Rivian Automotive Inc (RIVN) 2021 Q4 法說會逐字稿

Thank you for standing by, and welcome to Rivian Fourth Quarter Fiscal 2021 Earnings Conference Call. (Operator Instructions)

感謝您的支持，歡迎參加 Rivian 2021 財年第四季度收益電話會議。 （操作員說明）

I would now like to hand the conference over to Tim Bei, Vice President of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係副總裁 Tim Bei。請繼續。

Good afternoon, and thank you for joining us for Rivian's Fourth Quarter 2021 Earnings Call.

下午好，感謝您參加 Rivian 的 2021 年第四季度財報電話會議。

Joining us on today's call, we have RJ Scaringe, our Founder, Chairman, Chief Executive Officer; Jiten Behl, our Chief Growth Officer; and Claire McDonough, our Chief Financial Officer.

加入我們今天的電話會議的還有我們的創始人、董事長兼首席執行官 RJ Scaringe； Jiten Behl，我們的首席增長官；和我們的首席財務官 Claire McDonough。

A copy of today's shareholder letter is available on our Investor Relations website.

今天的股東信的副本可在我們的投資者關係網站上找到。

Before we begin, I would like to remind you that during the course of this conference call, our comments and responses to your questions reflect management's views as of today only and will include statements related to our business that are forward-looking statements under federal securities laws, including without limitation, statements regarding our market opportunity, industry trends, business operations, strategy and goals, our second domestic manufacturing facility and our expectations regarding vehicle production.

在我們開始之前，我想提醒您，在本次電話會議期間，我們對您的問題的評論和回复僅反映管理層截至今天的觀點，並將包括與我們業務相關的聲明，這些聲明是聯邦證券下的前瞻性聲明法律，包括但不限於關於我們的市場機會、行業趨勢、業務運營、戰略和目標、我們的第二家國內製造工廠以及我們對汽車生產的期望的聲明。

Actual results may differ materially from those contained in or implied by these forward-looking statements due to risks and uncertainties associated with our business. Except as may be required by law, Rivian does not have any obligation to update or revise such statements if circumstances change.

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。除非法律要求，否則如果情況發生變化，Rivian 沒有任何義務更新或修改此類聲明。

For a discussion of the material risks and other important factors that could impact actual results, please refer to the cautionary statements and risk factors contained in SEC filings and today's shareholder letter, both of which can be found on our website at rivian.com/investors.

有關可能影響實際結果的重大風險和其他重要因素的討論，請參閱美國證券交易委員會文件和今天的股東信中包含的警告聲明和風險因素，兩者都可以在我們的網站 rivian.com/investors 上找到.

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.

在本次電話會議中，我們將討論 GAAP 和非 GAAP 財務指標。今天的股東信中提供了 GAAP 與非 GAAP 財務指標的對賬。

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。

Hello, everyone, and thank you for joining us this afternoon for our earnings call.

大家好，感謝您今天下午加入我們的財報電話會議。

Before we dive in, we wanted to first take a moment to address the crisis in Ukraine. As an organization, we are deeply concerned about Russia's invasion and stand by the people of Ukraine. The humanitarian crisis resulting from the current development is clearly becoming a focus of governments and companies around the world. We are inspired by the actions so many have taken, and we'll continue to evaluate ways we at Rivian can show our support.

在我們深入研究之前，我們想先花點時間來解決烏克蘭的危機。作為一個組織，我們對俄羅斯的入侵深感關切，並與烏克蘭人民站在一起。當前事態發展引發的人道主義危機顯然正在成為世界各國政府和企業關注的焦點。我們受到許多人採取的行動的啟發，我們將繼續評估我們在 Rivian 可以表示支持的方式。

As Tim mentioned, just before the call, we published our shareholder letter, which includes an overview of the progress we've made over the recent months. I'd encourage you to read it for additional details around some of the items we'll cover on today's call. We'll touch on our recent achievements, production progress and product development.

正如蒂姆所提到的，就在電話會議之前，我們發布了我們的股東信函，其中概述了我們最近幾個月取得的進展。我鼓勵您閱讀它以了解有關我們將在今天的電話會議中介紹的一些項目的更多詳細信息。我們將談談我們最近的成就、生產進度和產品開發。

Before we do that, I want to personally address last week's pricing announcement. We released an update to our R1 product portfolio that included our new dual-motor propulsion system as well as our standard battery pack. The dual-motor propulsion system consists of a single-motor drive axle, where we've integrated the drive unit, the inverter, the gearbox into a really power-dense package. And in the dual-motor application, we put one of those in the front and one of those in the rear of the vehicle. And in total, it delivers over 600 horsepower and achieves 0 to 60 in less than 4 seconds. It's really cool.

在我們這樣做之前，我想親自談談上週的定價公告。我們發布了 R1 產品組合的更新，其中包括我們新的雙電機推進系統以及我們的標準電池組。雙電機推進系統由一個單電機驅動軸組成，我們將驅動單元、逆變器、變速箱集成到一個真正的功率密集包中。在雙電機應用中，我們將其中一個放在車輛的前部，一個放在車輛的後部。總的來說，它提供超過 600 馬力，並在不到 4 秒的時間內達到 0 到 60。這個真的很酷。

We also use that drive unit in a single-motor application as a front-drive unit in our commercial delivery vans. Along with that, our standard battery pack is leveraging LFP and LFP chemistry. And that chemistry not only allows us to offer that pack at a lower cost, but it really fits commercial applications well. And it's first going to be launched in the commercial vehicle platform later this year, and then will make its way into our consumer vehicles by late 2023.

我們還在單電機應用中將該驅動單元用作我們商用貨車的前驅動單元。除此之外，我們的標準電池組還利用了 LFP 和 LFP 化學成分。這種化學性質不僅使我們能夠以較低的成本提供該包裝，而且它確實非常適合商業應用。它將於今年晚些時候首先在商用車平台上推出，然後將在 2023 年底進入我們的消費車。

Now as we develop these new offerings, we need to make sure that these offerings could fit into our product portfolio. And to do that, we revisited the overall pricing strategy. Prior to the pricing changes, our R1 platform had a price range without options of $67,500 to $83,500 and only included quad motor variants. With the addition of these new product offerings, the R1 platform's price range is now $67,500 to $95,000, including both quad and dual-motor configurations as well as the standard range LFP battery pack.

現在，當我們開發這些新產品時，我們需要確保這些產品適合我們的產品組合。為此，我們重新審視了整體定價策略。在價格變化之前，我們的 R1 平台的價格範圍為 67,500 美元至 83,500 美元，並且僅包括四電機變體。隨著這些新產品的加入，R1 平台的價格範圍現在為 67,500 美元至 95,000 美元，包括四電機和雙電機配置以及標準範圍的 LFP 電池組。

On March 1, we announced the dual-motor and standard battery pack, along with this updated pricing model. In applying the updated pricing to existing preorder customers, we failed to appreciate that customers view their configuration as price locked and we wrongly assumed preorder customers would be open to reconfiguring to the recently announced dual-motor and standard battery pack if they wanted to maintain a similar price point to the original configuration. We recognized this was a mistake and quickly moved to honor the original configured pricing for our pre-March 1 preorders.

3 月 1 日，我們發布了雙電機和標準電池組，以及更新後的定價模型。在將更新後的定價應用於現有預購客戶時，我們未能意識到客戶將他們的配置視為價格鎖定，我們錯誤地認為預購客戶如果想要維持一個最近宣布的雙電機和標準電池組，他們願意重新配置。與原始配置相似的價格點。我們意識到這是一個錯誤，並迅速採取行動，兌現 3 月 1 日之前預訂的原始配置定價。

Our relationship with customers is the most important aspect of what we're building, and we believe our early customers are critical for establishing the brand foundation needed to support many millions of sales across our future vehicle portfolio. Since launching in 2018, we believe the brand loyalty we have forged is one of our most viable assets and something we believe will continue to drive network effects moving forward.

我們與客戶的關係是我們正在建立的最重要的方面，我們相信我們的早期客戶對於建立支持我們未來汽車組合中數百萬銷售所需的品牌基礎至關重要。自 2018 年推出以來，我們相信我們所建立的品牌忠誠度是我們最可行的資產之一，我們相信這將繼續推動網絡效應向前發展。

With this, we remain highly confident in our ability to address the massive market opportunity that sits before us. Electrification is at a tipping point as trillions of miles traveled each year across the planet transition to EVs. This is a massive shift and one that requires multiple companies to be successful in building interesting products that give customers lots of choices.

有了這個，我們仍然對我們應對擺在我們面前的巨大市場機會的能力充滿信心。隨著每年有數万億英里穿越地球向電動汽車過渡，電氣化正處於一個轉折點。這是一個巨大的轉變，需要多家公司成功打造有趣的產品，為客戶提供多種選擇。

While the near-term industry conditions remain very fluid, our path to creating long-term value is unchanged. We are targeting the most attractive market segments with exceptional products. In the consumer space, we're building a global brand that applies to a wide range of product sizes and markets in the truck, SUV and crossover segments.

雖然近期的行業狀況仍然非常不穩定，但我們創造長期價值的道路沒有改變。我們以卓越的產品瞄準最具吸引力的細分市場。在消費領域，我們正在打造一個全球品牌，適用於卡車、SUV 和跨界車領域的各種產品尺寸和市場。

In the commercial space, we're targeting with an initial -- we're launching with an initial focus on last mile delivery through our partnership with Amazon, and we'll use this critical scale to support growth across the commercial space. We are in a unique position to establish significant last mile market share through our Amazon partnership and have the opportunity to capitalize on software and services through fleet OS.

在商業領域，我們最初的目標是通過與亞馬遜的合作，最初關注最後一英里的交付，我們將利用這一關鍵規模來支持整個商業領域的增長。我們處於獨特的地位，可以通過與亞馬遜的合作建立重要的最後一英里市場份額，並有機會通過車隊操作系統利用軟件和服務。

We are vertically integrating core technologies to ensure our products continue to lead, enable us to move quickly to make enhancements and provide long-term structural cost advantages. The initial feedback from customers and third parties has been really rewarding to see, from customers excited about the most recent OTA, to MotorTrend selecting our R1T as their 2022 truck of the year. Our products continue to generate a lot of enthusiasm.

