that are performing, and we even see that through third-party recognition. J.D. Power had us awarded with the highest level of customer satisfaction of any vehicle in the 2023 ratings, which was great, and it's really reflective of the brand. We're working so hard to build, but also the experiences we're trying to create across the full life cycle of the ownership experience.

因此，我們繼續通過在線表格看到這一點。我們通過正在執行的社區看到了這一點，我們甚至通過第三方認可看到了這一點。 J.D. Power 讓我們在 2023 年評級中獲得了所有車輛中最高級別的客戶滿意度，這很棒，而且它確實反映了品牌。我們正在努力打造，但我們也在努力打造貫穿所有權體驗的整個生命週期的體驗。

Now with that said, the work that we're going to continue to do over the course of this year will, and I noted this earlier, will help us expand brand visibility and brand awareness. So the additional physical spaces that we're building out, the sales infrastructure or service infrastructure that we're building out will continue to contribute to that, that growing flywheel of awareness and growing flywheel of demand.

話雖如此，我們將在今年繼續做的工作，我之前提到過，將幫助我們擴大品牌知名度和品牌知名度。因此，我們正在建設的額外物理空間、我們正在建設的銷售基礎設施或服務基礎設施將繼續為此做出貢獻，即不斷增長的意識飛輪和不斷增長的需求飛輪。

Great. And Claire, I want to make sure that we're thinking about the underlying gross profit ex the LCNRV impact correctly? Because I think that we're seeing some signs of improvement here even with the downtime that you took and before -- probably before the impact of this the 25% decline in [BAM] on the RCV.

偉大的。克萊爾，我想確保我們正確地考慮了 LCNRV 影響之外的潛在毛利潤？因為我認為我們在這裡看到了一些改善的跡象，即使您經歷了停機時間和之前 - 可能在此之前 [BAM] 對 RCV 下降 25% 的影響。

In the past, you suggested that we look at the difference in the LCNRV charge, so that would be $98 million this quarter. So broad strokes, would you say that on the gross profit line and a clean run rate was a bit over $600 million loss on 8,000 units delivered versus $760 million or so on kind of similar delivery volume last quarter. And is that the run rate from which you're bridging to breakeven? Or you talked you were referring to the full year guidance?

過去，您建議我們查看 LCNRV 費用的差異，因此本季度為 9800 萬美元。這麼粗略地說，你會說在毛利潤線上和清潔運行率上，交付的 8,000 台設備損失超過 6 億美元，而上個季度類似的交付量為 7.6 億美元左右。這就是您要達到收支平衡的運行率嗎？或者你說你指的是全年指導？

Rod, that's correct. That's the run rate that we're working on. As I mentioned in my prepared remarks on the Q1 walk from current Q1 gross profit, excluding the impact of LCNRV to where we expect to be in Q4 of 2024. And as you rightfully noted, we saw a 17% improvement quarter-over-quarter and as we went from Q4 to Q1.

羅德，說得對。這就是我們正在研究的運行率。正如我在第一季度準備好的評論中提到的，從當前第一季度毛利潤（不包括 LCNRV 的影響）到我們預計 2024 年第四季度的水平。正如您正確指出的那樣，我們看到季度環比增長 17%當我們從第四季度走到第一季度時。

Okay. So it sounds like you're confirming that. And is your bridge -- are you sort of holding commodities somewhat flat in your -- in your guidance bridge? Or how do you sort of think about as we're seeing lithium carbonate hydroxide costs falling? What -- how are you sort of factoring that into your bridges at this point?

好的。所以聽起來你正在確認這一點。你的橋樑 - 你是否在你的指導橋樑中有點平坦地持有商品？或者，當我們看到氫氧化碳酸鋰成本下降時，您如何看待？什麼 - 你現在如何將其考慮到你的橋樑中？

Sure. The way I would characterize it is within the forecast guide to that Q4 2024, the expectations are for more of a normalized state of commodity costs. So we -- said another way, we haven't expected material reductions in commodity costs, even though we, in the course of the last quarter, have seen significant declines in the cost of lithium carbonate and lithium hydroxide as well. .

當然。我描述它的方式是在 2024 年第四季度的預測指南中，期望更多的是商品成本的正常化狀態。因此，我們 - 換句話說，我們預計商品成本不會大幅下降，儘管我們在上個季度看到碳酸鋰和氫氧化鋰的成本也大幅下降。 .

And our next question coming from the line of Alex Potter with Piper Sandler.

我們的下一個問題來自 Alex Potter 和 Piper Sandler 的台詞。

Great. So my first question is on the 25% reduction in the bill of materials as a result of the LFP pack and Enduro, which I think is an interesting data point. You expect something similar when you start rolling those technologies out with R1? And if that comes alongside a price hike, it seems like the impact on gross margin could be pretty material. I just don't know if it has such a big impact on the bill of materials for R1 as well.

偉大的。所以我的第一個問題是 LFP 包和 Enduro 使材料清單減少了 25%，我認為這是一個有趣的數據點。當您開始使用 R1 推出這些技術時，您期待類似的東西嗎？如果這與價格上漲同時發生，那麼對毛利率的影響似乎可能相當大。我只是不知道它是否對 R1 的材料清單也有如此大的影響。

Yes, Alex, thanks for the question. As Claire noted, we're excited to see the 25% reduction that we referenced starts to make its way into the numbers in Q2 as the EDV line comes back on, and we'll see those numbers in Q2.

