Rivian Automotive Inc (RIVN) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Rivian First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Rivian 2024 年第一季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your host, Tim Bei, Vice President of Investor Relations. You may begin.

現在我想將會議交給東道主投資者關係副總裁 Tim Bei。你可以開始了。

Good afternoon, and thank you for joining us for Rivian's First Quarter 2024 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. 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.

下午好，感謝您參加 Rivian 2024 年第一季財報電話會議。在我們開始之前，本次電話會議討論的事項（包括評論和問題答案）反映了管理層截至目前的觀點。我們也將做出與我們的業務營運和財務表現相關的聲明，根據聯邦證券法，這些聲明可能被視為前瞻性聲明。此類陳述涉及風險和不確定性，可能導致實際結果有重大差異。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。

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. 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.

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 財務指標的調整表。就在電話會議之前，我們發布了股東信，其中概述了我們最近幾個月的進展。我鼓勵您閱讀它，以了解我們將在今天的電話會議中討論的一些項目的更多詳細資訊。

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

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 in the first quarter and provide an update on the expected progress we're making against our value drivers.

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，我將重點介紹第一季的主要進展，並提供我們針對價值驅動因素所取得的預期進展的最新資訊。

First quarter results exceeded our outlook and set a strong foundation for the remainder of the year as we focus on continued demand generation, delivering cost and plant efficiency improvements, advancing R2 development and driving towards profitability. We continue to make strong progress across each of these goals.

第一季的業績超出了我們的預期，並為今年剩餘時間奠定了堅實的基礎，因為我們專注於持續產生需求、提高成本和工廠效率、推進 R2 開發並推動盈利。我們繼續在這些目標上取得強勁進展。

Before discussing key developments during the quarter, I want to congratulate the team on producing our 100,000th vehicle at our plant in Normal and successfully navigating our plant retooling upgrade. While we focus on the work ahead, it's incredible to see what our team has accomplished across our consumer and commercial vehicle platforms.

在討論本季的主要發展之前，我想祝賀我們的團隊在諾默爾工廠生產了第 100,000 輛汽車，並成功完成了工廠重組升級。雖然我們專注於未來的工作，但看到我們的團隊在消費者和商用車平台上的成就令人難以置信。

I also want to highlight the uniqueness of what we're building at Rivian. We have developed a technology platform and brand that are truly differentiated. Our vertically integrated hardware and software capabilities enable continuous enhancements to the product. Our ability to improve and add features across autonomy, battery management, digital experience, body control, vehicle dynamics and telematics help deliver an elevated ownership experience for both our consumer and commercial offerings.

我還想強調我們在 Rivian 建造的產品的獨特性。我們開發了真正差異化的技術平台和品牌。我們垂直整合的硬體和軟體功能能夠持續增強產品。我們在自主性、電池管理、數位體驗、車身控制、車輛動力學和遠端資訊處理方面改進和添加功能的能力有助於為我們的消費者和商業產品提供更高的擁有體驗。

We also recently transitioned to a new zonal network architecture, which reduced the number of electronic control units in our vehicle by approximately 60%, taking substantial costs out of our vehicles. The feedback on our products have been incredible. Since the start of production, we have introduced approximately 30 over-the-air updates and through an owner satisfaction survey conducted by Consumer Reports, Rivian was recognized as the #1 automotive brand with the highest likelihood for customers to purchase again.

我們最近也轉向了新的區域網路架構，該架構將車輛中的電子控制單元數量減少了約 60%，從而降低了車輛的大量成本。對我們產品的回饋令人難以置信。自生產開始以來，我們已經推出了大約 30 項無線更新，並且透過《消費者報告》進行的車主滿意度調查，Rivian 被評為客戶再次購買可能性最高的第一汽車品牌。

In launching the R1 platform, our goal is to create a brand that deeply resonates with customers. During the first quarter of 2024, Rivian was the fifth best-selling EV maker in the United States with a market share of 5.1%. Our vehicles have driven more than 900 million cumulative miles and our brand awareness and market position continues to grow. Additionally, the R1T is the only pickup in the United States to receive the Top Safety Pick+ award from the Insurance Institute for Highway Safety.

推出R1平台，我們的目標是打造一個能與顧客產生深度共鳴的品牌。 2024 年第一季度，Rivian 是美國第五暢銷電動車製造商，市佔率為 5.1%。我們的車輛累積行駛里程超過 9 億英里，我們的品牌知名度和市場地位不斷提高。此外，R1T 是美國唯一一款獲得公路安全保險協會頒發的 Top Safety Pick+ 獎的皮卡。

Building on this, the results of our recently implemented demand generation and brand awareness strategies have been encouraging. We hosted over 28,000 demo drives in the first quarter of 2024, an increase of 90% versus the fourth quarter of 2023. We recently launched R1S leasing and grew the number of states with this offering. While the broader vehicle market is still experiencing challenges, we are encouraged by the early results of our initiatives and have confidence in our 2024 delivery outlook.

在此基礎上，我們最近實施的需求產生和品牌知名度策略的結果令人鼓舞。我們在 2024 年第一季託管了超過 28,000 個演示驅動器，比 2023 年第四季度增長了 90%。儘管更廣泛的汽車市場仍面臨挑戰，但我們對我們舉措的早期結果感到鼓舞，並對 2024 年的交付前景充滿信心。

In March, we unveiled our new midsize platform, which underpins the R2, R3 and R3X products. It's great to see the outstanding support for our brand and upcoming products. R2 is our versatile new midsize SUV with room for 5 people. It captures the essence of Rivian. It's built for adventures as well as everyday use with its exceptional utility, performance and capability. We expect the price to start at $45,000, with delivery slated to begin in the first half of 2026.

三月份，我們推出了新的中型平台，該平台為 R2、R3 和 R3X 產品提供支援。很高興看到我們的品牌和即將推出的產品得到了出色的支援。 R2 是我們的多功能新型中型 SUV，可容納 5 人。它抓住了 Rivian 的精髓。它專為冒險和日常使用而打造，具有卓越的實用性、性能和功能。我們預計起價為 45,000 美元，預計於 2026 年上半年開始交付。

R3 is our midsize crossover. This unique vehicle has tiny end dimensions, but delivers big in terms of performance, passenger comfort and storage. R3X is the performance variant of R3, offering even more dynamic abilities, both on- and off-road. R3 demonstrates the scalability of Rivian across different form factors and segments. It will be priced below R2 and deliveries will start after R2 to ensure a smooth launch and rapid ramp.

R3 是我們的中型跨界車。這款獨特的車輛末端尺寸雖小，但在性能、乘客舒適度和儲存空間方面卻表現出色。 R3X 是 R3 的性能變體，提供更多的公路和越野動態能力。 R3 展示了 Rivian 跨不同外形尺寸和細分市場的可擴展性。其定價將低於 R2，交付將在 R2 之後開始，以確保順利推出和快速提升。

With these new products, our goal is to take the desirability and brand strength we've established for our R1 products, with the R1S remaining the best-selling EV over $70,000 in the United States, and translate this strength to a much larger addressable market. Our midsize platform leverages key technologies developed for R1, including our in-house software, in-vehicle electronics, propulsion and battery technology and our high-voltage platforms, with a goal to deliver dramatically simplified and lower-cost vehicles relative to R1.

透過這些新產品，我們的目標是利用我們為 R1 產品建立的需求和品牌優勢（R1S 仍然是美國 70,000 美元以上最暢銷的電動車），並將這種優勢轉化為更大的潛在市場。我們的中型平台利用為 R1 開發的關鍵技術，包括我們的內部軟體、車載電子設備、推進和電池技術以及我們的高壓平台，目標是提供相對於 R1 而言大幅簡化且成本更低的車輛。

Our massive focus on cost and efficient manufacturing for R2 and R3 is achieved by deeply analyzing every system and associated component and asking if it can be simplified or through opportunities for part consolidation or elimination. Use of large high-pressure die castings in the body structure; a structural battery pack whereby the top of battery is the floor of the vehicle; further simplification of the electrical system and associated wiring harness through a focus on electronic control unit design topology are just a few examples of how we're using innovation to drive down cost. Beyond engineering opportunities, when compared to R1, R2 also has significant cost opportunities through competitive sourcing.

我們對 R2 和 R3 的成本和高效製造的高度關注是透過深入分析每個系統和相關組件並詢問是否可以簡化或透過零件合併或消除的機會來實現的。車身結構採用大型高壓壓鑄件；結構電池組，其中電池的頂部是車輛的地板；透過專注於電子控制單元設計拓撲來進一步簡化電氣系統和相關線束，這只是我們如何利用創新來降低成本的幾個例子。除了工程機會之外，與 R1 相比，R2 還透過競爭性採購獲得了巨大的成本機會。

At the unveil of R2, we announced accelerating the start production in the first half of 2026 and reducing our capital needs for the launch of R2 by starting production of R2 in our Normal plant. This will provide flexibility to manufacture an estimated 215,000 total annual units per year, which includes up to 155,000 units of R2.

在R2發表會上，我們宣佈在2026年上半年加快啟動生產，並透過在我們的Normal工廠開始生產R2來減少R2啟動的資金需求。這將為每年生產約 215,000 台設備提供靈活性，其中包括多達 155,000 台 R2。

Starting R2 production in Normal is expected to save over $2.25 billion between now and the start production as compared to the original plan of launching the first line of R2 production at Rivian's Georgia site. Incremental to the $2.25 billion in expected savings, we recently announced an incentive package from the State of Illinois with a value of up to $827 million. We're excited to grow our community in Normal and continue our partnership with the State of Illinois.

與在 Rivian 喬治亞州工廠啟動第一條 R2 生產線的原計劃相比，從現在到開始生產，在諾默爾開始 R2 生產預計將節省超過 22.5 億美元。除了 22.5 億美元的預期節省之外，我們最近還宣布了伊利諾伊州的一項激勵計劃，價值高達 8.27 億美元。我們很高興能夠在諾默爾發展我們的社區，並繼續與伊利諾伊州合作。

And turning to our recent tooling upgrades in our Normal facility. The team made meaningful progress, and we're now back to producing R1 vehicles on our production line. The upgrade introduced new technologies and cost-focused material changes into the R1 vehicle platform. The plant retooling upgrade also provided the opportunity to improve manufacturing processes that enable the R1 line to run at approximately 30% higher line rate. And additionally, we improved the flow of materials and inventory within the plant. These changes are expected to improve cycle time, utilization and cost.