我們正在垂直整合核心技術，以確保我們的產品繼續領先，使我們能夠快速行動以進行改進並提供長期的結構性成本優勢。從客戶對最新 OTA 的興奮到 MotorTrend 選擇我們的 R1T 作為他們的 2022 年度卡車，客戶和第三方的初步反饋非常值得一看。我們的產品繼續引起極大的熱情。

All of this excitement continues to provide momentum to the brand. As of March 8, we had approximately 83,000 preorders, our pricing model, which encompasses the dual-motor drivetrain and standard pack, has demonstrated continued strong demand, with preorders following the pricing update remaining at approximately the same rate as prior to the announcement. Demand remains extremely robust.

所有這些興奮繼續為品牌提供動力。截至 3 月 8 日，我們的預訂量約為 83,000 份，我們的定價模型（包括雙電機傳動系統和標準套件）顯示出持續強勁的需求，定價更新後的預訂量與公告前大致相同。需求仍然非常強勁。

With our 2022 priorities, we've been very focused on ensuring we have the right team working towards our mission. Next week, we'll be announcing our new COO that will be responsible for helping to scale our production and supply chain. We have also continued to hire great leadership across the business to keep up with our rapid scaling. Ultimately, the strength of our team is what determines our ability to execute our vision.

憑藉我們 2022 年的優先事項，我們一直非常專注於確保我們擁有合適的團隊來完成我們的使命。下週，我們將宣布我們的新首席運營官將負責幫助擴大我們的生產和供應鏈。我們還繼續在整個業務領域招聘優秀的領導者，以跟上我們的快速擴張步伐。最終，我們團隊的實力決定了我們執行願景的能力。

Not surprisingly, our highest priority for the remainder of is ramping production of our Normal, Illinois manufacturing facility. As of March 8, we produced 1,410 vehicles this quarter and 2,425 vehicles since the start of production late last year. During the last 2 weeks, we have averaged a weekly production rate that is approximately 2x the actual rate of the fourth quarter of 2021.

毫不奇怪，我們在剩餘時間裡的首要任務是提高我們位於伊利諾伊州的 Normal 製造工廠的產量。截至 3 月 8 日，我們本季度生產了 1,410 輛汽車，自去年年底開始生產以來已生產 2,425 輛汽車。在過去 2 周中，我們的平均每週生產率約為 2021 年第四季度實際生產率的 2 倍。

With that, I'd like to talk a bit about the R1 production ramp. This ramp is progressing well across all areas of the R1 production line, and we're achieving demonstrated production rates that are in line with our expectations. And with all this progress, the biggest constraints we now face really lie with the supply chain. And it's really a small number of parts for which the supplier isn't ramping at the same rate as our production lines are ramping up.

有了這個，我想談談 R1 的生產斜坡。這個斜坡在 R1 生產線的所有領域都進展順利，我們正在實現符合我們預期的證明生產率。隨著所有這些進展，我們現在面臨的最大限制實際上在於供應鏈。實際上，供應商沒有以與我們的生產線加速相同的速度生產少量零件。

I want to talk just about one specific area. Previously, we talked about battery modules, and this was a constraint that we saw at various times through Q4. And as you may remember, we have 2 module lines, module line 1, module line 2. And module line 1 is now running at twice the speed at what we saw at the end of 2021. And module line 2 is ramping up very quickly and in line with our expectations. With line 1 and line 2 now ramping, battery modules are no longer a constraint to the plant.

我只想談談一個特定的領域。之前，我們談到了電池模塊，這是我們在第四季度的不同時間看到的一個限制。您可能還記得，我們有 2 條模塊線，模塊線 1，模塊線 2。模塊線 1 現在的運行速度是我們在 2021 年底看到的速度的兩倍。模塊線 2 的運行速度非常快並且符合我們的預期。隨著 1 號線和 2 號線的爬坡，電池模塊不再是工廠的限制因素。

With that, I also want to talk about R1S. And R1S is being ramped very methodically. We learned a lot from what we've been through in the fourth quarter. And as we're methodically ramping this up, we're balancing component supply for the parts that are different on R1S relative to R1T. And we're also managing the fact that, that product is coming up behind the R1T in terms of its level of ramp maturity to ensure that we're optimizing for overall production output for the line.

有了這個，我也想談談R1S。 R1S 正在非常有條不紊地升級。我們從第四季度的經歷中學到了很多。隨著我們有條不紊地增加這一點，我們正在平衡 R1S 相對於 R1T 上不同的部件的組件供應。而且我們還在處理這樣一個事實，即該產品在斜坡成熟度方面落後於 R1T，以確保我們正在優化生產線的整體產量。

Now with that said, we should also talk about. And the EDV ramp is quite a bit different than what we've been through in R1. It benefits from all the learnings you'd expect from the EDV line really being our second production line. Operationally, the line is ramping as intended without any major surprises or roadblocks. But as we've seen with R1, we are gated by a number of supplier ramp challenges. And given that the EDV production lines are capable of ramping faster than what we saw with R1, these supply constraints feel more pronounced than what we experienced in the initial weeks of ramping R1.

話雖如此，我們也應該談談。 EDV 斜坡與我們在 R1 中所經歷的完全不同。它受益於您期望從 EDV 生產線真正成為我們的第二條生產線的所有學習。在操作上，這條線路按預期傾斜，沒有任何重大意外或障礙。但正如我們在 R1 中看到的那樣，我們面臨著許多供應商爬坡挑戰。鑑於 EDV 生產線能夠比我們看到的 R1 更快地增加，這些供應限制感覺比我們在 R1 增加的最初幾週所經歷的更為明顯。

With these supply constraints, the EDVs being built are being used to refine the digital integration of our software systems with Amazon to ensure alignment with the standard operating procedures for these vehicles. Feedback from Amazon and the drivers on the software is quickly being ingested, and we're using that to drive the OTAs on the platform. With all this, we expect EDV production to ramp considerably during Q2.

由於這些供應限制，正在建造的 EDV 被用於改進我們的軟件系統與亞馬遜的數字集成，以確保與這些車輛的標準操作程序保持一致。來自亞馬遜和軟件驅動程序的反饋正在迅速被吸收，我們正在使用它來驅動平台上的 OTA。綜上所述，我們預計 EDV 產量將在第二季度大幅增長。

Now it's worth noting the challenges our suppliers are facing vary and include company-specific production issues, COVID-related delays, and semiconductor allocations. We're working closely with any of these constrained suppliers to identify component challenges early so that we can support the supplier ramp and develop alternative solutions if needed.

現在值得注意的是，我們的供應商面臨的挑戰各不相同，包括公司特定的生產問題、與 COVID 相關的延遲和半導體分配。我們正在與這些受限供應商中的任何一家密切合作，以儘早發現組件挑戰，以便我們可以支持供應商增加並在需要時開發替代解決方案。

While the 2022 production ramp is a core focus from an operational point of view, our future technology and product pipeline are also really exciting. As a preview of some of the major initiatives, we're developing a proprietary 800-volt architecture, which includes new in-house drive units that will further enhance performance and efficiency of our announced dual- and quad-motor configurations. This higher voltage architecture also includes onboard charger, DC/DC converter and DC to AC converter, where the power stages of the DC/AC and the AC/DC are bidirectional and share semiconductors, magnetics and the controller.

雖然從運營的角度來看，2022 年的產量增長是核心焦點，但我們未來的技術和產品線也非常令人興奮。作為一些主要舉措的預覽，我們正在開發一種專有的 800 伏架構，其中包括新的內部驅動單元，這將進一步提高我們宣布的雙電機和四電機配置的性能和效率。這種更高電壓的架構還包括車載充電器、DC/DC 轉換器和 DC 到 AC 轉換器，其中 DC/AC 和 AC/DC 的功率級是雙向的，並且共享半導體、磁體和控制器。

We're also developing a heat pump-based thermal system, and along with that, a range of new battery packs, including what I talked about before, the LFP chemistry, an LFP chemistry being used within these packs.

我們還在開發基於熱泵的熱系統，以及一系列新的電池組，包括我之前談到的 LFP 化學物質，一種在這些電池組中使用的 LFP 化學物質。

Now beyond the in-vehicle power electronics, we also continue to develop our portfolio of charging and energy products to expand really beyond what we've already talked about and shown in our DC chargers to include a bidirectional home charger and home energy products. And the technology work isn't just focused on propulsion platforms or charging or power electronics. We're also developing an improved network architecture and the associated electronics topology to consolidate multiple compute platforms for reduced cost and complexity.

現在，除了車載電力電子產品之外，我們還繼續開發我們的充電和能源產品組合，以真正擴展我們已經討論過並在我們的直流充電器中展示的內容，包括雙向家用充電器和家用能源產品。而且技術工作不僅僅集中在推進平台或充電或電力電子設備上。我們還在開發改進的網絡架構和相關的電子拓撲，以整合多個計算平台以降低成本和復雜性。

We're developing our next generation of perception hardware along with that. And that perception, hardware is being used with a new higher-compute platform for the autonomous system. We believe that all these investments and all this technology will really increase the desirability and, of course, the capability of our vehicles, while also delivering improved unit economics on the vehicles.

與此同時，我們正在開發我們的下一代感知硬件。根據這種看法，硬件正在與用於自治系統的新的更高計算平台一起使用。我們相信，所有這些投資和所有這些技術將真正增加我們車輛的可取性，當然還有能力，同時也提高車輛的單位經濟性。

Next, let me pass the call on to Claire, who will provide an update on our financials and the business outlook.

接下來，讓我把電話轉給克萊爾，她將提供我們財務和業務前景的最新信息。

Thanks, RJ. I want to echo RJ's feeling of encouragement with the progress we're making at the plant, the robust technology road map we have in place and the strong backlog of demand from consumers and Amazon.