是的，亞歷克斯，謝謝你的提問。正如 Claire 指出的那樣，我們很高興看到我們引用的 25% 的減少量開始進入第二季度的數字，因為 EDV 線重新啟動，我們將在第二季度看到這些數字。

But for R1, this is a really important development. It's part of a broader set of developments that when we talk about a lot of the R&D work on the innovation that we're driving, a big portion of this is focused on driving cost out, driving simplification of the product and I'd like to invite Nick just to talk a bit about some of the work that we're doing there, inclusive of Enduro, but there's a host of other work streams that we're going to start to see are come to light.

但對於 R1 來說，這是一個非常重要的發展。這是更廣泛的發展的一部分，當我們談論我們正在推動的創新的大量研發工作時，其中很大一部分集中在降低成本，推動產品簡化，我想邀請 Nick 談談我們在那裡所做的一些工作，包括 Enduro，但我們將開始看到許多其他工作流已經曝光。

Yes. Thanks, RJ. So the Enduro drive unit is a significantly less expensive product and diversifies our supply chain, which brings additional value. When we think about the EDV experience that we've been able to deliver on over the last quarter with the ramp of Enduro and the integration of LFP. And that 25% reduction is really impactful, and we expect to see something similar as in R1, as we look over the next couple of quarters in the beginning of next year.

是的。謝謝，RJ。因此，Enduro 驅動單元是一種價格低得多的產品，並使我們的供應鏈多樣化，從而帶來額外的價值。當我們考慮我們在上個季度通過 Enduro 的提升和 LFP 的集成能夠提供的 EDV 體驗時。減少 25% 確實很有影響，我們預計會看到與 R1 類似的情況，因為我們會在明年年初回顧接下來的幾個季度。

Okay. Great. Second question on CapEx. I saw that you maintained the $2 billion guidance, but that's a pretty -- that implies, I guess, a pretty material step up versus what you spent in Q1. So just wondering maybe a qualitatively and/or quantitatively, if you can talk through what that money is earmarked for in the back half? And if there's any potential to maybe defer some of that in order to protect the cash balance? .

好的。偉大的。關於資本支出的第二個問題。我看到你維持了 20 億美元的指導，但這是一個很好的 - 我想這意味著與你在第一季度的支出相比，這是一個相當實質性的進步。所以只是想知道也許是定性和/或定量的，如果你能談談這筆錢在後半部分的用途是什麼？是否有可能推遲其中一些以保護現金餘額？ .

Sure, Alex. As we think about the cadence of our CapEx, as you can imagine, with the $2 billion guide that we have, that implies significantly higher levels of CapEx over the remaining 3 quarters of the year. And for us, our expectation is we're going to make significant investments, predominantly in tooling as we think about some of the next-generation technologies that will start to be introduced throughout the course of 2023. And then importantly, as we've talked about in prior earnings calls before, throughout the course of 2024 as well.

當然，亞歷克斯。當我們考慮資本支出的節奏時，正如您可以想像的那樣，根據我們擁有的 20 億美元指南，這意味著今年剩餘 3 個季度的資本支出水平要高得多。對於我們來說，我們的期望是我們將進行重大投資，主要是在工具方面，因為我們考慮到一些將在 2023 年期間開始引入的下一代技術。然後重要的是，因為我們已經在之前的財報電話會議上也談到過，在整個 2024 年期間也是如此。

And so I would say that's one of the primary drivers of our CapEx spend. Beyond that, there's incremental payments associated with the commissioning and utilization of our Enduro line, where we have the lines fully running today, but all of that cash is not yet out the door at Rivian. And then beyond that, as RJ alluded to, continued build-out of our go-to-market infrastructure as we're building out incremental service centers, charging network, things of that nature as we continue to grow and scale the business in aggregate.

所以我想說這是我們資本支出支出的主要驅動因素之一。除此之外，還有與我們的 Enduro 生產線的調試和使用相關的增量付款，我們今天的生產線已全面運行，但所有這些現金尚未在 Rivian 運出。然後除此之外，正如 RJ 所暗示的那樣，隨著我們繼續發展和擴展業務，我們正在構建增量服務中心、充電網絡以及類似性質的東西，繼續構建我們的上市基礎設施.

Based off of your second part of your question on availability to defer CapEx, given the sort of lumpy nature of our CapEx deployment and spend, there certainly is some likelihood especially as we think about some of the Georgia CapEx and initiation that some of that could fall into 2024 relative to 2023.

根據你關於推遲資本支出可用性的問題的第二部分，考慮到我們資本支出部署和支出的那種塊狀性質，肯定有一些可能性，尤其是當我們考慮喬治亞州的一些資本支出和啟動時，其中一些可能相對於2023年落入2024年。

Our next question coming 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。

First I want to ask about the constraints at Normal. In the past, I think you said the largest constraint on production was on power semi. So just want to get a sense of where that stands. And we've heard about tightness on silicon carbide. I know you used both silicon carbide and IGBT, but how much is the tight silicon carbide supply still a challenge for you?

