Rivian Automotive Inc (RIVN) 2024 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Rivian second-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 年第二季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

(Operator Instructions) I would now like to hand the conference over to your speaker today, Tim Bei, Vice President, Investor Relations.

（操作員指示）我現在想將會議交給今天的發言人，投資者關係副總裁 Tim Bei。

Good afternoon, and thank you for joining us for Rivian's second-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 年第二季財報電話會議。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。我們還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.

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。

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.

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 second quarter and provide an update on the progress we're making against our value drivers. Prior to discussing quarterly details, I want to reinforce the key messages conveyed in depth during our recent Investor Day. To achieve the full potential of our vision, we need to aggressively drive towards profitability.

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主要進展，並提供我們在價值驅動因素方面取得的進展的最新資訊。在討論季度細節之前，我想先強調一下我們在最近的投資者日期間深入傳達的關鍵訊息。為了充分發揮我們願景的潛力，我們需要積極推動獲利。

The fundamental levers underpinning this goal include the recent transition to our second-generation R1 and the subsequent introduction of our midsize platform, which underpins R2. I'm encouraged by the progress ramping up a second-generation R1 vehicles as well as developing R2, which we expect to launch in the first half of 2026.

支持這一目標的基本槓桿包括最近向第二代 R1 的過渡以及隨後推出的支援 R2 的中型平台。我對第二代 R1 車輛以及 R2 的開發進度感到鼓舞，我們預計 R2 將於 2026 年上半年推出。

The ability to dramatically reduce costs in a condensed timeframe and drive continual improvement in the customer experience is based on our intentional approach to mamvertical integration. From the beginning, we have vertically integrated certain components of the vehicle, driven by the desire to create superior customer experiences and deliver long-term structural cost advantages.

在壓縮的時間內大幅降低成本並推動客戶體驗持續改進的能力是基於我們有意的垂直整合方法。從一開始，我們就垂直整合了車輛的某些組件，以創造卓越的客戶體驗並提供長期的結構成本優勢。

The success of this is demonstrated by a recent J.D. Power APEAL study, where Rivian received the highest score and the most satisfying brand across the automotive industry. We spent years developing key technologies such as our software, electrical hardware, autonomy, and propulsion. The significant cost of performance benefits from these technologies gives us confidence in our ability to continue developing and building highly desirable vehicles across the R1, R2, and R3 product lines.

J.D. Power APEAL 最近的一項研究證明了這一點的成功，Rivian 在整個汽車行業中獲得了最高分和最令人滿意的品牌。我們花了數年時間開發軟體、電氣硬體、自主性和推進等關鍵技術。這些技術帶來的顯著性能成本優勢讓我們對繼續開發和製造 R1、R2 和 R3 產品線中非常理想的車輛的能力充滿信心。

As a testament to our industry-leading technology platform, on June 25, we announced the expected joint venture with Volkswagen Group. The announcement validates our technology platform and is expected to substantially expand the market applications for our software and associated zonal electrical architecture. Rivian's proven electronics and software platform is expected to serve as the foundation for future software development in the partnership.

為了證明我們行業領先的技術平台，6 月 25 日，我們宣布了與大眾集團的合資計劃。該公告驗證了我們的技術平台，預計將大幅擴展我們的軟體和相關分區電氣架構的市場應用。 Rivian 成熟的電子和軟體平台預計將成為合作夥伴關係中未來軟體開發的基礎。

The technical workstream to prepare the integration of our electrical architecture and software technology stack into Volkswagen Group products is moving along very well, and we expect to close the joint venture in the fourth quarter of this year.

準備將我們的電氣架構和軟體技術堆疊整合到大眾汽車集團產品中的技術工作進展順利，我們預計將在今年第四季關閉合資企業。

As the auto industry transitions to smarter, more connected, more complex, and integrated vehicle architectures, we strongly believe our technology is best positioned to deliver a modular and scalable platform that will help create highly compelling products and services that we expect will accelerate consumer shift to electrification. I also want to take this opportunity to acknowledge our team, who has continued to execute on our second-generation R1 ramp of production and deliveries, R2 development, and the formation of our joint venture with Volkswagen Group.

隨著汽車產業向更智慧、更互聯、更複雜和整合的車輛架構轉型，我們堅信我們的技術最有能力提供模組化和可擴展的平台，這將有助於創造極具吸引力的產品和服務，我們預期這些產品和服務將加速消費者的轉變到電氣化。我也想藉此機會感謝我們的團隊，他們繼續執行第二代 R1 的生產和交付、R2 的開發以及與大眾集團成立合資企業的工作。

During the second quarter of 2024, we successfully completed the retooling upgrade in Normal. This was a pivotal operational event for the company. The upgrade introduced new technologies and cost-focused material changes into the R1 vehicle platform, while also incorporating manufacturing process improvements that are expected to improve cycle time, utilization, and cost.

2024年第二季度，我們成功完成了Normal的重整升級。這是該公司的關鍵營運事件。此次升級在 R1 車輛平台中引入了新技術和注重成本的材料變化，同時也融入了製造流程改進，預計將改善週期時間、利用率和成本。

For example, we have reduced complexity and lowered the cost associated with the vehicle body with a heavy emphasis on removing parts, processes, and steps. These changes have reduced nearly 1,500 joints and contributed to an expected 30% improvement in the R1 production line rate.

例如，我們降低了車身的複雜性並降低了成本，並專注於去除零件、流程和步驟。這些變化減少了近 1,500 個接頭，預計 R1 生產線的生產率將提高 30%。

Following completion of the retooling upgrade, we resumed production and are encouraged with the early progress of ramping our second-generation R1 variants. The new R1 vehicles have hundreds of design, engineering, and performance upgrades, with the most significant being an entirely new zonal architecture, new compute and autonomy platform, new in-house drive units, and a re-engineered suspension system. The introduction of the second-generation R1 platform, combined with commercial cost downs and commodity tailwinds, are expected to enable significant material cost reduction.

改造升級完成後，我們恢復了生產，並對第二代 R1 變型的早期進展感到鼓舞。新款 R1 車輛進行了數百項設計、工程和性能升級，其中最重要的是全新的區域架構、新的運算和自主平台、新的內部驅動單元以及重新設計的懸吊系統。第二代 R1 平台的推出，加上商業成本下降和商品順風，預計將顯著降低材料成本。

Importantly, I want to emphasize there is more to go. We are focused on reducing R1 costs beyond 2024 through lower material costs and conversion costs. As we continue to source materials for R2, we are seeing opportunities to further reduce the cost of R1 through additional supplier cost reductions. In addition, we believe the expected joint venture with Volkswagen Group will allow us to achieve more favorable pricing from suppliers. This includes components, chipsets, printed circuit board assemblies, and all the associated content that relates to those hardware systems.

重要的是，我想強調還有更多工作要做。我們致力於透過降低材料成本和轉換成本來降低 2024 年後的 R1 成本。隨著我們繼續為 R2 採購材料，我們看到了透過進一步降低供應商成本來進一步降低 R1 成本的機會。此外，我們相信與大眾集團的合資企業將使我們能夠從供應商那裡獲得更優惠的價格。這包括組件、晶片組、印刷電路板組件以及與這些硬體系統相關的所有相關內容。

I want to delve in further on our new second-generation drive units, which represent a significant change in capability and cost. The second-generation R1 includes our Ascent motor system which underpins our new tri-motor and quad-motor. These motor configurations in addition to our dual-motor released in 2023 mean all motors on all Rivian vehicles are now designed, engineered, and manufactured fully in-house.

我想進一步深入研究我們新的第二代驅動單元，它代表著功能和成本的重大變化。第二代 R1 包括我們的 Ascent 電機系統，該系統支撐我們的新型三電機和四電機。除了我們在 2023 年發布的雙馬達之外，這些馬達配置意味著所有 Rivian 車輛上的所有馬達現在都是完全內部設計、工程和製造的。

The 850-horsepower tri-motor variants are expected to start deliveries towards the end of the third quarter. The tri-motor variant is equipped with two Ascent motors in the rear and one Enduro motor in the front for a blend of exceptional power and range. The tri-motor R1T delivers 0 to 60 miles per hour in 2.9 seconds, while offering an estimated range in conserve mode of approximately 400 miles.

850 匹馬力的三電機型號預計將於第三季末開始交付。三電機版本在後部配備了兩台 Ascent 電機，在前部配備了一台 Enduro 電機，以實現卓越的動力和續航里程。三電機 R1T 在 2.9 秒內可實現 0 至 60 英里/小時的加速，同時在節能模式下預計可行駛約 400 英里。

The quad-motor is designed for peak adventure with four Ascent motors. The quad-motor delivers 1,025 horsepower and 0 to 60 in less than 2.5 seconds and achieves the 0.25 miles in less than 10.5 seconds.

四電機專為巔峰冒險而設計，配有四個 Ascent 電機。四馬達可提供 1,025 匹馬力，在不到 2.5 秒的時間內從 0 加速到 60 英里，並在不到 10.5 秒的時間內達到 0.25 英里。

Feedback on our second-generation R1 has been very positive. It is a fundamentally better vehicle while simultaneously costing less to build. We're excited to get more of our second-generation products to the customers and available for demo drives in the coming quarters.