並轉向我們最近在普通工廠進行的工具升級。團隊取得了有意義的進展，我們現在已恢復在生產線上生產 R1 車輛。此次升級為 R1 車輛平台引入了新技術和注重成本的材料變化。工廠重組升級還提供了改進製造流程的機會，使 R1 生產線的運行速度提高了約 30%。此外，我們也改善了工廠內的物料和庫存流動。這些變化預計將改善週期時間、利用率和成本。

The opportunity ahead is significant. We hold the deep conviction that the entire automotive industry will electrify over the long term. And we continue to take the necessary steps to best position Rivian as a leader in this transition. We look forward to sharing more details around our strategy, progress and outlook in late June when we host our Investor Day. I would like to thank all those who continue to support our vision, including employees, customers, partners, suppliers, communities and shareholders.

未來的機會是重大的。我們堅信，從長遠來看，整個汽車產業將實現電氣化。我們將繼續採取必要措施，使 Rivian 成為這項轉型中的領導者。我們期待在六月下旬舉辦投資者日時分享有關我們的策略、進展和前景的更多細節。我要感謝所有繼續支持我們願景的人，包括員工、客戶、合作夥伴、供應商、社區和股東。

With that, I'll pass the call to Claire.

這樣，我就把電話轉給克萊爾。

Thanks, RJ. I want to start by reiterating the significant progress and strong results achieved during the first quarter. We exceeded our first quarter delivery outlook, successfully completed our plant retooling upgrade and are making progress on our path to profitability.

謝謝，RJ。首先，我想重申第一季取得的重大進展和強勁成果。我們超越了第一季的交付預期，成功完成了工廠重組升級，並在獲利之路上取得了進展。

During the first quarter, we produced 13,980 vehicles and delivered 13,588 vehicles, which represented the primary driver of the $1.2 billion of revenue we generated. Our first quarter results did not include any meaningful regulatory credit sales. Based on discussions with potential customers and executed contracts, we expect the sale of regulatory credits to increase in the second half of the year.

第一季度，我們生產了 13,980 輛汽車，交付了 13,588 輛汽車，這是我們創造 12 億美元收入的主要驅動力。我們第一季的業績不包括任何有意義的監管信貸銷售。根據與潛在客戶的討論和已執行的合同，我們預計今年下半年監管信貸的銷售將會增加。

Total gross profit for the quarter was negative $527 million. Our gross profit loss per vehicle delivered was approximately $39,000, which includes $15,500 of depreciation and $1,700 of stock-based compensation expense. Our results were negatively impacted by approximately $9,300 per vehicle delivered as part of our cost of revenue efficiency initiatives, which we don't anticipate to be part of our long-term cost structure.

該季度總毛利為負 5.27 億美元。每交付一輛車的毛利損失約為 39,000 美元，其中包括 15,500 美元的折舊和 1,700 美元的股票補償費用。我們的業績受到每輛車約 9,300 美元的負面影響，這是我們收入效率成本計劃的一部分，我們預計該計劃不會成為我們長期成本結構的一部分。

We continue to move closer to making money on every vehicle we sell. We expect to see meaningful improvement in our gross profit during the second half of this year and believe we will reach a positive gross profit for the fourth quarter.

我們繼續朝著讓我們銷售的每輛車都能賺錢的目標邁進。我們預計今年下半年毛利潤將顯著改善，並相信第四季將實現正毛利潤。

Our confidence is underpinned by the actions we have taken within our control. Specifically, we expect the recent completion of the tooling upgrade in Normal result in meaningful cost improvements in R1 and the manufacturing line. The upgrade includes the integration of R1 engineering design changes and newly negotiated supplier components that will drive significant cost reductions in our bill of materials. Additionally, fixed costs will benefit from improved manufacturing efficiencies, reduction in our loss reserve as well as a reduction in our depreciation expense as we fully depreciate our original tooling for R1 and RCV.

我們的信心是由我們在可控範圍內採取的行動所支撐的。具體來說，我們預計最近完成的 Normal 模具升級將導致 R1 和生產線的成本顯著改善。此次升級包括 R1 工程設計變更和新協商的供應商組件的集成，這將顯著降低我們的物料清單成本。此外，固定成本將受益於製造效率的提高、損失準備金的減少以及折舊費用的減少，因為我們完全折舊了 R1 和 RCV 的原始工具。

Our adjusted EBITDA for the quarter was negative $798 million, which was in line with our expectations. During the first quarter, we experienced elevated cash usage in part due to increased accounts receivable and inventory balances. Consistent with our commentary on our fourth quarter 2023 earnings call, at the end of the first quarter, we had a few thousand vehicles which were built but not yet counted towards our production since they were awaiting parts. These work-in-progress vehicles impacted our first quarter inventory. However, they are now complete and will be counted in the second quarter production. Between this dynamic and our efforts to reduce our raw material inventory balances, we expect to generate a slight cash benefit from working capital for the year. Over the next 18 months, we plan to reduce our gross inventory balance by more than 25%, providing a significant working capital benefit.

本季調整後 EBITDA 為負 7.98 億美元，符合我們的預期。在第一季度，我們的現金使用量增加，部分原因是應收帳款和庫存餘額增加。與我們對 2023 年第四季財報電話會議的評論一致，在第一季末，我們已經製造了數千輛汽車，但尚未計入我們的產量，因為它們正在等待零件。這些在製品車輛影響了我們第一季的庫存。不過，它們現已完成，並將計入第二季的產量。在這種動態和我們減少原材料庫存餘額的努力之間，我們預計今年將從營運資本中產生輕微的現金收益。在接下來的 18 個月內，我們計劃將總庫存餘額減少 25% 以上，從而帶來顯著的營運資金效益。

I want to take a moment to emphasize the significant steps being taken to drive greater capital efficiency throughout the business. These actions include starting production of R2 in Normal, driving material costs down, increasing manufacturing and production efficiency, reducing operating and capital expenditures and optimizing working capital. These actions are expected to extend our existing cash balance to fund operations through the launch of R2 in the first half of 2026.

我想花點時間強調為提高整個企業的資本效率所採取的重要步驟。這些行動包括在Normal開始生產R2、降低材料成本、提高製造和生產效率、減少營運和資本支出以及優化營運資本。這些行動預計將擴大我們現有的現金餘額，為 2026 年上半年推出 R2 的營運提供資金。

As RJ mentioned, our decision to launch R2 in Normal provides the plant with more flexibility and is expected to reduce our cash usage by over $2.25 billion through its launch in the first half of 2026. We anticipate that most of the work to integrate R2 into our Normal facility will happen in 2025. And as a result, the plant will be down for a few weeks next year.

正如RJ 所提到的，我們決定在諾默爾推出R2 為工廠提供了更大的靈活性，預計透過在2026 年上半年推出R2，我們的現金使用量將減少超過22.5 億美元。整合到我們的普通工廠將於 2025 年建成。

We recently completed the plant retooling upgrade in Normal. This is a pivotal step in driving greater efficiency through a reduction in variable and semi-fixed costs. We expect lower variable cost to be the largest driver of gross profit improvement in 2024.

我們最近完成了諾默爾工廠的設備重組升級。這是透過降低變動成本和半固定成本來提高效率的關鍵一步。我們預計較低的變動成本將成為 2024 年毛利改善的最大驅動力。

We're also beginning to see some of the benefits from R2 sourcing on R1 and EDV cost downs with strategic suppliers. We are making progress driving greater fixed cost efficiencies by transitioning to 2 shifts from 3 shifts on the R1 line. This is made possible by a planned 30% increase in line rate. On a 2-shift operation, annual R1 capacity will be approximately 56,000 units. While we don't expect to fully realize these benefits until the second half of 2024, we believe these changes position Rivian to exit 2024 with a much improved margin profile.

我們也開始看到 R2 採購對 R1 和 EDV 策略供應商成本下降的一些好處。我們透過將 R1 線上的 3 班次轉變為 2 班次，在提高固定成本效率方面取得了進展。這是透過計劃將線路速率提高 30% 來實現的。採用兩班制營運時，R1 年產能約為 56,000 輛。雖然我們預計要到 2024 年下半年才能完全實現這些好處，但我們相信這些變化將使 Rivian 在 2024 年結束時以大幅改善的利潤率狀況實現。

In addition, since the beginning of the year, we've made meaningful progress optimizing operating expenses. We expect our adjusted operating expenses for the year to be down slightly as compared to 2023, with the second half operating expenses expected to be significantly below the first half. We believe this enables Rivian to start 2025 with a more efficient baseline cost structure. We are confident these changes best position Rivian to extend its cash runway, improve long-term profitability and gain market share.

此外，自今年年初以來，我們在優化營運費用方面取得了有意義的進展。我們預計今年調整後的營運費用將較 2023 年略有下降，下半年的營運費用預計將大幅低於上半年。我們相信，這使 Rivian 能夠在 2025 年開始時擁有更有效率的基準成本結構。我們相信，這些變化最有利於 Rivian 擴大其現金跑道、提高長期盈利能力並獲得市場份額。

We believe that operating Normal at 215,000 units of annual production while executing against our cost efficiency road map will allow the business to generate positive free cash flow, excluding growth capital investments and new production capacity.

我們相信，以年產量 215,000 輛的標準運營，同時按照我們的成本效率路線圖執行，將使業務產生正的自由現金流（不包括成長資本投資和新產能）。

Turning to our guidance. We are reiterating our 2024 production guidance of 57,000 vehicles. As RJ mentioned, we're encouraged by the early results of our go-to-market and brand awareness activities, which the team has put in place over the past quarter. And I have confidence that total deliveries for the year will grow by low single-digits for both R1 as well as our commercial vans as compared to 2023.

轉向我們的指導。我們重申 2024 年產量目標為 57,000 輛。正如 RJ 所提到的，我們對團隊在上個季度實施的市場推廣和品牌知名度活動的早期結果感到鼓舞。我相信，與 2023 年相比，R1 以及我們的商用貨車今年的總交付量將實現低個位數成長。

We are also reiterating our 2024 adjusted EBITDA guidance of negative $2.7 billion.