首先我想問一下師範的限制。過去，我想你說過對生產的最大限制是在 power semi 上。所以只想了解一下它的位置。我們聽說過碳化矽的密封性。我知道您同時使用了碳化矽和 IGBT，但碳化矽供應緊張對您來說仍然是一個挑戰嗎？

Thanks, Dan. One of the things we've sort of embedded in our comments here and that we should add some more color to is with the ramp of the Enduro drive unit, it doesn't -- it's not only providing us with a lower-cost propulsion platform, but it also helps us diversify our supply chain with regards to the power modules.

謝謝，丹。我們在這裡的評論中嵌入了一些東西，我們應該添加更多顏色的是 Enduro 驅動單元的斜坡，它沒有——它不僅為我們提供了更低成本的推進力平台，但它也幫助我們實現電源模塊供應鏈的多元化。

So bringing on additional suppliers of both silicon IGBT but also silicon carbide and that was very intentional. And we've designed the ramp-up of that such that it helps alleviate some of the constraints we have on our existing quad motor silicon carbide supply, which we've talked about in the past as being one of the major ramp constraints.

因此，引入更多的矽 IGBT 供應商和碳化矽供應商是有意為之的。我們設計了它的斜坡，這樣它有助於減輕我們對現有四電機碳化矽供應的一些限制，我們過去曾將其視為主要的斜坡限制之一。

This is also something that as we look forward into R2, we're spending a lot of time on to make sure that these constraints aren't there. And Nick's team in designing our next-generation inverters and power modules have spent a tremendous amount of effort to ensure that we really consider some of the long-term constraints that we see in this space.

這也是我們期待 R2 的事情，我們正在花費大量時間來確保不存在這些限制。 Nick 的團隊在設計我們的下一代逆變器和電源模塊時付出了巨大的努力，以確保我們真正考慮到我們在這個領域看到的一些長期限制。

I think the comments earlier about when we sourced a lot of the components for R1 are really relevant in power semis as well. The supply base for our original launch configuration was a relatively smaller set of players than who we're working with today for both silicon and silicon carbide. And as we move into Enduro, and we move into those larger, more mature suppliers, we build out that capacity today, and we build those relationships towards the future as we think about R2.

我認為之前關於我們何時為 R1 採購大量組件的評論在功率半成品中也確實相關。我們最初的發射配置的供應基礎是一組相對較小的參與者，而不是我們今天與硅和碳化矽合作的參與者。隨著我們進入 Enduro，我們進入那些更大、更成熟的供應商，我們今天建立了這種能力，並在我們考慮 R2 時建立了面向未來的關係。

So is it fair to say that as you're sort of addressing the silicon carbide issue in a variety of ways and then as this is addressed, your pace of production should increase dramatically, which is implied, I think, within your guidance in any case?

因此，可以公平地說，當你以各種方式解決碳化矽問題時，當這個問題得到解決時，你的生產速度應該會急劇增加，我認為，這暗示在你的任何指導中案件？

Yes, that's right.

恩，那就對了。

Okay. Great. Second question, and I think you've addressed this somewhat with Enduro and LFP, but wondering what other opportunities you have with vehicle to potentially decontent further or to help reduce the material costs? I know you've talked about working with suppliers to try to cut away some of the costs. But within the engineering of R1 itself, what other opportunities might there be t decontent to help improve the path to breakeven?

好的。偉大的。第二個問題，我認為您已經通過 Enduro 和 LFP 解決了這個問題，但想知道您還有哪些其他機會使用車輛來進一步降低滿意度或幫助降低材料成本？我知道您已經談到與供應商合作以試圖削減一些成本。但在 R1 本身的工程中，還有哪些其他機會可以幫助改善盈虧平衡路徑？

Yes. So Enduro and LFP are clearly big pieces of the puzzle. And I think we tend to talk about those because they're customer-facing. We're offering different range packs and different driving configurations. There's a lot of work that's also going on under the covers to make sure that we have continued cost reduction.

是的。所以 Enduro 和 LFP 顯然是拼圖中的重要部分。我認為我們傾向於談論這些，因為它們是面向客戶的。我們提供不同的範圍包和不同的駕駛配置。還有很多工作也在幕後進行，以確保我們繼續降低成本。

RJ has talked in the past about moving to a zonal architecture, which really has a significant impact on the number of ECUs in the vehicle. The complexity and cost of the harness. And those both have significant impacts with Frank in the factory on our ability to reduce labor content in the vehicles.

RJ 過去曾談到過轉向區域架構，這確實對車輛中的 ECU 數量產生了重大影響。線束的複雜性和成本。這些都對弗蘭克在工廠中對我們減少車輛勞動力含量的能力產生了重大影響。

We also are looking at a series of body manufacturing updates late this year, updates to joining technology and materials to help improve yield and lower cost. We have a new part of the Max pack and the large pack platform coming early next year that involves some significant changes to the battery structure that really pull out costs and again drive up manufacturability. So again, some of these are really customer-facing things, but -- our goal is to offer better value to customers. And then some of these things like the zonal architecture are success means nobody notices that we've made all these changes under the hood.