我們的第二代 R1 的回饋非常正面。它是一種本質上更好的車輛，同時製造成本更低。我們很高興能夠在未來幾季向客戶提供更多第二代產品並用於演示驅動器。

At Rivian, we wake up every day thinking about ways to make our products better. This is based on our sense of urgency in transitioning the world towards a fossil fuel-free future. This is possible by creating products that are deeply exciting to consumers, products that carry attributes and design characteristics that pull people out of internal combustion vehicles because they're experiencing something that isn't just better for the environment but also really enjoyable and desirable to use every day.

在 Rivian，我們每天醒來都在思考如何讓我們的產品變得更好。這是基於我們將世界轉向無化石燃料的未來的緊迫感。這可以透過創造讓消費者深感興奮的產品來實現，這些產品具有將人們從內燃機汽車中拉出來的屬性和設計特徵，因為他們正在體驗的東西不僅對環境更好，而且真正令人愉悅和渴望。

I would like to thank all those who continue to support our vision, including employees, customers, partners, suppliers, communities, and shareholders. With that, I'll pass the call to Claire.

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。這樣，我就把電話轉給克萊爾。

Thanks, RJ. During the second quarter of 2024, we made significant progress, driving greater cost efficiency, further strengthening our balance sheets, validating the differentiated nature of our technology stack, and establishing new business opportunities.

謝謝，RJ。 2024 年第二季度，我們取得了重大進展，提高了成本效率，進一步強化了我們的資產負債表，驗證了我們技術堆疊的差異化性質，並建立了新的業務機會。

During the second quarter, we produced 9,612 vehicles and delivered 13,790 vehicles, which represented the primary driver of the $1.2 billion of revenue we generated. As expected, second-quarter production was impacted by plant downtime associated with the retooling upgrade. Our deliveries were strong as we sold through the majority of inventory of our first-generation R1s.

第二季度，我們生產了 9,612 輛汽車，交付了 13,790 輛汽車，這是我們創造 12 億美元收入的主要驅動力。正如預期的那樣，第二季的生產受到與重組升級相關的工廠停機的影響。我們的交貨量很強勁，因為第一代 R1 的大部分庫存都已售罄。

Due to strong Q2 performance, which led to our lower starting finished goods inventory balance and the continued ramp of production throughout the third quarter, we expect our third-quarter deliveries to be below our second-quarter results and production volumes to be in line with our first-quarter levels.

由於第二季業績強勁，導致我們的起始成品庫存餘額較低，整個第三季產量持續增加，我們預計第三季的交付量將低於第二季的業績，而產量將與我們第一季的水平。

Total gross profit was negative $451 million. Our gross profit loss per vehicle delivered was approximately $33,000, which includes approximately $15,000 of depreciation and amortization expense and $1,200 of stock-based compensation expense.

總毛利為負 4.51 億美元。我們交付的每輛車的毛利損失約為 33,000 美元，其中包括約 15,000 美元的折舊和攤提費用以及 1,200 美元的股票補償費用。

In addition, we incurred approximately $2,400 per vehicle delivered in the quarter related to our cost of revenue efficiency initiatives, which we do not anticipate being part of our long-term normalized cost structure. We expect to see significant cost reductions in our R1 platform during the second half of 2024 as we ramp the production and deliveries of our second-generation R1 vehicles.

此外，我們在本季度交付的每輛車上產生了約 2,400 美元的費用，這與我們的收入效率計劃成本有關，我們預計這不會成為我們長期標準化成本結構的一部分。隨著我們提高第二代 R1 車輛的生產和交付量，我們預計 R1 平台的成本將在 2024 年下半年大幅降低。

Additionally, the reduction in our LCNRV write-down for the quarter compared to Q1 2024 reflects the progress we are making in association with our material cost reductions and operational efficiencies associated with our second-generation R1 vehicles. We remain confident in our path to deliver modest positive gross profit in the fourth quarter of 2024 and for the full year of 2025.

此外，與 2024 年第一季相比，本季 LCNRV 減記的減少反映了我們在降低材料成本和提高與第二代 R1 車輛相關的營運效率方面所取得的進展。我們對在 2024 年第四季和 2025 年全年實現適度正毛利潤的道路仍然充滿信心。

Importantly, our team is already focused on driving incremental costs out of our R1 platform to help achieve our long-term gross profit target of 25%. The key drivers of our long-term R1 profitability include reducing material costs, leveraging our fixed costs, and scaling our revenues per delivered unit through product mix and pricing, software and services, and other revenues.

重要的是，我們的團隊已經專注於降低 R1 平台的增量成本，以幫助實現 25% 的長期毛利目標。我們長期 R1 獲利能力的關鍵驅動因素包括降低材料成本、利用我們的固定成本，以及透過產品組合和定價、軟體和服務以及其他收入來擴大每個交付單位的收入。

During the second quarter, we also announced the intention to form an equally controlled and owned joint venture with the Volkswagen Group to create next-generation electrical architecture and best-in-class software technology. In association with this deal, Volkswagen Group have made an initial investment of $1 billion into Rivian with up to $4 billion in planned additional investments for a total deal size of $5 billion.

在第二季度，我們也宣布有意與大眾汽車集團組成同等控制和所有的合資企業，以創建下一代電氣架構和一流的軟體技術。配合此交易，大眾汽車集團已向 Rivian 初始投資 10 億美元，並計劃追加投資 40 億美元，交易總規模達 50 億美元。

The incremental investments are subject to the completion of definitive agreements, the achievement of certain milestones, and the receipt of regulatory approvals. Assuming all criteria are met, we expect that the full $5 billion is intended to flow to the benefit of Rivian.

增量投資取決於最終協議的完成、某些里程碑的實現以及監管部門的批准。假設所有標準均已滿足，我們預計全部 50 億美元將流向 Rivian 的利益。

In addition to the $5 billion of capital to Rivian, we anticipate incremental benefits through cost savings on materials, operating expense efficiencies, and future revenue opportunities associated with the joint venture. The initial and planned investments by Volkswagen Group, in addition to our cash, cash equivalents, and short-term investments, are expected to provide the capital to fund Rivian's operations through the ramp of R2 in Normal as well as the mid-sized platform in Georgia, enabling a path to positive free cash flow and meaningful scale.

除了向 Rivian 提供 50 億美元資本外，我們預計還會透過材料成本節約、營運費用效率以及與合資企業相關的未來收入機會帶來增量收益。除了我們的現金、現金等價物和短期投資之外，大眾汽車集團的初始投資和計劃投資預計將透過在 Normal 的 R2 以及在 Normal 的中型平台的提升，為 Rivian 的營運提供資金。通往正自由現金流和有意義的規模的道路。

As RJ mentioned, we expect the deal to close in the fourth quarter of this year, and we will provide additional details at that time.

正如 RJ 所提到的，我們預計該交易將在今年第四季完成，屆時我們將提供更多細節。

During the second quarter, we improved our cash flow from operations by 41% as compared to the first quarter of 2024. This improvement is reflective of our continued focus on cost and greater working capital efficiency across the business. As compared to the first quarter of 2024, we reduced our gross profit loss per vehicle by approximately $6,000 and made progress on reducing our gross inventory balance. We believe these trends will result in further improvements in our cash usage for the second half of 2024.

與 2024 年第一季相比，第二季我們的營運現金流量增加了 41%。與 2024 年第一季相比，我們每輛車的毛利損失減少了約 6,000 美元，並在減少總庫存餘額方面取得了進展。我們相信這些趨勢將導致 2024 年下半年我們的現金使用進一步改善。

As we look ahead, we are reaffirming our 2024 production guidance of 57,000 units, delivery expectations of low single-digit growth as compared to 2023, EBITDA guidance of negative $2.7 billion, and capital expenditures of $1.2 billion.

展望未來，我們重申 2024 年產量指引為 57,000 輛，交付預期較 2023 年為低個位數成長，EBITDA 指引為負 27 億美元，資本支出為 12 億美元。

As a reminder, coming out of the retooling upgrade, we are currently operating the R1 line on a two-shift operation, which results in 56,000 units of annual run rate output. Our commercial van line is currently running on a limited one-shift operation, which has the potential to deliver a run rate annual output of 15,000 units.

提醒一下，在完成設備重組後，我們目前正在以兩班制運作 R1 生產線，年產量為 56,000 輛。我們的商用貨車生產線目前以有限的一班制運營，年產量預計將達到 15,000 輛。

As we look ahead for 2025, we expect that our normal facility will not be producing vehicles for more than one month during the second half of the year as we upgrade and integrate new equipment into the plant ahead of our first half of 2026 R2 launch. We continue to see a clear path to a long-term, approximately 25% gross margin target, high-teens adjusted EBITDA margin target, and approximately 10% free cash flow margin target.

展望 2025 年，我們預計下半年我們的正常工廠生產車輛的時間不會超過一個月，因為我們將在 2026 年上半年推出 R2 之前升級並將新設備整合到工廠中。我們仍然看到一條清晰的道路，可以實現約 25% 的長期毛利率目標、高雙位數調整後 EBITDA 利潤率目標和約 10% 的自由現金流利潤率目標。

I wanted to again thank our team, partners, customers, suppliers, and shareholders for the 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、供應商和股東的巨大支持。接下來，讓我將電話轉回接線生以打開問答線。

(Operator Instructions) George Gianarikas, Canaccord Genuity.

