Rivian Automotive Inc (RIVN) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Rivian's Second Quarter 2023 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to Tim Bei, Vice President of Strategic Finance and Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Rivian 2023 年第二季度收益電話會議。 （操作員指示）請注意，今天的會議正在錄製中。我現在將會議交給戰略財務和投資者關係副總裁 Tim Bei。請繼續。

Good afternoon, and thank you for joining us for Rivian's Second 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，感謝您參加 Rivian 2023 年第二季度收益電話會議。在我們開始之前，本次電話會議討論的事項（包括評論和問題答复）反映了管理層截至目前的觀點。我們還將做出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. A reconciliation of GAAP to non-GAAP financial measures is provided in our shareholder letter.

此類陳述涉及風險和不確定性，可能導致實際結果存在重大差異。我們向 SEC 提交的文件和今天的股東信中描述了這些風險和不確定性。在本次電話會議中，我們將討論公認會計原則和非公認會計原則財務指標。我們的股東信中提供了 GAAP 與非 GAAP 財務指標的調節表。

Just before the call, we published our shareholder letter, which includes an overview of our progress over the recent months. I encourage you to read it for additional details around some of the items we'll cover on today's call. With that, I'll turn the call over to RJ, who will begin with a few opening remarks.

就在電話會議之前，我們發布了股東信，其中概述了我們最近幾個月的進展。我鼓勵您閱讀它，了解我們將在今天的電話會議中討論的一些項目的更多詳細信息。接下來，我將把電話轉給 RJ，他將首先做一些開場白。

Thanks, Tim. Hello, everyone, and thanks for joining us today. During our call, I will highlight key developments during the second quarter and provide an update on the progress we are making against our core value drivers. Production continues to ramp, which is translating into improved profitability and capital efficiency.

謝謝，蒂姆。大家好，感謝您今天加入我們。在我們的電話會議中，我將重點介紹第二季度的關鍵進展，並提供我們在核心價值驅動因素方面取得的最新進展。產量持續增加，這轉化為盈利能力和資本效率的提高。

We are also driving material cost reductions through commercial and engineering design updates, including the integration of our in-house Dual-Motor into the R1 product line. We remain focused on the customer experience as we expand our physical, digital and mobile footprint and took important steps during the quarter to improve our charging experience.

我們還通過商業和工程設計更新來降低材料成本，包括將我們的內部雙電機集成到 R1 產品線中。隨著我們擴大物理、數字和移動足跡，我們仍然關注客戶體驗，並在本季度採取重要措施來改善我們的充電體驗。

Importantly, prior to getting into the quarter's details, I'd like to thank our employees, customers, partners, suppliers, communities and shareholders for their continued support of our vision. Consistent with our last earnings call, Claire and I will be inviting different leaders to join us each quarter. For this call, I'm asked Wassym Bensaid, our Senior Vice President of Software Development, to join given the critical role software plays in enabling our business and the ever improving and expanding capabilities and features of our vehicles.

重要的是，在了解本季度的詳細信息之前，我要感謝我們的員工、客戶、合作夥伴、供應商、社區和股東對我們願景的持續支持。與我們上次的財報電話會議一致，克萊爾和我將每個季度邀請不同的領導者加入我們。鑑於軟件在支持我們的業務以及不斷改進和擴展我們車輛的功能和特性方面發揮著關鍵作用，我邀請我們的軟件開發高級副總裁 Wassym Bensaid 參加這次電話會議。

During the second quarter, we produced 13,992 vehicles, which represents a 50% increase compared to the first quarter. Importantly, approximately 70% of the R1 units produced during the second quarter were R1S vehicles. This represents the first time R1S quarterly production was higher than R1T production. Our team in Normal has made strong progress through the first half of the year maturing the manufacturing process of the R1S to a point where the build efficiency is essentially equal to the R1T.

第二季度，我們生產了13,992輛汽車，比第一季度增長了50%。重要的是，第二季度生產的 R1 車輛中約 70% 是 R1S 車輛。這代表 R1S 季度產量首次高於 R1T 產量。我們的 Normal 團隊在今年上半年取得了巨大進展，使 R1S 的製造工藝更加成熟，構建效率基本上與 R1T 相同。

It's also important to note the R1S is more profitable than the R1T. The ramp of our in-house Enduro motor line remains a key enabler to near-term production performance. Due to our progress during the first half of the year, we are increasing our 2023 production guidance to 52,000 total units. Building on the successful launch of the in-house Enduro motors for our commercial vans last quarter, we successfully integrated this motor into the Dual-Motor variant of the R1 platform during the second quarter.

同樣重要的是要注意 R1S 比 R1T 更有利可圖。我們內部 Enduro 電機系列的發展仍然是近期生產績效的關鍵推動因素。鑑於我們上半年取得的進展，我們將 2023 年的產量指導目標提高至 52,000 輛。在上季度成功推出商用貨車的內部 Enduro 電機的基礎上，我們在第二季度成功將該電機集成到 R1 平台的雙電機變體中。

This is an important milestone from a cost perspective and will also be instrumental in expanding the consumer market opportunity for our R1 vehicles. We believe the majority of our long-term R1 demand will come from our Dual-Motor variants. These variants have pricing that starts at just over $70,000, extend up to 400 miles of range, reach 0 to 60 miles per hour and as quick as 3.5 seconds, tow up to 11,000 pounds and generate over 800-foot pounds of torque and 650 horsepower.

從成本角度來看，這是一個重要的里程碑，也將有助於擴大我們的 R1 車輛的消費市場機會。我們相信我們的大部分長期 R1 需求將來自我們的雙電機型號。這些型號的起價略高於 70,000 美元，續航里程可達 400 英里，加速時間為 0 至 60 英里，最快 3.5 秒，牽引力可達 11,000 磅，產生超過 800 英尺磅的扭矩和 650 馬力。

We believe the Dual-Motor variants offer great value while providing higher on and off-road performance. The technology and clean sheet approach we've taken with the R1 product line has really enabled the uniquely differentiated product, the features, the attributes, the way the vehicle feels so special. And this is the result of thousands and thousands of trade-offs we're making between different pieces of content, the way we think about design, the way we think about technology, integrating with that design.

我們相信雙電機變體可提供巨大的價值，同時提供更高的公路和越野性能。我們在 R1 產品線中採用的技術和全新方法確實實現了獨特的差異化產品、功能、屬性以及車輛感覺如此特別的方式。這是我們在不同的內容、我們對設計的思考方式、我們對技術的思考方式以及與設計的集成之間做出的成千上萬次權衡的結果。

And of course, the R1 product line was intended and is our handshake with the world. It's our flagship product. And so as we've now been thinking a lot about how does that brand position that we've created from a product point of view, integrate across the mosaic of all the other touch points we have as a company and then, of course, into R2 those same -- that same mindset and the same ethos is being applied, of course, on a smaller price -- a smaller form factor and a lower price point.

當然，R1 產品線是我們的初衷，也是我們與世界的握手。這是我們的旗艦產品。因此，我們現在一直在思考如何從產品的角度創建我們的品牌定位，整合我們作為一家公司擁有的所有其他接觸點，然後，當然，在R2 中，同樣的理念和精神正在被應用，當然，價格更低——更小的外形尺寸和更低的價格點。

And having spent a lot of time with the teams and closely coordinating all these different trade-offs and sort of thinking about how does Rivian manifest at this lower price point with a smaller form factor, I can say we couldn't possibly be more excited about what's to come with R2 and really looking forward to showing that product in the early part of 2024.

我們花了很多時間與團隊合作，密切協調所有這些不同的權衡，並思考 Rivian 如何在這個較低的價格點和較小的外形尺寸上表現出來，我可以說我們非常興奮關於R2 的未來，並非常期待在2024 年初展示該產品。

It represents in much the same way that R1 rethought -- segment rethought of space, R2 takes that even further and stretches our ideology and our brand ethos really into such a great segment and such a large addressable market.

它與R1 的重新思考——對空間的細分市場的重新思考——的方式大致相同，R2 則更進一步，將我們的意識形態和品牌精神真正延伸到如此偉大的細分市場和如此巨大的潛在市場。

Now on to our second quarter results, which reflect our continued extreme focus on cost efficiency as we accelerate our drive towards profitability. On a quarter-over-quarter basis, delivered vehicles grew by 60%, while gross profit per vehicle improved by about $35,000. We achieved meaningful reductions in both R1 and EDV vehicle unit costs across the key components, including material costs, manufacturing labor, overhead and logistics.

現在我們來看看第二季度的業績，這反映出我們在加速實現盈利的過程中對成本效率的持續高度關注。環比交付車輛增長了 60%，每輛車毛利潤提高了約 35,000 美元。我們顯著降低了 R1 和 EDV 車輛關鍵零部件的單位成本，包括材料成本、製造勞動力、管理費用和物流。

Maintaining our cost reduction efforts through consistent focus and collaboration across all levels of the company is a core part of the culture we're building. I also want to take this opportunity to highlight some of the progress we're making through our partnership with Amazon. When designing the electric delivery van, we set out to develop a delivery van which offers a step change in safety, innovation, technology and of course, driver comfort.

通過公司各個層面的一致關注和協作來維持我們降低成本的努力是我們正在建設的文化的核心部分。我還想藉此機會強調我們通過與亞馬遜的合作所取得的一些進展。在設計電動送貨車時，我們著手開發一款在安全性、創新性、技術，當然還有駕駛員舒適性方面實現重大改變的送貨車。

As of early July, there were EDVs in operation across over 800 cities in the United States. In addition, we recently initiated deliveries of EDVs to Amazon in Europe. It was a strong quarter, and we remain focused on ramping production, driving cost efficiencies, developing future technologies and creating an amazing customer experience.