我們還在研究今年晚些時候的一系列車身製造更新，更新連接技術和材料以幫助提高產量和降低成本。我們將在明年初推出 Max pack 和大型 pack 平台的新部分，其中涉及對電池結構的一些重大改變，這些改變真正降低了成本並再次提高了可製造性。同樣，其中一些確實是面向客戶的事情，但是——我們的目標是為客戶提供更好的價值。然後，其中一些東西（例如區域架構）的成功意味著沒有人注意到我們已經在幕後進行了所有這些更改。

I think the other thing just to note, Nick referred to and I referred to it, the updates we're making to our network architecture really laid the groundwork for what we're doing with R2. And one of the benefits of developing the -- all the electronics in the vehicle and of course, the software stack in the vehicles.

我認為另一件事需要注意，Nick 和我都提到過，我們對網絡架構所做的更新確實為我們使用 R2 所做的工作奠定了基礎。開發汽車中的所有電子設備的好處之一，當然還有汽車中的軟件堆棧。

As we've now reached a level of maturity, we're consolidating a number of those ECUs and removing not only a lot of these ECUs from the vehicle while maintaining feature set, but also along with that, massively simplifying the vehicle harness. And all that work flows very naturally into R2, so we not only pay costs out of R1, but we derisk the launch of R2.

由於我們現在已經達到一定程度的成熟度，我們正在整合許多這樣的 ECU，不僅在保持功能集的同時從車輛中移除大量這些 ECU，而且還同時大幅簡化了車輛線束。所有這些工作都非常自然地流入 R2，因此我們不僅支付了 R1 的成本，而且還降低了 R2 推出的風險。

Our next question coming from the line of Vijay Rakesh with Mizuho Group.

我們的下一個問題來自瑞穗集團的 Vijay Rakesh。

Just a couple of quick questions. On the Enduro, dual motor Enduro and the LFP, what mix are you assuming of your shipments or deliveries will be on those as you ramp those to the year?

只是幾個簡單的問題。在 Enduro、雙電機 Enduro 和 LFP 上，你假設你的出貨量或交付量將在你增加到今年的時候是什麼組合？

In the case of our commercial vans, 100% of the commercial vans are moving to LFP pack configuration and the Enduro drive unit. As it pertains to the R1 platform, we expect a drivetrain level between what we call our origin, the quad motor and Enduro, the dual motor to be about a 50-50 split.

就我們的商用貨車而言，100% 的商用貨車正在轉向 LFP 套件配置和 Enduro 驅動單元。由於它與 R1 平台有關，我們預計我們稱之為起源的四電機和 Enduro 之間的動力傳動系統水平，雙電機大約是 50-50 的比例。

We have the flexibility within our production capabilities to flex that up or down some. But as you heard from myself and Frank earlier, the supply chain constraints around the power semis is really a key consideration and that flexibility of our production lines to respond to any supply constraints that may come up is really important.

我們在生產能力範圍內具有靈活性，可以將其提高或降低一些。但正如你之前從我自己和弗蘭克那裡聽到的那樣，圍繞功率半成品的供應鏈限制確實是一個關鍵考慮因素，我們的生產線能夠靈活應對可能出現的任何供應限制，這一點非常重要。

Now in the case of our R1 battery pack, we will be introducing what we call our standard pack, but that's going to be a little later than this year.

現在，就我們的 R1 電池組而言，我們將推出我們所謂的標準電池組，但這將比今年晚一些。

Got it. And on the -- you mentioned the higher ASP sales. Just wondering how that is ramping. Is all your deliveries post March first (inaudible) on the hire ASP vehicles or...

知道了。在 - 你提到了更高的 ASP 銷售額。只是想知道這是如何增加的。您的所有交付都是在 3 月 1 日之後（聽不清）使用租用的 ASP 車輛還是...

The pre-March 1 vehicles have a lower price point. And we're actively with every vehicle we deliver of those, we -- it's 1 less, and we start to work towards a growing mix of post-March 1 reservations improvers. So over the course of really the next year, we hope to work through those pre-March first quarters and get into newer post March 1, 2022 orders.

3 月 1 日之前的車輛價格較低。我們正在積極處理我們交付的每輛車，我們 - 它減少了 1，我們開始努力增加 3 月 1 日後預訂改進的組合。因此，在明年的整個過程中，我們希望完成 3 月前的第一季度，並獲得 2022 年 3 月 1 日之後的新訂單。

And our next question coming from the line of Gautam Narayan with RBC Capital.

我們的下一個問題來自 RBC Capital 的 Gautam Narayan。

Apologies if you answered this, just a quick question on the guidance, the EBITDA guidance. If I take the Q1 adjusted EBITDA and annualize it, I get a number that's only, I think, 6% below your full year guide. I know deliveries should probably ramp higher and you have these cost outs. Just curious as to maybe is there a quarterly cadence dynamic that's leading to that EBITDA guidance for the full year?

如果您回答了這個問題，我深表歉意，只是一個關於指南、EBITDA 指南的快速問題。如果我採用第一季度調整後的 EBITDA 並將其年化，我認為我得到的數字僅比您的全年指南低 6%。我知道交付量可能會增加，而且你有這些成本支出。只是好奇是否存在導致全年 EBITDA 指導的季度節奏動態？

Sure, Tom. As we think about the overall EBITDA cadence overall, it's driven by a couple of key factors. First and foremost, while we'll be improving our overall of goods sold per unit, we are still running at a loss position throughout the course of 2023.