謝謝，RJ。我想通過我們在工廠取得的進展、我們制定的強大技術路線圖以及消費者和亞馬遜的大量積壓需求來回應 RJ 的鼓舞感。

I'll start with a review of our fourth quarter 2021 results. After years of development and design, 2021 was an important year for Rivian as we launched 3 vehicles across 2 vehicle platforms and initiated our first customer delivery. During the fourth quarter, we produced 1,003 vehicles and delivered 909 vehicles, which generated $54 million of revenue. As we've discussed in the past, as we ramp our production, the volumes being produced on our manufacturing lines are a small fraction of our current 150,000 units of annual capacity.

我將從回顧我們 2021 年第四季度的業績開始。經過多年的開發和設計，2021 年對 Rivian 來說是重要的一年，我們在 2 個車輛平台上推出了 3 款車輛，並開始了我們的首次客戶交付。第四季度，我們生產了 1,003 輛汽車，交付了 909 輛汽車，創造了 5400 萬美元的收入。正如我們過去所討論的，隨著產量的增加，我們生產線上的產量只是我們目前 150,000 台年產能的一小部分。

In the near term, we expect this dynamic of high fixed costs associated with operating and running our large-scale, highly vertically integrated plant, amortized over a small but growing number of vehicles produced across the R1 and RCV platform, will continue to have a negative drag on gross profit.

在短期內，我們預計與運營和運營我們的大型、高度垂直整合的工廠相關的這種高固定成本動態將繼續產生對毛利的負面拖累。

In addition, we experienced higher costs due to inflation and supply chain challenges, which resulted in increased bill of materials and higher logistics costs associated with expediting shipping of certain parts. As a result, in the fourth quarter, we generated a negative gross profit of $383 million.

此外，由於通貨膨脹和供應鏈挑戰，我們經歷了更高的成本，這導致材料清單增加以及與加快某些零件的運輸相關的物流成本增加。因此，在第四季度，我們產生了 3.83 億美元的負毛利潤。

Additionally, we recorded a lower of cost and net realizable value, LCNRV, adjustments to write down the value of certain inventory to the amount we anticipate receiving upon vehicle sale after considering future costs necessary to ready the inventory for sale. This expense negatively impacted gross profit in the fourth quarter, and we expect it to also impact upcoming quarters in the near term.

此外，我們記錄了較低的成本和可變現淨值 LCNRV 調整，以在考慮準備好待售存貨所需的未來成本後，將某些存貨的價值減記為我們預計在車輛銷售時收到的金額。這項費用對第四季度的毛利潤產生了負面影響，我們預計它也會在短期內影響即將到來的幾個季度。

Turning to operating expenses. Research and development expense for the quarter was $726 million as compared to $255 million in the fourth quarter of 2020. The increased spend stem from our current and future vehicle programs as well as cross-platform technologies.

轉向運營費用。本季度的研發費用為 7.26 億美元，而 2020 年第四季度為 2.55 億美元。增加的支出源於我們當前和未來的車輛計劃以及跨平台技術。

As RJ mentioned, we have kicked off our in-house motor system, Standard Range LFP battery pack, Rivian Cloud architecture and many other hardware and software technologies that will allow us to introduce more accessible price points, improve gross margins and enable us to expand our high-margin lifetime software and services revenue opportunity.

正如 RJ 所提到的，我們已經啟動了我們的內部電機系統、標準範圍 LFP 電池組、Rivian Cloud 架構和許多其他硬件和軟件技術，這將使我們能夠引入更容易獲得的價格點、提高毛利率並使我們能夠擴展我們的高利潤終身軟件和服務收入機會。

Finally, we realized stock-based compensation expense of $277 million in the fourth quarter of 2021. As a reminder, our stock-based compensation vesting conditions were deemed probable at IPO, resulting in the recognition of our first stock-based compensation expense in Q4 2021. SG&A expense for the fourth quarter of 2021 was $682 million as compared to $98 million for the fourth quarter of 2020.

最後，我們在 2021 年第四季度實現了 2.77 億美元的股票薪酬費用。提醒一下，我們的股票薪酬歸屬條件被認為可能在 IPO 時出現，導致我們在第四季度確認了第一筆股票薪酬費用2021. 2021 年第四季度的 SG&A 費用為 6.82 億美元，而 2020 年第四季度為 9800 萬美元。

As we scale our production, it's important we also scale our commercial operations. Providing a seamless, comprehensive consumer solution is part of what customers expect when purchasing a Rivian vehicle. This requires investments in our digital experience, customer engagement and delivery teams, service operations and customer-facing facilities and events.

隨著我們擴大生產規模，重要的是我們也擴大了我們的商業運營。提供無縫、全面的消費者解決方案是客戶在購買 Rivian 車輛時所期望的一部分。這需要對我們的數字體驗、客戶參與和交付團隊、服務運營以及面向客戶的設施和活動進行投資。

In addition, we continue to focus on attracting new talent that will help us grow and reach our long-term objectives. We realized $277 million in stock-based compensation associated with SG&A. In Q4 2021, we also recorded other expense of $663 million. This primarily noncash expense represents the accounting for the 8 million shares of Class A common stock and $20 million of cash that was donated to Forever by Rivian, Inc., in conjunction with our IPO.

此外，我們將繼續專注於吸引有助於我們成長和實現長期目標的新人才。我們實現了與 SG&A 相關的 2.77 億美元的股票薪酬。在 2021 年第四季度，我們還記錄了 6.63 億美元的其他費用。這筆主要的非現金費用代表了 Rivian, Inc. 在我們的首次公開募股時捐贈給 Forever 的 800 萬股 A 類普通股和 2000 萬美元現金的會計處理。

Our capital expenditures for the fourth quarter were $455 million, driven by our continued strategic investments in infrastructure. The capital expenditures were primarily due to expansion of our Normal factory as well as investments in corporate facilities, service operations and experience bases. We have created a tremendous ecosystem, bringing together our in-house -- in-vehicle technology, the Rivian Cloud, and our product development and operations infrastructure that support our launch products and services and build the foundation for growth.

由於我們對基礎設施的持續戰略投資，我們第四季度的資本支出為 4.55 億美元。資本支出主要是由於我們普通工廠的擴建以及對公司設施、服務運營和體驗基地的投資。我們創建了一個巨大的生態系統，將我們內部的車載技術、Rivian Cloud 以及我們的產品開發和運營基礎設施結合在一起，這些基礎設施支持我們的發布產品和服務並為增長奠定基礎。

We are at the tipping point of the EV transformation. We play in the fastest-growing and most profitable market segments, and we'll continue to scale our offerings with new price points, use cases and form factors.

我們正處於電動汽車轉型的轉折點。我們涉足增長最快、利潤最高的細分市場，我們將繼續通過新的價格點、用例和外形來擴展我們的產品。

During the fourth quarter, we completed our initial public offering, which provided us capital to help execute our near-term road map. We ended the year with $18.4 billion of cash on hand, which includes restricted cash. As we look forward to 2022, I wanted to reiterate our excitement for the opportunities ahead and continued improvement in the areas of our business that we can control. Our primary focus will be to ramp our Normal facility and the production of our R1 and RCV platform. While we work diligently to alleviate any supply chain challenges, we believe that through 2022, the supply chain will be the fundamental limiting factor to our total output for the year.

在第四季度，我們完成了首次公開募股，這為我們提供了資金來幫助執行我們的近期路線圖。今年年底，我們手頭有 184 億美元的現金，其中包括受限制的現金。在我們展望 2022 年之際，我想重申我們對未來機遇的興奮以及我們可以控制的業務領域的持續改進。我們的主要重點將是增加我們的 Normal 設施和生產我們的 R1 和 RCV 平台。雖然我們努力緩解任何供應鏈挑戰，但我們相信到 2022 年，供應鏈將成為我們全年總產量的根本限制因素。

We believe our Normal facility, manufacturing equipment and processes have the ability to produce approximately 50,000 vehicles across our R1 and RCV platforms in 2022, if we were not constrained by our supply chain. Our confidence comes from weeks of batch building that have proven our processes and equipment are ramping as we had expected and intended. Despite this, due to the supply chain constraints which are currently visible to us, in 2022, we plan to produce 25,000 vehicles across our R1 and RCV platform.

我們相信，如果我們不受供應鏈的限制，到 2022 年，我們的常規設施、製造設備和流程有能力在我們的 R1 和 RCV 平台上生產約 50,000 輛汽車。我們的信心來自於數週的批量生產，這已經證明我們的流程和設備正在按照我們的預期和預期進行升級。儘管如此，由於我們目前可見的供應鏈限制，到 2022 年，我們計劃在我們的 R1 和 RCV 平台上生產 25,000 輛汽車。

Our estimated adjusted EBITDA for 2022 is negative $4.75 billion, primarily due to continued forward investments. We will increase our research and development expense through investments in future vehicle platform, vertical integration of shared technologies as well as our in-vehicle and Rivian cloud technology road map. Our SG&A expense will increase primarily due to expected investments in our technology and commercial organization.

我們估計 2022 年調整後的 EBITDA 為負 47.5 億美元，主要是由於持續的遠期投資。我們將通過投資未來的車輛平台、共享技術的垂直整合以及我們的車載和 Rivian 雲技術路線圖來增加我們的研發費用。我們的 SG&A 費用將增加，主要是由於對我們的技術和商業組織的預期投資。

As more of our vehicles hit the road, it's important we continue to invest in all aspects of our business that makes the digital-first ownership experience seamless and enjoyable. We plan to continue investing in our business throughout 2022, and therefore, expect an increase in capital expenditures as compared to 2021. Capital expenditures are expected to be $2.6 billion, driven by additional investment in our Normal factory to expand the capacity of our R1 line to over 100,000 units annually.