（操作員說明）George Gianarikas，Canaccord Genuity。

Hi. Good afternoon, and thank you for taking my questions. Maybe just to start, can you just please talk about your geographic strategy, particularly in Europe in light of the recent VW relationship?

你好。下午好，感謝您回答我的問題。也許首先，您能否談談您的地理策略，特別是考慮到最近與大眾的關係在歐洲的策略？

Thanks, George. As it stands today, the R1 products are being sold throughout the United States and Canada. And our EDV products, our commercial van products, are primarily focused in the United States, but we have made some deliveries in Europe and specifically in Germany.

謝謝，喬治。目前，R1 產品正在美國和加拿大各地銷售。我們的 EDV 產品、商用貨車產品主要集中在美國，但我們也在歐洲，特別是德國進行了一些交付。

Now with regards to our future products with R2, and of course R3, those have been developed really at their core to fit not only the US market, but to also fit the European market. And you can really see it as you look at the R2, R3 combination of what we believe capturing a sweet spot in terms of both addressing demand for midsize SUVs in both US and European markets, but also with R3, capturing a smaller crossover market.

現在，關於我們未來的 R2 產品，當然還有 R3，這些產品的核心開發是為了不僅適合美國市場，也適合歐洲市場。當你看到R2 和R3 的組合時，你就能真正看到這一點，我們相信R2 和R3 的組合在滿足美國和歐洲市場對中型SUV 的需求方面佔據了最佳位置，而且與R3 一起佔據了較小的跨界車市場。

And so, as you've heard us talk about many times, this is -- one of the things we're so excited about with the R2 platform is just the growth in the addressable market for us as a business.

因此，正如您多次聽到我們談論的那樣，我們對 R2 平台感到非常興奮的事情之一就是我們作為企業的目標市場的成長。

Thank you. Maybe as a follow-up on the VW relationship, I know you're still working through the details, you mentioned that. But is there any update on the potential to transfer some of your OpEx into that JV? Thank you.

謝謝。也許作為大眾關係的後續行動，我知道您仍在研究細節，您提到過這一點。但是，關於將部分營運支出轉移到該合資企業的可能性有什麼最新消息嗎？謝謝。

Yes. As you said, we haven't announced the specifics around the joint venture inclusive of any associated cost sharing. But I think importantly, I'd want to call out is how this relationship was formed. It's really formed on the basis of leveraging the technical platform that we built around our network architecture, our topology of ECUs, and of course our software stack, and allowing and enabling that technology to really scale well beyond Rivian's product line and to allow -- enable us to get to global scale across multiple markets very quickly.

是的。正如您所說，我們尚未宣布合資企業的具體細節，包括任何相關的成本分攤。但我認為重要的是，我想指出這種關係是如何形成的。它實際上是在利用我們圍繞網路架構、ECU 拓撲，當然還有我們的軟體堆疊構建的技術平台的基礎上形成的，並允許該技術真正擴展到 Rivian 的產品線之外，並允許——使我們能夠快速跨多個市場實現全球規模。

So we're ecstatic about the impact that can drive in terms of helping to create exciting products that give consumers' choices to move towards electrification. We're also excited about the scale that that provides us from a sourcing point of view and a supply chain point of view as we think about the components and the assemblies that go into those systems.

因此，我們對幫助創造令人興奮的產品，為消費者提供走向電氣化的選擇所帶來的影響感到欣喜若狂。當我們考慮進入這些系統的組件和組件時，我們也對從採購角度和供應鏈角度為我們提供的規模感到興奮。

Thanks.

謝謝。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

Yes, good afternoon. Thanks very much for taking the questions. First, I was hoping to better understand how the company is tracking toward the target of positive gross margin in the fourth quarter. And have the drivers changed at all, especially as we've seen things like a 2.99% incentive that you're utilizing and perhaps that changes the mechanics to the positive gross profit bridge?

是的，下午好。非常感謝您提出問題。首先，我希望能更了解該公司如何實現第四季正毛利率的目標。驅動因素是否發生了變化，特別是當我們看到你們正在利用的 2.99% 激勵措施，也許這會改變正毛利橋樑的機制？

Thanks, Mark. There are still three key drivers to our path to positive gross profit in Q4. The first is the variable cost improvement. We spent a lot of time at our Investor Day talking about the material cost reduction roadmap associated with our new Gen 2 technology introductions, material cost reductions that we've had through supplier negotiations, as well as the commodity cost tailwinds that we anticipate seeing throughout the course of the second half of this year into 2025 as well.

謝謝，馬克。我們在第四季實現正毛利潤的道路上仍然有三個關鍵驅動因素。首先是變動成本的改善。我們在投資者日花了很多時間討論與我們推出的新第二代技術相關的材料成本降低路線圖、我們透過供應商談判實現的材料成本降低，以及我們預計在整個過程中看到的商品成本順風從今年下半年到 2025 年也是如此。

The second driver is our fixed cost leverage, and this is enabled by the retooling upgrade that we had in Normal, which has improved our production line rate by approximately 30%. And this, together with the increased Q4 production volumes we anticipate seeing, as well as our reduction in depreciation expense across the business, will help drive this fixed cost leverage.

第二個驅動因素是我們的固定成本槓桿，這是透過我們在 Normal 進行的設備重組升級來實現的，這使我們的生產線生產率提高了約 30%。再加上我們預計第四季度產量的增加，以及整個業務折舊費用的減少，將有助於推動這種固定成本槓桿。

And the last key driver for us, as we talked about in the past, is an increase in revenue per delivered unit. And this we'll see through the introduction of our tri-motor R1s that you heard RJ speak about in his prepared remarks, as well as non-vehicle revenue growth from the sale of regulatory credits and the introduction of our pre-owned Rivian sales.

正如我們過去談到的，我們的最後一個關鍵驅動因素是每交付單位收入的增加。我們將透過介紹您在 RJ 準備好的演講中聽到的三電機 R1 的介紹，以及來自銷售監管積分的非車輛收入增長和介紹我們的二手 Rivian 銷售來了解這一點。

We continue to remain confident in our path to positive gross profit in Q4. And it's important to note that our Q2 results had very limited sales of our Gen 2 vehicles. So you're not actually seeing any of the flowthrough of the improvements that we've made throughout our production line or our material costs, yet flow through the results themselves as we look at the Q2 actions as a whole.

我們對第四季實現正毛利潤的道路仍然充滿信心。值得注意的是，我們第二季的業績顯示我們的第二代汽車的銷售量非常有限。因此，您實際上並沒有看到我們在整個生產線或材料成本中所做的任何改進的流程，而是在我們將第二季的行動視為一個整體時看到結果本身。

Thanks for that, Claire. My second question was how to better think about the material cost improvements you're looking to achieve, such as the 20% for the dual-motor large pack second-gen R1 compared to the first gen. I think those cost improvements did not incorporate some of the potential savings you think you may be able to realize now that you have the VW news out there and some of the response you've seen from suppliers.

謝謝你，克萊爾。我的第二個問題是如何更好地考慮您希望實現的材料成本改進，例如與第一代相比，雙馬達大包裝第二代 R1 的材料成本降低了 20%。我認為這些成本改進並沒有包含您認為現在您可能能夠意識到的一些潛在節省，因為您已經了解了大眾汽車的新聞以及您從供應商那裡看到的一些反應。

So I realize it's still somewhat early, but can you share a bit more on the magnitude of potential material cost improvements you may see as you're able to execute on some of that expanded opportunity? Thank you.

因此，我意識到現在還為時過早，但您能否更多地分享一下，當您能夠利用一些擴大的機會時，您可能會看到潛在的材料成本改善的程度？謝謝。

Yeah. Thanks, Mark, for the follow-up. You're absolutely right. The 20% that we've referenced in cost reduction on the bill of materials for a like-for-like vehicle, that's based upon technical changes made to the vehicle and supplier negotiations that we drove over the last 18 months. There's certainly more room to go in terms of applying some of the leverage that we're going to see, not only with the relationship we're building with Volkswagen, but also with the scale that comes with R2.

是的。謝謝馬克的跟進。你是絕對正確的。我們在同類車輛的材料清單上提到的成本降低 20% 是基於我們在過去 18 個月中推動的車輛技術變化和供應商談判。在運用我們將看到的一些槓桿作用方面，當然還有更大的空間，不僅是我們與大眾汽車建立的關係，還有 R2 帶來的規模。

And so we do see continued progress as we drive towards the long-term goal of 25% gross margin for our Normal facility. And these continued cost efforts that we're talking about here on reducing our bill of materials, we also see improvements happening in our conversion costs at the plant. And those conversion costs are both the continued progress around efficiency improvements within the plant, but also over time, the enhanced fixed cost leverage that's going to come from bringing R2 to be produced in Normal as well.

因此，隨著我們努力實現普通工廠 25% 毛利率的長期目標，我們確實看到了持續的進展。我們在這裡談論的這些持續的成本努力是為了減少我們的材料清單，我們也看到工廠的轉換成本正在改善。這些轉換成本既是工廠內效率提高的持續進展，也是隨著時間的推移，將 R2 引入諾默爾工廠生產所帶來的固定成本槓桿的增強。

Philippe Houchois, Jefferies.