截至 7 月初，美國 800 多個城市都有 EDV 投入運營。此外，我們最近開始向歐洲亞馬遜交付 EDV。這是一個強勁的季度，我們仍然專注於提高產量、提高成本效率、開發未來技術和創造令人驚嘆的客戶體驗。

With that, I'll pass the call over to Wassym to discuss our software development strategy.

這樣，我會將電話轉給 Wassym 討論我們的軟件開發策略。

Thank you, RJ. It's good to be here to discuss our software capabilities and the progress we are making. The impact of software is pervasive throughout the company. The most obvious and customer-facing aspects of our software is what customers see and experience through their vehicle digital experience, our over-the-air updates and the Rivian mobile app.

謝謝你，RJ。很高興來到這裡討論我們的軟件功能和我們正在取得的進展。軟件的影響遍及整個公司。我們軟件最明顯且面向客戶的方面是客戶通過車輛數字體驗、我們的無線更新和 Rivian 移動應用程序看到和體驗到的內容。

Our priority here is to take feedback from our customers and enhance the customer experience whether that's through drive modes, comfort features, range efficiency or addressing other pain points that customers may experience. Over here, I have actually been called the Chief Reddit Officer, given my interaction with customers on the r/Rivian Subreddit.

我們的首要任務是收集客戶的反饋並增強客戶體驗，無論是通過駕駛模式、舒適性功能、續航里程效率還是解決客戶可能遇到的其他痛點。在這裡，我實際上被稱為首席 Reddit 官，因為我在 r/Rivian Subreddit 上與客戶互動。

Since launching our R1 platform in the fall of 2021, we have pushed 22 major software updates to our vehicles. These updates have been filled with features such as Bird's-Eye Camera View, Drive Cam, Snow Mode, Camp Mode, Pet Mode and much more, all designed to enhance our customers' experience.

自 2021 年秋季推出 R1 平台以來，我們已為車輛推送了 22 項主要軟件更新。這些更新充滿了鳥瞰相機視圖、駕駛攝像頭、雪地模式、露營模式、寵物模式等功能，所有這些都是為了增強客戶的體驗。

Most recently, this included the integration of a Better Routeplanner, which we expect to meaningfully improve our customers' charging and routing experience. This technology will give our customers the ability to plan and compare charging stops along the way. It also provides us data to help with the site selection of our Rivian Adventure fast charging Network.

最近，這包括集成更好的路線規劃器，我們希望它能夠有意義地改善客戶的充電和路線體驗。這項技術將使我們的客戶能夠規劃和比較沿途的充電站。它還為我們提供數據，幫助我們選擇 Rivian Adventure 快速充電網絡的站點。

And the road map we have is equally exciting. While I don't want to share too much yet, over the next months, you will see us launch a towing mode update, including trader profiles, backup camera views, adaptive range estimation and towing charge stations discovery in the navigation app. We also plan to launch drone mode, which will provide an immersive camera experience powered by our computer vision and augmented reality technologies.

我們的路線圖同樣令人興奮。雖然我還不想分享太多，但在接下來的幾個月裡，您將看到我們推出牽引模式更新，包括交易者資料、備用攝像頭視圖、自適應範圍估計和導航應用程序中的牽引充電站發現。我們還計劃推出無人機模式，該模式將提供由我們的計算機視覺和增強現實技術支持的沉浸式相機體驗。

We believe that our software capabilities are a structural differentiator that will only grow in importance as electric vehicles continue to increase in complexity. Our unique capabilities stem from the intentional decisions we made years ago when we decided to truly take a clean sheet approach to the software stack and electrical hardware in the vehicle. What this means is that we own the software stack and control nearly every single computer in the vehicle.

我們相信，我們的軟件能力是一種結構性差異化因素，隨著電動汽車複雜性的不斷增加，這種差異化只會變得越來越重要。我們獨特的能力源於我們多年前做出的有意決定，當時我們決定真正對車輛中的軟件堆棧和電氣硬件採取全新的方法。這意味著我們擁有軟件堆棧並控制車輛中的幾乎每一台計算機。

We designed our software stack to scale to multiple hardware architectures, allowing us to rapidly support 3 product variants with a high level of compute across R1T, R1S and EDV. This modular platform approach is also enabling us to prepare a rapid migration to our next-gen Zonal Electrical Architecture, which brings increased levels of system integration and will allow us to achieve significant material cost savings, thanks to the hardware consolidation.

我們設計的軟件堆棧可擴展到多種硬件架構，使我們能夠快速支持 3 個產品變體，並在 R1T、R1S 和 EDV 上提供高水​​平的計算能力。這種模塊化平台方法還使我們能夠快速遷移到下一代區域電氣架構，這提高了系統集成水平，並使我們能夠通過硬件整合實現顯著的材料成本節省。

As I mentioned earlier, at Rivian, software is foundational. It supports and optimizes functions throughout the company. What I just described was on the consumer-facing side of our work. The work my team does behind the scenes is equally important. Our connected software architecture allows us to gather sophisticated data that provide powerful insights enabling us to improve the reliability and safety of our products and reduce our service cost.

正如我之前提到的，在 Rivian，軟件是基礎。它支持並優化整個公司的職能。我剛才描述的是我們面向消費者的工作。我的團隊在幕後所做的工作同樣重要。我們的互聯軟件架構使我們能夠收集複雜的數據，這些數據提供了強大的見解，使我們能夠提高產品的可靠性和安全性，並降低服務成本。

It allows our service teams to perform remote diagnostics and assess the issues that customers may be experiencing well in advance so we can determine when to deploy mobile service vehicles, what parts to bring and, in some cases, even fix the issue through over-the-air software. This in-house platform also powers our manufacturing operations in the plant, allowing us to have in-line diagnostics that automatically detect potential assembly issues as the vehicle moves through the line and allows us to perform exhaustive electrical quality checks on our vehicles.

它使我們的服務團隊能夠執行遠程診斷並提前評估客戶可能遇到的問題，以便我們可以確定何時部署移動服務車輛、攜帶哪些零件，在某些情況下甚至可以通過遠程解決問題- 空氣軟件。這個內部平台還為我們工廠的製造業務提供動力，使我們能夠進行在線診斷，在車輛通過生產線時自動檢測潛在的裝配問題，並允許我們對車輛進行詳盡的電氣質量檢查。

This ultimately saves us time, improves quality and improves efficiency during the manufacturing process. As a team, we're excited about the work we do and the impact we are having. It's not often that you get the challenge to redefine how an industry views software. We're encouraged by the work we have done and even more excited about what's to come. With that, let me turn the call over to Claire.

這最終在製造過程中節省了我們的時間、提高了質量並提高了效率。作為一個團隊，我們對我們所做的工作和我們所產生的影響感到興奮。您很少會遇到重新定義行業如何看待軟件的挑戰。我們對我們所做的工作感到鼓舞，對即將發生的事情更加興奮。那麼，讓我把電話轉給克萊爾。

Thanks, Wassym. Second quarter results reflect the strong progress our team delivered against the operating plan we outlined earlier this year. As RJ mentioned, we remain focused on the drivers of long-term value for our business, ramping production, driving cost efficiencies, building future technologies and improving the customer experience.

謝謝，瓦西姆。第二季度的業績反映出我們的團隊在今年早些時候制定的運營計劃方面取得了巨大進展。正如 RJ 提到的，我們仍然專注於業務長期價值的驅動因素、提高產量、提高成本效率、構建未來技術和改善客戶體驗。

Turning to our second quarter results. We produced 13,992 vehicles and delivered 12,640 vehicles, which was the primary driver of the $1.1 billion of revenue we generated. Total revenue for the quarter included $34 million of proceeds from the sale of regulatory credits. We expect the sale of regulatory credits to increase over time, but to vary quarter-to-quarter.

轉向我們第二季度的業績。我們生產了 13,992 輛汽車，交付了 12,640 輛汽車，這是我們創造 11 億美元收入的主要推動力。該季度的總收入包括 3400 萬美元的監管信貸銷售收益。我們預計監管信貸的銷售會隨著時間的推移而增加，但每個季度都會有所不同。

During the second quarter, we improved our gross profit per vehicle by approximately $35,000 as compared to the first quarter of 2023, representing a gross margin improvement of over 4,400 basis points. The primary drivers include fixed cost leverage, the change in LCNRV inventory write-downs and losses on firm purchase commitments, material cost reduction and increased revenue per vehicle delivered.

與 2023 年第一季度相比，第二季度每輛車的毛利潤提高了約 35,000 美元，毛利率提高了 4,400 個基點。主要驅動因素包括固定成本槓桿、LCNRV 庫存減記的變化和確定採購承諾的損失、材料成本降低以及每輛車交付收入的增加。

Now going deeper into the material cost reduction drivers. After a full quarter of EDV production with the introduction of the LFP battery pack and our in-house Enduro drive unit, we are now seeing a 35% reduction in material costs for our vans as compared to Q4 2022. Concurrently, we've seen and continue to see strong progress on our R1 material cost reduction through commercial cost down efforts and a reduction in short-term premiums.

現在更深入地探討材料成本降低的驅動因素。通過引入 LFP 電池組和我們的內部 Enduro 驅動裝置，在 EDV 生產了整整一個季度之後，我們現在看到我們的貨車的材料成本比 2022 年第四季度降低了 35%。同時，我們看到通過降低商業成本和降低短期保費，我們在降低R1 材料成本方面繼續取得強勁進展。

Total gross profit for the quarter was negative $412 million as compared to negative $704 million in the same period last year. Total operating expenses in the second quarter of 2023 fell to $873 million as compared to $1 billion in the same period last year. The primary driver of the reduction in operating expenses was related to lower levels of stock-based compensation expense. We continue to rationalize our operating expenses, despite significant investments in core in-vehicle technologies and the customer experience.