隨著我們越來越多的車輛上路，重要的是我們繼續投資於我們業務的各個方面，以使數字優先的所有權體驗無縫且愉快。我們計劃在整個 2022 年繼續投資於我們的業務，因此，預計資本支出將比 2021 年增加。資本支出預計為 26 億美元，主要是對我們的 Normal 工廠進行額外投資以擴大 R1 生產線的產能每年超過 100,000 台。

In addition, we expect to realize increased capital spend associated with the tooling for current vehicle platform, future vehicle manufacturing lines, battery technology and supply, our service network, digital offering and general technology.

此外，我們預計將增加與當前車輛平台、未來車輛製造線、電池技術和供應、我們的服務網絡、數字產品和通用技術的工具相關的資本支出。

In closing, I wanted to reiterate our excitement for what we have ahead of us. Our long-term targets remain unchanged, with gross margin targets of 25%, EBITDA margin targets in the high teens and free cash flow margin target of 10%. We expect the capital we are investing today will deliver powerful returns on investment. While the past year was filled with so many incredible milestones, we are truly just getting started.

最後，我想重申我們對我們面前的事情的興奮。我們的長期目標保持不變，毛利率目標為 25%，EBITDA 利潤率目標為 10%，自由現金流利潤率目標為 10%。我們預計我們今天投資的資本將帶來豐厚的投資回報。雖然過去的一年充滿了許多令人難以置信的里程碑，但我們才真正開始。

With that, let me turn the call back to RJ before opening up the line for Q&A.

有了這個，讓我在打開問答線路之前將電話轉回 RJ。

Thanks, Claire.

謝謝，克萊爾。

We're no doubt experiencing one of the most challenging supply chain environments the automotive industry has ever seen. But as we look out 10 years from now, our products, our technology and our brand platform will help us capture substantial market share in the transportation space.

毫無疑問，我們正在經歷汽車行業所見過的最具挑戰性的供應鏈環境之一。但我們展望 10 年後，我們的產品、我們的技術和我們的品牌平台將幫助我們在交通運輸領域獲得可觀的市場份額。

I want to thank everybody for being with us today. And with that, let me turn it over to the operator for questions.

我要感謝今天與我們在一起的每一個人。有了這個，讓我把它交給接線員提問。

(Operator Instructions) First question is from Adam Jonas with Morgan Stanley.

（操作員說明）第一個問題來自摩根士丹利的 Adam Jonas。

So RJ and Claire, during -- in your S-1 late last year, you had, at the time, 55,400 orders for the R1. And you stated that you expected to deliver those vehicles by late 2023. Can you confidently reiterate that you could deliver the 55,000th R1 by late 2023 today?

所以 RJ 和 Claire，在去年年底的 S-1 期間，你們當時有 55,400 個 R1 訂單。您說您預計將在 2023 年底之前交付這些車輛。您能否自信地重申您可以在 2023 年底之前交付第 55,000 輛 R1？

Adam, yes, we can confidently say we'd be able to deliver the 55,000th vehicle by the end of 2023. And as you heard from Claire and I, right now, the real constraint for our production is within the supply chain. And this has been a major focus for us. Every morning starts with thinking about which suppliers we need to go speak to and push harder on to make sure they're ramping as fast as the rest of our production line.

亞當，是的，我們可以自信地說，到 2023 年底，我們將能夠交付第 55,000 輛汽車。正如您從克萊爾和我那裡聽到的那樣，現在，我們生產的真正限制是在供應鏈中。這一直是我們關注的重點。每天早上都從思考我們需要與哪些供應商交談並更加努力地推動以確保他們的生產速度與我們生產線的其他部分一樣快。

But ultimately, our ability to ramp this year will continue to be gated by the supplier ramps. And as you know, it's not all the bill of materials. It's just a small fraction of the bill of materials where we're having some of these supplier constraints.

但最終，我們今年的產能將繼續受到供應商產能的限制。如您所知，這不僅僅是材料清單。這只是我們遇到這些供應商限制的材料清單的一小部分。

Okay. RJ, I'm interpreting that as that you confidently reiterate that given your visibility on the supply constraints. This is how I'm interpreting that, meaning including the supply constraints.

好的。 RJ，我的解釋是，鑑於您對供應限制的了解，您自信地重申了這一點。這就是我的解釋，這意味著包括供應限制。

Absolutely. Absolutely.

絕對地。絕對地。

Just as a follow-up, how many EDVs have you delivered to Amazon to date have actually been delivered and are in service?

作為後續行動，到目前為止，您已向亞馬遜交付了多少輛 EDV 並已實際交付並投入使用？

So as you heard, Adam, we're in the process -- on EDV of ramping the production. And the production ramp on that vehicle is actually going a lot smoother than what we've seen on R1. And it's really capturing a lot of the lessons learned and a lot of the sort of organizational capabilities that we've built on the ramp-up of R1.

正如你所聽到的，亞當，我們正在處理 - 增加生產的 EDV。這輛車的生產坡道實際上比我們在 R1 上看到的要順利得多。它確實吸取了很多經驗教訓，以及我們在 R1 的加速發展中建立的很多組織能力。

And so as we think about EDV, it is outrunning the supply chain by a significant degree today. So the vehicles that we're producing, we're using really to refine, as you heard from us, some of the software and integration -- the digital integration within Amazon system. So we really look at the second quarter to see significant ramp-up of the EDV.

因此，當我們考慮 EDV 時，它今天在很大程度上超越了供應鏈。因此，我們正在生產的車輛，正如您從我們那裡聽到的那樣，我們正在使用真正的改進一些軟件和集成——亞馬遜系統內的數字集成。因此，我們真的會在第二季度看到 EDV 的顯著增長。

Okay. So I'm interpreting that as there really aren't any significant numbers in the fleet right now. They're being built and upfitted and improved and optimized in the factory, and I won't expect any material amount of EDV deliveries. I won't see them in neighborhoods, delivering packages, for example, until sometime in the second quarter. Is that incorrect? Is that correct?

好的。所以我的解釋是，目前機隊中確實沒有任何重要的數字。它們正在工廠中建造、安裝、改進和優化，我預計不會有任何實質性的 EDV 交付。例如，直到第二季度的某個時候，我才會在社區看到他們運送包裹。這是不正確的嗎？那是對的嗎？

Well, I guess it depends on which neighborhoods you're in. But right now, we have a number of vehicles that are deployed as part of this testing pilot fleet. But in terms of significant scale, that's right, we wouldn't see significant scale until second quarter of this year.

好吧，我想這取決於您所在的社區。但是現在，我們有許多車輛被部署為這個測試飛行員車隊的一部分。但就顯著規模而言，沒錯，我們要到今年第二季度才能看到顯著的規模。

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

我們的下一個問題來自美國銀行的約翰墨菲。

Maybe just to push a little bit harder on this volume number. I mean RJ, as you look at the supply disruption right now, I wonder if you could give us maybe a little bit more color about specific parts, is it semis. Or we've heard just general malaise and snarl in supply chains. And then two, what you think this means ultimately for line expectations as we get beyond 2022 into 2023. Because I think generally, there's an expectation to do 100,000 units-plus in 2023.

也許只是為了在這個卷號上加倍努力。我的意思是 RJ，當你看到現在的供應中斷時，我想知道你是否可以給我們關於特定零件的更多顏色，是半成品。或者，我們只是聽到供應鏈普遍的萎靡不振和咆哮。然後是兩個，您認為這最終對我們從 2022 年到 2023 年的生產線預期意味著什麼。因為我認為總體而言，預計 2023 年的產量將超過 100,000 輛。

So I mean, I think you're talking about capacity to do 50,000 units right now on a tooled basis. I mean do you think on a tooled basis, the supply chain gets -- issues get worked out that you could do something like 100,000 units in 2023?

所以我的意思是，我認為你說的是現在在工具的基礎上生產 50,000 個單位的能力。我的意思是你認為在工具的基礎上，供應鏈得到解決問題，你可以在 2023 年做 100,000 個單位？

Yes. Thanks, John. We're working as hard as we can to get the suppliers ramped. And as you said, certainly, the vast majority of our suppliers have been keeping up with the production ramp in the plant. And as the production rates continue to increase within our facility, the constraints within the supply base become even more apparent. And we have resources focused on any of those constraints to make sure we do everything we possibly can to expand our component supply because, ultimately, our goal is to deliver as many vehicles as we possibly can this year. And as you heard from Claire, were it not for supplier constraints, we're confident we could achieve in excess of 50,000 vehicles this year.

是的。謝謝，約翰。我們正在盡最大努力讓供應商增加。正如您所說，當然，我們的絕大多數供應商一直在跟上工廠的生產速度。隨著我們工廠內的生產率不斷提高，供應基地內的限制變得更加明顯。我們擁有專注於任何這些限制的資源，以確保我們盡一切可能擴大我們的零部件供應，因為最終我們的目標是在今年交付盡可能多的車輛。正如您從克萊爾那裡聽到的那樣，如果不是供應商的限制，我們有信心今年可以實現超過 50,000 輛汽車。

So what we've done is, on these few areas where we do have constraints, we're working very closely, meaning we have our teams on site with those suppliers, in some cases, helping to operate certain shifts. In other cases where we've had third parties that are coming in to help improve the efficiency and the efficacy of those operations.

所以我們所做的是，在我們確實有限制的這幾個領域，我們非常密切地合作，這意味著我們有我們的團隊與這些供應商在現場，在某些情況下，幫助操作某些轉變。在其他情況下，我們有第三方進來幫助提高這些操作的效率和功效。

But the areas that I just point that we're seeing more challenging as we ramp really are within the semiconductor space, the wire harness space and within the electronic space at some of the CMs, the contract manufacturers, that are building the printed circuit boards for us. And so in each of those, there's different constraints. As you can imagine, in the semiconductor space, a lot of that is dealing with allocation. In the harness space, for our case, these harnesses are coming out of Mexico.