菲利普·胡喬伊斯，杰弗里斯。

Yes, good afternoon. Thank you very much. Couple of questions for me. One is very little mention of EDV in the release. Could you give us an update on how your customer trials are going on and might have kind of an idea of when you might have first customers outside of the Amazon deal?

是的，下午好。非常感謝。有幾個問題想問我。其中之一是該版本中很少提及 EDV。您能否向我們介紹一下您的客戶試驗的最新情況，以及您何時可能擁有亞馬遜交易之外的第一批客戶？

Thanks for the question, Philippe. The EDV program is something that for us, is we're really excited about. The impact of it in terms of reducing carbon emissions on a per-mile basis is outstanding over internal combustion vehicles. And we've been able to really prove the robustness of the platform and the strength of the offering through our relationship and partnership with Amazon. And having a large deployed fleet of these before we started running the pilot programs we've talked about in the past with non-Amazon customers was really helpful as we were finding not just the vehicle, but also the software surrounding the vehicle.

謝謝你的提問，菲利普。 EDV 計畫對我們來說非常令人興奮。與內燃機車輛相比，它在減少每英里碳排放方面的影響更為突出。透過我們與亞馬遜的關係和合作夥伴關係，我們已經能夠真正證明該平台的穩健性和產品的實力。在我們開始運行我們過去與非亞馬遜客戶討論過的試點計劃之前，擁有大量部署的車隊確實很有幫助，因為我們不僅找到了車輛，還找到了車輛周圍的軟體。

And so as we've talked about in the past, over the course of this year, we've been running pilots in anticipation of more significant ramp-up in 2025. And this focus on pilots is really reflective of the nature of this business where these are large decisions around large numbers of vehicles for a lot of these bigger fleets. And it's appropriate that we build effective working models for how the vehicles are serviced, what digital support the vehicles have, what infrastructure changes are necessary for each respective fleet.

正如我們過去所討論的，在今年的過程中，我們一直在進行試點，預計 2025 年會有更顯著的成長。 ，這些都是圍繞著大量車輛做出的重大決策。我們應該建立有效的工作模型來確定車輛的服務方式、車輛擁有哪些數位支援以及每個車隊需要哪些基礎設施變更。

It's a lot different than adding a single charger in your garage when you buy an R1, when you're thinking about adding many chargers and a lot of new power into, let's say, a fulfillment center, distribution center, an operating center, if you're a business that's running 20, 30, 40, 50, maybe 100-plus vans out of it. So these are great learnings that we've been driving off the basis of what we put together with Amazon. And we are looking forward to starting to talk about other customers beyond Amazon.

這與購買 R1 時在車庫中添加一個充電器有很大不同，當您考慮在履行中心、配送中心、營運中心添加許多充電器和大量新電源時，如果您的企業經營20、30、40 、50，甚至100 多輛貨車。因此，這些都是我們在與亞馬遜合作的基礎上所獲得的寶貴經驗。我們期待著開始談論亞馬遜以外的其他客戶。

Great. Thank you very much. If I can squeeze another one. On this Volkswagen relationship, did I understand correctly, you expect it to close in Q4. And at that point, you will disclose to the extent you agree with Volkswagen, you will disclose the terms of the JV and we might be able to get a lot of questions around the accounting and the JV and how much of the cost might be shared with the JV in each region? Will we get that information in the fourth quarter?

偉大的。非常感謝。如果我能再擠一張的話。關於大眾汽車的關係，我理解正確嗎，你預計它會在第四季結束。到那時，您將在與大眾汽車達成一致的範圍內披露，您將披露合資企業的條款，我們可能會得到很多有關會計和合資企業的問題，以及可能分擔多少成本與每個地區的合資企業？我們會在第四季得到這些資訊嗎？

Yes, exactly. So we'll be filing the definitive agreements associated with the Volkswagen technology joint venture. Once the JV is closed, which we anticipate being in Q4 this year, and we will provide additional clarity on some of the financial impacts of the JV to Rivian's longer-term financial forecast and trajectory.

對，就是這樣。因此，我們將提交與大眾技術合資企業相關的最終協議。一旦合資企業關閉（我們預計在今年第四季），我們將進一步明確合資企業對 Rivian 長期財務預測和軌蹟的一些財務影響。

As RJ pointed to, we do anticipate seeing beyond the capital that the Volkswagen Group will provide, incremental benefits including material cost savings, operating expense efficiencies, and future revenues associated with the joint venture.

正如 RJ 指出的那樣，我們確實預計大眾汽車集團將提供的資本之外的增量收益包括材料成本節約、營運費用效率以及與合資企業相關的未來收入。

Great. Thank you very much.

偉大的。非常感謝。

Dan Levy, Barclays.

丹·利維，巴克萊銀行。

Hi. Thank you for taking the questions. I wanted to go back to Mark's question earlier, and maybe you could just help us unpack some of the ASP dynamics in the quarter because we know that there was some discounting that you needed to use to clear out some of the old inventory. And I guess wondering really what the -- how we should think about the right starting point for where you were on an ASP perspective in the second quarter, if we forget about some of the discounts.

你好。感謝您提出問題。我想回到馬克早些時候的問題，也許你可以幫助我們了解本季的一些 ASP 動態，因為我們知道你需要使用一些折扣來清理一些舊庫存。我想真正想知道的是，如果我們忘記了一些折扣，我們應該如何考慮第二季從 ASP 角度來看的正確起點。

And just based on what you're seeing, I believe you need to hit flat ASPs from where you were in 1Q to hit the gross margin. So just anything on the right way to look about ASPs and the discounting needed for your targets.

根據您所看到的情況，我認為您需要將平均售價與第一季持平才能達到毛利率。因此，只要以正確的方式查看平均售價以及目標所需的折扣即可。

Thanks, Dan. The challenge with introducing an update or a second generation to a product while still, of course, producing the first generation is always and exactly what you just referenced which is, that we -- it's not as if we stop production, immediately start production, have no inventory in the system. So it's inventory of our Gen 1 vehicles.

謝謝，丹。當然，在生產第一代產品的同時引入更新或第二代產品的挑戰始終是您剛才提到的，我們並不是停止生產，而是立即開始生產，系統中沒有庫存。這是我們第一代車輛的庫存。

And we did have some attractive pricing on some of those variants of our Gen 1 vehicles to essentially, as you said, clear them through the system as we then start producing and delivering our Gen 2 vehicles. We don't look at that as a long-term shift in pricing, but rather reflective of the step change we've seen in the Gen 2 vehicles in terms of performance and capability. And we've been very clear in just talking about the differences between the vehicles.

正如您所說，我們確實對第一代車輛的某些變體制定了一些有吸引力的定價，以便在我們開始生產和交付第二代車輛時透過系統清除它們。我們並不認為這是定價的長期轉變，而是反映了我們在第二代車輛中看到的性能和功能方面的階躍變化。我們在談論車輛之間的差異時已經非常明確了。

And we're really pleased with the results that we saw in Q2. You saw that the number of deliveries exceed production by quite a bit, and that was really the burn down or burn through of the Gen 1 inventory.

我們對第二季的結果感到非常滿意。您會看到交付數量大大超過了產量，這實際上是第一代庫存的燒毀或燒毀。

Now, in terms of ongoing expectations for ASP, the other thing I'd want to call out here is that with the introduction of the Gen 2 vehicle, Claire references that we have a tri-motor and we have a quad-motor. And the quad-motor performance is extremely high. It's a big step forward relative to our first-generation quad. Acceleration is a lot quicker, the range and efficiency is improved, the thermal performance particularly for off-road is really intense driving is outstanding.

現在，就對 ASP 的持續期望而言，我想在這裡指出的另一件事是，隨著第二代車輛的推出，克萊爾提到我們有一個三電機和一個四電機。而且四馬達性能極高。相對於我們的第一代四核心處理器來說，這是一個很大的進步。加速更快，續航里程和效率提高，熱性能特別是越野激烈駕駛時非常出色。

And that allowed us to move the quad-motor up-market and the tri-motor to really occupy the price position and the price space where we saw the first-generation quad operate. And so that was very intentional. And the goal was between the dual-motor, the tri-motor and the quad-motor to create a wide band of pricing starting at just over $70,000 and going up well into over $100,000. That allows us to not only offer vehicles to folks that are very price-sensitive, but also to give products to customers that want the best of what we can build.

這使我們能夠將四電機推向高端市場，三電機真正佔據我們看到第一代四電機運行的價格位置和價格空間。所以這是非常有意的。我們的目標是在雙馬達、三馬達和四馬達之間創造一個寬範圍的定價範圍，起價略高於 70,000 美元，遠高於 100,000 美元。這使我們不僅可以向對價格非常敏感的人們提供車輛，還可以向那些想要我們能夠製造的最好產品的客戶提供產品。

And so those changes happening at the drivetrain level certainly help maintain ASP. But importantly, we also have a new trim package that we've just launched, which is a more premium trim from what we'd originally had. We call this the Ascent trim. But this trim package which is built into the tri and the quad-motor configurations is another element of providing customers with a variant or a choice that is at a higher price point but of course delivering more content and more features.