該季度毛利潤總額為負 4.12 億美元，而去年同期為負 7.04 億美元。 2023 年第二季度的總運營支出降至 8.73 億美元，而去年同期為 10 億美元。運營費用減少的主要驅動力與股票薪酬費用水平的降低有關。儘管我們在核心車載技術和客戶體驗方面進行了大量投資，但我們仍在繼續合理化我們的運營支出。

Over the past year, we have expanded our physical and mobile service offerings, increased our demo drive capacity, developed and launched a new motor platform, expanded our Rivian Adventure Network, built a parts distribution center and remanufacturing center and so much more. All of this was done while lowering our quarterly operating expenses by $131 million, of which $89 million consisted of cash expenses.

在過去的一年裡，我們擴大了實體和移動服務範圍，提高了演示驅動能力，開發並推出了新的汽車平台，擴大了 Rivian Adventure 網絡，建立了零部件配送中心和再製造中心等等。所有這些都是在我們的季度運營費用減少 1.31 億美元的情況下完成的，其中 8900 萬美元是現金費用。

These are all forward investments that position us to capitalize on our direct-to-customer relationship and enable us to scale efficiently as our car park grows. Our gross profit improvements, coupled with our operating expense rationalization, resulted in $424 million of improvement in adjusted EBITDA as compared to the prior year. We ended the second quarter of 2023 with $10.2 billion in cash, cash equivalents and short-term investments.

這些都是遠期投資，使我們能夠利用我們的直接與客戶的關係，並使我們能夠隨著停車場的增長而有效地擴大規模。我們的毛利潤提高，加上運營費用合理化，調整後的 EBITDA 比上一年增加了 4.24 億美元。截至 2023 年第二季度末，我們的現金、現金等價物和短期投資為 102 億美元。

We continue to believe that our cash can fund operations through 2025 and with the addition of our $1.5 billion green convertible notes and the amendment and extension of our $1.5 billion asset-based lending agreement earlier this year, we have strengthened our balance sheet as we approach the launch of R2 in 2026.

我們仍然相信，我們的現金可以為2025 年的運營提供資金，並且隨著今年早些時候增加15 億美元的綠色可轉換票據以及修訂和延長15 億美元的資產貸款協議，我們在接近目標的同時加強了我們的資產負債表。 2026 年推出 R2。

Turning to our business outlook for 2023. We remain focused on ramping production and driving greater cost efficiency across the company. Based on the progress of our production ramp, including the ramp of our in-house motor, along with the latest understanding of the supply chain, we are increasing our production guidance to 52,000 total units.

談到我們 2023 年的業務展望。我們仍然專注於提高產量並提高整個公司的成本效率。根據我們的生產進度，包括我們內部電機的生產進度，以及對供應鏈的最新了解，我們將產量指導提高到 52,000 台。

We have also seen strong progress in our cost down efforts and are improving our adjusted EBITDA guidance to negative $4.2 billion. Finally, we are reducing our capital expenditure guidance for 2023 to $1.7 billion due to a shift in capital expenditure timing. We continue to believe the average capital expenditures per year between this year and next year will be in the low $2 billion area.

我們在降低成本方面也取得了巨大進展，並將調整後的 EBITDA 指引提高至負 42 億美元。最後，由於資本支出時間的變化，我們將 2023 年的資本支出指導減少至 17 億美元。我們仍然認為，今年和明年之間的每年平均資本支出將在 20 億美元以下。

In closing, we have seen progress in all 3 aspects of our path to generate positive gross margin, ramping production, driving material cost down and increasing average selling price. The substantial reductions in EDV material costs, driven by the introduction of the LFP pack and Enduro drive unit, is reflective of the material cost improvements we expect to experience with our R1 platform following the 2024 shutdown to rerate the R1 line to 85,000 units per year and introduce new technologies.

最後，我們在實現正毛利率、提高產量、降低材料成本和提高平均售價的所有三個方面都取得了進展。 LFP 套件和 Enduro 驅動單元的引入推動了 EDV 材料成本的大幅降低，這反映了我們預計在 2024 年停工後將 R1 生產線重新調整為每年 85,000 台後，我們的 R1 平台將經歷材料成本的改善並引進新技術。

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

這增強了我們對長期財務目標的信心。我們看到了實現約 25% 毛利率目標、高雙位數調整後 EBITDA 利潤率目標和約 10% 自由現金流利潤率目標的明確道路。接下來，讓我將電話轉回接線員以打開問答線路。

(Operator Instructions) Our first question comes from the line of Dan Levy with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Dan Levy。

Wanted to dig in first on the gross margin improvement. And I realize you said that you're making progress on each of the areas that you flagged in terms of improved fixed cost absorption and material cost reduction. But maybe you can give us a little bit of a voiceover -- little bit deeper color on how this is playing out? How much more ground is there in terms of renegotiating some of your supplier contracts? How much more upside is there on the pricing front? And any color on the path to being contribution margin positive, which is a step in ultimately getting to total gross margin positive?

希望首先挖掘毛利率的改善。我知道您說過，您在改善固定成本吸收和降低材料成本方面所標記的每個領域都取得了進展。但也許你可以給我們一些畫外音——更深層次地解釋一下這是如何發生的？在重新談判一些供應商合同方面還有多少空間？定價方面還有多少上漲空間？貢獻率正值的道路上有什麼顏色，這是最終實現總毛利率為正值的一步嗎？

Thanks, Dan. Yes, this is a major, major focus for us as a business and something that across all aspects of product developments, our quality teams, our manufacturing teams were working towards. And as we look at unpacking as your question sort of dug into the gross margin improvements, a portion of it absolutely is the fixed cost absorption improvements that just are borne out of the increased volume. But I'm glad you point out a really important element of this is also material cost improvements. So reductions in our bill of materials.

謝謝，丹。是的，這是我們作為一家企業的一個主要關注點，也是產品開發、我們的質量團隊、製造團隊各個方面都在努力的方向。當我們考慮拆包時，您的問題有點深入探討了毛利率的提高，其中一部分絕對是固定成本吸收的提高，而這正是由銷量的增加所證實的。但我很高興您指出其中一個非常重要的因素也是材料成本的改進。因此我們的材料清單有所減少。

And this is -- what we're seeing today is some of, but not all of the improvements that are coming. And as Claire said in her opening remarks, we've achieved roughly 35% reduction in material costs on the EDV program in conjunction with the shutdown that happened at the beginning of this year, and we expect a similar level of reductions on R1 with the shutdown that's going to be coming next year.

我們今天看到的是即將到來的一些改進，但不是全部。正如 Claire 在開場白中所說，隨著今年年初的停工，我們已經在 EDV 項目上實現了大約 35% 的材料成本削減，並且我們預計 R1 項目的材料成本也將實現類似水平的削減。明年將要關閉。

But preceding that, there's a whole host of ongoing commercial negotiations, some of which we're already beginning to feel in CNR1 and many of which are going to be coming. And I want to just call out a few of the points that I also made in my opening comments, a lot of the improvements in engineering that are going into the vehicle are to drive cost out.

但在此之前，還有大量正在進行的商業談判，其中一些我們已經開始在 CNR1 中感受到，其中許多即將到來。我只想指出我在開場白中提出的一些觀點，車輛中的許多工程改進都是為了降低成本。

So a big -- one of the biggest areas is the improvements we're making to the network architecture and consolidating a number of our ECUs into a smaller number of ECUs, ultimately a 60% reduction in the number of ECUs in the vehicle. And along with that, roughly a 25% reduction in the wiring harness length in the vehicle. And so when we look at -- when we talk about the confidence we have around further reductions in costs, this is not confidence out of thin air.

因此，最大的領域之一是我們對網絡架構進行的改進，並將大量 ECU 整合為更少數量的 ECU，最終將車輛中 ECU 的數量減少 60%。與此同時，車輛線束長度大約減少了 25%。因此，當我們談論我們對進一步降低成本的信心時，這並不是憑空而來的信心。

This is confidence that ties to contractual obligations associated with these component changes as well as contractual obligations with our suppliers built into commercial negotiations. And we'll continue to see significant improvements quarter-over-quarter. And the cost structure to build our vehicles ultimately laddering up to the margin targets we talked about, the 25% gross margin target for our Normal facility -- for vehicles produced in our Normal plant. And Claire, do you want to maybe just talk a little bit about some of the other aspects here around contribution?

這種信心與這些組件變更相關的合同義務以及商業談判中與我們供應商的合同義務有關。我們將繼續看到季度環比的顯著改善。製造我們車輛的成本結構最終會逐步達到我們談到的利潤目標，即我們諾默爾工廠生產的車輛的 25% 毛利率目標。克萊爾，你想談談貢獻方面的其他一些方面嗎？

Sure. On a contribution margin basis, given the significant impact to our material costs on the EDV -- the EDVs that we're producing today are commercial contribution margin positive. And then as we think about the R1, the R1 will be contribution margin positive by the end of this year, as you heard from RJ, through continued progress on supplier contract negotiations as well as some of the upside to price as we introduce the Max Pack variant later this year.

當然。在邊際貢獻的基礎上，考慮到我們的材料成本對 EDV 的重大影響，我們今天生產的 EDV 的商業邊際貢獻為正。然後，當我們考慮 R1 時，正如您從 RJ 那裡聽到的那樣，通過供應商合同談判的持續進展以及我們推出 Max 時價格的一些上行，R1 到今年年底將實現正貢獻邊際收益今年晚些時候將推出變體版本。

That's very helpful. And then just as a follow-up, I think one of the broader themes in the EV sales landscape today is just around demand. And I think there's questions broadly around some weakness of demand. Maybe you can give us a sense -- I know you've taken away the order backlog, but what confidence do you have that your backlog will sustain well into 2024 and that you're going to be supply constrained for the foreseeable future?