但我只是指出，隨著我們的發展，我們看到更具挑戰性的領域確實是在半導體領域、線束領域以及一些 CM、合同製造商的電子領域，他們正在建造印刷電路板為我們。因此，在每一個中，都有不同的約束。可以想像，在半導體領域，很多都是處理分配問題。在線束領域，就我們而言，這些線束來自墨西哥。

There's a number of labor challenges there, many of which have been exacerbated by COVID. And that's very similar to some of the compute platforms as we start to get to much higher volumes. So there's a bit of a ripple effect of some of the component shortages that then feed into the assembly of those components into printed circuit boards.

那裡有許多勞動力挑戰，其中許多因新冠病毒而加劇。這與我們開始獲得更高容量的一些計算平台非常相似。因此，一些元件短缺會產生一些連鎖反應，然後將這些元件組裝成印刷電路板。

Okay. That's very helpful. And then just a second question on the pricing carfuffle. I mean, I think you guys have, from my personal view, underpriced your products even before supply chain issues and inflation and everything because you have a very, very good product. So I think you kind of underestimated your own success here. Have you read anything into the folks that you haven't heard complain about the price increases and the people that have still ordered after the price increases?

好的。這很有幫助。然後只是關於定價混亂的第二個問題。我的意思是，從我個人的角度來看，我認為你們甚至在供應鏈問題和通貨膨脹之前就低估了你們的產品價格，因為你們有一個非常非常好的產品。所以我認為你有點低估了自己在這裡的成功。你有沒有向那些你沒有聽到抱怨漲價的人以及漲價後仍然訂購的人讀過什麼？

And do you think, forget about the input cost inflation, that there might be even more opportunity on pricing on your vehicle? Because I mean, from my vantage point, you're a high-end Jeep, Wrangler to somewhere -- or a high-end Range Rover. And I think you really have kind of maybe undershot structurally what you could do on pricing. Forget about market dynamics at the moment, just based on the product itself.

您是否認為，忘記投入成本膨脹，您的車輛可能有更多定價機會？因為我的意思是，從我的角度來看，你是一輛高端吉普車、牧馬人到某個地方——或者是一輛高端路虎攬勝。而且我認為您在結構上確實可能低估了您在定價方面可以做的事情。暫時忘記市場動態，僅基於產品本身。

So I mean, one, what have you read, which we haven't heard? Two, the people you -- have ordered post pricing increases? And three, do you think there might be even more room on pricing just because of the product itself?

所以我的意思是，一個，你讀過什麼，我們沒有聽說過？第二，您下令提高價格的人？第三，您認為僅僅因為產品本身，定價空間可能更大嗎？

John, we spent a lot of time looking at our pricing model. And as you heard from me, a big part of the new pricing model was to make sure we could really ingest our dual motor and our standard battery pack within our price range, as you heard, from $67,500 up through $90,000-plus. And so with that now portfolio of 3 different drive -- or 3 different battery packs and 2 different drive configurations, we have a really nice mix of options for our customers and mix of configurations for our customers.

約翰，我們花了很多時間研究我們的定價模型。正如您從我那裡聽到的那樣，新定價模式的很大一部分是確保我們可以真正在我們的價格範圍內使用我們的雙電機和標準電池組，正如您所聽到的，從 67,500 美元到 90,000 美元以上。因此，現在有了 3 種不同驅動器的組合——或 3 種不同的電池組和 2 種不同的驅動器配置，我們為客戶提供了非常好的選擇組合，並為我們的客戶提供了配置組合。

And when you take a step back and look at the product at the new pricing levels, it is very competitively priced. If you look at our SUV, this is a 3-row SUV with a large pack and a dual motor. It's 0 to 60 in under 4 seconds. Over 320 miles in range. A true proper 3-row vehicle with a lot of space for storage. I've been driving one now for over 3 months, incredibly fun. My wife and I love it. So I mean the products themselves, as you said, are exceptional, and we are seeing tremendous demand.

當您退後一步以新的定價水平查看產品時，它的價格非常具有競爭力。如果您查看我們的 SUV，這是一款 3 排 SUV，配備大包裝和雙電機。在 4 秒內從 0 到 60。射程超過 320 英里。真正合適的 3 排車輛，具有大量存儲空間。我已經開了一個多月了，非常有趣。我和我的妻子都喜歡它。因此，正如您所說，我的意思是產品本身非常出色，我們看到了巨大的需求。

Now since announcing the new pricing, we've also seen really no change in the rate at which preorders are coming in. And so customers also really see the value proposition. And it's really been validated and confirmed over the last week by seeing the continued influx of demand and, as we like to think about it, the continued growing backlog of demand.

現在，自從宣布新定價以來，我們也看到預購率確實沒有變化。因此客戶也真正看到了價值主張。通過看到需求的持續湧入以及我們喜歡考慮的需求持續增長的積壓，上週確實得到了驗證和確認。

Okay. That's great. Yes. No, I just think there was -- I think you may even have more room than you think, but that's a high-class problem to have.

好的。那太棒了。是的。不，我只是認為有——我認為你的空間甚至可能比你想像的要多，但這是一個高級問題。

Your next question comes from Rod Lache with Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Rod Lache。

Just on the supplier issues, I understand the types of things that you're doing to help suppliers, but can you give us a sense of the visibility into bringing those constrained suppliers into where they need to be. So the suppliers of semis and wire harnesses and electronics that -- they are an issue, are they giving you a kind of a high confidence schedule at this point? And just give us a sense of the -- what that looks like.

僅就供應商問題而言，我了解您為幫助供應商所做的事情的類型，但是您能否讓我們了解將這些受限制的供應商帶到他們需要的地方的可見性。所以半成品、線束和電子產品的供應商——他們是一個問題，他們在這一點上給你一個高信心的時間表嗎？讓我們了解一下 - 它是什麼樣子的。

Yes. Thanks, Rod. It really depends on the commodity area and on the supplier. And something like a wire harness or an ECU that's being built at a CM, at a contract manufacturer, in those situations, we have teams that are on site. We have very incredibly high -- an incredible high level of visibility into their operations, into the way in which they're running their business. And we have very close and transparent relationships with them. And on those, we're able to essentially build crisp line of sight over the next several quarters of production.

是的。謝謝，羅德。這實際上取決於商品區域和供應商。在 CM 和合同製造商處製造的線束或 ECU 之類的東西，在這些情況下，我們有團隊在現場。我們對他們的運營，對他們經營業務的方式有非常高的可見性。我們與他們有著非常密切和透明的關係。在這些基礎上，我們基本上能夠在接下來的幾個季度的生產中建立清晰的視線。

Now with that said, the challenge within the semiconductor space is there's a lot more unknowns there. And it's very different than, let's say, a wire harness production facility, where we can put team members on the ground at the wire harness facility where we can actually help, we can actually assess. We're not able to send folks into foundries or send folks into semiconductor manufacturing sites to do the same type of hands-on support and/or auditing.

話雖如此，半導體領域的挑戰是那裡有更多的未知數。它與線束生產設施非常不同，我們可以將團隊成員放在線束設施的地面上，我們可以實際提供幫助，我們可以實際評估。我們無法派人進入代工廠或派人進入半導體製造現場進行相同類型的動手支持和/或審核。

So in that regard, I'm spending a lot of time and the rest of our senior leadership team is spending a lot of time with our semiconductor suppliers and making sure we're securing the right allocation. And that allocation, as we start to get into higher production rates, especially in the back half of this year, is where we see risk. And it's what's caused us to make the adjustments to what we're guiding to in terms of production for this year.

因此，在這方面，我花了很多時間，我們高級領導團隊的其他成員也花很多時間與我們的半導體供應商合作，並確保我們獲得正確的分配。隨著我們開始提高生產率，尤其是在今年下半年，這種分配是我們看到風險的地方。這就是導致我們對今年在生產方面的指導進行調整的原因。

But I want to be very, very clear. We are pushing very hard on those suppliers. And if any of those suppliers are listening in here, you're going to continue to -- those suppliers will continue to hear from us. And we're going to be continuing to push very hard to get those numbers as high as possible because they are constraining us. And it's quite painful when we see our production plants really ramping and the lines running as we intend to have to throttle production because of those shortages of those parts.

但我想非常非常清楚。我們正在大力推動這些供應商。如果這些供應商中的任何一個在這裡傾聽，您將繼續 - 這些供應商將繼續聽取我們的意見。我們將繼續努力使這些數字盡可能高，因為它們限制了我們。當我們看到我們的生產工廠真的在加速生產並且生產線運行時，我們會因為這些零件的短缺而不得不限制生產，這是非常痛苦的。

So this is something we're laser-focused on. A morning doesn't go by where it's not a topic of conversation for us as a management team.

所以這是我們關注的焦點。對於我們作為管理團隊來說，一個早晨不會成為話題。

Okay. And you said that you're now at 2x the 2021 exit rate of production. Can you just tell us specifically what that means? What is the production per day? And what kind of cadence are you expecting over the course of this year? So if I look at 50,000 units a year, it looks like it would correspond eventually to something like 170 per week on a -- or 770 a day on a 6-day week and 50 weeks a year. Do you think you would get there towards the end of this year?

好的。你說你現在的生產退出率是 2021 年的 2 倍。你能具體告訴我們這意味著什麼嗎？每天的產量是多少？在今年的過程中，您期望什麼樣的節奏？因此，如果我每年查看 50,000 個單位，它看起來最終會對應於每週 170 個 - 或每週 6 天和每年 50 週每天 770 個。你認為你會在今年年底到達那裡嗎？

Again, ultimately, the rate at which we can produce is going to be gated by the number of components that we have. One of the things that's given us the confidence around the production ramp is the way we've been validating our production equipment, production lines and also making sure we're training our teams while it's accumulating enough parts to run the lines at their intended rate. So we may have not run 1 day during the week or we may finish a shift early because we're operating the lines at a much higher rate.