因此，傳動系統層面發生的這些變化肯定有助於維持平均售價。但重要的是，我們還推出了一個新的裝飾套件，這是我們最初擁有的更優質的裝飾。我們稱之為上升修剪。但是，這種內建於三電機和四電機配置中的裝飾套件是為客戶提供價格更高但當然提供更多內容和更多功能的變體或選擇的另一個要素。

Maybe just adding a couple of additional points or color back to prior comments that we've made in the past. In our Q4 earnings call, we had said that we expected that our ASP for the vehicles themselves would be consistent Q4 of ‘23 relative to Q4 of ‘24. We still expect that to be the case as we sit here today.

也許只是在我們過去所做的評論中添加一些額外的觀點或色彩。在我們的第四季財報電話會議中，我們曾表示，我們預計車輛本身的平均售價將保持在第四季的 23 美元到 24 美元之間。當我們今天坐在這裡時，我們仍然預計情況會如此。

And then the other point as we think about the seasonality of the business is consistent with Q4 of last year, it's far more indexed towards R1 sales relative to commercial van sales, which in aggregate, lifts the overall revenue per delivered unit because of some of the Amazon-related seasonality that we expect to continue to be the case in Q4 of this year.

然後，當我們考慮業務的季節性時，另一點與去年第四季度一致，相對於商用貨車銷售，它更多地與R1 銷售掛鉤，總體而言，這提高了每交付單位的總體收入，因為一些我們預計今年第四季將繼續受到與亞馬遜相關的季節性影響。

And then back on RJ's final comments, we'll have sales of our tri-motors in Q4, which will allow us to stretch up the higher end of ASPs to complement our starting price point, which is still $69,900 for our standard packs for R1T.

然後回到 RJ 的最終評論，我們將在第四季度銷售我們的三電機，這將使我們能夠提高 ASP 的高端，以補充我們的起始價格點，我們的 R1T 標準包仍為 69,900 美元。

Got it. So it sounds like there's some positive mix assumptions in there. Thank you.

知道了。所以聽起來那裡有一些正面的混合假設。謝謝。

Just as a follow-up, I wanted to go to the VW investment, and wondering, the fact that you got this money in what I think many of us consider to be a more sort of efficient manner than going through the capital markets, what does this allow you to do from a product plan or capacity perspective that previously wasn't on the table if you were going to be fully reliant on the capital markets?

作為後續行動，我想去大眾投資，並想知道，事實上，你以我認為我們許多人認為比透過資本市場更有效的方式獲得這筆錢，是什麼？ 如果您要完全依賴資本市場，這是否可以讓您從產品計劃或產能角度進行以前無法討論的事情？

A really important part of what this deal represents for us is it really eliminates a lot of the risk that was seen around our balance sheet and allows us to focus the launch of R2 still in Normal, still using our Normal facility. But as you've heard Claire and I both talk about as part of our Investor Day, not only have the balance sheet to support launching R2, but also the balance sheet to support taking us through positive cash flow.

這筆交易對我們來說非常重要的一部分是，它確實消除了我們資產負債表中出現的許多風險，並使我們能夠集中精力在 Normal 中推出 R2，仍然使用我們的 Normal 設施。但正如您所聽到的，克萊爾和我都在投資者日上談到，不僅有資產負債表支持啟動 R2，而且還有資產負債表支持我們實現正現金流。

And we recognize the importance of that focus on driving efficiency into the business, both in terms of how we operate the business, but also in terms of how we deploy capital from a CapEx point of view and investment point of view. And the organization is hyper focused on driving towards profitability and hyper focused on the launch of R2 and what that represents for us in terms of the scaling that comes with it.

我們認識到注重提高業務效率的重要性，無論是在我們如何經營業務方面，還是在我們如何從資本支出和投資的角度部署資本方面。該組織非常專注於推動盈利，並且非常專注於 R2 的推出以及它對我們所帶來的擴展性的影響。

Great, thank you.

太好了謝謝。

Joseph Spak, UBS.

約瑟夫‧斯帕克，瑞銀集團。

Thanks. Good afternoon. RJ, maybe you could just dive a little bit more into what is exactly happening in the plant and what's impacting the R1 line, R2 work during next year. And then, Claire, can we expect that the R1, given that most of the changes are already done, can ramp back up pretty quickly so we can understand the shape of gross margins next year? Because it sounds like you guys are planning for maybe some sequential improvement until that downtime, maybe a downtick in the third quarter and then a recovery in the fourth quarter. I just want to make sure we're properly calibrated there.

謝謝。午安. RJ，也許您可以更深入地了解工廠中到底發生了什麼，以及明年影響 R1 生產線、R2 工作的因素。然後，克萊爾，考慮到大部分變化已經完成，我們是否可以期望 R1 很快就能恢復正常，以便我們能夠了解明年毛利率的情況？因為聽起來你們正在計劃在停工之前進行一些連續的改進，也許在第三季度出現下降，然後在第四季度恢復。我只是想確保我們在那裡進行了正確的校準。

Sure, Joe. As we think about the operations next year, this is looking at 2025, we've said we're going to be taking the plant down for roughly a month while we make some of the changes necessary to integrate the R2 production into the plant. Some of that work has already happened. We did some of the preliminary work in the most recent shutdown in conjunction with the move from Gen 1 to Gen 2 on our R1 platform. But the shutdown that's going to happen in the second half of next year will make the splicing together of certain parts of the plant possible. That's part of our plan. We'll be working around that. But as we did with the Gen 1 to Gen 2, we wanted to provide very early guidance around this and make sure expectations were appropriately set for what will have to happen in the plant next year to integrate R2.

當然，喬。當我們考慮明年的營運時，我們著眼於 2025 年，我們說過我們將把工廠關閉大約一個月，同時我們進行一些必要的改變，將 R2 生產整合到工廠中。其中一些工作已經完成。我們在最近一次關閉中以及 R1 平台上從 Gen 1 遷移到 Gen 2 時做了一些初步工作。但明年下半年的停產將使工廠某些部分的拼接成為可能。這是我們計劃的一部分。我們將解決這個問題。但正如我們對 Gen 1 至 Gen 2 所做的那樣，我們希望圍繞這一點提供非常早期的指導，並確保對明年工廠中必鬚髮生的事情設定適當的期望以整合 R2。

And then based off of the second part of your question as well, given the shutdown, there will be some choppiness to the financial results as we look through, not just a quarter sequential improvement in our results as we look at the gross margin trajectory. As I mentioned in my prepared remarks, we still maintain that we'll have a modest positive gross profit for the entire year of 2025 in particular, but certainly with the shutdown itself in the second half, we'll feel some of the impacts of lower absorption of labor overhead and depreciation like we experienced in Q2 of this quarter, given the lower production volumes that we had in the Normal facility itself.

然後，基於你問題的第二部分，考慮到政府關門，當我們審視財務業績時，財務業績將會出現一些波動，而不僅僅是當我們審視毛利率軌跡時，我們的業績會出現季度連續改善。正如我在準備好的發言中提到的，我們仍然認為，特別是在 2025 年全年，我們將獲得適度的正毛利潤，但隨著下半年的停工，我們肯定會感受到一些影響鑑於我們普通工廠本身的產量較低，勞動力管理費用和折舊的吸收率較低，就像我們在本季第二季所經歷的那樣。

But to RJ's point, more akin to the November shutdown that we had to do some of the pre-work for our Q2 shutdown, we were able to get right back up to line rate based off of the aftermath of that shutdown. So we expect we won't see as sort of staged of a ramp back up from a production standpoint given the fact that we'll have already ramped up our supply chain which is one of the gating factors as we've gone through the course of ramping up new technologies in our redesigned Gen 2 product.

但就 RJ 而言，更類似於 11 月的停工，我們必須為第二季的停工做一些前期工作，我們能夠根據停工的後果立即恢復到線路速率。因此，我們預計，從生產的角度來看，我們不會看到分階段的回升，因為我們已經加強了我們的供應鏈，這是我們經歷過的過程中的限制因素之一在我們重新設計的第二代產品中增加新技術。

Okay. Thank you for that. And as a second question, I don't know if you guys really ever, you certainly don't talk about this way. I'm curious if you ever look at it or think about it this way. But you call out some of the impacts to the gross loss per vehicle from stuff that's not in the cost structure this quarter. I know that's offset a little bit by regulatory credits, but if we also take out D&A and stock comp, it seems like you're actually much closer to a cash gross profit breakeven level.

好的。謝謝你。作為第二個問題，我不知道你們是否真的曾經這樣談論過。我很好奇你是否曾經這樣看待或思考過它。但您指出了本季成本結構中未包含的因素對每輛車總損失的一些影響。我知道這會被監管信用抵消一點，但如果我們也去掉 D&A 和股票補償，看起來你實際上更接近現金毛利盈虧平衡水平。

Is that something that directionally is correct? And it seems like if that's true, you would actually even hit that before you would hit your modestly gross profit positive number in the fourth quarter.

這在方向上是正確的嗎？如果這是真的，你實際上甚至會在第四季度達到適度的毛利正值之前達到這個目標。

Yeah, Joe, that's absolutely right. And we wanted to call out in my prior prepared remarks just the impact we had roughly $15,000 of depreciation per unit, $1,200 of stock-based comp per unit, and then another roughly $2,400 of other costs of revenue initiatives in the quarter. So that was roughly $14,000 of loss per unit if you make those three respective adjustments. So we certainly would anticipate hitting a cash breakeven prior to positive gross profit.