我們也重申 2024 年調整後 EBITDA 指引為負 27 億美元。

We continue to look for ways to rationalize our capital expenditures and due to the decision to move the first line of R2 production to Normal, we are reducing our 2024 CapEx guidance by $550 million to $1.2 billion. We expect the savings from this decision will also impact 2025 CapEx, which we expect to be approximately $1.5 billion. Additionally, we plan to receive approximately $100 million in cash proceeds from the State of Illinois this year to help fund our Normal plant expansion. Over the long term, we continue to 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.

我們繼續尋找合理化資本支出的方法，由於決定將第一條 R2 生產線轉為正常生產，我們將 2024 年資本支出指引減少 5.5 億美元，至 12 億美元。我們預計這項決定帶來的節省也將影響 2025 年的資本支出，預計約 15 億美元。此外，我們計劃今年從伊利諾伊州獲得約 1 億美元的現金收益，以幫助資助我們的 Normal 工廠擴建。從長遠來看，我們繼續看到實現約 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。

I want to, again, thank our team, partners, customers, suppliers and shareholders for their tremendous support. With that, let me turn the call back over to the operator to open the line for Q&A.

我想再次感謝我們的團隊、合作夥伴、客戶、供應商和股東的大力支持。接下來，讓我將電話轉回接線生以打開問答線。

(Operator Instructions) Our first question comes from Mark Delaney with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的馬克·德萊尼（Mark Delaney）。

Claire, you said you have confidence that there could be some growth in deliveries this year, and you talked about some good traction that you've seen from some of the initiatives, including rolling out leasing to more states and also the new variants like Standard pack that have become available. Wonder if you could elaborate a bit more on some of those items and share what's giving you the confidence to guide for some modest delivery volume growth this year.

克萊爾，你說你有信心今年的交付量可能會有所增長，你談到了你從一些舉措中看到的一些良好的牽引力，包括向更多州推出租賃以及標準等新變體已可用的包。想知道您是否可以對其中一些項目進行更多詳細說明，並分享是什麼讓您有信心指導今年的交付量適度增長。

Thanks, Mark. As we think about our broader confidence around demand, it's really driven by some of the early results that we've seen from our go-to-market initiatives, including the launch of leasing. Q1 was the first quarter that we introduced leasing for R1S, and we've now been able to expand the number of states that we offer leasing up to 32 and we'll be adding that to north of 40 over the coming quarters as well.

謝謝，馬克。當我們思考對需求的更廣泛信心時，這實際上是由我們從市場推廣計劃（包括推出租賃）中看到的一些早期結果所推動的。第一季是我們引入 R1S 租賃的第一個季度，現在我們已經能夠將提供租賃的州數量擴大到 32 個，我們還將在未來幾個季度將其數量增加到 40 個以上。

As evidenced by some of the inclusion on the 28,000 test drives that we've had over the course of this quarter, getting more customers into the driver seat has certainly been a compelling tactic for us as well.

正如本季度我們進行的 28,000 次試駕中的一些內容所證明的那樣，讓更多客戶坐上駕駛座對我們來說無疑也是一項引人注目的策略。

And then as you noted, the introduction of Standard pack and our ability to stretch the bottom end of the entry price point of the R1 product itself was another key initiative that we launched over the course of Q1. And I think the last but certainly not least was the opportunity that we had to grow broad-based brand awareness through the launch of the R2 reveal and R3 and R3X as well that generated significant interest in Rivian as a whole.

正如您所指出的，標準包的推出以及我們擴大 R1 產品本身入門價格點底端的能力是我們在第一季推出的另一個關鍵舉措。我認為最後但同樣重要的是我們有機會透過 R2 Reveal 以及 R3 和 R3X 的推出來提高廣泛的品牌知名度，這引起了人們對整個 Rivian 的極大興趣。

That's helpful. My next question was around the target to reach a positive gross profit in the fourth quarter of this year, which you reiterated today. Can you share a bit more on how the path is tracking in order to get to that level and to the extent it changed at all in terms of some of the key inputs needed to reach that relative to what you put in your 4Q '23 shareholder letter.

這很有幫助。我的下一個問題是圍繞今年第四季實現正毛利潤的目標，您今天重申了這一目標。您能否分享更多關於如何追蹤路徑以達到該水平以及在達到該水平所需的一些關鍵投入（相對於您在23 年第4 季的股東中投入的投入）而言，它在多大程度上發生了變化？

The largest driver for us in our path to positive gross profit remains the improvement in variable cost reduction. And within this category, it's predominantly driven by material cost reduction. In Q1, we saw material cost improvements for each of our vehicles, the R1T, the R1S and EDV. And we expect to see a step change in our R1 material costs driven by the introduction of engineering-driven design changes as well as cost-focused material changes that we've already negotiated with suppliers. We also expect to see commodity tailwinds in the second half of 2024 as well as the added benefit from R2 sourcing on our ongoing commercial cost downs.

我們實現正毛利潤的最大推動力仍是變動成本降低的改善。在這一類別中，它主要是由材料成本降低所驅動的。在第一季度，我們看到每款車輛 R1T、R1S 和 EDV 的材料成本都有改善。我們預計，由於引入工程驅動的設計變更以及我們已經與供應商協商的以成本為中心的材料變更，我們的 R1 材料成本將發生階躍變化。我們也預計 2024 年下半年將看到商品順風，以及 R2 採購為我們持續的商業成本下降帶來的額外好處。

Next, turning to our semi-fixed costs. There are 2 key drivers for the improvement: the tooling upgrades we made in the Normal plant enable us the ability to increase our line rate by roughly 30%, which reduces our per-unit labor and overhead costs. And we also expect to see depreciation expense decline by Q4 as we fully depreciate some of our original tooling and moved past the accelerated depreciation we incurred in Q1.

接下來，轉向我們的半固定成本。改進有兩個關鍵驅動因素：我們在普通工廠進行的工具升級使我們能夠將生產線率提高約 30%，從而降低單位勞動力和管理成本。我們也預計第四季度折舊費用會下降，因為我們已經對一些原始工具進行了完全折舊，並超越了第一季的加速折舊。

The final lever, as we've talked about in the past, is an increase in our revenue per delivered unit due to the increased sales of regulatory credits, software and services revenue as well as remarketing sales. So in summary, we have a detailed road map that we're executing against and continue to feel confident in our plan and our path to achieve positive gross profit in Q4 of this year.

正如我們過去所討論的，最後一個槓桿是由於監管積分、軟體和服務收入以及再行銷銷售的增加而導致每交付單位收入的增加。總而言之，我們有一個正在執行的詳細路線圖，並繼續對我們的計劃和今年第四季度實現正毛利潤的道路充滿信心。

Our next question comes from Adam Jonas with Morgan Stanley.

我們的下一個問題來自摩根士丹利的亞當喬納斯。

So RJ, I'm going to assume you're not going to comment on the widespread story today of a large maker of loans potentially collaborating with an electric vehicle start-up, unless you want to. But what would be in it for a player of that ilk work with you? Or let me put it this way, what would be worthwhile to Rivian to benefit from a player like that, that Amazon doesn't already strategically and technically provide support to you already? And I have a follow-up.

所以，RJ，我假設你不會對當今廣為流傳的一家大型貸款機構可能與一家電動車新創公司合作的故事發表評論，除非你願意。但如果有這樣的球員和你一起工作的話會是什麼樣子呢？或者讓我這樣說，如果亞馬遜還沒有在戰略和技術上為您提供支持，那麼 Rivian 有什麼值得從這樣的玩家那裡受益的呢？我有一個後續行動。

Thanks, Adam. Yes, we don't comment on market rumors or speculation. But as you alluded to, we have a history of partnership, and of course, Amazon, who's our largest shareholder today and a very close partner across a variety of avenues, has been really a foundational element of the business. They were core to launching the commercial arm of the business and today represent the vast majority of our commercial vehicle sales.

謝謝，亞當。是的，我們不對市場傳言或猜測發表評論。但正如你所提到的，我們有著合作的歷史，當然，亞馬遜，今天是我們最大的股東，也是各領域非常密切的合作夥伴，它確實是我們業務的基礎要素。他們是推出這項業務的商用部門的核心，如今代表了我們商用車銷售的絕大多數。

But as we think about what we've built as a company, one of the core elements that makes this unique is just the level of vertical integration around our software and associated electronics platforms. So the ECUs in the vehicle and essentially the various computers across the vehicle and then the base software, the base operating system all the way up through the applications layer, creating those ourselves without the need to rely on Tier 1 suppliers gives us a lot of customer-facing strength but also creates opportunities for partnership certainly.

但當我們思考我們作為一家公司所建立的東西時，使其獨特的核心要素之一就是圍繞我們的軟體和相關電子平台的垂直整合水平。因此，車輛中的 ECU 以及車輛上的各種計算機，然後是基礎軟體、基礎操作系統一直到應用層，我們自己創建這些系統而無需依賴一級供應商，這為我們提供了很多面向客戶的實力同時也創造了合作機會。

Just then as a follow-up to that, if I focused on your vehicles' ADAS and data collection capabilities, Driver+, 10 exterior cameras, 12 ultrasonic sensors, 5 radars. You got compute, you mentioned the vertical integrated, your custom ECUs and architecture. I think you -- your fleet drives more in 5 hours than Apple did in all of last year with their autonomous car program before it was canceled.

就在那時，作為後續行動，如果我關注的是你們車輛的 ADAS 和資料收集功能，Driver+、10 個外部攝影機、12 個超音波感測器、5 個雷達。你有計算，你提到了垂直整合、你的客製化 ECU 和架構。我認為你們的車隊在 5 小時內行駛的時間比蘋果去年全年的自動駕駛汽車計劃取消之前的行駛里程還要多。

And we're hearing from people in that field of ADAS and robotics that there's been a real revolution due to LLM and gen AI on bringing forth end-to-end learning and neural net training. I'm curious if you have also witnessed that, you and your autonomy team can concur with that. And if so, does that then change your CapEx profile of how you allocate it to super compute, either directly through NVIDIA GPU clusters as part of your CapEx the way your rival Tesla is doing or otherwise working through partners and hyperscalers and Amazon in order to get access to that compute to get closer to achieving autonomy?