同樣，最終，我們可以生產的速度將取決於我們擁有的組件數量。讓我們對生產斜坡充滿信心的一件事是我們一直在驗證我們的生產設備、生產線的方式，並確保我們在培訓團隊的同時積累足夠的零件以按照預期的速度運行生產線.因此，我們可能在一周內沒有運行 1 天，或者我們可能會提前完成一個班次，因為我們的生產線運行速度要高得多。

So because of that, our lines are sitting still far more often than we'd like because we're waiting on components. So that gives us the confidence to state here that we see the ramp continuing to improve, but it is going -- or continuing to climb, but it's going to be limited, as I said, by unlocking some of these key components.

所以正因為如此，我們的生產線比我們想要的要多得多，因為我們正在等待組件。因此，這讓我們有信心在此聲明，我們看到坡道繼續改善，但它正在繼續 - 或繼續攀升，但正如我所說，通過解鎖其中一些關鍵組件，它將受到限制。

Okay. But there surely is some schedule that you have in your own mind and embedded in that 25,000 unit forecast. Can you just give us a sense of what that cadence looks like just so that we can get a sense of what your expectations are for the ramp of your suppliers?

好的。但是，您肯定有一些時間表，並嵌入到 25,000 單位的預測中。您能否讓我們了解一下這種節奏的樣子，以便我們了解您對供應商增長的期望是什麼？

So as you said, we're running at twice the rate of what our exit velocity was, our exit rate was for 2021. We will continue to climb. But ultimately, that 25,000 implies that we're up against a ceiling of supply, if you will. But that ceiling is something we're working very hard to remove so that we can continue ramping and continue getting more vehicles to customers.

所以正如你所說，我們的運行速度是退出速度的兩倍，我們的退出速度是 2021 年的。我們將繼續攀升。但最終，這 25,000 意味著我們正面臨供應上限，如果你願意的話。但是這個上限是我們正在努力消除的東西，以便我們可以繼續增加並繼續為客戶提供更多車輛。

Just chiming in and provide a little bit more color on that point as well. As we think through the volumes for the year, we'd expect that those volumes would be more back half-weighted as we think about where we are in the S curve today and the trajectory of the manufacturing plant and making sure that our supply chain partners are also ramping their weekly output in lockstep with Rivian's, so that we can hold the rate that the production facility can deliver across the board.

只是插話並在這一點上提供更多的顏色。當我們考慮今年的銷量時，我們預計這些銷量將更多地向後半加權，因為我們考慮我們今天在 S 曲線中的位置以及製造工廠的軌跡，並確保我們的供應鏈合作夥伴還與 Rivian's 同步提高每週產量，以便我們能夠保持生產設施全面交付的速度。

And so as we think about the cadence of the quarters for the year, I would think about us in this next quarter, closing out Q1 and moving into Q2, starting to prioritize more of those R1S builds. And so that's sort of also part and parcel of slope of the curve that you could expect as you see us accelerating into the back half of the year.

因此，當我們考慮今年季度的節奏時，我會在下個季度考慮我們，結束第一季度並進入第二季度，開始優先考慮更多的 R1S 構建。因此，當您看到我們加速進入今年下半年時，這也是曲線斜率的一部分。

And the other important dimension here as well is really the cadence of the RCV platform as well. Given some of the seasonality of Amazon, there's a heavy push for us to really ramp production throughout the course of Q2 and Q3, and then taper as they think about sort of their high season, which is sort of heading into that holiday period. So very much kind of a big push as we think about building up production into Q3 to deliver on that 25,000-plus unit.

這裡的另一個重要維度也是 RCV 平台的節奏。考慮到亞馬遜的一些季節性，我們大力推動在第二季度和第三季度的整個過程中真正提高產量，然後隨著他們考慮到他們的旺季而逐漸減少，這有點像進入那個假期。當我們考慮在第三季度建立生產以交付 25,000 多個單位時，這是一種很大的推動。

Okay. Just to clarify, 2x your production rate from the exit rate, are you talking something like 50 or 60 a day? Just to put some kind of a metric on where you're running right now. Can you share that?

好的。澄清一下，你的生產率是退出率的 2 倍，你說的是每天 50 還是 60？只是為了對您現在的運行位置設置某種指標。你能分享一下嗎？

I would just say we're not going to get into the habit of providing daily production rates. And I think as you rightfully have seen on our last earnings call, we gave you numbers and you could sort of benchmark until the overall daily production in those last handful of weeks of last quarter. But I just wanted to make sure we were providing sort of that overall visibility into the progress we're making.

我只想說我們不會養成提供每日生產率的習慣。而且我認為正如你在我們上次財報電話會議上正確看到的那樣，我們給了你數字，你可以在上個季度最後幾週的總體每日產量之前作為基準。但我只是想確保我們對我們正在取得的進展提供某種整體可見性。

And your next question comes from Ryan Brinkman with JPMorgan.

您的下一個問題來自摩根大通的 Ryan Brinkman。

Relative to the earlier planned 17% to 20% price increase for current reservation holders, is this price increase needed to offset inflationary pressure since the time of the IPO in order to meet the financial expectations you may have had at that time? And does that imply then that margin might now be lower than previously contemplated, at least until such time as you begin selling the new orders that you take at the higher price?

相對於之前計劃的 17% 到 20% 的當前預訂持有人價格上漲，是否需要這種價格上漲來抵消自 IPO 以來的通脹壓力，以滿足您當時可能擁有的財務預期？這是否意味著現在利潤率可能低於以前的預期，至少在您開始以更高價格出售新訂單之前？

And does this mean that prices in the out years will now be higher than previously contemplated, which could imply that volumes might be lower than previously contemplated? Or maybe because there's a general inflationary environment, including for battery metals and competitor vehicles, too, does that kind of offset the impact of volume? How are you thinking about these different factors?

這是否意味著未來幾年的價格現在將高於之前的預期，這可能意味著銷量可能低於之前的預期？或者可能是因為存在普遍的通脹環境，包括電池金屬和競爭對手的車輛，這是否抵消了銷量的影響？您如何看待這些不同的因素？

Sure. As your question indicates, there are many different factors that are driving what we both experienced over the last handful of months in regards to the inflationary pressures in the market. But I think, as you heard in John's question as well, right, there's still a phenomenal value proposition for the vehicles even at the revised pricing levels that we put out to the market, which, again, as RJ mentioned and touched upon, is really reinforced by the overall demand that we've seen post pricing increase for those vehicles across the board.

當然。正如您的問題所表明的那樣，有許多不同的因素在推動我們在過去幾個月中在市場通脹壓力方面所經歷的一切。但我認為，正如你在約翰的問題中所聽到的那樣，對，即使在我們向市場推出的修改後的定價水平下，這些車輛仍然具有驚人的價值主張，正如 RJ 提到並提到的那樣，這是我們看到這些車輛的整體價格上漲後的整體需求確實加強了這一點。

And as we think about what's changed since that time of IPO, we have both the largest factor here in these early stages of production is actually volume and rate. And so as you think about the fact that we have 150,000 units of annualized capacity at our plant in Normal, Illinois, and instead of higher volumes, as we had indicated, right, we have the ability to produce 50,000 units this year, the fact that we're supply constrained to 25,000 units this year is actually the most highly sensitive variable as you think about the impact on our gross margin.

當我們考慮自 IPO 以來發生的變化時，我們在這些早期生產階段的最大因素實際上是數量和速度。因此，當您考慮到我們在伊利諾伊州諾曼的工廠擁有 150,000 輛的年產能這一事實時，正如我們所指出的那樣，我們今年有能力生產 50,000 輛，而不是更高的產量，事實上當您考慮對我們的毛利率的影響時，我們今年的供應量限制在 25,000 台實際上是最敏感的變量。

And so the supply chain environment is a key factor in regards to the margin rate that we expect to have. Inflation also has clearly been a factor here as well. Rivian is not alone in regards to the overall raw material input prices that are obviously impacting EVs across the board and will continue to impact this base overall.

因此，供應鏈環境是影響我們預期利潤率的關鍵因素。通貨膨脹顯然也是這裡的一個因素。 Rivian 並不是唯一一個明顯影響電動汽車的整體原材料投入價格，並將繼續整體影響這一基礎。

I think that the important takeaway here is our long-term targets are unchanged. We still have tremendous conviction around our ability to deliver against our 25% long-term gross profit margin, and we'll continue to see that opportunity. And importantly, as we think about the components of that margin, as we've talked about in the past, it's not just the vehicles we're providing, but importantly, it's the software and services and recurring revenue streams that we can earn post initial purchase that helps us deliver that 25% margin and the opportunity to move over time even beyond those levels.

我認為這裡重要的一點是我們的長期目標沒有改變。我們仍然堅信我們有能力實現 25% 的長期毛利率，我們將繼續看到這個機會。重要的是，當我們考慮到該利潤的組成部分時，正如我們過去所談到的，這不僅僅是我們提供的車輛，更重要的是，它是我們可以在後期獲得的軟件和服務以及經常性收入流初始購買有助於我們提供 25% 的利潤，並有機會隨著時間的推移甚至超過這些水平。

So in closing, I would just say that we feel as though our vehicles are competitively priced today. We see tremendous demand in that backdrop. And as we look at the long term, we see really no change to the overall margin trajectory and opportunity we have.

所以最後，我只想說我們覺得我們的車輛今天的價格具有競爭力。在這種背景下，我們看到了巨大的需求。從長遠來看，我們確實看到整體利潤率軌跡和機會沒有任何變化。

Great to hear. And then just lastly, what are your thoughts on that battery and metals cost inflation? How do you think the increase in the price of nickel, which seems like it could be, hopefully in large part, temporary, but some of the other metals, too? How do you think that impacts the competitiveness of EVs versus ICE vehicles? Understanding, too, that ice calls their own palladium and platinum and catalytic converter inflation problem to worry about as well. Do you have a sense for how these like competing inflationary cost pressures might net out and what the resulting impact could be on EV sales or EV penetration of total industry sales?