這非常有幫助。作為後續行動，我認為當今電動汽車銷售領域更廣泛的主題之一就是圍繞需求。我認為圍繞需求疲軟存在著廣泛的問題。也許你可以給我們一個感覺——我知道你已經取消了積壓訂單，但你有什麼信心相信你的積壓訂單將持續到 2024 年，並且在可預見的未來供應將受到限制？

One of the things we're perhaps most excited about is just how well received the products have been and the level of excitement we see from our customers and the folks that are driving our vehicles, and we see that manifesting in J.D. Power awarding us the highest level of customer satisfaction within the EV space -- within the premium EV space. But importantly, we see it through the day-to-day interactions we have with the owners of our vehicles and they become the biggest advocates and essentially marketers, if you will, for our brand and what we're building.

我們最興奮的事情之一可能是產品受到的好評以及我們從客戶和駕駛我們車輛的人們那裡看到的興奮程度，我們看到這一點在 J.D. Power 授予我們電動汽車領域最高水平的客戶滿意度— —高端電動汽車領域。但重要的是，我們通過與車主的日常互動看到了這一點，如果你願意的話，他們成為我們品牌和我們正在建設的產品的最大倡導者和營銷者。

With that said, we feel very confident in the continued backlog that we have. We have clear visibility into -- deep into 2024 with that backlog that's established. And as more and more vehicles are on the roads, and we now have tens of thousands of R1s on the roads, it continues to feed the flywheel of awareness about the brand.

話雖如此，我們對持續積壓的訂單非常有信心。我們對 2024 年已建立的積壓訂單有清晰的了解。隨著越來越多的車輛上路，我們現在有數万輛 R1 上路，它繼續提高飛輪對該品牌的認知度。

And as I said, some of our strongest advocates are people that are driving our vehicles every day. And so we're quite bullish on the continued strong demand we have for our products.

正如我所說，我們的一些最強有力的擁護者是每天駕駛我們車輛的人。因此，我們非常看好我們產品的持續強勁需求。

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

下一個問題來自亞當·喬納斯 (Adam Jonas) 與摩根士丹利 (Morgan Stanley) 的對話。

I had -- my first question is on Tesla charging. As we know, there's a kind of a 2-way flow here where there's power, there's electrons going into the car, but then data coming out of the car to Tesla. So I'm curious what data are you required to share or planning to share with Tesla as you join their charging network? Then I have a follow-up.

我的第一個問題是關於特斯拉充電的。正如我們所知，這裡有一種雙向流動，其中有電力，有電子進入汽車，然後數據從汽車傳到特斯拉。所以我很好奇，當您加入特斯拉的充電網絡時，您需要或計劃與特斯拉共享哪些數據？然後我有一個後續行動。

Thanks for the question. Yes, this is, I think, an exciting development just around the relationship that we've put together with Tesla, along with other manufacturers, to utilize the North American charging standard event as a part of that access their charging network. And we continue to build out our Rivian Adventure Network, and that will also have a North American charging standard adapters -- or plugs, I should say, on it, and that allows us with our network to access a very large car park with the existing Tesla car park that's out there, which gives us much clear visibility to profitability of our charging network as well.

謝謝你的提問。是的，我認為這是一個令人興奮的發展，圍繞我們與特斯拉以及其他製造商建立的關係，利用北美充電標準活動作為訪問其充電網絡的一部分。我們繼續建立 Rivian Adventure 網絡，該網絡還將配備北美充電標準適配器——我應該說是插頭，這使我們能夠通過我們的網絡訪問一個非常大的停車場，並配有現有的特斯拉停車場就在那裡，這也讓我們能夠清楚地了解我們充電網絡的盈利能力。

But in terms of specifically what occurs in terms of data transfer, there's not any data transfer built into the relationship. So it's a charging relationship, whereby our customers will access the network and ultimately pay for the charging and that will flow from us through to Tesla.

但就數據傳輸方面具體發生的情況而言，關係中沒有內置任何數據傳輸。因此，這是一種充電關係，我們的客戶將訪問網絡並最終支付充電費用，而費用將從我們流向特斯拉。

Okay. And just a follow-up on your ADAS strategy. You have Mobileye today, but we understand you'll be adding your own camera-based ADAS system side-by-side with Mobileye on the same windshield. I'm just wondering how long you plan on having these 2 redundant systems together before you substitute out Mobileye and rely on your own in-house system?

好的。這只是您的 ADAS 策略的後續行動。您現在擁有 Mobileye，但我們知道您將在同一擋風玻璃上並排添加基於攝像頭的 ADAS 系統和 Mobileye。我只是想知道在您取代 Mobileye 並依賴您自己的內部系統之前，您計劃將這兩個冗餘系統放在一起多久？

Yes. As we think about some of the key differentiating elements of what we're building, of course, Wassym spoke about our electronic stack and building our own network architecture and designing and developing all the core ECUs in the vehicle, which is what facilitates and enables this significant reduction in number of ECUs the vehicle that will be coming into play next year.

是的。當然，當我們思考我們正在構建的產品的一些關鍵差異化元素時，Wassym 談到了我們的電子堆棧、構建我們自己的網絡架構以及設計和開發車輛中的所有核心 ECU，這促進並實現了明年將投入使用的車輛的ECU 數量將大幅減少。

In much the same way, we also deeply believe that controlling the centrist stack -- the perception stack across the vehicle and allowing that to feed into our autonomy compute module. What that gives us is the ability to have really early fusion of information, meaning we can cross-leverage information across multiple cameras, our radar set, and in the future, additional sensors as well to put us in the best position to have high-quality perception information that feeds into our control algorithms.

以同樣的方式，我們也堅信控制中間派堆棧——整個車輛的感知堆棧，並允許其輸入到我們的自主計算模塊中。這給了我們真正早期融合信息的能力，這意味著我們可以跨多個攝像頭、雷達組以及未來的額外傳感器交叉利用信息，使我們處於獲得高水平信息的最佳位置。質量感知信息被輸入到我們的控制算法中。

So with that as a -- I guess, a bit of a technical background on it, that's the reason we've taken the view of owning the hardware stack and the software stack around our self-driving platform is going to put us in a position to create long term, the lowest cost system with early sensor fusion and therefore, the highest level of confidence from the perception stacking feeding into the control system.

因此，我想，有一點技術背景，這就是我們認為擁有硬件堆棧的原因，而圍繞我們的自動駕駛平台的軟件堆棧將使我們陷入困境。能夠通過早期傳感器融合創建長期、成本最低的系統，因此，從反饋到控制系統的感知疊加中獲得最高水平的信心。

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

我們的下一個問題來自美國銀行的約翰·墨菲。

Just RJ, I just wanted to follow up because we have Wassym on the line as well on that comment you just made, when we think about that next-gen architecture, I can understand kind of what you just talked about. Is there anything else from the software side or the functionality of the vehicle from the powertrain side or the HMI side that this next-gen architecture allows you to do that you might not be able to do right now and might put you out in front and in the lead versus other vehicles?

RJ，我只是想跟進，因為我們也有 Wassym 在線，以及您剛剛發表的評論，當我們考慮下一代架構時，我可以理解您剛才談到的內容。從軟件方面或車輛的動力總成方面或人機界面方面的功能來看，這種下一代架構是否可以讓您做一些您現在可能無法做到的事情，並且可能會讓您處於領先地位與其他車輛相比領先嗎？

Sure. Well -- thanks, John. This is something we're super excited about. It's actually the reason we had Wassym join the call today so he could provide some additional color and commentary on the importance of software and how this is such a core aspect of our organization and been built into every aspect of how we think about our vehicle platforms and architectures.

當然。嗯——謝謝，約翰。這是我們非常興奮的事情。實際上，這就是我們今天讓 Wassym 加入電話會議的原因，以便他可以就軟件的重要性以及軟件如何成為我們組織的核心方面並融入我們對車輛平台的各個方面進行思考提供一些額外的色彩和評論和架構。

Just to comment on it and I'll pass it to Wassym for some additional comments. Probably, if we wind the clock back many years, we took the decision to develop all the ECUs across the vehicle. And so that's -- typically, these are ECUs would be coming from Tier 1 suppliers. And those ECUs typically when they come from Tier 1 suppliers, they sort of embodied in that ECU as a set of functions, and therefore, of course, a set of software applications. And that mosaic -- in a traditional world, the mosaic of third-party Tier 1 sourced ECUs has to work together.

只是為了發表評論，我會將其傳遞給 Wassym 以獲取一些其他評論。如果我們把時間倒回很多年，我們可能會決定開發車輛上的所有 ECU。因此，通常情況下，這些 ECU 來自一級供應商。這些 ECU 通常來自一級供應商，它們在 ECU 中體現為一組功能，因此當然也是一組軟件應用程序。而這種鑲嵌——在傳統世界中，第三方 1 級來源的 ECU 的鑲嵌必須協同工作。

And it's a very cumbersome network architecture to work with and make things like over-the-air updates, very, very difficult because coordinate -- you have to coordinate across multiple different companies on a software platform and software stack that you as the manufacturer wouldn't own. And so we felt very, very strongly that this is something that had to be core to us as a business. We built deep domain expertise in terms of our electronics development capability, of course, our software development capability.

這是一個非常繁瑣的網絡架構，使用起來非常非常困難，因為無線更新之類的事情非常困難，因為您必須在軟件平台和軟件堆棧上跨多個不同的公司進行協調，而作為製造商，您將無法做到這一點不擁有。因此，我們非常非常強烈地認為，這必須成為我們企業的核心。我們在電子開發能力，當然還有軟件開發能力方面建立了深厚的領域專業知識。

And that, of course, launched into the R1 product where we own the software stack, we own essentially all the ECUs in the vehicle. What that also does in addition to allowing us to do lots of over-the-air updates. And as you heard Wassym mentioned earlier, since the launch, we've had 22 major over-the-air updates. Beyond that, it allows us to look at cost optimization in a really unique way because a specific controller is not tied to a specific sourcing relationship or to a specific set of functions, but rather we control the controller, and we control what's on it.