我們從 ADAS 和機器人領域的人們那裡得知，由於 LLM 和 gen AI 在帶來端到端學習和神經網路訓練方面發生了一場真正的革命。我很好奇您是否也見證了這一點，您和您的自治團隊是否同意這一點。如果是這樣，那麼這是否會改變您將其分配給超級運算的資本支出概況，要么直接透過NVIDIA GPU 叢集作為您的資本支出的一部分，就像您的競爭對手特斯拉所做的那樣，要么透過合作夥伴、超大規模和亞馬遜合作，以便存取該計算以更接近實現自治？

Just in the nature of the question, you made a point that we've made for a while, which we really agree with, which is a key element to deliver really strong autonomy platform and something that continues to grow and get better over time is controlling the perception stack. And by controlling the perceptions to access the cameras and radars, in particular, it allows us to have early fusion of that information. And the early fusion of that information allows us to not only best perceive the situation around the vehicle, but to create the best response, the best controls for what the vehicle should do next.

就問題的本質而言，您提出了我們已經提出了一段時間的觀點，我們非常同意這一點，這是提供真正強大的自主平台的關鍵要素，隨著時間的推移，不斷發展和變得更好的東西是控制感知堆疊。特別是透過控制存取攝影機和雷達的感知，它使我們能夠及早融合這些資訊。這些資訊的早期融合使我們不僅能夠最好地感知車輛周圍的情況，而且能夠對車輛下一步應該做什麼做出最佳響應和最佳控制。

And the challenge with systems that are built through a collection of third-party sourced sensors or third-party sourced software is that, that learning loop and the opportunity to leverage the entirety of the sensor set and the perception stack becomes far more limited. And so we've architected our autonomous platforms and, in particular, what's to come on our future platforms, around really controlling the entirety of all of the data coming in and then also really control how we use a lot of training models to continue to drive progress into the platform. Now as you point out, the training models, there's lots of ways to run them, but ultimately, it requires a build-out over time of a large -- very large clusters of CPUs to help train and build the robustness into our driving models.

透過第三方來源的感測器或第三方來源的軟體集合建構的系統面臨的挑戰是，學習循環以及利用整個感測器組和感知堆疊的機會變得更加有限。因此，我們建立了我們的自主平台，特別是我們未來平台上的內容，圍繞著真正控制所有傳入的數據，然後真正控制我們如何使用大量訓練模型來繼續推動平台進步。現在，正如您所指出的，訓練模型有很多方法可以運行它們，但最終，它需要隨著時間的推移構建一個大型、非常大的 CPU 集群，以幫助訓練和構建我們的駕駛模型的魯棒性。

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。

Just a first question, RJ. Now that we've got the 2 and the 3 unveiled and the 3X, we're kind of at a point where we're looking at a 4- to 5- to probably maybe a 6-vehicle portfolio. I'm just curious as we get through the ramp of the 2 and then the 3, the 3X, how do you think you're going to manage this portfolio? Is it just going to be a portfolio of churns over time and is reinvested in? Or is it going to be something that's sort of continuous improvement in software-defined vehicles and there's not going to be these refreshes over time? I'm just curious how you kind of see managing of what's becoming a pretty robust and complete portfolio at this point.

這是第一個問題，RJ。現在我們已經推出了 2、3 以及 3X，我們現在正在考慮 4 到 5 甚至 6 輛車的產品組合。我只是很好奇，當我們經歷 2、然後是 3、3X 的斜坡時，您認為您將如何管理這個投資組合？隨著時間的推移，它是否會成為一個不斷流失的投資組合併進行再投資？或者這將是軟體定義車輛的持續改進，並且隨著時間的推移不會有這些更新？我只是好奇你如何看待目前正在變得相當強大和完整的投資組合的管理。

Yes. Thanks, John. The R1 platform really represents the flagship product for us as a company and was our handshake with the world as -- in terms of introducing Rivian as a brand to customers. But importantly, because of its position as a flagship product, its price point is such that it doesn't allow us to access the largest part of the market. And so our midsize platform, which underpins the R2 and R3 products, is really important for us as a company. And the launch of that platform with R2 in the first half of 2026 represents a step change in the scale of the addressable market we can go after as a business. And what we've demonstrated so far and what you'll continue to see from us, for our products, whether that be R1, R2 or R3, is a really heavy focus on using software to continue to make the vehicles better and better over time.

是的。謝謝，約翰。 R1 平台真正代表了我們公司的旗艦產品，也是我們與世界的握手－向客戶介紹 Rivian 這個品牌。但重要的是，由於其作為旗艦產品的地位，其價格點不允許我們進入最大的市場部分。因此，支撐 R2 和 R3 產品的中型平台對我們公司來說非常重要。該平台與 R2 於 2026 年上半年推出，代表我們作為企業可以追求的目標市場規模發生了巨大變化。到目前為止，我們所展示的以及您將繼續從我們這裡看到的，對於我們的產品，無論是 R1、R2 還是 R3，都非常注重使用軟體來繼續使車輛變得越來越好時間。

And so as I noted in my opening remarks, we've had over 30 over-the-air updates on the R1 platform since we launched the vehicle. And this has led to a really vibrant customer community that there's a number of folks online following these releases that track every detail. And it creates a moment of excitement for our owners when they see the vehicle get better every couple of weeks. And so this is something we're absolutely going to maintain and is foundational and core to us as a business and we think creates a very different type of ownership experience relative to what we've historically known as owning a car.

正如我在開場白中指出的那樣，自從推出 R1 車輛以來，我們已經在 R1 平台上進行了 30 多次無線更新。這導致了一個非常活躍的客戶社區，有很多人在線上關注這些版本，追蹤每一個細節。當我們的車主看到車輛每隔幾週就會變得更好時，他們會感到興奮不已。因此，這是我們絕對要維持的東西，也是我們作為一家企業的基礎和核心，我們認為這創造了一種與我們歷史上所謂的擁有汽車截然不同的擁有體驗。

And maybe if you could just follow up on that. I mean there's folks that make phones that, in the case of BlackBricks, change the form factor and the look on a product cycle basis. That's 1 to 2 years. I mean do you think that the vehicles can really stay somewhat static in physical form and not be updated sort of in a 4- to 5-year cycle? I mean I'm just -- I mean that's kind of where the question, where I'm trying to get. A vehicle product portfolio, traditionally the churn can average 5 to 6 years. Do you believe that is very different? But we're also seeing this with BlackBricks that they realize that actually in terms of form factor that Rivian, you think, can apply them. It's early days for the product portfolio, but I'm just curious about the philosophy there.

也許你能跟進一下。我的意思是，有些人製造的手機（以 BlackBricks 為例）會根據產品週期改變外型尺寸和外觀。那就是1到2年。我的意思是，您是否認為車輛的物理形態真的可以保持某種靜態，並且不會在 4 到 5 年的周期內進行更新？我的意思是，我只是——我的意思是，這就是問題的所在，我想要得到的答案。傳統上，汽車產品組合的流失時間平均為 5 至 6 年。你相信這有很大不同嗎？但我們在 BlackBricks 上也看到了這一點，他們意識到實際上 Rivian 可以應用它們的外形尺寸。該產品組合還處於早期階段，但我只是對其中的理念感到好奇。

I think this is a nuanced element here. But historically, when we thought about a product life cycle, a product would launch and it really wouldn't change much until the update came out, which would be, as you said, often 4, 5 years between product launching and its update coming out. And what we believe is the product needs to get better over time. And I talked a moment ago about software, but there's also going to be hardware improvements that occur over time. So that's compute, that's sensor set and also, of course, improvements in how we build the vehicles, so cost and efficiency improvements. It's already realizing that today.

我認為這是一個微妙的因素。但從歷史上看，當我們考慮產品生命週期時，產品會發布，並且在更新發布之前它實際上不會發生太大變化，正如您所說，產品發布和更新之間通常需要4、5 年的時間出去。我們相信產品需要隨著時間的推移而變得更好。我剛才談到了軟體，但隨著時間的推移，硬體也會發生改進。這就是計算、感測器組，當然還有我們製造車輛方式的改進，因此成本和效率的提升。今天它已經意識到了這一點。

We don't think of the vehicles as a static product, but rather something that continues to get better, continues to improve on cost structure. And really, the nature of what the vehicle looks like has a lot to do with just the approach of the company and the brand. And for us, we've really emphasized building a timeless design that's not something that's of the moment or something that feels old 6 months after it's released. And we think that timeless element of the design actually provides us the opportunity to make less significant exterior design changes while we continue to make progress with what's under the skin.

我們不認為車輛是靜態產品，而是一種不斷變得更好、不斷改善成本結構的產品。事實上，車輛外觀的本質與公司和品牌的方法有很大關係。對我們來說，我們非常強調打造一個永恆的設計，它不是當下的東西，也不是在發布 6 個月後就感覺過時的東西。我們認為，永恆的設計元素實際上為我們提供了機會，讓我們可以在外觀設計上做出不太重要的改變，同時繼續在皮膚下的東西上取得進展。

Okay. And if I could just ask one follow-up on the $827 million from the State of Illinois. The $2.25 billion lower capital for the Normal plant versus the Georgia plant, it doesn't sound like you're changing that even though you're getting $827 million from Illinois just yet. But if you were to pro forma how much lower capital pro forming for that, what would you roughly think it would be? I mean it sounds like there's other things where that capital is not going just directly to the plant, but it goes to other infrastructure. But how much do you think can lower that capital?

好的。我是否可以詢問伊利諾伊州 8.27 億美元的後續情況。諾默爾工廠的資本比喬治亞州工廠少了 22.5 億美元，聽起來你並沒有改變這一點，儘管你已經從伊利諾伊州獲得了 8.27 億美元。但如果您要預估為此投入的資本要低多少，您大致認為會是多少？我的意思是，聽起來好像還有其他事情，資本不僅直接流向工廠，而且流向其他基礎設施。但您認為該資本可以降低多少？

John, I think the most direct comparison is, as I mentioned in my prepared remarks, is the upfront cash that we'll receive from State of Illinois, which is roughly $100 million this year. Both Georgia's incentive package as well as Illinois' had payroll incentives, tax incentives associated with each of them. But in the near term, I would pinpoint that as being incremental to the $2.25 billion of savings that we communicated when we revealed R2.

約翰，我認為最直接的比較是，正如我在準備好的演講中提到的，我們將從伊利諾伊州收到的預付款現金，今年約為 1 億美元。喬治亞州和伊利諾伊州的激勵計劃都有工資激勵措施和與之相關的稅收激勵措施。但在短期內，我認為這是我們在發布 R2 時所傳達的 22.5 億美元節省的增量。

Our next question comes from Dan Levy with Barclays.