是的，喬，完全正確。我們想在我之前準備的發言中指出，我們每單位大約 15,000 美元的折舊，每單位 1,200 美元的基於股票的補償，以及本季度其他大約 2,400 美元的其他收入計劃成本的影響。因此，如果分別進行這三項調整，則每單位損失約為 14,000 美元。因此，我們當然預計在毛利為正之前就會達到現金收支平衡。

Okay. Thank you.

好的。謝謝。

Alex Potter, Piper Sandler.

亞歷克斯·波特，派珀·桑德勒。

Great, thanks. Claire, just a quick one following up on that last question, that these, I guess, quote-unquote, other initiatives, the $2,400 a unit, just in layman's terms, what is that?

萬分感謝。克萊爾，我想快速跟進最後一個問題，我想，這些，引用不引用，其他舉措，每單位 2,400 美元，用外行人的話來說，那是什麼？

In layman's terms, the way I would characterize it is, as you can imagine with the significant changes we made in suppliers with the introduction of swapping out roughly half of our material cost as we move from Gen 1 to Gen 2, there are certain costs associated with contract modifications or amendments that we've made, and that's largely what is reflected there.

用外行的話來說，我的描述方式是，正如您可以想像的那樣，隨著我們從第一代轉向第二代，我們對供應商進行了重大改變，引入了大約一半的材料成本更換，因此存在一定的成本與我們所做的合約修改或修訂相關，這很大程度上反映了那裡的內容。

Okay, very good. I guess my second question is on the Volkswagen joint venture. So presumably, I know you've got yet some work to do when it comes to hashing out the financials and all of these things, and we'll await information on that in Q4. But in the meantime, presumably you've got engineers, you've got procurement people who are sort of eager to start doing something, design or getting better supplier negotiations underway.

好的，非常好。我想我的第二個問題是關於大眾合資企業的。因此，據推測，我知道在討論財務狀況和所有這些問題時，您還有一些工作要做，我們將在第四季度等待相關資訊。但同時，大概你有工程師，你有採購人員，他們有點渴望開始做某事、設計或正在進行更好的供應商談判。

Are they basically being instructed to sit tight and not do anything until the ink is dry? Or are they allowed to sort of go out into the world and start, I guess, restarting supplier negotiations, for instance, with the heft of Volkswagen behind them or working collaboratively with Volkswagen engineers to actually design the platform into Volkswagen vehicles? Or do they basically just have to sit tight?

他們基本上是被指示要坐著不動，直到墨水乾了才做任何事情嗎？或者他們被允許走出去，我想，在大眾汽車的支持下重新啟動供應商談判，或者與大眾汽車工程師合作，將平台實際設計到大眾汽車中？還是他們基本上只能坐以待斃？

From a supplier point of view, we absolutely are already seeing some of the tailwinds associated with our Volkswagen joint venture and partnership. This is, you can imagine at the component level and at the electronics level within the vehicle where we see a lot of suppliers we have long relationships with that are very excited about this and see this as an opportunity to scale beyond just the Rivian product line for the technology we've developed but beyond that into the Volkswagen Group product portfolio.

從供應商的角度來看，我們絕對已經看到了一些與大眾合資企業和合作夥伴關係相關的順風車。您可以想像一下，在車輛內的組件級別和電子設備級別，我們看到許多與我們有長期合作關係的供應商對此感到非常興奮，並將其視為一個超越 Rivian 產品線的機會。的技術不僅限於大眾汽車集團的產品組合。

So that's been a really encouraging early readthrough in terms of how it's perceived and overall looked at by the supply chain.

因此，就供應鏈如何看待和整體看待它而言，這是一個非常令人鼓舞的早期通讀。

From a technical point of view, we talked about this even with the announcement of deal. Volkswagen Group CEO and I, Oliver and I, just spoke around how the teams have been working really well together. And this is not -- it's not as if we do a deal of this scale and of this magnitude without having done work together and without having done a lot of, beyond diligence put into the actual creation of work content or work product, if you will.

從技術角度來看，即使宣布交易，我們也討論了這一點。大眾汽車集團執行長和我，奧利佛和我，剛剛談到了團隊如何很好地合作。這並不是——這並不是說我們在沒有一起工作、沒有在工作內容或工作產品的實際創建中付出大量努力的情況下就做瞭如此規模和規模的交易，如果你將要。

And so, Wassym's is on the call here. I'm going to invite him to just talk about this, but our software team and our hardware team have been working towards a number of elements that deliver on the first set of products, but the first of which is integrating our platform technically into Volkswagen Group products. But, Wassym, let me have you talk a bit about this.

因此，Wassym's 隨時待命。我將邀請他談談這個問題，但我們的軟體團隊和硬體團隊一直在努力實現第一組產品的許多要素，但第一個是將我們的平台在技術上整合到大眾汽車中集團產品。但是，Wassym，讓我來談談這個問題。

Yeah. Thanks, RJ. We're actually extremely excited with the progress that we're making in the electrical architecture integration analysis. Our engineers have been working very closely with the Volkswagen Group and we actually have a driver with demonstrator now that contains the Rivian electronic components, the Rivian software stack, and we're moving forward really, really well in understanding how our technology will scale up and down in the entire Volkswagen Group portfolio.

是的。謝謝，RJ。事實上，我們對電氣架構整合分析的進展感到非常興奮。我們的工程師一直與大眾汽車集團密切合作，我們現在實際上已經有了一個帶有演示器的驅動程序，其中包含Rivian 電子元件、Rivian 軟體堆棧，並且我們正在非常非常好地了解我們的技術將如何擴展在整個大眾汽車集團的產品組合中處於下降地位。

Great. Thanks very much. Appreciate it.

偉大的。非常感謝。欣賞它。

Ben Kallo, Baird.

本卡洛，貝爾德。

Thank you. My first question is more near term. Just, RJ, if you could talk about demand trends you've seen since the refresh. And then my second question is, your brand is important to everyone, but to you, guys, you've done a good job of building a brand. Can you talk to us about how you measure that internally or any way that you can put context to, how you built your brand and how that extends to future models? Thank you.

謝謝。我的第一個問題是近期的。 RJ，您能否談談自更新以來您所看到的需求趨勢。我的第二個問題是，你的品牌對每個人都很重要，但對你們來說，夥伴們，你們在品牌建立方面做得很好。您能否與我們談談您如何在內部衡量這一點，或者您可以以任何方式提供背景信息，您如何建立自己的品牌以及如何將其擴展到未來的模型？謝謝。

Thanks, Ben. Ultimately, our first set of products, R1, was our handshake with the world. And they were received really positively. This is two years ago, and it was exciting as we introduced the Gen 2 of our R1 products to see how strong the media reaction was to those products. And you're recognizing we took a great vehicle and made it even better. And that is something that we saw echoed across a variety of different media outlets from lifestyle to automotive to more pure technology outlets, but recognizing the strength of what we've built.

謝謝，本。最終，我們的第一套產品R1，是我們與世界的握手。他們受到了非常積極的歡迎。這是兩年前的事，當我們推出第二代 R1 產品時，我們很興奮，想看看媒體對這些產品的反應有多強烈。您將認識到我們擁有一輛出色的車輛，並讓它變得更好。我們看到，從生活方式到汽車，再到更純粹的科技媒體，各種不同的媒體都在呼應這一點，但我們認識到我們所建立的力量。

And that really serves as a wonderful foundation for the continued growth, as you put it, of how we're building and developing our brand and how we're perceived. And there's lots of ways for us to measure that. We certainly look at things internally. We have a whole host of internal metrics that we track regularly. But I think important for the analyst and investor community is to look at ways that third parties would look at our brand.

正如您所說，這確實為我們如何建立和發展我們的品牌以及我們如何被認知的持續成長奠定了良好的基礎。我們有很多方法來衡量這一點。我們當然會從內部看待事情。我們有大量定期追蹤的內部指標。但我認為對於分析師和投資者來說重要的是了解第三方如何看待我們的品牌。

And most recently, actually, coincidentally, J.D. Power does a number of ways where they look at the strength of a brand or the strength of a product offering in the market. And we've in the past done extremely well in most recently in their annual APEAL Study that looks at a combination of vehicle performance and its overall packaging. We came out the number-one rated brand in their study. And to do that after having had previous number-one performance in previous years is really exciting and it's incredibly encouraging and we think bodes really well for what's to come with R2.

最近，實際上，巧合的是，J.D. Power 採用了多種方法來衡量品牌的實力或市場上產品的實力。我們過去在最近的年度 APEAL 研究中表現非常出色，該研究著眼於車輛性能及其整體包裝的結合。我們在他們的研究中排名第一。在前幾年獲得第一名的表現之後，現在做到這一點確實令人興奮，令人難以置信的鼓舞，我們認為這對 R2 的未來來說是個好兆頭。

If we can carry the same brand strength and the same market share penetration that we have at the premium segment, where we're continually one of the best-selling vehicles over $70,000 today in the US, if we can take that market share strength and brand strength and apply it with our R2 product into the sub-$50,000 price category with R2 starting at $45,000 and R3 pricing not yet announced but going to be lower than R2, we're really bullish on what that represents in terms of volume. But importantly, answers are real need in the market where there's a -- I characterize as a pretty severe gap in product choice for great highly compelling EVs under $50,000.