當然，湯姆。當我們考慮整體 EBITDA 節奏時，它是由幾個關鍵因素驅動的。首先也是最重要的是，雖然我們將提高每單位商品的整體銷量，但在整個 2023 年期間，我們仍處於虧損狀態。

And so as we go throughout the course of the year this year, we'll see some variability, both in terms of how rapidly we're taking down the LCNRV charges throughout the course of the year, which is 1 factor as it pertains to our adjusted EBITDA that we'll be reporting.

因此，在我們今年全年的過程中，我們會看到一些變化，無論是在我們全年降低 LCNRV 費用的速度方面，這是一個因素，因為它與我們將報告的調整後的 EBITDA。

And then the other factor that we'll have as well is really as we think about sort of the 3 key drivers of ramp material costs at and ASP and this trajectory that we expect to see as we continuously improve on each of those core drivers as the year progresses on, but we'll be delivering greater volumes of vehicles albeit at lower loss positions as we continue to scale throughout the year.

然後，我們還將擁有的另一個因素實際上是我們考慮的坡道材料成本和 ASP 的 3 個關鍵驅動因素，以及我們期望看到的軌跡，因為我們不斷改進這些核心驅動因素中的每一個隨著時間的推移，我們將交付更多的車輛，儘管我們在全年繼續擴大規模，但損失較低。

Okay. And just kind of a high-level question. Wondering, I think for RJ, wondering how you think about the kind of long-term market opportunity for your consumer offering in light of what appears to be maybe increasing competition from legacy OEMs particularly in trucks and SUVs. Does that change kind of how you view the market opportunity longer term? Or do you view it as kind of different kind of world. I mean, certainly, these legacy OEMs are getting more competitive with -- specifically with EVs across these vehicles?

好的。這只是一個高級問題。想知道，我認為 RJ，想知道你如何考慮你的消費者產品的長期市場機會，因為傳統 OEM 的競爭似乎可能會加劇，特別是在卡車和 SUV 方面。從長遠來看，這是否會改變您對市場機會的看法？還是您將其視為一種不同的世界。我的意思是，當然，這些傳統的原始設備製造商正在變得越來越有競爭力——特別是在這些車輛的電動汽車上？

Yes. Thanks, Tom. Yes, today, with the R1 product, we're seeing demand relative to others that are in similar segments or similar price points, it's significantly outpacing sort of similarly priced vehicles. So at this price point, the R1 platforms, really the leader in terms of overall share.

是的。謝謝，湯姆。是的，今天，對於 R1 產品，我們看到相對於類似細分市場或類似價格點的其他產品的需求，它大大超過了類似價格的車輛。因此，在這個價位上，R1 平台在整體份額方面確實處於領先地位。

And that level of excitement and demand that we're seeing there is reflective of the way we've approached the brand and the features and the overall product design. And of course, we hope to carry that into much lower price point with the R2 platform. And the R2 platform, while it, we'll have a number of other players that are offering products that are in that price range of $40,000 to $50,000.

我們在那裡看到的那種興奮和需求反映了我們處理品牌、功能和整體產品設計的方式。當然，我們希望通過 R2 平台將其帶到更低的價格點。而 R2 平台，同時，我們將有許多其他玩家提供價格在 40,000 美元到 50,000 美元之間的產品。

The way we're thinking about it and the things we're excited about with regards to the product is just how unique we can make it in terms of capturing the core essence of everything we've shown with the flagship products, with a product that ultimately delivers on a high level of performance, both on and off road, a tremendous amount of capability and the ability to sort of enable and inspire folks to take the kinds of ventures where you need to fit your pets, your kids, your gear into the vehicle.

我們思考它的方式以及我們對產品感到興奮的事情就是我們可以在捕捉我們用旗艦產品展示的所有東西的核心本質方面讓它變得多麼獨特，用一個產品最終提供高水平的性能，無論是在公路上還是在公路上，巨大的能力和能力能夠激勵和激勵人們在你需要適合你的寵物，你的孩子，你的裝備的地方進行各種冒險進入車輛。

So we, of course, haven't shown R2 yet. We've all seen it. So we're -- we have asymmetric information on what it looks like and what it is. But I can say we have a tremendous amount of confidence around the product we're developing and how that not only fits our brand so nicely, but we think really provides an extension to the addressable market relative to what we've done with R1.

所以我們當然還沒有展示 R2。我們都看到了。所以我們 - 我們有關於它是什麼樣子和它是什麼的不對稱信息。但我可以說，我們對我們正在開發的產品充滿信心，它不僅非常適合我們的品牌，而且我們認為相對於我們對 R1 所做的工作，它確實為潛在市場提供了擴展。

Yes. I think quarter sorry, it's important as well to extend the vision of what we're doing well beyond the electric powertrain. -- legacy OEMs are moving in this direction, which is great for the overall mission. But we really do focus on that overall customer experience and what we can deliver with a combined hardware software platform.