很高興聽到。最後，您對電池和金屬成本通脹有何看法？您如何看待鎳價格的上漲，這似乎在很大程度上可能是暫時的，但其他一些金屬也是如此？您認為這會如何影響電動汽車與內燃機汽車的競爭力？也了解，冰稱自己的鈀和鉑以及催化轉化器的通貨膨脹問題也值得擔心。您是否了解這些競爭性通脹成本壓力可能會如何消除，以及由此產生的影響可能對電動汽車銷售或電動汽車在整個行業銷售中的滲透率產生什麼影響？

Ryan, as you said, we hope the inflation that we've seen with nickel pricing very recently is short-lived. But the reality is there's going to continue to be movements around commodity pricing and it's going to be across a variety of commodities, whether you're looking at some of the commodities that go into catalysts, as you said, in an ICE vehicle versus, let's say, nickel and a battery cell.

Ryan，正如你所說，我們希望我們最近看到的鎳價通脹是短暫的。但現實情況是，大宗商品定價將繼續發生變化，並且將涉及各種大宗商品，無論您是否正在研究一些成為催化劑的大宗商品，正如您所說，在 ICE 車輛中與，比方說，鎳和電池。

But I'd also point out, and I talked about this earlier, that we're developing a portfolio of battery solutions, inclusive of lithium ion phosphate and LFP pack. And one of the nice things about having multiple different chemistries across our portfolio is it essentially provides a bit of a hedge around some of the different materials that go into different battery chemistries, in this case, of course, referring to nickel.

但我還要指出，我之前談到過，我們正在開發一系列電池解決方案，包括鋰離子磷酸鹽和 LFP 電池組。在我們的產品組合中擁有多種不同化學物質的好處之一是，它本質上為進入不同電池化學物質的一些不同材料提供了一些對沖，在這種情況下，當然是指鎳。

But these are -- this is something we're paying very close attention to. We fully recognize and fully analyze the implications of some of these different materials and the pricing of those materials, how that will be translated into our margin structure.

但這些是 - 這是我們非常關注的事情。我們完全認識到並充分分析了其中一些不同材料的影響以及這些材料的定價，以及如何將其轉化為我們的利潤結構。

And your next question comes from Joseph Spak with RBC Capital Markets.

您的下一個問題來自 RBC Capital Markets 的 Joseph Spak。

I guess to start, maybe can you just give us some color on what you actually saw in terms of cancellations and recouping of those orders from the pricing decision? I mean I know reading message boards can lead you to a dark place, but you probably have better information than the rest of us.

我想開始吧，也許你能給我們一些關於你在取消和從定價決定中收回這些訂單方面實際看到的情況嗎？我的意思是我知道閱讀留言板會帶你到一個黑暗的地方，但你可能比我們其他人擁有更好的信息。

And then it's good to hear about the good rate on preorders since the pricing change, but can you give us some context? Is that in more for the new dual-motor standard pack? Or are customers still also opting for the original cloud motor?

然後很高興聽到自定價變化以來預購的優惠率，但您能給我們一些背景信息嗎？新的雙電機標準包更多嗎？還是客戶還在選擇原來的雲電機？

Yes, absolutely. So on 3/1, when we announced the new prices, we did see increased rate of cancellations in that 24-hour period between the price announcement and when we rolled those prices back. But right after the reversals, we got massive reinstatement requests, and more than half of our customers requested to reinstate. So what we basically saw was the demand continues to be very robust and -- both from a reinstatement point of view as well as from the new orders point of view, as RJ mentioned. The rate at which the new orders are coming in is very comparable and similar to the rate at which the orders were coming in before our pricing announcement.

是的，一點沒錯。因此，在 3 月 1 日，當我們宣布新價格時，我們確實看到在價格宣布和我們回滾這些價格之間的 24 小時內取消率有所增加。但就在逆轉之後，我們收到了大量的恢復請求，超過一半的客戶要求恢復。因此，我們基本上看到的是需求繼續非常強勁，而且——無論是從恢復的角度來看，還是從新訂單的角度來看，正如 RJ 提到的那樣。新訂單的進入速度與我們的定價公告之前的訂單進入速度非常相似且相似。

So we -- it sort of validates the pricing model that we had shared with the world. And I think we continue to be very confident at the competitiveness of our product and how it's going to result in the growth of our backlog and demand going forward.

所以我們 - 它有點驗證我們與世界共享的定價模型。我認為我們繼續對我們產品的競爭力以及它將如何導致我們的積壓和需求增長充滿信心。

Joe, just to add a bit to that. I want to be clear that certainly, as you said, if you look at some of the online surveys, you come out with a very different perspective on what the canceling rate was. The decision we took was to ultimately honor the original configuration pricing, wasn't due to any cancellations, but rather it was really because we have such a focus on our brand and the relationship we have with customers.

喬，只是補充一點。我想明確一點，正如您所說，如果您查看一些在線調查，您會對取消率有一個非常不同的看法。我們做出的決定是最終尊重原始配置定價，這不是因為任何取消，而是因為我們非常關注我們的品牌以及我們與客戶的關係。

They're -- this wasn't driven by some mass cancellation, but rather the recognition that the brand we're building is the foundation, is the platform upon which ultimately we're going to be selling millions of different vehicles per year across different vehicle types and of course, across different markets. And these early customers are such a critical part of what we're building as an organization.

他們是——這不是由一些大規模取消驅動的，而是認識到我們正在建立的品牌是基礎，是我們最終每年將在其上銷售數百萬輛不同車輛的平台不同的車輛類型，當然還有不同的市場。這些早期客戶是我們作為一個組織所構建的重要組成部分。

Yes, I would agree with that sentiment. As a second question, with the standard LFP packs that you mentioned in the opening remarks, will those be the Rivian-produced packs? Or are those still going to be sourced?

是的，我同意這種觀點。作為第二個問題，對於你在開場白中提到的標準 LFP 包，那些是 Rivian 生產的包嗎？還是那些仍將被採購？

So great question, Joe. And we've talked about this a bit in the past. The way we've approached our battery cells, and I'd say broadly, our approach to battery packs is you could really look at it across 2 arms. On one side, we're developing relationships with cell suppliers where we co-invest in capacity. And that may be high nickel cells like what we've launched with in the vehicles thus far. But it also includes LFP cells, which is actually what we're going to be launching later this year.

這麼好的問題，喬。我們過去已經討論過這個問題。我們處理電池的方式，我廣義地說，我們處理電池組的方式是你真的可以從兩個手臂上看到它。一方面，我們正在與電池供應商建立合作關係，共同投資產能。這可能是高鎳電池，就像我們迄今為止在車輛中推出的那樣。但它也包括 LFP 電池，這實際上是我們將在今年晚些時候推出的產品。

But in parallel to that, and as your question implied, we're also developing in-house battery chemistries and in-house production capability. When I say in-house, that's entirely in-house. Not through a joint venture or through a partnership structure. But the LFP that's first launching later this year, that's a cell that we've sourced through a partner and a cell that we're going to be building in that close partnership.

但與此同時，正如您的問題所暗示的那樣，我們還在開發內部電池化學和內部生產能力。當我說內部時，這完全是內部的。不是通過合資企業或合夥結構。但今年晚些時候首次推出的 LFP，這是我們通過合作夥伴採購的一個單元，也是我們將在密切合作中建立的一個單元。

And your next question comes from Alex Potter with Piper Sandler.

你的下一個問題來自 Alex Potter 和 Piper Sandler。

Okay. Great. So maybe first question, a quick one. Any chance you'd be willing to give a general idea of the mix breakdown, R1 versus the Amazon van in that 25,000 units?

好的。偉大的。所以也許是第一個問題，一個快速的問題。您是否願意對 25,000 輛中的 R1 與亞馬遜麵包車的混合細分給出一個總體概念？

What I would say is that the overall mix relatively hasn't changed from our original thoughts or forecasts overall.

我想說的是，整體組合相對於我們最初的想法或總體預測沒有改變。

Okay. Fair enough. So I hate to harp on this, I mean you're probably sick of talking about it and thinking about it. But obviously, supply chain, this is a pain, coming through very clearly. I'm just wondering, if you take a step back and think about this strategically, philosophically, if you would have known everything that you know today, if you would have known this 2 years, 3 years ago when you were initially formulating your supply chain strategy, what would you have done differently?

好的。很公平。所以我討厭在這個問題上喋喋不休，我的意思是你可能已經厭倦了談論它和思考它。但顯然，供應鏈，這是一個痛點，非常清楚。我只是想知道，如果你退後一步，從戰略上、哲學上思考這一點，如果你知道你今天所知道的一切，如果你在 2 年、3 年前你最初制定供應時就知道這一點連鎖戰略，你會有什麼不同的做法？

And looking forward to the plant that you have coming up in Georgia, how will you apply those learnings to that future product rollout? Or maybe you won't. Maybe you don't have any regrets about the way you've approached things. I'd just be interested in hearing how you address that question.

期待您在佐治亞州建立的工廠，您將如何將這些經驗應用到未來的產品推出中？或者也許你不會。也許你對你處理事情的方式沒有任何遺憾。我只是想听聽你如何解決這個問題。

Yes. It's a great question, Alex. And we certainly have spent time saying how do we avoid some of these supplier constraints going forward. There's a couple of things I'd note here. And in the context of semiconductors, one of the challenges is we have a supply-demand imbalance as an industry. And as a result of that, suppliers are providing platforms or components on an allocation basis, and those allocations are largely being set at some multiple of last year's demand.

是的。這是一個很好的問題，亞歷克斯。我們當然已經花時間說明我們如何避免未來的這些供應商限制。這裡有幾件事我要注意。在半導體的背景下，挑戰之一是我們作為一個行業存在供需失衡。因此，供應商在分配的基礎上提供平台或組件，而這些分配在很大程度上被設定為去年需求的一些倍數。

And of course, what we've seen is all the sources of demand, all the OEMs, in this case, are asking largely for more than the need. And so the semiconductor suppliers are then developing their own allocation models that essentially reference what they believe the real true demand is. So the challenge we have in this regard is we have to -- we don't have something to look back to, to say what was Q1 of 2021 like in terms of our demand profile. And with each of these semiconductor providers, we need to give them the confidence that we're capable of ramping.