當然，在我們擁有軟件堆棧的 R1 產品中，我們基本上擁有車輛中的所有 ECU。除了允許我們進行大量的無線更新之外，它還有什麼作用。正如您之前聽到 Wassym 提到的那樣，自發布以來，我們已經進行了 22 次主要的無線更新。除此之外，它使我們能夠以一種真正獨特的方式來看待成本優化，因為特定的控制器並不與特定的採購關係或特定的功能集相關聯，而是我們控制控制器，並控制其上的內容。

So over time, we're consolidating the number of computers we have in the car to be significantly reduced. And next year, that -- first step of that is a 60% reduction in the number of computers in the car relative to today. Now that doesn't necessarily directly create customer features. Of course, it takes cost out of the vehicle, allows us to operate with, we think, a significant multi-thousand dollar structural cost advantage relative to the traditional approach. But importantly, it also opens up opportunities to do some really amazing features where you can cross leverage compute, you could cross leverage perception, as I referred to in the autonomous -- with Adam's question.

因此，隨著時間的推移，我們正在整合車內計算機的數量，以顯著減少。明年，第一步就是將車內電腦的數量比現在減少 60%。現在這並不一定會直接創建客戶特徵。當然，它降低了車輛的成本，我們認為，相對於傳統方法，我們能夠以數千美元的結構性成本優勢進行運營。但重要的是，它還為實現一些真正令人驚奇的功能提供了機會，您可以交叉利用計算，您可以交叉利用感知，正如我在亞當的問題中提到的自主性。

But Wassym, maybe if you can talk just a little bit about this. I know you said in your comments, we don't want to give away too much, but we told late last night Wassym and I were reviewing some of our software road map. And I am so excited for the world to see the things that we're -- that we have coming. So Wassym, maybe you can talk a bit about that.

但是 Wassym，也許你能稍微談談這個問題。我知道您在評論中說過，我們不想透露太多，但我們昨晚深夜告訴 Wassym 和我正在審查我們的一些軟件路線圖。我很高興全世界都能看到我們所做的事情——我們即將到來的事情。 Wassym，也許你可以談談這個問題。

Yes, absolutely. I think really the core strength that we have is we own every single computer on the vehicle. So we're able to not only update the infotainment or the connectivity but we can update the vehicle controls, we can update the vehicle dynamics, the energy management, ADAS, the way the vehicle drives, the way the vehicle navigates, communicates with the entire world. We're able to create end-to-end unique experiences that really redefine the ownership with our customers and really creates that regular connection with our community of customers.

是的，一點沒錯。我認為我們真正的核心優勢是我們擁有車輛上的每一台計算機。因此，我們不僅能夠更新信息娛樂或連接，還可以更新車輛控制、車輛動力學、能源管理、ADAS、車輛駕駛方式、車輛導航方式以及與車輛的通信方式。全世界。我們能夠創造端到端的獨特體驗，真正重新定義客戶的所有權，並真正與我們的客戶社區建立定期聯繫。

So we have those capabilities to continue enhancing the feature set. Through that complex integration, we're also able to leverage on those skills so that we can virtually distribute all these different software features into more constrained hardware platforms in the future, which will bring significant cost down and significant bill of material savings for us for the next generation.

因此，我們有能力繼續增強功能集。通過這種複雜的集成，我們還能夠利用這些技能，以便我們可以在未來將所有這些不同的軟件功能虛擬地分發到更受限的硬件平台中，這將為我們帶來顯著的成本降低和大量的材料節省。下一代。

I think the last item that I really want to highlight, and this is usually not very obvious. I think it's really the role of software behind the scenes. The entire connected data infrastructure that we have created where we not only collect data to help with product improvements, reliability improvements, safety improvement but we're also able to help with reducing the service costs for the company. We're also helping with the acceleration of the overall manufacturing ramp, we're also able to help with the improvement from a quality standpoint for our manufacturing.

我認為我真正想強調的最後一項，這通常不是很明顯。我認為這確實是軟件在幕後的作用。我們創建的整個互聯數據基礎設施不僅可以收集數據來幫助改進產品、提高可靠性、提高安全性，而且還能夠幫助降低公司的服務成本。我們還幫助加速整體製造進度，我們還能夠從製造質量的角度幫助改進。

That's very helpful. Can I just ask one last one just on the R1S with 70% of the R1 mix in the quarter. I'm just curious how we should think about mix on the R1's going forward? Is the R1S going to continue to take a greater portion of the mix as that's ramping up further and further? Or is this the kind of level set mix we should think about going forward?

這非常有幫助。我可以問最後一個關於 R1S 的問題嗎，本季度 R1 組合佔 70%。我只是好奇我們應該如何考慮 R1 的未來混合？隨著市場份額的不斷增加，R1S 是否會繼續佔據更大的份額？或者說，這是我們未來應該考慮的關卡組合組合嗎？

Yes, John, it's a great question. As we commented on before, up through the first quarter of this year, we've been producing in any given quarter the majority of vehicles that are produced were R1T. And the second quarter, this past quarter, was the first time that R1S represented a majority of what we're producing. And so for the next quarter or 2, we'll be producing greater than -- 70% plus of R1S to help address some of the really long backlog, and this is, by far and away, one of the biggest customer complaints we have, which is the amount of wait time associated with getting a Rivian today.

是的，約翰，這是一個很好的問題。正如我們之前評論的那樣，截至今年第一季度，我們在任何特定季度生產的大多數車輛都是 R1T。第二季度，也就是上個季度，R1S 第一次佔據了我們生產的大部分產品。因此，在接下來的一兩個季度，我們將生產超過 70% 以上的 R1S，以幫助解決一些非常長的積壓問題，而這無疑是我們收到的最大的客戶投訴之一，這是今天獲取Rivian 相關的等待時間。

So to bias a little bit towards addressing some of that very long painful backlog for R1S. But then with that steady state long-term settling into about 70% R1S production with the remaining 30% being R1T.

因此，我們偏向於解決 R1S 長期積壓的一些問題。但隨著長期穩定的狀態，R1S 產量達到約 70%，其餘 30% 為 R1T。

Our next question comes from the line of Rod Lache with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Rod Lache。

Sorry, I was on mute. Can you hear me now?

抱歉，我當時處於靜音狀態。你能聽到我嗎？

We can, Rod.

我們可以，羅德。

Okay. Sorry about that. I was hoping that you can give us a sense, first of all, on the BOM advantage that you see from being able to acquire components with your own silicon and software. Presumably, most of your peers are still buying steering systems and braking systems and ADAS systems and suppliers are generating some additional revenue for the engineering and software that they are adding.

好的。對於那個很抱歉。我希望您能讓我們了解一下 BOM 優勢，即您能夠通過自己的芯片和軟件獲取組件。據推測，您的大多數同行仍在購買轉向系統和製動系統以及 ADAS 系統，供應商正在為他們添加的工程和軟件創造一些額外收入。

Is there a way to maybe talk about what this actually will ultimately mean for an R1 and R2 in terms of dollars per vehicle? And when you'll be sort of more competitive than them in terms of cost?

有沒有辦法談論這對於 R1 和 R2 的最終實際意味著什麼（以每輛車的美元計算）？什麼時候你在成本方面會比他們更具競爭力？

Yes. This is a great question. It's a bit hard to speak to from an apples-to-apples point of view. But what I'd like to do is just maybe look at 2 aspects of this. The first is, as you said, removing the Tier 1 as an aggregator of features onto an ECU, what you might often hear called the domain controller. That removes that margin stacking effect. But importantly, it allows us to optimize the way we design the hardware around what we're delivering from a feature set point of view, meaning we're not taking a piece of hardware that's been developed for a broad application across many, many different vehicles, take like a body controller or a powertrain control module.

是的。這是一個很好的問題。從同類的角度來討論有點困難。但我想做的也許只是看看這個問題的兩個方面。第一個是，正如您所說，將第 1 層作為功能聚合器移除到 ECU 上，您可能經常聽到所謂的域控制器。這消除了邊距疊加效應。但重要的是，它使我們能夠從功能集的角度優化我們所提供的硬件設計方式，這意味著我們不會採用為跨許多不同領域的廣泛應用而開發的硬件。車輛，就像車身控制器或動力總成控制模塊一樣。

So the first is just the optimization that occurs simply by being specifically designed for us. But the second, and I've spoken to this a couple of times here that I think is really, really important and very hard to do is if you don't control the hardware in its entirety is the ability to consolidate what are typically separate ECUs that are tied to specific function sets and to be able to consolidate those ECUs into single computers that are really tying to a zone of the vehicle, like, let's say, a front zone of the vehicle, a middle zone of the vehicle or a rear zone of the vehicle.

因此，第一個只是通過專門為我們設計而發生的優化。但第二個，我在這裡已經談過幾次了，我認為非常非常重要且很難做到，如果你不能完全控制硬件，那麼就需要能夠整合通常是獨立的硬件與特定功能集相關聯的ECU，並且能夠將這些ECU 整合到真正與車輛某個區域相關聯的單個計算機中，例如車輛的前部區域、車輛的中間區域或後部區域。車輛的後部區域。

And that massive reduction in number of computers in the vehicle, not only simplifies, not only reduces the number of modules, but also simplifies the wiring harness and the electric architecture in the vehicle. And so this is an area for us that's been a core focus. And ultimately, we're talking about thousands of dollars in savings per vehicle and to be able to build an architecture that has as few of computers -- as small a number of computers as possible, as simplified a wiring harness as possible, becomes a massive enabler for cost down. And we're going to see that first in R1 next year with some of the changes I talked about already.

而車內電腦數量的大量減少，不僅簡化了，不僅減少了模塊數量，還簡化了車內的線束和電氣架構。因此，這是我們一直關注的核心領域。最終，我們談論的是每輛車可以節省數千美元，並且能夠構建一個具有盡可能少的計算機的架構 - 盡可能少的計算機，盡可能簡化的線束，成為一個降低成本的巨大推動者。我們將在明年的 R1 中首先看到這一點，其中包括我已經討論過的一些變化。

But importantly, this forms the basis of what will be going into R2. And R2 from a cost point of view, has very aggressive targets above and beyond just what we're putting in place with the electrical architecture and the compute stack that's in the vehicle, but also well into other aspects of body design, which will leverage the opportunities afforded to it through the simplification of electronics and network architecture.