如果我們能夠保持與高端細分市場相同的品牌實力和市場份額滲透率，那麼我們將繼續成為當今美國售價超過 70,000 美元的最暢銷汽車之一，如果我們能夠利用這一市場份額優勢並品牌實力，並將其與我們的R2 產品一起應用到50,000 美元以下的價格類別中，R2 起價為45,000 美元，R3 定價尚未公佈，但將低於R2，我們非常看好它所代表的銷量。但重要的是，答案是市場上真正需要的，我認為，對於 50,000 美元以下的極具吸引力的電動車來說，產品選擇上存在相當嚴重的差距。

Shreyas Patil, Wolfe Research.

施雷亞斯·帕蒂爾，沃爾夫研究中心。

Hey, thanks a lot for taking my question. First of all, curious what you're seeing in terms of opportunities in the sale of regulatory credits. I appreciate it can be lumpy with $17 million in the quarter, but are you seeing growing opportunities to sell right credits at this point, just given some of the struggles that we're seeing with the legacy OEMs?

嘿，非常感謝您提出我的問題。首先，好奇您在監管信用銷售方面看到了什麼機會。我很高興這個季度的收入可能會達到 1700 萬美元，但考慮到我們在傳統 OEM 方面遇到的一些困難，您是否認為此時出售正確積分的機會越來越多？

Claire referenced it just in regards to our top line in terms of revenue. But the regulatory credit environment is certainly very strong right now. And practically speaking, that means we have the potential to generate more revenue around our credits market than what we'd originally planned or anticipated.

克萊爾只是在收入方面提到了這一點。但目前的信貸監管環境確實非常強大。實際上，這意味著我們有可能在積分市場上創造比我們最初計劃或預期更多的收入。

But I think more importantly, is the fact that the credits market is so strong is a reflection of the, I'd say the decision that we see a number of companies that are going to be investing less into electrification or have less product and electrified product across multiple segments and across different price points. And so that void of products actually creates this strong credit environment.

但我認為更重要的是，信貸市場如此強勁這一事實反映了我們看到許多公司將減少對電氣化的投資或減少產品和電氣化的決定跨多個細分市場和不同價位的產品。因此，產品的匱乏實際上創造了這種強大的信用環境。

And for us, I think the most important readthrough is the demand environment we see coming into 2026, 2027 is going to be very, very advantageous for us where there's a lot of latent demand. There's a lot of demand that's sitting waiting for the right type of product, the product that has the right form factor, product positioning, attributes and features.

對我們來說，我認為最重要的解讀是我們看到 2026 年、2027 年的需求環境對我們來說非常非常有利，因為那裡有很多潛在需求。有大量的需求正在等待合適的產品類型，即具有合適的外形尺寸、產品定位、屬性和功能的產品。

But folks have been sitting waiting for that product to show up, but haven't seen it, so they continue to buy an internal combustion vehicle or continue to buy a hybrid vehicle. We see this really large pool of demand on the surface that's just waiting. And we believe waiting for something that's very much like what an R2 is.

但人們一直在等待該產品的出現，但還沒有看到它，因此他們繼續購買內燃機汽車或繼續購買混合動力汽車。我們看到表面上有大量的需求正在等待。我們相信，我們正在等待一款與 R2 非常相似的產品。

Okay, great. And my second question is, in thinking about your software architecture, one of the defining elements is that it is almost entirely built in-house from the baseline operating system to the middle layer hypervisor application layers. You've talked before about legacy automakers not really having this level of vertical integration. So clearly, this is a big competitive advantage.

好的，太好了。我的第二個問題是，在考慮軟體架構時，定義元素之一是它幾乎完全是內部建構的，從基線作業系統到中間層虛擬機器管理程式應用程式層。您之前曾談到傳統汽車製造商並沒有真正實現這種程度的垂直整合。顯然，這是一個很大的競爭優勢。

But with VW now able to access the software platform, I'm curious how you think about the long-term advantage in software. Do you still see potential to maintain an edge here over most legacy OEMs, even those that may want to replicate your approach? Or do you feel that the industry will eventually catch up and essentially this is now an opportunity for you to monetize this asset and help the industry make the transition to software-defined vehicles?

但隨著大眾現在能夠存取軟體平台，我很好奇您如何看待軟體的長期優勢。您是否仍認為有潛力保持相對於大多數傳統 OEM 的優勢，甚至是那些可能想要複製您的方法的 OEM？或者您認為該行業最終會迎頭趕上，從本質上講，現在這是您將這項資產貨幣化並幫助行業向軟體定義車輛過渡的機會？

There's a few ways to speak to this. I think, first, before we get to product differentiation or customer-facing advantages, building a network architecture and associate electronics stack that allows for significant consolidation of ECUs and therefore simplification not only of the number of ECUs, but also of the harness and associated wiring, infrastructure within the vehicle, that creates meaningful cost advantages relative to a traditional platform, which will have, call it 50 to 100 ECUs within the vehicle.

有幾種方法可以討論這個問題。我認為，首先，在我們實現產品差異化或面向客戶的優勢之前，建立一個網路架構和關聯電子堆疊，以實現ECU 的顯著整合，從而不僅簡化ECU 的數量，還簡化線束和相關的電子設備堆疊。

And so we've talked about this, our Gen 1 vehicle at 17 in-house ECUs, we reduced that down to 7. And so it is a significant multi-thousand dollar structural cost advantage to have a network architecture and topology of computers that's far simpler and far lower cost than traditional approach. So first and foremost, there's a real cost advantage.

所以我們已經討論過這一點，我們的第一代車輛有 17 個內部 ECU，我們將其減少到 7 個。傳統方法簡單得多且成本低得多。因此，首先也是最重要的是，存在著真正的成本優勢。

Now, of course, our partnership with Volkswagen will extend that cost advantage into their respective products as well and bring with it scale and volume, which will in turn, allow us to source those components and systems at a lower cost. But from a consumer-facing point of view, what it represents, owning not just the hardware, but owning the software, and owning it around a really optimized architecture as I described, is the ability to continue to make the software a lot better.

當然，現在我們與大眾汽車的合作關係也將把這種成本優勢擴展到各自的產品中，並帶來規模和數量，這反過來又將使我們能夠以更低的成本採購這些零件和系統。但從面向消費者的角度來看，它所代表的，不僅擁有硬件，還擁有軟體，並且圍繞我所描述的真正優化的架構擁有它，是繼續使軟體變得更好的能力。

So the features can not only become more rich and more robust, but they can truly improve more than just surface-level skins, let's say, your cluster or your center information display, but into -- like, deeply into the vehicle and changing the way the vehicle performs dynamically, changing the way its charging profile’s set up, changing battery management system characteristics.

因此，這些功能不僅可以變得更豐富、更強大，而且它們可以真正改善的不僅僅是表面層的皮膚，比如說你的儀表組或中央資訊顯示器，而是深入到車輛內部並改變車輛動態運行的方式，改變其充電設定檔的設定方式，改變電池管理系統的特性。

So you can have the vehicle get better and better and better over time. In a way, that's very difficult when you rely on third parties to produce this complex labyrinth of ECUs and all the associated software where even small changes require coordination amongst many different players. And so things that can take us minutes can take months for a traditional approach.

因此，隨著時間的推移，您可以讓車輛變得越來越好。在某種程度上，當您依賴第三方來生產這個複雜的 ECU 迷宮和所有相關軟體時，即使是很小的變化也需要許多不同參與者之間的協調，這是非常困難的。因此，對於傳統方法來說，可能需要幾分鐘的事情可能需要幾個月的時間。

And so all that being said, what the customer experiences, of course, beyond the vehicle performance and the way it drives and behaves, is what they see that the digital environment. It's also something that the UI framework, the approach to digital design, the approach to user experience design, something that we've spent an enormous amount of time on, and we believe will continue to be differentiated and is facilitated and enabled by our platform, but it requires both.

話雖如此，客戶所體驗到的當然除了車輛性能及其駕駛和行為方式之外，還有他們所看到的數位環境。這也是 UI 框架、數位設計方法、使用者體驗設計方法，我們花費了大量時間，我們相信將繼續保持差異化，並由我們的平台推動和支持，但兩者都需要。

And we hope that by bringing this strong platform to our joint venture with Volkswagen, it allows them to create products that are also really compelling and answer some of the points I made before around there is a real lack of choice. There's a -- I would characterize as like a pretty extreme lack of consumer choice around EVs and products in the space. And in order for us to really scale towards 100% electrification, we need to have more than just a couple of highly compelling vehicles. There needs to be essentially near the amount of choice that we have in the combustion world, which we're not even remotely near in the EV space today.

我們希望透過將這個強大的平台引入我們與大眾汽車的合資企業，他們能夠創造出真正引人注目的產品，並回答我之前提出的關於確實缺乏選擇的一些觀點。我認為該領域的電動車和產品的消費者選擇非常缺乏。為了讓我們真正實現 100% 電氣化，我們需要的不僅僅是幾輛極具吸引力的車輛。本質上需要接近我們在燃燒世界中擁有的選擇數量，而我們今天在電動車領域甚至還遠遠沒有接近。

All right. Great. Thanks.

好的。偉大的。謝謝。

Ron Jewsikow, Guggenheim Securities.