我們的下一個問題來自巴克萊銀行的丹·利維。

Wanted to start with a question on COGS trajectory. And specifically, if you're doing -- if you're planning on doing, call it, a mid-$40,000 base price for R2, it means that to get any sort of a decent gross margin, you need to get probably COGS per unit in the high $30,000 range. You just did, call it, like mid-120s. So we're talking about almost $100,000, a little less of improvement in COGS per unit.

想從一個關於銷貨成本軌跡的問題開始。具體來說，如果你正在做——如果你打算做，稱之為 R2 40,000 美元中間的基本價格，這意味著要獲得任何體面的毛利率，你可能需要獲得每單位在30,000美元的高位。你剛剛做到了，稱之為 120 年代中期。因此，我們談論的是近 10 萬美元，每單位 COGS 的改善略少。

So maybe you can just help us conceptually or directionally understand how we bridge from COGS per unit today down to where you need to be on R2. I understand it's partially decontenting, partially it's smaller form factor, there's scale. But maybe you could just walk through the pieces how much is in your control, what's easier, what's a bit trickier. Any sort of framework would be helpful.

因此，也許您可以幫助我們從概念或方向上了解我們如何從今天的每單位 COGS 過渡到 R2 上您需要的位置。我知道它部分地令人不滿意，部分地它的外形尺寸更小，有規模。但也許你可以簡單地瀏覽一下這些部分，有多少是在你的控制範圍內，什麼是更容易的，什麼是有點棘手的。任何類型的框架都會有所幫助。

Thanks, Dan. First, I just want to reiterate what Claire said before, which is, on the R1 product, we are on a life cycle to materially improve its cost of goods sold. And so we're going to see that play out over the course of the year. The reason for the shutdown that we just went through was to implement not only changes in the plant to improve process flow and increase the production rate by 30%, but also to integrate a very large number of changes into the vehicle that are focused on costs.

謝謝，丹。首先，我想重申一下Claire之前所說的，那就是，在R1產品上，我們正​​處於一個生命週期，以實質改善其銷售成本。因此，我們將在這一年中看到這種情況的發生。我們剛剛經歷的停工的原因不僅是要對工廠進行變革以改進工藝流程並將生產率提高30%，而且還要將大量以成本為重點的變革整合到車輛中。

So those are new suppliers, with updated part designs or designs that have been optimized around cost, areas of vehicle where we've actually consolidated parts or eliminated parts. And without going through all the examples, even on this changeover, there are areas of the body structure, for example, where the cost reduction was well in excess of 50%. And that's through part consolidation or part elimination or redesigning a part using different materials or different processes.

因此，這些都是新的供應商，擁有更新的零件設計或圍繞成本進行最佳化的設計，我們實際上整合了零件或消除了零件的車輛領域。無需列舉所有範例，即使在這種轉變中，例如車身結構的某些區域，成本降低也遠遠超過 50%。這是透過零件整合或零件消除或使用不同材料或不同製程重新設計零件來實現的。

So as we wind that forward into R2, R2 is a fundamentally different architecture. It's built to a different set of requirements. R1 has a very extreme set of requirements in terms of on- and off-road capability, whereas the R2 product will still be very capable of on- and off-road, but not to the true extreme that the flagship product has. And every decision we take, that's every part, every system, every component, it goes through the lens of, is the part needed, can the part be consolidated, can the function of that part or system be performed by another part or system? And it's leading to a materially different vehicle architecture from a body structure point of view and vehicle integration point of view. But it's also supplemented by a very different supplier relationship or set of supply relationships than what we have when we negotiated cost on R1 years ago.

因此，當我們將其引入 R2 時，R2 是一個根本不同的架構。它是根據不同的要求而建構的。 R1在公路和越野能力方面有非常極端的要求，而R2產品仍然具有很強的公路和越野能力，但還沒有達到旗艦產品的真正極限。我們所做的每一個決定，即每個部分、每個系統、每個組件，都會考慮以下因素：該部分是否需要，該部分是否可以整合，該部分或系統的功能是否可以由另一個部分或系統執行？從車身結構和車輛整合的角度來看，它導致了一種截然不同的車輛架構。但它也得到了與我們幾年前就 R1 進行成本談判時截然不同的供應商關係或一組供應關係的補充。

And so we remain very bullish on our ability to deliver on the R2 cost structure. It, of course, requires us to execute as we pull the full program together and complete the sourcing on the vehicle. But it is a significant set of improvements. And I called out a few of the examples, but just to reiterate those, part consolidation, it can come in many forms. Use of high-pressure die casting is one way to achieve it. Another is to have parts to do more than one thing. So the use of the top of the battery pack as the floor of the vehicle as an example.

因此，我們仍然非常看好我們實現 R2 成本結構的能力。當然，這需要我們將整個計劃整合在一起並完成車輛的採購來執行。但這是一系列重要的改進。我舉了一些例子，但只是重申一下，部分整合，它可以有多種形式。使用高壓壓鑄是實現這一目標的一種方法。另一個是讓零件可以做不只一件事。所以以使用電池組頂部作為車輛的地板為例。

We have massively simplified closure systems in the doors for R2 versus R1. And then not often appreciated, but really significant is just the opportunity from an electrical point of view in the vehicle to minimize the number of ECUs and optimize the location of those ECUs as well as whatever they're actuating or sensing to minimize the harness design.

與 R1 相比，我們大大簡化了 R2 的車門閉合系統。然後，雖然不經常被重視，但真正重要的是，從車輛的電氣角度來看，有機會最大限度地減少ECU 的數量並優化這些ECU 的位置以及它們驅動或感測的任何內容，從而最大限度地減少ECU 的數量並優化這些ECU 的位置以及它們驅動或感測的任何內容，從而最大限度地減少線束設計。

And so across the board, holistically, we're making all those types of changes, leveraging the learnings from R1T, R1S, the EDV and the most recent shutdown, which is leading to the significant cost reductions in R1 as we roll those into the R2 program to make sure we can achieve, as you said, aggressive but necessary COGS targets.

因此，從整體上看，我們正在做出所有這些類型的改變，利用從R1T、R1S、EDV 和最近的停工中學到的經驗教訓，這將導致R1 的成本顯著降低，因為我們將這些成本納入到R1 中。

That's helpful. Maybe just a follow-up on vertical integration. And so I understand that the move to put R2 into Normal instead of Georgia was one of capital efficiency. But just amid this pivot and strategy, maybe you can give us a sense that if you're thinking any differently about your level of vertical integration. I understand vertical integration is obviously still very key to the strategy, but are you thinking any differently about the level of vertical integration that you're pursuing, maybe relying on partners a bit more versus what you maybe would have done in-house in the past?

這很有幫助。也許只是垂直整合的後續行動。因此，我理解將 R2 放入 Normal 而不是 Georgia 的舉措是資本效率之一。但就在這個支點和策略中，也許你可以讓我們感覺到，如果你對垂直整合的層次有任何不同的思考。我知道垂直整合顯然仍然是該策略​​的關鍵，但是您對所追求的垂直整合水平有什麼不同的看法嗎？

Sure. I just referenced it a bit, Dan, but one of the really key areas for us is controlling the electrical architecture in the vehicle, the network architecture and then the associated software that's running across all those platforms. And what that -- versus what the vast, vast majority of vehicle manufacturers pursue, essentially the exception of one other manufacturer, which is a Tier 1 heavy approach where Tier 1 suppliers provide a variety of controllers that they control a function within the vehicle.

當然。我只是稍微提到了一點，丹，但對我們來說真正關鍵的領域之一是控制車輛中的電氣架構、網路架構，以及在所有這些平台上運行的相關軟體。這與絕大多數汽車製造商所追求的目標相反，基本上是另一家製造商的例外，這是一種一級重型方法，一級供應商提供各種控制器來控制車輛內的功能。

By controlling all those computers, all those ECUs, it allows us to much more easily consolidate functions not by the domain, but rather across zones. So we can set up what we call a zonal controller, that's in an area of the vehicle that controls all functions across that area. And the amount of savings that's possible by doing this is not measured in hundreds of dollars, but measured in thousands of dollars and the simplification of the vehicle harness that results from that is also quite significant.

透過控制所有這些電腦、所有這些 ECU，它使我們能夠更輕鬆地整合功能，而不是按域，而是跨區域。因此，我們可以在車輛的一個區域中設定所謂的區域控制器，控制該區域的所有功能。透過這樣做可能節省的金額不是以數百美元來衡量，而是以數千美元來衡量，並且由此帶來的車輛線束的簡化也相當顯著。

And that's all Rivian-facing advantages in terms of cost, simplification. It simplifies the build process. But it also creates a lot of advantages for customers. We've already seen this from the launch of R1 where the control of those -- all those platforms allow us to do deep over-the-air updates. When I say deep, I mean real over-the-air updates. We're not just changing a color on the screen, but rather introducing real features, changing the way the vehicle drives, improving the battery performance, improving thermal performance, things that are meaningful to the ownership experience of the vehicle.

這就是 Rivian 在成本和簡化方面的所有優勢。它簡化了建置過程。但它也為客戶創造了許多優勢。我們已經從 R1 的發布中看到了這一點，所有這些平台的控制使我們能夠進行深度無線更新。當我說深度時，我指的是真正的無線更新。我們不僅僅是改變螢幕上的顏色，而是引入真正的功能，改變車輛的駕駛方式，提高電池性能，提高熱性能，這些對車輛擁有體驗有意義的事情。

And that we remain very convicted on and, in fact, the benefits of the heavy investment necessary to build up all that capability will really be realized with R2, where R2 will leverage the network architecture, the ECU topology, of course, the software stack that's been developed in R1 and the changes that we've just made as part of the cost-down process with R1, that architecture will be going into R2. So we can look at this also as a derisking of the launch of R2.

我們仍然堅信，事實上，構建所有這些功能所需的大量投資的好處將透過 R2 真正實現，其中 R2 將利用網路架構、ECU 拓撲，當然還有軟體堆疊這是在R1 中開發的，我們剛剛作為R1 成本降低過程的一部分所做的更改，該架構將進入R2。因此，我們也可以將其視為 R2 推出的風險消除。

And while I've talked about software and electronics, it's important to note that this also extends to the way we've approached the high-voltage systems. So our batteries or battery packs, battery modules, drive units, inverters, these are all areas that we've developed in-house technology around. And of course, at the scale of R1, it has a high fixed cost associated with it. But with R2 coming online, we really see significant structural cost advantages by owning these areas and by building these areas in-house.