但重要的是，這構成了 R2 的基礎。從成本的角度來看，R2 有著非常激進的目標，不僅限於我們在車輛中所採用的電氣架構和計算堆棧，而且還深入到車身設計的其他方面，這將利用通過電子和網絡架構的簡化為其提供了機會。

Okay. I was hoping you can just separately talk about any progress that you've made in your discussions with Amazon regarding the exclusivity deal and just thoughts on the outlook for demand for the EDV and whether some resolution of that is required in order to achieve the target of positive gross profit next year?

好的。我希望您能單獨談談您與亞馬遜討論獨家協議時取得的任何進展，以及對 EDV 需求前景的想法，以及是否需要解決這一問題才能實現目標明年毛利為正？

Sure. So we continue to have a great relationship with Amazon. It's a great partnership. I think one of the things I'd want to call out is just the complexities of scaling a logistics network -- or I should say, taking a scaled logistics network and converting it to electric. As I said in my opening comments, we're now -- we now have EDVs operating in over 800 cities across the United States. We've recently entered Europe with the product.

當然。因此，我們繼續與亞馬遜保持著良好的關係。這是一個很好的合作夥伴關係。我想我想指出的一件事就是擴大物流網絡的複雜性——或者我應該說，擴大物流網絡並將其轉換為電力網絡。正如我在開場白中所說，我們現在有 EDV 在美國 800 多個城市運營。我們最近帶著該產品進入了歐洲。

And the feedback we're getting from drivers has been incredible. You can find this sort of all over the web and certainly, no shortage of YouTube cooks around just, I'd say, the level of excitement and how the drivers recognizing the amount of driver focus that went into the design of all the touch points, the ingress, egress, the UI. So we're really pleased with that.

我們從司機那裡得到的反饋令人難以置信。你可以在網絡上找到這樣的內容，當然，YouTube 也不乏圍繞興奮程度以及駕駛員如何認識到所有接觸點設計中駕駛員注意力的程度的烹飪。 、入口、出口、UI。所以我們對此非常滿意。

Now with that said, as we work closely with Amazon to expand how many of those vehicles are getting out, and of course, that ties to how rapidly we ramp the production of the EDV product. We're also, and I've talked about this before, actively working with Amazon to allow us to sell vehicles outside of Amazon sooner than what was originally contemplated in our contract.

話雖如此，隨著我們與亞馬遜密切合作以擴大這些車輛的數量，當然，這與我們提高 EDV 產品產量的速度有關。我之前也談到過，我們還積極與亞馬遜合作，讓我們能夠比合同中最初預期的時間更快地在亞馬遜之外銷售車輛。

And so that work remains ongoing. We're very optimistic on that work. Again, the close partnership and of course, Amazon's large position in Rivian helps align incentives to have us solve this year very shortly.

因此這項工作仍在繼續。我們對這項工作非常樂觀。同樣，密切的合作夥伴關係，當然還有亞馬遜在 Rivian 的重要地位，有助於調整激勵措施，讓我們很快就能解決今年的問題。

And Rod, in addressing your second part of the question on the impact to gross profit positive in 2024, we haven't contemplated any external sales beyond Amazon from a commercial standpoint and the comments that we've historically made.

羅德，在回答關於 2024 年毛利潤正數影響的問題的第二部分時，從商業角度和我們歷史上發表的評論來看，我們沒有考慮亞馬遜以外的任何外部銷售。

Okay. Just to clarify, are you contemplating Amazon at its current run rate? Or is that a major factor at all in the positive gross profit target?

好的。只是為了澄清一下，您是否正在考慮以亞馬遜目前的運行速度？或者說這是實現正毛利潤目標的一個主要因素嗎？

The way I would characterize it, as we've talked about in the past, Q4 is always a seasonally low volume quarter for Amazon. And so that has also been reflected in our gross margin commentary, given the Q4 bridge that we've spoken about in the past.

正如我們過去所討論的，我對它的描述方式是，第四季度對於亞馬遜來說始終是季節性低銷量季度。鑑於我們過去談到的第四季度橋樑，這也反映在我們的毛利率評論中。

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

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

Maybe first, to focus on your pricing strategy. I know you mentioned earlier that the demand landscape is incredibly strong, but I'm curious as to whether you have thoughts on what's happening with some of your competition in the marketplace and whether you feel comfortable with current prices of your vehicles?

也許首先，要關注你的定價策略。我知道您之前提到過需求前景非常強勁，但我很好奇您是否對市場上的一些競爭對手的情況有什麼想法，以及您對車輛當前的價格是否感到滿意？

Thanks, George. We've -- we take a very methodical and thoughtful approach to how we look at our vehicle pricing. And if we look at between the R1T and the R1S, each of those products when we think about a price, there's actually a band of pricing that they operate across and that band is enabled or unlocked, if you will, by the introduction of additional variants.

謝謝，喬治。我們採取了非常有條理和深思熟慮的方法來看待我們的車輛定價。如果我們看看 R1T 和 R1S，當我們考慮價格時，每一種產品實際上都有一個定價範圍，並且該範圍是通過引入額外的功能來啟用或解鎖的。變體。

So the first step in that is introducing the Dual-Motor into the vehicles, as you heard in my opening comments, the Dual-Motor as our "base powertrain" is a really exciting configuration. It's still capable of 0 to 60 in 3.5 seconds, towing of 11,000 pounds, it's really an enjoyable architecture. And as a base configuration, it's outstanding.

因此，第一步是將雙電機引入車輛，正如您在我的開場評論中所聽到的，雙電機作為我們的“基礎動力系統”是一個非常令人興奮的配置。它仍然能夠在 3.5 秒內從 0 加速到 60 英里，牽引 11,000 磅，這確實是一個令人愉快的架構。作為基本配置，它非常出色。

And of course, it doesn't have the same off-road capabilities necessarily as the Quad-Motor, but we think for a majority of use cases, it's really a perfect fit. So that's the first step in providing customers with a lower price variance of either R1T or R1S. And then the next step, which is coming here shortly, is the introduction of our standard pack. And the standard pack not only is a lower cost pack for us to build, but importantly, allows customers to get into an R1 vehicle at just over $70,000.

當然，它不一定具有與四電機相同的越野功能，但我們認為對於大多數用例來說，它確實是完美的選擇。因此，這是為客戶提供較低的 R1T 或 R1S 價格差異的第一步。然後下一步，即將到來，是引入我們的標準包。標準包不僅是我們構建的成本較低的包，而且重要的是，允許客戶以略高於 70,000 美元的價格購買 R1 車輛。

And so as we think about the positioning of the product, the capabilities of the product, both on-road, off-road, dynamically, the feature set that's in the vehicles, we feel quite comfortable with the positioning of what we've done. Now I'd also want to just comment, there's lots of ways to try to measure demand. And one of the things we look very closely at is residual value. And residual value is nice because it gives us a reflect -- it sort of reflects how our used vehicles are trading, which gives us an indication of overall demand positioning.

因此，當我們考慮產品的定位、產品的功能（公路、越野、動態）以及車輛的功能集時，我們對我們所做的工作的定位感到非常滿意。現在我也想評論一下，有很多方法可以嘗試衡量需求。我們非常密切關注的事情之一是剩餘價值。殘值很好，因為它給了我們一個反映——它在某種程度上反映了我們二手車的交易方式，這讓我們了解了整體需求定位。

And the R1 products within the truck and SUV segment are among the best residual values of any product in those categories regardless of electric or combustion. So across both combustion vehicles and electric vehicles, our vehicles are maintaining value extremely well. And even so far as a brand -- typically when you buy a brand-new car, at the moment you "transact" on the vehicle, you lose roughly 10% to 15% of its value.

卡車和 SUV 領域的 R1 產品無論是電動還是燃燒，都是這些類別中所有產品中殘值最高的。因此，無論是內燃機汽車還是電動汽車，我們的車輛都保值得非常好。即使就品牌而言，通常當您購買一輛全新汽車時，在您“交易”車輛的那一刻，您也會損失大約 10% 到 15% 的價值。

People often say you drive it off a lot and it loses value. In our case, once the transaction occurs, the vehicle value doesn't really drop. They're maintaining really well. And of course, that's just an artifact of the strong demand backdrop that we have and the willingness to pay for the products we're building.

人們常說，如果你把它趕走太多，它就會失去價值。在我們的例子中，一旦交易發生，車輛價值並不會真正下降。他們保養得真好。當然，這只是我們強勁的需求背景以及為我們正在構建的產品付費的意願的產物。

And maybe as a follow-up, you spent a lot of time in the release discussing vertical integration. Maybe relative to your initial plans a couple -- a few years ago, the speed at which you vertically integrate maybe have been a little bit slow. So I'm curious if there is one key component of your business that you could in-source today in a world of infinite capital, theoretically, what would it be?

也許作為後續行動，您在發布中花了很多時間討論垂直集成。也許相對於幾年前您最初的計劃，您垂直整合的速度可能有點慢。因此，我很好奇，在當今資本無限的世界中，您的業務是否有一個關鍵組成部分可以內購，從理論上講，它會是什麼？

The -- we spoke about this a bunch on the call today. The area that I would say, we've -- from the very beginning, we knew we wanted to completely control and we do completely control and feel very good about this is investing in the software and electronics capabilities within the vehicle. So I would say that's among the most important things to own in looking at what is a structurally cost-advantaged vehicle manufacturer look like in the world of today.