是的。我認為四分之一抱歉，將我們正在做的事情的願景擴展到電動動力總成之外也很重要。 ——傳統原始設備製造商正在朝著這個方向發展，這對整體使命來說非常重要。但我們確實專注於整體客戶體驗以及我們可以通過組合的硬件軟件平台提供什麼。

The fact that we've been shipping a product for less than 2 years and influencer like Marcus Brown, he would say best SUV in the world. We have a software experience and overall customer experience that we're really proud of, and we think differentiates beyond just being an electric vehicle.

事實上，我們推出一款產品還不到 2 年，而像 Marcus Brown 這樣的影響者，他會說是世界上最好的 SUV。我們擁有真正引以為豪的軟件體驗和整體客戶體驗，我們認為差異化不僅僅是電動汽車。

I guess, relative today, we haven't really seen what the legacy OEMs have done yet, right? I mean a lot of these launches are still yet to come. 2024, specifically, we're going to see a couple more -- and then obviously, as we get further in the decade, that's what I was referring to. I mean today, obviously, it's not as robust, especially in the U.S., but in the coming years, you -- I would think that competition intensifies more. That's kind of what I was referring to.

我想，相對於今天，我們還沒有真正看到傳統 OEM 做了什麼，對吧？我的意思是很多這些發布還沒有到來。 2024 年，具體來說，我們將看到更多——然後顯然，隨著我們在這十年中走得更遠，這就是我所指的。我的意思是，很明顯，今天它沒有那麼強勁，尤其是在美國，但在未來幾年，你——我認為競爭會更加激烈。這就是我所指的。

I think the other thing to keep in mind and Nick references, is in the not-too-distant future, everything will be electric. So being electric alone isn't a sufficient differentiation point. It really ties into the -- ultimately what's the way the product comes together, the interplay between software, the electronics in the vehicle, of course, the dynamic performance of the vehicle, the packaging and the architecture of the vehicle. And Frank referred to and I referred to it, but how manufacturable the vehicle, which ultimately drives the cost structure for what we're building.

我認為另一件要記住的事情是尼克提到的，在不久的將來，一切都將是電動的。因此，僅靠電動並不是一個足夠的區分點。它確實與 - 最終產品組合在一起的方式，軟件之間的相互作用，車輛中的電子設備，當然還有車輛的動態性能，車輛的包裝和架構有關。弗蘭克提到了，我也提到了，但是車輛的可製造性如何，這最終會推動我們正在建造的產品的成本結構。

So given the significant change in the electrification offers, though, it does create new opportunities in terms of how we architect the vehicle, how we design the cost structure and then the types of driving dynamics and experiences that can be delivered.

因此，鑑於電氣化產品的重大變化，它確實在我們如何設計車輛、如何設計成本結構以及可以提供的駕駛動態和體驗類型方面創造了新的機會。

Our next question coming from the line of James Picariello with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 James Picariello。

I think the reception cut out for me. Can you hear me?

我認為招待會適合我。你能聽到我嗎？

We can, yes.

我們可以，是的。

Okay. I think this was asked, but I just want to clarify, you're given the 25% [bond] savings, it will be meaningful -- as we think about next year, what could the mix of your total R1 production be tied to LFP and Enduro, I imagine you have some visibility into that based on your reservations. And -- can you just remind us if there's going to be an impact to the lines as you integrate into our own LFP into R1 similar to what we saw for EDV this past quarter?

好的。我想有人問過這個問題，但我只是想澄清一下，你可以節省 25% [債券]，這將是有意義的——正如我們明年所考慮的那樣，你的 R1 總產量的組合可能與什麼有關LFP 和 Enduro，我想你根據你的保留對此有一些了解。而且——你能不能提醒我們，當你將我們自己的 LFP 集成到 R1 中時，是否會對生產線產生影響，就像我們在上個季度看到的 EDV 一樣？

As I referenced, we expect from an Enduro so the dual motor versus the quad motor on R1 to be roughly a 50-50 split. And in the case of commercial vans, 100% of those will be with the Enduro drive unit.

正如我所提到的，我們對 Enduro 的期望是雙電機與 R1 上的四電機大約是 50-50 的比例。對於商用貨車，其中 100% 將配備 Enduro 驅動裝置。

In terms of how we plan to ramp up R1 with Enduro, it's important to note that while we brought the EDV line down in Q1 for the integration of both Enduro and the LFP was also we were bringing up the Enduro line and the significant cost savings that, that propulsion package delivered really led us to make the decision to bring on EDV while we brought those lines up and ramped them.

就我們計劃如何使用 Enduro 提升 R1 而言，重要的是要注意，雖然我們在第一季度降低了 EDV 產品線以集成 Enduro 和 LFP，但我們也在提升 Enduro 產品線和顯著的成本節省那個，交付的推進包確實讓我們決定在我們把這些線調高並提高它們的同時引入 EDV。

I'd like to just invite Frank to have a few comments on the ramp of Enduro and how that now will soon be feeding R1 as well as EDV. And I referenced this before, but a big part of it beyond just plant software, beyond the equipment beyond the design of the product is also the operations and the team and how the team is working and how we've set up training and the programs around that.