朱斯蒂科 (Ron Jesuskow)，古根漢證券公司。

Yeah. Good evening, and thanks for taking my questions. RJ, you've talked in the past about as Rivian opens new spaces, order intakes in those geographies accelerates. I know you laid out a plan to 2025 for spaces, but is there any way to think about what is launching in the coming quarter or the second half of this year, just to think about demand being an important part of bridge to gross profit in the fourth quarter?

是的。晚上好，感謝您回答我的問題。 RJ，您過去曾談到，隨著 Rivian 開設新空間，這些地區的訂單量會加速。我知道您制定了到 2025 年的空間計劃，但是有沒有辦法考慮下一個季度或今年下半年推出的產品，只是考慮一下需求是通往毛利潤的重要組成部分第四季度？

Yes. As you called out, we have a number of spaces that are going to be launching over the next 6 to 12 months. And those spaces are great ways for for consumers to get a chance to experience our vehicles first-hand, to sit in them, to touch them, and play with all of the features.

是的。正如您所說，我們將在未來 6 到 12 個月內推出許多空間。這些空間是消費者有機會親身體驗我們的車輛、坐在其中、觸摸它們並體驗所有功能的絕佳方式。

But beyond just our spaces, we've also really, over the last six months, begun activating our service infrastructure to support expansion of our demo drives program as we have over 60 service locations that month over month, quarter over quarter, we're growing a number of those locations that do more than just service, and they don't just provide service, but they support test drive and demo drives, as well as of course, delivery and other sales-related activities.

但除了我們的空間之外，在過去的六個月裡，我們也確實開始啟動我們的服務基礎設施，以支援演示驅動器計劃的擴展，因為我們每個月、每個季度都有60 多個服務地點，我們正在越來越多的地點不僅提供服務，而且它們不僅提供服務，還支援試駕和演示駕駛，當然還有交付和其他與銷售相關的活動。

And then beyond to our spaces, our service infrastructure, we're also continuing to build out our Rivian adventure network as our DC fast-charge network. That's another touch point for customers to experience the brand. The data network is close to being -- for Rivian only. But later this summer, we'll be opening our network up. So it'll allow non-Rivian customers to use the network as well, which is a great way for folks to experience Rivian as a brand and get exposure to the products and exposure to us as a company.

除了我們的空間、服務基礎設施之外，我們還繼續建造 Rivian 冒險網路作為我們的 DC 快速充電網路。這是客戶體驗品牌的另一個接觸點。數據網路即將建成——僅適用於 Rivian。但今年夏天晚些時候，我們將開放我們的網路。因此，它將允許非 Rivian 客戶也使用該網絡，這對於人們體驗 Rivian 作為一個品牌、了解我們的產品和了解我們作為一家公司來說是一個很好的方式。

Yeah, thanks for that. And maybe just to follow up on Shreyas’s question on credit revenues is, do you feel like the $17 million this quarter, or I suppose you probably know this, is the $17 million this quarter fully encapsulates or values your zero emission vehicles, or is there more to come as we model towards the back half of this year and gross profit breakeven?

是的，謝謝你。也許只是為了跟進 Shreyas 關於信貸收入的問題，你是否覺得本季的 1700 萬美元，或者我想你可能知道這一點，本季度的 1700 萬美元是否完全包含或評估了你的零排放車輛，或者，當我們對今年下半年和毛利盈虧平衡進行建模時，還會有更多的事情發生嗎？

Yeah, Ron. As we mentioned at Investor Day, we have over $200 million of regulatory credits under contract right now for 2024 itself. And there are additional contracts in place for 2025 and beyond as well. So $17 million is really just the tip of the iceberg as we think about the opportunity for 2024 and the sale of our regulatory credits.

是的，羅恩。正如我們在投資者日所提到的，我們目前在 2024 年的合約中擁有超過 2 億美元的監管信貸。此外，還有 2025 年及以後的額外合約。因此，當我們考慮 2024 年的機會和出售我們的監管信貸時，1700 萬美元實際上只是冰山一角。

Thanks for taking my questions.

感謝您回答我的問題。

Stephen Gengaro, Stifel.

史蒂芬·根加羅，斯蒂菲爾。

Thanks. Good afternoon, everybody. I think, two for me. The first, when we talk about the gross profit progression and the expectations for the fourth quarter and beyond, the three key points that were laid out, Claire, can you just talk about, are there any that you have more or less confidence in and/or are more or less visible at this point?

謝謝。大家下午好。我想，對我來說，兩個。第一，當我們談到毛利的進展以及對第四季度及以後的預期時，所提出的三個關鍵點，克萊爾，您能不能談談，有哪些是您或多或少有信心的？ /或此時或多或少可見？

Sure. As we think about the visibility that we have into the three drivers, which, for everyone's benefit, is variable cost improvement, fixed cost leverage, and increase in revenue per delivery unit. On the first piece, and that one, as we sit here today, the contracts with our supplier partners are under contract. So we have clear visibility into the cost-down efforts that we'll see from a material cost trajectory there.

當然。當我們思考我們對三個驅動因素的可見性時，為了每個人的利益，這三個驅動因素是可變成本改進、固定成本槓桿和每個交付單位收入的增加。關於第一件事，當我們今天坐在這裡時，我們與供應商合作夥伴的合約已經簽訂。因此，我們可以從材料成本軌跡中清楚地了解降低成本的努力。

Similarly, as we think about the fixed cost leverage, that will be enabled by our production ramp in the second half of the year as we increase volumes. And then the other component is the reduction in depreciation expense.

同樣，當我們考慮固定成本槓桿時，隨著產量的增加，我們在下半年的產量增加將實現這一槓桿。另一個組成部分是折舊費用的減少。

As RJ alluded to earlier in the call, we're now anniversarying our three years post-order production. And so part of the reduction in our depreciation expenses is related to fully depreciating some of our initial tooling associated with our launch. So again, we have clear visibility into the trajectory on that component of it as well.

正如 RJ 在電話會議早些時候提到的那樣，我們現在正在慶祝訂單後生產三年。因此，我們折舊費用的部分減少與我們推出時相關的一些初始工具的完全折舊有關。同樣，我們也可以清楚地了解該部分的軌跡。

And then the final component, as you think about the increase in revenue per delivered unit, on this end, again, we're ramping right now our Ascent drive unit line that will enable sales of our tri-motor that allow us to skew a little bit higher from a mix perspective. And then I just referenced the regulatory credits again that are under contracts for this year as well. So have a lot of visibility as we look into the second-half performance.

然後是最後一個組成部分，當你考慮每交付單位收入的增加時，在這方面，我們再次擴大我們的 Ascent 驅動單元生產線，這將使我們的三電機銷售成為可能，從而使我們能夠傾斜從混合角度來看，稍微高一點。然後我再次提到了今年合約中的監管信用。因此，當我們研究下半年的表現時，請有很多可見性。

Great. No, thanks. That's good color. Appreciate that. And the other quick one, and I'm not sure if you'll comment on this or not, CapEx for ‘25, any parameters we should be thinking about?

偉大的。不，謝謝。這顏色真好啊感謝。另一個快速問題，我不確定您是否會對此發表評論，資本支出為 25 美元，我們應該考慮哪些參數？

Yes. As we think about CapEx for 2025, as we've mentioned in the past, we estimate spend to be roughly in the, $1.5 billion area.

是的。當我們考慮 2025 年的資本支出時，正如我們過去提到的那樣，我們估計支出大約在 15 億美元左右。

Okay, great. Thank you.

好的，太好了。謝謝。

Thank you. I would not like to turn the call back over to RJ Scaringe for any closing remarks.

謝謝。我不想將電話轉回給 RJ Scaringe 發表任何結束語。

Thank you, everyone, for joining us today. We're really excited with the progress we're making, the transition to our second-generation R1 vehicles, and the associated cost structure that that drives both at the bill of materials level, but also within our operations, within our plant, is a really important stepping stone for us as a business. And the efficacy through which that launch occurred really reflects the growing capability for us as a business.

謝謝大家今天加入我們。我們對正在取得的進展、向第二代 R1 車輛的過渡以及在物料清單層面以及在我們的營運和工廠內部推動的相關成本結構感到非常興奮。的墊腳石。此次發布的有效性確實反映了我們作為一個企業不斷成長的能力。

I'm also really excited to see what we’re -- how customers have continued to react to the product. And seeing how favorably this second-generation R1 was seen and continues to be seen really sets up well for us with what's to come with R2, where R2 leverages a lot of the content, particularly around the network architecture of the ECU topology, the software stack, and even beyond that into some of the componentry architecture that we've laid out with the updates to the R1 platform.

我也很高興看到我們的產品—客戶對產品的持續反應。看到第二代 R1 受到的好評以及持續的好評，確實為我們了解 R2 的未來做好了準備，其中 R2 利用了很多內容，特別是圍繞 ECU 拓撲的網絡架構、軟體堆棧，甚至超出了我們在R1 平台更新中部署的一些元件架構。

So, again, thanks, everyone, for joining. We're looking forward to continued progress and continued efforts on our drive to profitability, and look forward to speaking to everybody soon.

所以，再次感謝大家的加入。我們期待在盈利方面不斷取得進展並繼續努力，並期待很快與大家交談。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。