當然，我們所看到的是所有需求來源，在這種情況下，所有原始設備製造商都在要求更多的東西。因此，半導體供應商正在開發他們自己的分配模型，這些模型基本上參考了他們認為真正的真實需求。因此，我們在這方面面臨的挑戰是我們必須——我們沒有什麼可回顧的，就我們的需求狀況而言，2021 年第一季度的情況如何。對於這些半導體供應商中的每一個，我們需要讓他們相信我們有能力提升。

And of course, each semiconductor supplier asks, well, how -- if I'm semiconductor supplier X, how is semiconductor supplier Y doing? And wanting to sort of make sure that their rate of supply and the allocation that they're providing to us is roughly equal to the rate of allocation that's coming from other semiconductor suppliers.

當然，每個半導體供應商都會問，好吧，如果我是半導體供應商 X，半導體供應商 Y 的情況如何？並且想要確保他們的供應率和他們提供給我們的分配率大致等於來自其他半導體供應商的分配率。

So it's a bit of almost like a game of schedule chicken, if you will, between these different suppliers. And so we've taken the approach of being very transparent and I guess, to be explicit, being very aggressive with the suppliers to make sure we're driving them. And it's why I said earlier, for any of those suppliers that happen to be on this call, we're going to continue to push very hard. And that's critical for us as we go into next year. And as we think about future launches, we'll have the benefit of having proven demand and proven output.

因此，如果您願意的話，這有點像這些不同供應商之間的時間表雞遊戲。所以我們採取了非常透明的方法，我想，明確地說，對供應商非常積極，以確保我們正在推動他們。這就是為什麼我之前說過，對於碰巧參加這次電話會議的任何供應商，我們將繼續非常努力地推動。當我們進入明年時，這對我們來說至關重要。當我們考慮未來的發佈時，我們將受益於經過驗證的需求和經過驗證的輸出。

Now with all that said, our next-generation network architecture that I referred to before actually helps simplify this problem where we are consolidating a number of our ECUs, and we're doing that in close partnership with the semiconductor suppliers where as we source these, we're basically making sure that this doesn't happen again. So there's -- the way we're setting up the contracts, the way we're negotiating pricing, the way we're negotiating the purchase process, we're ensuring that the things that we previously treated as more of a commodity, we now treat as a strategic sourcing agreement and an agreement in which we won't have these kinds of surprises that we've just gone through.

話雖如此，我之前提到的我們的下一代網絡架構實際上有助於簡化這個問題，我們正在整合我們的許多 ECU，我們正在與半導體供應商密切合作，在我們採購這些，我們基本上確保不會再次發生這種情況。所以有 - 我們建立合同的方式，我們談判定價的方式，我們談判購買過程的方式，我們確保我們以前視為商品的東西，我們現在將其視為戰略採購協議和協議，其中我們不會遇到我們剛剛經歷的這些驚喜。

Now with that said, around semiconductors, I'd say the other area that we've -- as we go forward, that I think we've learned from here is sometimes, these macroeconomic environments are just hard to plan for. And the need to take an approach of being very hands on. And if previously, you would look at the supply base and say, it's a trust but verify, and maybe there was 80% trust, 20% verify. I think for the industry at large, certainly for ourselves, we're taking a much more heavy-handed approach to the supplier ramp-up process, where we'll have folks on site much earlier in the process, making sure the suppliers are hiring the teams they need to hire, setting up their supply chain, so that's their Tier 2s and associated Tier 3s, appropriately and being very much more heavy handed in that audit and ramp-up process.

話雖如此，圍繞半導體，我想說的是，隨著我們向前發展，我認為我們從這裡學到的另一個領域是，有時這些宏觀經濟環境很難規劃。並且需要採取非常親力親為的方法。如果以前，您會查看供應基礎並說，這是一個信任但要驗證，也許有 80% 的信任，20% 的驗證。我認為對於整個行業，當然對於我們自己來說，我們正在對供應商提升過程採取更加嚴厲的方法，在這個過程中，我們將在更早的時候讓人們在現場，確保供應商僱用他們需要雇用的團隊，建立他們的供應鏈，這是他們的第 2 層和相關的第 3 層，適當地並且在審計和提升過程中更加繁重。

And so we certainly are doing that now. And I referred to it before, but we have a team of people dedicated to being on site and to working very closely with these suppliers. We're going to be increasingly aggressive on that as we go forward because we do view this as a critical core competency to make sure future ramps are as -- occur as fast as possible.

所以我們現在當然正在這樣做。我之前提到過，但我們有一個團隊致力於現場工作並與這些供應商密切合作。隨著我們的前進，我們將在這方面變得越來越積極，因為我們確實認為這是一項關鍵的核心競爭力，以確保未來的斜坡盡可能快地發生。

The next question comes from Mark Delaney with Goldman Sachs.

下一個問題來自高盛的 Mark Delaney。

I was first hoping to better understand the production outlook of 25,000. One of the things we've seen for the industry broadly is a lot of unexpected issues have come off, suppliers can't meet the forecast that they provided. So I'm hoping to better understand to what extent you're incorporating additional unexpected disruptions that may occur this year within that 25,000 production target. And I guess if everybody delivered to plan, would the number actually end up being more than 25,000?

我最初希望能更好地了解 25,000 輛的生產前景。我們在整個行業中看到的一件事是出現了很多意想不到的問題，供應商無法達到他們提供的預測。因此，我希望能更好地了解您在多大程度上將今年可能發生的額外意外中斷納入 25,000 個生產目標。我猜如果每個人都按計劃交付，這個數字最終會超過 25,000 嗎？

Yes. Thanks, Mark. We're certainly working as hard as we can to exceed that 25,000. And when we put that guidance together, we did it fully contemplating all the constraints that we see today as well as the -- where we see potential issues over the course of the next year. Of course, saying that and given the large number of unknowns and uncertainty in the system, it's impossible to predict everything, especially in this environment.

是的。謝謝，馬克。我們當然會盡最大努力超過 25,000 人。當我們把這些指導放在一起時，我們充分考慮了我們今天看到的所有限制，以及我們在明年看到的潛在問題。當然，話雖如此，但鑑於系統中存在大量未知數和不確定性，不可能預測一切，尤其是在這種環境下。

But again, we're very focused on achieving as much as we can and fully utilizing the plant capacity that we have installed and the plant capacity that we've demonstrated thus far.

但同樣，我們非常專注於盡可能多地實現並充分利用我們已安裝的工廠產能以及我們迄今為止展示的工廠產能。

Understood. My second question was on the materials inflationary environment. I'm hoping to better understand that as well. Can you talk about to what extent you've been able to lock in any of the pricing, either in terms of financial hedges or fixed-price contracts? I think typically, in the industry, there's a lot of commodities pass through. And so it sounds like Rivian would be exposed to the higher materials cost if they do, in fact, stay at current levels. But hoping to better understand if you've been able to offset any of that.

明白了。我的第二個問題是關於材料通脹環境。我也希望能更好地理解這一點。你能談談你在多大程度上能夠鎖定任何定價，無論是在金融對沖還是固定價格合同方面？我認為通常在行業中，有很多商品通過。因此，如果 Rivian 實際上保持在當前水平，聽起來他們將面臨更高的材料成本。但希望能更好地了解您是否能夠抵消其中的任何一個。

It's a good question, Mark. I think as we think about structuring and as we -- I should say, as we structured our supplier contracts leading into our launches across all 3 products, the R1T, the R1S and EDV, a lot of those contracts are tied to a component or a part or a system at a fixed price. So there's not a raw material pass-through. Of course, there are some contracts that have raw material pass-throughs, and it's really dependent on the type of contract and the type of component or system.

這是個好問題，馬克。我認為，當我們考慮結構化時，以及我們 - 我應該說，當我們構建供應商合同導致我們推出所有 3 種產品時，R1T、R1S 和 EDV，其中很多合同都與一個組件或固定價格的零件或系統。所以沒有原材料的傳遞。當然，也有一些合約是有原材料轉嫁的，這真的取決於合約的類型和組件或系統的類型。

The component of our systems, where a vast majority of the price of that item is carried by the commodity price, there may be those pass-throughs. But a lot of systems, most of the price is actually carried in the value-add on top of the raw material. So take, for example, a headlight as an example. Much of the headlight cost is actually the processing of the materials as opposed to the raw materials themselves.

我們系統的組成部分，該項目的絕大部分價格由商品價格承擔，可能存在這些傳遞。但是很多系統，大部分的價格其實是承載在原材料的增值之上的。因此，以頭燈為例。大部分車頭燈成本實際上是材料的加工，而不是原材料本身。

Now exceptions to that and examples where that's a bit different, of course, and we've talked about this already, really around the battery cell. And so we see this with nickel. It's one of the reasons we're so focused on nickel. And I think I'm sure all of our colleagues across the industry are also very focused on this, because those types of contracts typically do have some level of some level of commodity pricing baked in.

當然，現在有例外情況和一些不同的例子，我們已經討論過這個問題，真的是圍繞電池單元。所以我們在鎳上看到了這一點。這是我們如此關注鎳的原因之一。我想我相信我們整個行業的所有同事也非常關注這一點，因為這些類型的合同通常確實包含某種程度的商品定價。

And ladies and gentlemen, this concludes our Q&A session. I will pass the call back to RJ Scaringe for his final remarks.

女士們，先生們，我們的問答環節到此結束。我會將電話轉回給 RJ Scaringe，讓他發表最後的講話。

Thank you. Well, I appreciate everybody joining us for this call, and we enjoyed the questions and the discussion. We look forward to future discussions. Thanks so much.

謝謝你。好吧，我感謝大家加入我們的電話會議，我們很享受這些問題和討論。我們期待未來的討論。非常感謝。

And with that, we conclude our program. Thank you for your participation, and you may now disconnect.

至此，我們結束了我們的計劃。感謝您的參與，您現在可以斷開連接。