我只想邀請 Frank 就 Enduro 的坡道以及現在如何很快為 R1 和 EDV 提供一些意見。我之前提到過這一點，但其中很大一部分不僅僅是工廠軟件，除了產品設計之外的設備，還有運營和團隊以及團隊的工作方式以及我們如何設置培訓和計劃圍繞那個。

Yes. Thanks, RJ. I mean, the Enduro ramp-up, we started production at the beginning of February and already exceeding our anticipated ramp-up curve. So from ramping up the Enduro, I don't see significant challenges ahead of us. And the differentiating factor between introducing EDV, the Enduro into the EDV versus R1 is that, on the EDV, we did shut down the line. And on R1, we plan on continuing producing the R1 while we are introducing the Enduro motors into the R1 product.

是的。謝謝，RJ。我的意思是，Enduro 的加速生產，我們在 2 月初開始生產，並且已經超過了我們預期的加速曲線。因此，從提高 Enduro 的速度來看，我看不到擺在我們面前的重大挑戰。將 EDV、Enduro 引入 EDV 與 R1 之間的區別在於，在 EDV 上，我們確實關閉了生產線。在 R1 上，我們計劃在將 Enduro 電機引入 R1 產品的同時繼續生產 R1。

We've already actually built several Enduro Motors into R1 just to really test the production, and it really works seamlessly. So I don't see a major impact on the ramp-up curve of the R1 as we introduce Enduro as a significant change to the R1 product.

我們實際上已經在 R1 中內置了幾個 Enduro Motors 來真正測試生產，它確實可以無縫運行。因此，當我們將 Enduro 作為對 R1 產品的重大改變引入時，我認為 R1 的上升曲線不會受到重大影響。

Yes. As Frank said, the 1 -- the Enduro has been we've introduced -- we've produced quite a few, and we're bleeding -- blending those into the line for R1. I can I've been driving an Enduro R1S now for the past month, and it's really incredible. I can't wait for customers to get their hands on it. So as Frank said, the risk around the Enduro bring up and R1 is really well managed and we've been very intentional around how we've ramped that line and how we plan the integration of Enduro into R1.

是的。正如 Frank 所說，1——我們已經推出了 Enduro——我們已經生產了很多，而且我們正在流血——將它們混合到 R1 的產品線中。我可以在過去的一個月裡一直在駕駛 Enduro R1S，這真的令人難以置信。我迫不及待地想讓顧客親手操作它。因此，正如 Frank 所說，圍繞 Enduro 和 R1 的風險確實得到了很好的管理，我們一直非常有意識地圍繞著我們如何提高這條線以及我們如何計劃將 Enduro 集成到 R1 中。

And we have really put a lot of emphasis in preparing the team and training the team offline and online to make sure that the team is capable and ready to ramp up R1 with the Enduro motor as well.

我們確實非常重視團隊準備和線下和線上培訓團隊，以確保團隊有能力並準備好使用 Enduro 電機提升 R1。

Got it. That's super helpful. And then just 2 quick ones. Is the first half of next year, still the time frame for normal capacity re-rating to the R1, and then is there any update on the Georgia plant incentives outcome?

知道了。這非常有幫助。然後只有 2 個快速的。明年上半年是否仍然是正常產能重新評級為 R1 的時間框架，然後佐治亞州工廠激勵措施的結果是否有任何更新？

Yes, on the first question, yes, that is the plan. We plan on re-rating there R1 line in 2024 as we also use that opportunity to modify the line to incorporate the technical changes that Nick mentioned. So this will happen in 2024. So we're already in preparation of this on the one hand, with the equipment suppliers preparing the team. So that's going according to plan.

是的，關於第一個問題，是的，這就是計劃。我們計劃在 2024 年重新評估 R1 線，因為我們也利用這個機會修改該線以納入 Nick 提到的技術變化。所以這將在 2024 年發生。所以我們一方面已經在為此做準備，設備供應商正在準備團隊。所以這是按計劃進行的。

And then your second question on Georgia-related incentives. A couple of weeks ago, the Georgia appellate court cited with the state in a ruling over the tax abatements for the project and ruled in favor of the state's position. So the task on 4 of the 5 aspects of the appeal, the court ruled in favor of Georgia and therefore, Rivian's benefit as part of that ruling overall. So great momentum as we sit here today on progress in Georgia.

然後是關於格魯吉亞相關激勵措施的第二個問題。幾週前，佐治亞州上訴法院在一項關於該項目減稅的裁決中援引了該州的意見，並裁定支持該州的立場。因此，在上訴的 5 個方面中的 4 個方面，法院裁定佐治亞州勝訴，因此，Rivian 的利益是該裁決的一部分。當我們今天坐在這裡討論格魯吉亞的進展時，勢頭如此之大。

And our next question coming from the line of Jordan Levy with Truist.

我們的下一個問題來自 Jordan Levy 與 Truist 的對話。

Apologies my line cut off for a second. I'm wondering just quickly if we could talk about the build-out of the Adventure Network and a the importance of growing that and any potential benefits that might be able to be realized from the IRA as you build that out?