我們今天在電話會議上多次討論了這個問題。我想說的是，我們從一開始就知道我們想要完全控制，我們確實完全控制並且對此感覺非常好，那就是投資於車輛內的軟件和電子功能。因此，我想說，在了解當今世界上具有結構成本優勢的汽車製造商是什麼樣子時，這是最重要的事情之一。

We've recently vertically integrated our drive unit, and that's with the Enduro drive unit, the single motor per axle. And Claire commented on this before, but that is creating very meaningful cost advantages relative to what we launched with. And just as a reminder, what we launched with, we did the inverter in-house, the gearbox in-house, the assemblage in-house, we purchased the rotor and stator from a supplier.

我們最近垂直整合了我們的驅動單元，即 Enduro 驅動單元，即每軸單個電機。克萊爾之前對此發表過評論，但這相對於我們推出的產品來說創造了非常有意義的成本優勢。提醒一下，我們推出的產品是我們內部製造的逆變器、內部變速箱、內部組裝，我們從供應商那裡購買了轉子和定子。

On our Dual-Motor setup, that's now come in-house, and that's the strategy we'll continue to pursue with the propulsion platform, and we're working very hard to continue to advance that given the cost efficiencies and cost advantages that that clearly is driving in the business.

在我們的雙電機設置上，現在已經是內部的，這就是我們將繼續在推進平台上追求的策略，考慮到成本效率和成本優勢，我們正在非常努力地繼續推進這一戰略。顯然正在推動業務發展。

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

我們的下一個來自高盛的馬克·德萊尼（Mark Delaney）。

I was hoping to better understand the financial outlook and the updated EBITDA guidance for 2023. I believe it implies a slightly larger EBITDA loss in the second half of this year relative to the first. So I was hoping to better understand what the drivers of that may be.

我希望更好地了解 2023 年的財務前景和更新的 EBITDA 指引。我認為這意味著今年下半年的 EBITDA 損失將比上半年略大。所以我希望更好地了解其驅動因素是什麼。

Mark, what are the key drivers embedded within that second half guidance is a more conservative outlook around the magnitude of tailwinds that we ascribed to the unwind or reduction in our LCNRV charges on a go-forward basis. And so that's a little bit of color as you think about the fact, excluding LTRV, we expect to make significant progress against our improved gross margins. As we track throughout the second half of the year, we begin to introduce the Enduro drive units that RJ just spoke about into the R1 vehicles, that will be a material cost reduction there. The continued progress from a commercial cost down vantage point as well as some of the increases that we'll continue to see as we ramp up production in the course of Q3, and importantly, as well, drive towards higher average selling prices through the introduction of our Dual Max Pack in the end of this year as well.

馬克，下半年指引中包含的關鍵驅動因素是對順風幅度的更為保守的展望，我們將其歸因於未來 LCNRV 費用的放鬆或減少。因此，當你想到這一事實時，這有點色彩斑斕，排除 LTRV，我們預計在毛利率提高的情況下將取得重大進展。隨著下半年的跟踪，我們開始將 RJ 剛剛談到的 Enduro 驅動裝置引入 R1 車輛中，這將降低材料成本。從商業成本下降的角度來看，隨著我們在第三季度提高產量，我們將繼續看到一些增長，而且重要的是，通過引入推動平均售價更高今年年底我們的Dual Max Pack 也會推出。

And then my other question was just on the opportunity for Rivian to sell products beyond the vehicle. I mean you spoke a bit already around software -- but I think there's other services and accessories that are an important part of the long-term opportunity for Rivian in terms of profitability, so things like insurance and selling some of the gear and camping accessories, and I'm curious if you could share an update around where the company stands on providing some of those products?

然後我的另一個問題是 Rivian 銷售汽車以外產品的機會。我的意思是，您已經談到了一些關於軟件的內容- 但我認為還有其他服務和配件是Rivian 在盈利方面的長期機會的重要組成部分，因此諸如保險和銷售一些裝備和露營配件之類的事情，我很好奇您能否分享一下該公司在提供其中一些產品方面的最新情況？

Thanks, Mark. When we think about the overall revenue opportunities we have as a business. Of course, the obvious place for us to all -- sort of our minds to go to is the vehicle. But there's a whole ecosystem of products and services that surround the vehicle that we think represents significant opportunities, both in terms of alleviating customer pain points, but also in terms of creating really exciting and sort of joyful customer experiences. And so that starts with the purchase process and simplifying what a digital transaction looks like, which we've done through our platform, as we continue to push ourselves hard to improve that further. That then immediately connects into the insurance platform. We've not announced any of the specifics on the returns for our insurance platform, but it's a profitable part of our business, and it's -- the attach rate on this is quite high.

謝謝，馬克。當我們考慮我們作為一個企業所擁有的整體收入機會時。當然，對我們所有人來說，我們最容易想到的地方就是車輛。但是，我們認為圍繞車輛的整個產品和服務生態系統代表著巨大的機遇，無論是在減輕客戶痛點方面，還是在創造真正令人興奮和愉悅的客戶體驗方面。因此，這從購買流程開始，並簡化數字交易的樣子，這是我們通過我們的平台完成的，同時我們繼續努力進一步改進這一點。然後立即連接到保險平台。我們尚未公佈有關我們保險平台回報的任何具體細節，但這是我們業務的盈利部分，而且附加率相當高。

So we're very bullish on the long-term potential of our insurance offering. And then as you called out, what we think of as our adventure product? So the gear that goes with the vehicle, this is a huge opportunity and something that, particularly as we look at the R2 product line, there's some really exciting intentionally thought out opportunities that sort of as the vehicles are being architected, we're putting some of these really fun personalization items into this contemplated adventure products offering where it also moves cost out of the core vehicle and into the accessories, which allows us to achieve a baseline vehicle with very aggressive cost structure.

因此，我們非常看好我們保險產品的長期潛力。然後，正如您所說，我們認為我們的冒險產品是什麼？因此，與車輛配套的裝備，這是一個巨大的機會，特別是當我們看到 R2 產品線時，有一些非常令人興奮的、經過深思熟慮的機會，在車輛的設計過程中，我們正在投入其中一些非常有趣的個性化項目融入到了這個預期的冒險產品中，它還將成本從核心車輛轉移到配件中，這使我們能夠實現具有非常激進的成本結構的基線車輛。

And then last but certainly not least is the role that software can play. So there's a host of ways this has been talked about and looked at. I think often, this is sometimes oversold, I'd say, in the space where we sort of imagine these very, very large revenue numbers or companies often imagine these. I want to call out that we believe cable stakes are going to be -- is going to require a very robust, very thorough software platform but that it still provides opportunities for very specific, unique, highly differentiated, highly complex features to be sold as an additional service or subscription. And we've seen this play out in the autonomy space, but we see -- and where we certainly have plans for ourselves, but there's a host of other areas. And Wassym, if you can just talk about this for a moment because this is something I know you and I spend a lot of time on.

最後但同樣重要的是軟件可以發揮的作用。因此，人們已經通過多種方式討論和看待這個問題。我認為，在我們想像這些非常非常大的收入數字或公司經常想像這些的領域，我想說，這有時是超賣的。我想指出的是，我們相信電纜樁將需要一個非常強大、非常徹底的軟件平台，但它仍然為非常具體、獨特、高度差異化、高度複雜的功能提供了機會，這些功能可以作為附加服務或訂閱。我們已經看到這種情況在自治領域發揮作用，但我們看到——我們當然有自己的計劃，但還有許多其他領域。 Wassym，您能談談這個問題嗎？因為這是我認識您並且我花了很多時間的事情。

Thanks, RJ. I mean, first of all, we are developing and expanding software and services for our commercial business. Every EDV that we sell today comes with a subscription for FleetOS. We continue to enhance the road map and add more features and more services to it. On the consumer side, as RJ mentioned, we are being really extremely thoughtful about which features could become paid options. We believe that there is an opportunity in a specific subset of features. Those features need to meet certain criteria.

謝謝，RJ。我的意思是，首先，我們正在為我們的商業業務開發和擴展軟件和服務。我們今天銷售的每台 EDV 都附帶 FleetOS 訂閱。我們將繼續完善路線圖並為其添加更多功能和更多服務。在消費者方面，正如 RJ 提到的，我們正在非常認真地考慮哪些功能可以成為付費選項。我們相信特定功能子集中存在機會。這些功能需要滿足某些標準。

It has -- this is features that require a very high level of complexity from a development standpoint or features, which require high compute, whether it's in the vehicle or in the cloud. We have internally a road map that we will communicate as we basically build it with our customers.

它具有——從開發的角度來看，這些功能需要非常高的複雜性，或者需要高計算能力的功能，無論是在車輛中還是在雲中。我們內部有一個路線圖，我們將在基本上與客戶一起構建它時進行溝通。

Our next question comes from the line of Emmanuel Rosner with Deutsche Bank.

我們的下一個問題來自德意志銀行的伊曼紐爾·羅斯納 (Emmanuel Rosner)。

So it sounds like the factory rerates planned for next year is a very important step in towards reaching your goals. Can you maybe just help us understand again the timing of it? And importantly, what sort of available capacity it would leave you with on the other side of it, but also effective capacity for 2024 as a whole?

因此，聽起來計劃明年的工廠重新定價是實現您的目標的非常重要的一步。您能否幫助我們再次了解它的時間安排？重要的是，它會給您留下什麼樣的可用容量，以及 2024 年整體的有效容量？

Yes. Thanks, Emmanuel. The updates we're making to the line next year, I'm glad you asked the question the way you did. They have really two core purposes. The first is, as you called out, it's a capacity increase for the R1 line, where we effectively grow the capacity of R1 from 65,000 units on an annual basis to 85,000 units. But I'd say more importantly in the area that we believe we're going to have certainly, there will be lots of interest in over the next few quarters is what that represents in terms of a step change in our cost structure.