雖然我談到了軟體和電子產品，但值得注意的是，這也延伸到了我們處理高壓系統的方式。因此，我們的電池或電池組、電池模組、驅動單元、逆變器，這些都是我們開發內部技術的領域。當然，在 R1 的規模下，它有很高的固定成本。但隨著 R2 上線，我們確實看到了透過擁有這些區域並內部建造這些區域所帶來的顯著的結構成本優勢。

Our next question comes from George Gianarikas with Canaccord Genuity.

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

I think you mentioned in your prepared remarks that you're bringing the lines back up. Curious as to what you can share in terms of the experience there and also how the new supply relationships have gone. I know you've decided to switch out some suppliers, and any detail there would be appreciated.

我想你在準備好的發言中提到你正在恢復線路。很好奇您可以分享那裡的經驗以及新的供應關係進展如何。我知道您已決定更換一些供應商，如果您能提供任何詳細信息，我們將不勝感激。

Thanks, George. It was interesting. We -- at the start of the month, at the start of April, we stopped production of our launch vehicle and walking through the plant and seeing it without a single vehicle on a line was a unique feeling. We hadn't seen that since we started production and sort of gave you a bit of a feeling in your stomach as you walk through. And the precision in the execution of integrating so much new equipment, new process design, as you saw in the letter, hundreds of new robots and hundreds of updated or modified robots into the plant, to allow the plant to run at a 30% higher line rate.

謝謝，喬治。很有意思。我們——在本月初，四月初，我們停止了運載火箭的生產，走過工廠，看到生產線上沒有一輛車，這是一種獨特的感覺。自從我們開始製作以來，我們還沒有看到過這種情況，當你走過時，你的胃裡會有一種感覺。正如您在信中看到的那樣，將如此多的新設備、新製程設計、數百個新機器人和數百個更新或修改的機器人整合到工廠中的執行精度，使工廠的運行速度提高了30%線路速率。

And to have the orchestra of all those activities, both in the plant and then across our supply base; to have a very large number of new suppliers come on board and a significant portion of the bill of materials change over to these new suppliers, and updated part designs; to have executed that full effort with the intensity and the focus to drive that efficiency into the plant and into our overall COGS structure, it was really -- it was an exciting April to say the least. And it's amazing to see the plant running again, to see the changes we put in place, solving some of the challenges that existed in the line before, solving some of the areas where we felt the costs were not appropriate at the vehicle level. And we're excited to see those changes manifest in the improvements in our cost of goods sold and of course, in the road map to our positive gross margin.

並在工廠和我們的供應基地建立所有這些活動的管弦樂團；有大量新供應商加入，並將大部分物料清單轉移給這些新供應商，並更新零件設計；全力以赴、全力以赴，將效率提升到工廠和我們的整體銷貨成本結構中，至少可以說，這是一個令人興奮的四月。看到工廠再次運行，看到我們所做的改變，解決了生產線之前存在的一些挑戰，解決了我們認為成本在車輛層面不合適的一些領域，真是令人驚奇。我們很高興看到這些變化體現在我們的銷售成本的改善上，當然也反映在我們實現正毛利率的路線圖中。

Great. And maybe as a follow-up, I know you mentioned that R2 is coming in the first half of '26. So what are the opportunities to potentially pull that forward in terms of timing?

偉大的。也許作為後續行動，我知道您提到 R2 將於 26 年上半年推出。那麼，在時間上有哪些機會可以推動這項進程呢？

The decision to launch R2 out of Normal was to -- there's many things that drove it. Claire talked before about the $2.25 billion in capital savings associated with it. But beyond that, and what's harder to measure in the numbers, was just the ability to leverage the existing teams and the operations that we have in Normal. And those teams -- it's taken us a lot of time, but we've built strong teams, strong leadership at the shop level. And I spend a lot of time at the plant, a lot of time on the floor with the -- with our team members. And that buildup of training capabilities, learning capabilities, leadership at the team leader, group leader, manager and director level across the plant, is something we'll now be able to leverage, and it takes not only risk out of the R2 timing, but allowed us to pull R2 into the first half of 2026.

從 Normal 中推出 R2 的決定是——有很多因素推動它。克萊爾之前談到了與之相關的 22.5 億美元資本節省。但除此之外，更難以數字來衡量的是利用現有團隊和正常運作的能力。這些團隊花了我們很多時間，但我們已經建立了強大的團隊，在車間層面擁有強大的領導力。我在工廠度過了很多時間，與我們的團隊成員一起在工廠工作。我們現在可以利用整個工廠的培訓能力、學習能力、團隊領導、小組領導、經理和總監級別的領導力，這不僅可以消除 R2 時間安排中的風險，但允許我們將 R2 拉到 2026 年上半年。

Now there's not a single person within Rivian that isn't trying to find ways to pull R2 forward, but we would love to see R2 sooner. The amount of excitement for the product is palpable, notwithstanding the excitement that we all have for it on our own. But we also want to ensure that the product when it hits the market is exceptional and making sure our supply base is robust, making sure there aren't supply issues as we launch is really important to ensure we have as smooth of a launch as possible, of course, learning from the R1T launch, the R1S launch, the EDV launch, the relaunch of EDV with post cost downs and now the relaunch of R1 post cost downs. We've gone through a number of launch events with each one getting better and stronger.

現在，Rivian 內部每個人都在努力尋找推動 R2 前進的方法，但我們希望早點看到 R2。儘管我們自己都對它感到興奮，但對該產品的興奮程度是顯而易見的。但我們也希望確保產品上市時是卓越的，並確保我們的供應基礎強大，確保我們推出時不存在供應問題，這對於確保我們盡可能順利地推出非常重要當然，我們吸收了R1T推出、R1S推出、EDV推出、EDV後期成本下降的重新推出以及現在R1後期成本下降的重新推出的教訓。我們經歷了許多次發布活動，每次都變得越來越好、越來越強大。

And the clarity we have on the importance of robustness of the supply chain, both from a quality point of view, but also from a ramp efficacy point of view, is driving us to make sure that as we think about that 2026 launch, it's not just what we can control in our plant, but it's through all the many relationships across our supply base to ensure we are ready to step from not producing R2 at scale to producing at scale very quickly.

我們清楚地認識到供應鏈穩健性的重要性，無論是從品質角度還是從斜坡效率角度來看，這促使我們確保，當我們考慮 2026 年的發佈時，它不會這正是我們在工廠中可以控制的，但它是透過我們供應基地中的所有眾多關係來確保我們準備好從不大規模生產R2 到快速大規模生產。

Our next question comes from Alex Potter with Piper Sandler.

我們的下一個問題來自亞歷克斯·波特和派珀·桑德勒。

Perfect. So I'm wondering if you could talk about what the next, call it, 3 to 6 months, in Normal will look like now that you've gone through a lot of the heavy lifting with the retooling. To what extent is there any remaining execution or ramp risk with the plant as it exists right now?

完美的。所以我想知道您是否可以談談接下來的情況，稱之為正常情況下的 3 到 6 個月，現在您已經完成了許多繁重的裝備重組工作。工廠目前存在的剩餘執行或產能風險在多大程度上仍存在？

Thanks, Alex. Coming out of a launch, and I was just online with the team going through how things are running post relaunch. The energy within the plant is palpable, the excitement to deliver on improved quality and improved cycle time is real. And with the changes we made around the overall efficiency to lay out, the efficiency and material flow, we're really excited to see that pull forward into reduction in cost of goods sold.

謝謝，亞歷克斯。發布後，我剛剛與團隊一起在線了解重新發布後的運行情況。工廠內的活力是顯而易見的，對提高品質和縮短週期時間的興奮是真實的。透過我們圍繞整體佈局效率、效率和物料流所做的改變，我們真的很高興看到這有助於降低銷售商品成本。

Now with that, it's not as if the plant turns back on immediately at full rate, so there is a ramp associated with it. We're following a prescribed and planned ramp of the facility. And that, as I said in my previous discussion, that ties to the suppliers. So we also need to make sure our suppliers are ramping at the same rate. And given the number of changes we've made with our supply base, those suppliers, in many cases, new suppliers, are ramping along with us.

現在，工廠並不會立即全速重新啟動，因此存在與之相關的斜坡。我們正在遵循設施規定和計劃的坡道。正如我在之前的討論中所說，這與供應商有關。因此，我們還需要確保我們的供應商以相同的速度成長。考慮到我們對供應基地所做的大量改變，這些供應商（在許多情況下是新供應商）正在與我們一起發展。

And so that -- as that's all happening, we're also really remain focused on ensuring that the plant in Normal is also getting ready to ingest R2. And so there's a number of investments we're making into Normal to ensure the R2 ramp is seamless and as capital efficient as possible as well.

因此，在這一切發生的同時，我們仍然專注於確保諾默爾的工廠也準備好攝取 R2。因此，我們正在對 Normal 進行大量投資，以確保 R2 升級無縫且盡可能提高資本效率。

Okay. Perfect. And then I wanted to go back to something Claire mentioned regarding OpEx. It looks like second half OpEx spending is going to be down relative to the first half. Just wondering what it is that you're spending on now or what you did spend on in the first half that you won't be spending on in the second half. Is this marketing and outreach? You mentioned a lot with test drives and things of that nature after the R2 and R3 unveiling. Just -- or maybe it's R&D, just any additional clarity on that would be helpful.

好的。完美的。然後我想回到克萊爾提到的有關營運支出的事情。看起來下半年的營運支出支出將比上半年下降。只是想知道您現在花在什麼上，或者您在上半年花了什麼而下半年不會花在什麼上。這是行銷和推廣嗎？在 R2 和 R3 揭幕後，您提到了很多試駕以及類似的事情。只是——或者也許是研發，任何額外的澄清都會有幫助。

Sure. So the first point is, in the first half of the year in the buildup to the tooling upgrades that we made in Normal, there were higher levels of R&D spend associated with that. We'll see that increase as well Q1 into Q2 based off of the shutdown time that we took throughout the course of April and the incremental contractors and support that we had to bring back the lines up in short order and succession.