抱歉，我的線路中斷了一秒鐘。我想知道我們是否可以快速討論 Adventure Network 的構建以及發展它的重要性以及在構建它時可能從 IRA 中實現的任何潛在好處？

Yes. Thanks, Jordan. We're excited about building out more of our RAN network, or Rivian Adventure Network. And today, we've been deploying into what we think it was like the first batch of sites to really ensure the uptime ensure the equipment is working as planned.

是的。謝謝，喬丹。我們很高興能夠構建更多的 RAN 網絡，即 Rivian Adventure Network。今天，我們一直在部署到我們認為的第一批站點，以真正確保正常運行時間，確保設備按計劃工作。

And just as reference, this is the charging equipment, the DC fast chargers. We've designed those internally, we also build those in normal. So we have a production line dedicated to building those chargers. We're going through making some updates to the product as well to facilitate it becoming an open network.

作為參考，這是充電設備，直流快速充電器。我們在內部設計了這些，我們也在正常情況下構建它們。所以我們有一條專用於製造這些充電器的生產線。我們正在對產品進行一些更新，以促進它成為一個開放的網絡。

And Nick, this is something your team is working really hard on. We just had a review on it last week. It's -- I couldn't be more excited about getting more of these out there. Can you just provide some more commentary on some of the work that you're doing there?

尼克，這是你的團隊正在努力做的事情。我們上周剛剛對其進行了審查。這是——我對獲得更多這些東西感到無比興奮。你能就你在那裡所做的一些工作提供更多評論嗎？

Yes, sure. So just to put some numbers behind it, we have 27 sites open today, which represents about 150 chargers in locations across the country. We've picked these to be sort of relevant to our customer base as we think about routes from places like the Bay Area up to Tahoe or LA up to Mammoth. Those units as already referenced, are showing really strong uptime and that's really the key. The customer feedback about the overall user experience has been excellent.

是的，當然。因此，為了說明一些數字，我們今天有 27 個站點開放，這代表全國各地約有 150 個充電器。我們選擇這些與我們的客戶群相關，因為我們考慮從灣區到塔霍或洛杉磯到猛獁像等地的路線。那些已經提到的單元顯示出非常長的正常運行時間，這才是關鍵。客戶對整體用戶體驗的反饋非常好。

The #1 complaint is why aren't there more of them. So that's what we're working hard to accomplish, but we really want to scale that based on solid data that we have, the uptime that we're going to have a dependable network. And then we expect later this year, we'll be able to accelerate the number of installs and then again, continue that some minor modifications to the equipment to be able to open the network up beyond Rivian customers.

#1 投訴是為什麼沒有更多的投訴。這就是我們正在努力實現的目標，但我們真的希望根據我們擁有的可靠數據、我們將擁有可靠網絡的正常運行時間來擴展它。然後我們預計今年晚些時候，我們將能夠加快安裝數量，然後再次繼續對設備進行一些小的修改，以便能夠在 Rivian 客戶之外開放網絡。

And we look forward to be in a position to take advantage of that [newly] funding, there's $5 billion of (inaudible) funding available. And then in addition to that, the charging and fueling infrastructure program, which has an incremental $2.5 billion available. So we're excited to use some of those government grants to accelerate our rollout of the network.

我們期待能夠利用 [新] 資金，有 50 億美元的（聽不清）資金可用。除此之外，還有充電和加油基礎設施項目，該項目有 25 億美元的增量可用資金。因此，我們很高興能夠使用其中一些政府撥款來加速我們推出網絡。

And we're uniquely positioned because U.S. produce chargers at Normal facility.

我們處於獨特的位置，因為美國在 Normal 工廠生產充電器。

I will now turn the call back over to RJ Scaringe for any closing remarks.

我現在將把電話轉回給 RJ Scaringe 以聽取任何結束語。

Well, thank you, everyone, for joining the call. We enjoyed talking about some of the progress we made in the last quarter. We're certainly, as you heard from all of us, very much looking forward to the quarters and years ahead.

嗯，謝謝大家加入電話會議。我們很高興談論我們在上個季度取得的一些進展。正如您從我們所有人那裡聽到的那樣，我們當然非常期待未來的季度和年度。

We have a lot of work to do in terms of continuing to drive our production ramp and drive costs down. We're operating with an incredible level of focus and urgency as we drive towards that. But the excitement that we're seeing from customers and the passion that we're seeing from customers that want to get future products is certainly innovating force for all of us within Rivian. And we're looking forward to continuing to show progress quarter-over-quarter as we work towards not all profit, but significantly higher volumes. So thank you, everyone, for joining and look forward to the next call.

在繼續推動產量增長和降低成本方面，我們還有很多工作要做。在朝著這個目標前進的過程中，我們正以令人難以置信的專注度和緊迫感開展工作。但我們從客戶那裡看到的興奮和我們從希望獲得未來產品的客戶那裡看到的熱情無疑是我們 Rivian 內所有人的創新力量。我們期待著繼續顯示季度環比進展，因為我們努力實現的不是所有利潤，而是顯著更高的銷量。因此，感謝大家加入並期待下一次電話會議。

Ladies and gentlemen, that does conclude our conference for today. Thank you for your participation. You may now disconnect.

女士們，先生們，我們今天的會議到此結束。感謝您的參與。您現在可以斷開連接。