是的。謝謝，伊曼紐爾。我們明年將對該系列進行更新，我很高興您以您的方式提出了這個問題。他們實際上有兩個核心目的。第一個是，正如您所說，這是 R1 生產線的產能增加，我們有效地將 R1 的產能從每年 65,000 台增加到 85,000 台。但我想說，更重要的是，在我們相信我們肯定會擁有的領域，在接下來的幾個季度中，我們的成本結構將發生重大變化，這將引起很多人的興趣。

And we integrate with that shutdown, a host of product level improvements that simplify the vehicle and remove considerable costs consistent with what Claire and I both spoke about before that we saw with -- associated with the shutdown in EDV. Now that's not to say, and I want to be very clear that's not going to say cost improvements aren't happening leading up to that.

我們與停產相結合，進行了一系列產品級別的改進，簡化了車輛並消除了相當大的成本，這與克萊爾和我之前談到的與 EDV 停產相關的成本一致。現在這並不是說，我想非常明確地說，這並不是說成本改善不會導致這種情況發生。

We have a very clear road map with contractually set up agreements with our suppliers. Some of those being commercial, some of those being technical changes preceding this batch, if you will, of changes -- coordinated changes that are happening with the shutdown. Now in terms of the timing of shutdown that will be happening mid next year. We are doing everything we possibly can to minimize the amount of time we need to have the line down to make those changes and improvements. But it will have an impact as a result of the line being down on the R1 output during that time frame. And our -- we haven't provided guidance in terms of 2024 production volume. Yet, but certainly, that will play into ultimately the guidance we do provide.

我們有一個非常清晰的路線圖，並與供應商簽訂了合同協議。其中一些是商業性的，一些是在這批變化之前的技術變化，如果你願意的話，是在關閉時發生的協調變化。現在就關閉時間而言，將於明年年中發生。我們正在盡一切努力來最大程度地減少進行這些更改和改進所需的時間。但由於線路在該時間範圍內對 R1 輸出關閉，因此會產生影響。我們還沒有提供 2024 年產量的指導。然而，但可以肯定的是，這最終將影響我們提供的指導。

Okay. That's very helpful. And then let me ask you about your balance sheet. Claire, you made comments in the prepared remarks that you've obviously strengthened it, and you still have $10 million in cash. And it will take you to, I guess, operationally through 2025. How are you thinking about additional needs for capital raise and potential timing of it and the modalities of it? Like is it something that you could -- you would think of doing short -- sooner rather than later. Or to the extent that you have room until 2025, it will be later on or more opportunistic?

好的。這非常有幫助。然後讓我問一下你的資產負債表。克萊爾，你在準備好的發言中評論說，你顯然已經加強了它，而且你還有 1000 萬美元的現金。我猜，這將帶你到 2025 年進行運營。你如何考慮額外的融資需求以及融資的潛在時機和方式？就像你可以做的事情——你會考慮做短期的事情——宜早不宜遲。或者說，如果你在 2025 年之前還有空間，那麼它會更晚或更機會主義？

Thanks, Emmanuel. As you mentioned, we remain confident in our cash balance and the fact that it can fund our operations through 2025. And as I spoke about in my prepared remarks with the addition of the convertible notes that we raised in our ABL, that further derisks the launch of R2 as we think about the $10.2 billion of cash and equivalents we have on the balance sheet today.

謝謝，伊曼紐爾。正如您提到的，我們對我們的現金餘額以及它可以為我們到2025 年的運營提供資金這一事實仍然充滿信心。正如我在準備好的發言中談到的，加上我們在ABL 中籌集的可轉換票據，這進一步降低了考慮到今天資產負債表上有 102 億美元的現金和等價物，我們推出了 R2。

But with that said, our priority is to maintain a strong balance sheet. For us, it provides a safeguard during volatile industry conditions and mitigates risk while scaling important growth capital projects such as the investments that we're making into R2 and our facility in Georgia as well.

但話雖如此，我們的首要任務是保持強勁的資產負債表。對我們來說，它在行業條件波動的情況下提供了保障，並降低了風險，同時擴大了重要的增長資本項目，例如我們對 R2 和佐治亞州工廠的投資。

And so with that in mind, we'll continue to evaluate a variety of capital markets available to Rivian across the entirety of the capital structure. And as we've spoken about and exemplified prior actions in the first half of this year, we'll continue to employ a diversified approach as we look to maintain that strong long-term balance sheet position.

因此，考慮到這一點，我們將繼續評估 Rivian 在整個資本結構中可用的各種資本市場。正如我們在今年上半年談到並舉例說明的先前行動一樣，我們將繼續採用多元化的方法，以保持強勁的長期資產負債表狀況。

And the final question will come from the line of Benjamin Kallo with R.W. Baird. Mr. Kallo, your line is now open. Next question, one moment. It comes from the line of Chris Pierce with Needham. Your final question.

最後一個問題將來自本傑明·卡洛（Benjamin Kallo）和 R.W. 貝爾德（R.W. Baird）的路線。卡洛先生，您的電話現已開通。下一個問題，等一下。它來自克里斯·皮爾斯（Chris Pierce）和尼達姆（Needham）的血統。你的最後一個問題。

Can you just talk about the mechanics and the plumbing behind the 1-day sale in the sense that are these new customers or existing reservation holders that are kind of willing to swap out of a current reservation versus waiting for a reservation? Or is this kind of to get flexibility and have the vehicle sooner? Or do customers tend to want what they want, and this gives you opportunity to kind of find new customers? I just want to get the sense of how it went, will we see more of them, that type of thing.

您能否談談 1 天促銷背後的機制和管道，即這些新客戶或現有預訂持有者是否願意放棄當前預訂而不是等待預訂？或者這是為了獲得靈活性並更快地擁有車輛？或者客戶是否傾向於想要他們想要的東西，這給了你尋找新客戶的機會？我只是想了解一下事情進展如何，我們會看到更多這樣的事情嗎？

Thanks, Chris. I think you're referring to an event we did in Normal and where we had an on-site sale.

謝謝，克里斯。我想你指的是我們在諾默爾舉辦的一次活動，我們在那裡進行了現場銷售。

Yes.

是的。

Yes, I think this has gotten so much more attention than we ever could have imagined. This was an artifact of us looking at some of the vehicles that are coming off the line and the potential where those vehicles were sort of late on matches where our customer changed order configuration or changed color combination, whatever the case may have been where they were available to be matched locally and essentially provide a break on having to shift the vehicles.

是的，我認為這比我們想像的得到了更多的關注。這是我們觀察一些即將下線的車輛以及這些車輛在我們的客戶更改訂單配置或更改顏色組合的比賽中遲到的可能性的產物，無論情況如何，它們可能在哪裡可以在本地進行匹配，並且基本上可以避免必須轉移車輛。

It was something we did more as an experiment to look at. I would say it's sort of one of many types of experiences we run and conduct being direct to consumer and having the ability to do things like that.

我們所做的更多是作為一個實驗來觀察。我想說，這是我們直接面向消費者並有能力做類似事情的多種體驗類型之一。

At this time, I'd like to hand the conference back over to Mr. R.J. Scaringe for closing remarks, please.

這次，我想把會議交回給 R.J. 先生。請大家發表結束語。

Well, I want to thank everybody for joining today. We're really excited about the progress we're making and hopefully reflected in -- collectively in our comments and discussions today. It's clear that our focus very much remains on not only ramp -- continuing to ramp production in our normal production facility but importantly, driving costs down across the business on our path to profitability.

嗯，我要感謝大家今天加入。我們對正在取得的進展感到非常興奮，並希望能夠在今天的評論和討論中得到體現。很明顯，我們的重點不僅在於繼續提高正常生產設施的產量，而且更重要的是，在我們實現盈利的道路上降低整個業務的成本。

And we see that manifesting in significant progress between Q1 and Q2 and our overall gross margin structure, and we intend to continue to make that type of progress as we approach the long-term target for the Normal facility of 25% gross margins. I'd say the other point I'd want to call out, and this, again, evidenced by Wassym joining us here on the call is just the importance that we place on the tactical differentiation of our products and our platform and not only enabling us to run and manage our operations more effectively in terms of over-the-air updates, continued progress -- or continued features that make their way into vehicles.

我們看到，第一季度和第二季度以及我們的整體毛利率結構之間取得了重大進展，並且隨著我們接近正常設施 25% 毛利率的長期目標，我們打算繼續取得這種進展。我想說的另一點是，Wassym 加入我們的電話會議再次證明了我們對產品和平台的戰術差異化的重視，而不僅僅是使我們通過無線更新、持續進步或車輛中的持續功能來更有效地運行和管理我們的運營。

But importantly, actually simplifying the vehicle architecture because of the control of these core technology stacks around electronics, software and associated network architecture. And that really forms the basis of the foundation, if you will, for what's to come with our R2 platform. And this is so foundational to what we're building and obviously it takes a lot of work on the front end to build all this capability and -- both on the hardware side and the software side.

但重要的是，由於對電子、軟件和相關網絡架構的這些核心技術堆棧的控制，實際上簡化了車輛架構。如果您願意的話，這確實構成了我們 R2 平台的基礎。這是我們正在構建的基礎，顯然需要在前端進行大量工作才能構建所有這些功能——無論是在硬件方面還是在軟件方面。

But we're going to start to see the benefits of that being realized in the immediate term through the cost savings and the significant improvements we'll see quarter-over-quarter. But importantly, we'll see it when we reveal and show the products for R2 and the level of content and what will be available at the price points we'll be talking about for R2 when we show that product early next year. So with that, thank you, everyone, for joining and look forward to our next call. Thank you.

但我們將開始看到通過成本節約和季度環比顯著改進而在短期內實現的好處。但重要的是，當我們揭示和展示 R2 的產品以及內容水平以及明年初展示該產品時我們將討論的 R2 價格點上的可用內容時，我們將會看到這一點。因此，感謝大家的加入，並期待我們的下一次通話。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。祝大家度過美好的一天。