當然。所以第一點是，今年上半年，在我們在普通版中進行的工具升級過程中，與之相關的研發支出水準更高。我們將看到第一季到第二季的成長，基於我們整個 4 月的停工時間以及我們必須在短時間內和連續恢復生產線的增量承包商和支援。

And so as we look to the second half of the year, as RJ mentioned, the pivot and focus from an R&D perspective starts to focus around more of the R2 development work versus the focus on both R2 as well as R1 and our commercial vans that you're seeing in the first half results and figures. And then beyond that, we're constantly driving incremental efficiency across the organization as a whole. And so that until finding ways in which we can reduce expense in other areas of SG&A to make room for the investments that we're making in our go-to-market teams between sales and service as a whole. And so that intensity and focus is what's enabling our path to reduce our operating expenses overall for the year, but also importantly, seeing that second half 2024 step change reduction in OpEx.

因此，當我們展望今年下半年時，正如 RJ 所提到的那樣，從研發角度來看，重點和重點開始更多地集中在 R2 開發工作上，而不是同時關注 R2 和 R1 以及我們的商用貨車。你在上半年看到了結果和數據。除此之外，我們不斷提高整個組織的效率。因此，直到我們找到方法可以減少 SG&A 其他領域的費用，為我們在整個銷售和服務之間的市場推廣團隊中進行的投資騰出空間。因此，這種強度和重點使我們能夠減少今年的整體營運支出，但同樣重要的是，看到 2024 年下半年營運支出將逐步減少。

And our next question comes from 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。

My first question is now that the shutdown is completed and the upgrades completed, could you help us quantify some of the benefit that you're expecting that are in your control? So there, I was hoping to understand it better. So you had this $39,000 loss per vehicle in Q1, $9,000 of that may be sort of like not a run rate. So call it maybe a $30,000 loss per vehicle starting point. How much is realistic for your cost of goods sold or bill of material to improve as a result of the actions that you just completed? How much per vehicle could we see in terms of reduction on the fixed cost? And how much do we have to assume or do you have to assume in terms of pricing or sort of like extra revenues essentially to get towards that positive gross profit per vehicle?

我的第一個問題是，現在關閉已經完成，升級也已經完成，您能否幫助我們量化您所期望的、在您控制範圍內的一些好處？所以，我希望能更好地理解它。因此，第一季每輛車損失 39,000 美元，其中 9,000 美元可能不是運行率。因此，每輛車起點可能會損失 30,000 美元。由於您剛完成的操作，您的銷售成本或物料清單可以實際改善多少？每輛車的固定成本可以減少多少？為了實現每輛車的正毛利潤，我們必須假設多少，或者你必須假設多少定價或額外收入？

Emmanuel, as you look back at our Q4 earnings call, we provided a detailed bridge and we continue to see line of sight into -- at the execution road map to achieve those results in aggregate. As I mentioned in one of my responses, the largest variable that we have ahead of ourselves is the reduction in our material costs. And similar to what we saw when we took downtime in Q1 of '23 to introduce our new Enduro Drive Unit as well as our LFP pack in the EDV itself, where we saw a 35% reduction in material costs.

伊曼紐爾，當你回顧我們的第四季財報電話會議時，我們提供了一個詳細的橋樑，我們繼續專注於執行路線圖，以整體實現這些結果。正如我在一篇回覆中提到的，我們面臨的最大變數是材料成本的降低。與我們在 23 年第一季停工以引入新的 Enduro 驅動裝置以及 EDV 本身中的 LFP 套件時所看到的情況類似，我們發現材料成本降低了 35%。

There's significant cost savings coming through the introduction of engineering design-driven changes into the R1 as well as some of the material changes that we're making to conserve costs as well. So I have clear visibility into those reductions on a go-forward basis. And similarly, as I mentioned, the improvements in operational efficiency that we'll see with reductions in labor and overhead cost per unit given the increase of 30% in our line rate is also going to help enable the semi-fixed cost improvements that we anticipate throughout the course of this year as well.

透過在 R1 中引入工程設計驅動的變更以及我們為節省成本而進行的一些材料變更，可以顯著節省成本。因此，我對未來的這些削減有清晰的了解。同樣，正如我所提到的，由於我們的生產線率增加了 30%，我們將看到隨著單位勞動力和間接費用的減少，運營效率的提高也將有助於實現半固定成本的改善也預計今年整個過程。

And then there's dynamics with our depreciation and the fact that this quarter, we had accelerated depreciation going into our retooling upgrade in the plant itself, that will start to lap and will come off as we also begin to fully depreciate some of our original tooling that we'll see a material decrease in that depreciation expense per unit as well.

然後是我們的折舊的動態，事實上，本季度，我們在工廠本身的重組升級中加速了折舊，隨著我們也開始完全折舊我們的一些原始工具，這將開始磨損並脫落。到單位折舊費用大幅減少。

Beyond that, we'll see some additional LCNRV benefits in the back half of the year as we drive towards making money on every single vehicle that we sell. And then in terms of the underlying assumptions for both volume as well as price points, as we mentioned on our last earnings call, our anticipation is not a significant increase in overall volumes associated with Q4 '24 relative to Q4 of 2023 and equally a similar price point from an ASP perspective.

除此之外，我們將在今年下半年看到一些額外的 LCNRV 好處，因為我們致力於在我們銷售的每輛車上賺錢。然後，就銷量和價格點的基本假設而言，正如我們在上次財報電話會議上提到的那樣，我們的預期是，相對於2023 年第四季度，24 年第四季度的總體銷量不會顯著增加，同樣類似從 ASP 角度來看的價格點。

So that the revenue per unit driver is really driven by non-vehicle revenue streams, predominantly the sale of regulatory credits. We've seen a really robust appetite for our regulatory credits in the market, especially with many OEMs stepping back away from some of their electrification plans and then equally the ongoing sales of software and services revenues as well as our marketing revenue streams that will enable Rivian to achieve a positive gross profit in the fourth quarter.

因此，每單位司機的收入實際上是由非車輛收入流驅動的，主要是監管積分的銷售。我們看到市場上對我們的監管信用的興趣非常強勁，特別是許多原始設備製造商放棄了一些電氣化計劃，然後同樣是軟體和服務收入的持續銷售以及我們的營銷收入流，這將使Rivian第第四季實現正毛利潤。

Okay. That's helpful. And then just one follow-up on the volume side. I think you made a comment in the prepared remarks that now that the shutdown is completed, you have 56,000 units of annual capacity for R1 on 2 shifts. Is this sort of like the right value to think about now on a go-forward basis for Rivian, all the way until R2 launches in the first half of 2026? So essentially, a maximum of 56,000 units of R1 minus any shutdown impact that you may have, let's say, next year, plus some level of growth in EVDs. But is that 56,000 essentially be the max you'll see in terms of annual R1 capacity, and then it's R2 that comes on top of it?

好的。這很有幫助。然後是在音量方面的一個後續行動。我想您在準備好的發言中評論道，現在停產完成後，您的 R1 年產能為 56,000 台，兩班制。對於 Rivian 來說，從現在到 2026 年上半年 R2 推出，這是否是值得考慮的正確價值？因此，從本質上講，最多 56,000 台 R1 減去明年可能產生的任何停工影響，再加上 EVD 的一定程度的增長。但是，56,000 本質上是您在 R1 年產能方面看到的最大值，然後是 R2 嗎？

Sure. So there's a couple of points I want to make. First, as we think about the longer-term introduction of R2 in Normal, we're building capacity towards 215,000 units in aggregate. And that can shift between R3 vehicle lines where we'll have 85,000 units of maximum capacity for R1, 65,000 units of capacity for commercial vans and 155,000 units of capacity for R2. So within that matrix, we'll have the ability to flex volumes to stay within the balance of the 215,000 units of total maximum capacity.

當然。我想指出幾點。首先，當我們考慮在 Normal 中長期引入 R2 時，我們正在建造總計 215,000 台的產能。這可以在 R3 車輛系列之間轉移，其中 R1 的最大容量為 85,000 輛，商用貨車的容量為 65,000 輛，R2 的容量為 155,000 輛。因此，在該矩陣內，我們將能夠靈活調整捲數，以保持在 215,000 單位總最大容量的平衡範圍內。

And so that could be achieved, for example, running 2 shifts on R1, full 3 shifts on R2 and a single shift on commercial vans. So there's flexibility as we think about the longer-term volumes. But it is accurate, as you noted, that the R1 volumes will be 56,000 units based off of the 2-shift operation.

例如，可以在 R1 上運行 2 個班次，在 R2 上運行 3 個班次，在商用貨車上運行一個班次。因此，當我們考慮長期銷售時，存在靈活性。但正如您所指出的，基於兩班制運營，R1 銷量將為 56,000 輛，這是準確的。

And our next question comes from Shreyas Patil with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Shreyas Patil。

RJ, I'm just curious how we should think about the speed at which you could ramp up R2 as we move into '26. I know it's still early, but with a lot of the innovations that you've already talked about around giga castings and structural battery packs, the need to simplify the ECU architecture. Just how should we think about the pace at which you could get to volume production once R2 gets going?

RJ，我只是很好奇，當我們進入 26 年時，我們應該如何考慮提高 R2 的速度。我知道現在還為時過早，但鑑於您已經討論過有關千兆級鑄件和結構電池組的許多創新，因此需要簡化 ECU 架構。只是我們該如何考慮 R2 啟動後實現量產的速度？

Shreyas, there's just 3 elements I'd call out. The first is, just our experience in learning and growth as a company in terms of managing and running a launch. And if I wind the clock back when we first launched R1T relative to where we are today, the strength of our operations organization, the strength of our launch teams and then the strength of our entire development process as that blends into the launch process is so much higher given the number of products we've launched and the number of iterations we've gone through there.

Shreyas，我只想指出三個要素。首先是我們作為一家公司在管理和營運發布方面的學習和成長經驗。如果我把時間倒回我們第一次推出 R1T 時相對於我們今天的情況，我們營運組織的實力、我們發布團隊的實力，以及融入到發布過程中的整個開發過程的實力，都是如此。到我們已經推出的產品數量以及我們經歷的迭代次數，這個數字要高得多。

So with that said, key enablers for a smooth launch are, first and foremost, making sure the supply base can support the launch. And so we've built a robust supply base -- a supply chain team that not only is responsible procuring those supplier relationships and putting in place those contracts, but importantly, also ensuring the development of those components and the launch of those components are at the quality levels that will support the rapid ramp-up of our plan. And of course, it's in the interest of the suppliers also have a rapid ramp up. Everybody wants to ramp as quickly as possible.

話雖如此，順利啟動的關鍵推動因素首先是確保供應基地能夠支援啟動。因此，我們建立了一個強大的供應基地——一個供應鏈團隊，不僅負責採購這些供應商關係並落實這些合同，而且重要的是，還確保這些組件的開發和這些組件的發布能夠及時完成。我們計劃快速推進的品質水準。當然，這符合供應商的利益，也有快速成長。每個人都希望盡快提升。

So the health of not only our process, but the health of the way we're managing the supply base for R2. And I should say that should be evidenced by what we will see and what we'll demonstrate here with the reramp post this launch. We've also seen it with the ramp of our in-house drive units. We've seen it with the reramp of our EDV program.

因此，不僅是我們流程的健康，還有我們管理 R2 供應基地的方式的健康。我應該說，我們將看到的內容以及我們將在本次發布後的重新調整中展示的內容應該證明這一點。我們也透過內部驅動裝置的坡道看到了這一點。我們已經透過 EDV 計劃的調整看到了這一點。

But the last item I'd call out is, just the nature of the product has been designed from the get go to also ramp for easily. So really heavy focus on an efficient design and a design that allows us to very easily put the vehicle together and takes away any of the risk items that we've either encountered on R1 or have addressed on R1 over the last 2 years.

但我要指出的最後一點是，產品的本質是從一開始就設計成易於升級的。因此，我們非常關注高效的設計，以及讓我們能夠非常輕鬆地將車輛組裝在一起並消除我們在 R1 上遇到或在過去 2 年裡在 R1 上解決的任何風險項目的設計。

And maybe just a point of clarification for Claire. When you talk about reaching gross profit in the fourth quarter of this year, first, is that a run rate figure for Q4? And then secondly, does that exclude the various cost of revenue efficiency initiatives that you talked about? It looks like that's been excluded from the EBITDA calculation. I just wanted to make sure if that's also excluded from the gross profit target.

也許只是向克萊爾澄清一點。當您談到今年第四季實現毛利時，首先，這是第四季度的運行率數字嗎？其次，這是否排除了您談到的各種收入效率措施的成本？看起來這已被排除在 EBITDA 計算之外。我只是想確定這是否也被排除在毛利目標之外。

Sure, Shreyas. As we look to Q4, we don't expect there to be some of those similar charges as we had in Q1 of this year that were really predominantly related to the Peregrine shutdown and some of the changes in supplier contracts that we mentioned itself. So we do expect Q4 to be gross profit positive for the quarter, and that sets us up nicely as we think about achieving positive gross profit for the full year of 2025 on a go-forward basis as well.

當然，施瑞亞斯。當我們展望第四季度時，我們預計不會出現一些與今年第一季類似的費用，這些費用實際上主要與 Peregrine 的關閉以及我們提到的供應商合約的一些變化有關。因此，我們確實預計第四季度的毛利將為正，這為我們考慮在未來的基礎上在 2025 年全年實現正毛利潤奠定了良好的基礎。

And our last question comes from Joseph Spak with UBS.

我們的最後一個問題來自瑞銀集團的 Joseph Spak。

Claire, I just want to go back to the capacity commentary because I know you said after launch you had plant changes. My understanding was that, that 215,000 requires an addition -- an additional paint shop. Is that still accurate? And like what's sort of the timing for that? Because I -- like is that going to be in advance of the R2 launch? Or are you going to sort of wait to see how the R2 launch is going before you start adding some of that capacity?

克萊爾，我只想回到產能評論，因為我知道你說過在啟動後你對工廠進行了變更。我的理解是，215,000 需要增加一個額外的油漆車間。這仍然準確嗎？大概什麼時機？因為我——那會是在 R2 發布之前嗎？或者您打算先看看 R2 的發布進度如何，然後再開始添加一些容量？

Sure. Joe, as we look at the paint shop capacity in the plant, we're evaluating a number of different strategies to achieve the 215,000 units of total capacity. And so that could be within our existing paint shop that could be adding additional capacity beyond that. So it's something we're actively looking at and studying.

當然。 Joe，當我們查看工廠內噴漆車間的產能時，我們正在評估多種不同的策略，以實現 215,000 輛的總產能。因此，這可能在我們現有的噴漆車間內，可以增加額外的產能。所以這是我們正在積極關注和研究的事情。

(inaudible) rate in the paint shop or the current capacity of paint shop then. Is it below that 215,000?

（聽不清楚）噴漆車間的比率或噴漆車間的當前容量。低於215,000嗎？

The current capacity is 150,000 units in the paint shop.

塗裝車間目前的產能為150,000 輛。

Okay. And then RJ, just on the demand generation activities, like the 28,000 demo rides, a 91% increase. Like that feels significant. You mentioned that's an effective demand generation strategy. Obviously, getting potential customers of the vehicle is great. Is there anything you could tell us, though, about conversion? Or like how should we like measure that? Like what context should we take the 28,000 demos? Because last quarter, you mentioned, right, the guide is dependent on improvement in the order book, and it seems like this is what would help drive that. So I think it's important to understand how -- like either conversion or what sort of context we should take that number.

好的。然後是 RJ，僅在需求產生活動上，例如 28,000 次演示遊樂設施，增加了 91%。就像這樣感覺很重要。您提到這是一種有效的需求產生策略。顯然，獲得車輛的潛在客戶是一件好事。關於皈依，你有什麼可以告訴我們的嗎？或者我們應該如何衡量它？例如我們應該在什麼背景下進行 28,000 個演示？因為上個季度，您提到，對吧，該指南取決於訂單的改善，而這似乎有助於推動這一趨勢。因此，我認為了解如何轉換或我們應該在什麼樣的背景下獲取該數字非常重要。

Yes, Joe, as I said in my opening remarks, demo drives is a really critical focus for us in terms of expanding awareness of the brand, top-of-funnel demand and then translating that top-of-funnel demand all the way down through purchase. And so that 28,000 test drives or demo drives that we gave in Q1, that's roughly a 90% increase over what we did in Q4 of 2023. So it's a significant step-up and it was -- the result of us also leveraging our service network to administer a lot of those test drives, and we're really encouraged by the results of that program. But it's one of many initiatives we have.

是的，喬，正如我在開場白中所說，演示驅動器對於我們來說是一個非常關鍵的焦點，可以擴大品牌知名度、漏斗頂部需求，然後將漏斗頂部需求一直向下轉化通過購買。因此，我們在第一季度提供了28,000 次測試驅動器或演示驅動器，這比我們在2023 年第四季度所做的增加了大約90%。結果網絡來管理大量的試駕，我們對該計劃的結果感到非常鼓舞。但這只是我們眾多的舉措之一。

And I do want to just make sure I call out, we've also continued to expand our leasing program, which now includes R1S. We launched the R2 and the R3, which had an outstanding effect of just creating awareness around the brand, and we're encouraged by the early results that we're seeing.

我確實想強調一下，我們也繼續擴大我們的租賃計劃，其中現在包括 R1S。我們推出了 R2 和 R3，它們在提高品牌知名度方面產生了顯著效果，我們對所看到的早期結果感到鼓舞。

So you're satisfied with that improvement in the order book to hit the guidance for the year?

那麼您對訂單簿達到今年指導目標的改善感到滿意嗎？

Yes, we're -- as I said, we're encouraged with what we've done so far. And of course, it -- satisfy is a funny word, I'd say. My job is to never be satisfied, but I'd say we're very encouraged.

是的，正如我所說，我們對迄今為止所做的事情感到鼓舞。當然，我想說，「滿足」是一個有趣的詞。我的工作是永不滿足，但我想說我們非常受鼓舞。

That's all the time we have for questions. I'd like to turn the call back over to RJ Scaringe for closing remarks.

這就是我們提問的時間。我想將電話轉回給 RJ Scaringe 作結束語。

Well, thanks, everyone, for joining us on the call today. We've talked, Claire and I, for the last few quarters about the shutdown that we've just completed and are now reramping R1 production following that. This is a really important step for us. It was a critical step in order to achieve the long-term gross margin potential of the R1 platform. And of course, therefore, the normal site. The execution that went into that from our teams and the precision through which that was pulled off, we're proud of, and we look forward to starting to see the numbers from that body of work flow into the financials and be able to talk about it in the context of these calls.

好的，謝謝大家今天加入我們的電話會議。過去幾個季度，我和克萊爾一直在談論我們剛剛完成的停工，並隨後調整 R1 的生產。這對我們來說是非常重要的一步。這是實現 R1 平台長期毛利率潛力的關鍵一步。當然，因此，也是正常的站點。我們團隊的執行力以及實現的精確度讓我們感到自豪，我們期待著開始看到該工作體系中的數字流入財務數據，並能夠談論它在這些呼叫的上下文中。

But with that, we're also happy to now have a physical and visual representation of our future products when we talk about R2. So it's not just an esoteric idea of a future product, but actually, you can see very specifically how we see Rivian expanding to more addressable markets and lower price point vehicles. And the team is incredibly focused on driving efficiency and driving cost effectiveness into the business across every aspect of what we do. What we'll see the most of is the improvements we're making in COGS, and that's bill of materials, that's conversion costs. As Claire talked about, that also ties to even starting to realize some of the benefits of our accelerated depreciation of equipment, but we'll see that heavy focus continue. It's a cultural drive within the entire business.

但同時，當我們談論 R2 時，我們也很高興現在能夠以物理和視覺方式展示我們未來的產品。因此，這不僅僅是未來產品的深奧想法，而且實際上，您可以非常具體地看到我們如何看到 Rivian 擴展到更容易定位的市場和更低價格的車輛。團隊非常專注於在我們所做的各個方面提高業務效率和成本效益。我們將看到最多的是我們在銷貨成本方面所做的改進，即物料清單，即轉換成本。正如克萊爾所說，這也與我們開始意識到設備加速折舊的一些好處有關，但我們將看到這種高度關注繼續下去。這是整個企業的文化驅動力。

And we are excited about going through the rest of this year and the path to demonstrating that through the gross margin profitability of R1. And then, of course, as that translates to R2 launching in early 2026. So thank you, everybody, for joining and look forward to our next call.

我們很高興能夠度過今年餘下的時間，並透過 R1 的毛利率獲利能力來證明這一點。當然，這意味著 R2 將於 2026 年初啟動。

Thank you for your participation. This does conclude the program. You may now disconnect. Everyone, have a great evening.

感謝您的參與。這確實結束了該程式。您現在可以斷開連線。祝大家有個愉快的夜晚。