Rivian Automotive Inc (RIVN) 2024 Q3 法說會逐字稿

Good day.

再會。

Thank you for standing by.

謝謝你的支持。

Welcome to Rivian's Third Quarter 2024 Earnings Conference Call.

歡迎參加 Rivian 2024 年第三季財報電話會議。

(Operator Instructions) Please note that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

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

我現在將會議交給演講主持人投資者關係副總裁 Tim Bei。

Please go ahead.

請繼續。

Good afternoon, and thank you for joining us for Rivian's Third Quarter 2024 Earnings Call.

下午好，感謝您參加 Rivian 2024 年第三季財報電話會議。

Today, I'm joined by RJ Scaringe, our CEO and Founder; Claire McDonough, our CFO; and Javier Varela, our Chief Operations Officer.

今天，我們的執行長兼創辦人 RJ Scaringe 也加入了我的行列。克萊爾·麥克唐納，我們的財務長；以及我們的營運長哈維爾·瓦雷拉 (Javier Varela)。

Before we begin, matters discussed on this call, including comments and responses to questions reflect management's views as of today.

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。

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.

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。

Such statements involve risks and uncertainties that could cause actual results to differ materially.

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。

These results and uncertainties are described in our SEC filings and today's shareholder letter.

這些結果和不確定性在我們向 SEC 提交的文件和今天的股東信中進行了描述。

During this call, we will discuss both GAAP and non-GAAP financial measures.

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。

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

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.

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。

I encourage you to read it for additional details around some of the items we'll cover on today's call.

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。

Thank you, Tim, and thank you all for joining us today.

謝謝提姆，也謝謝大家今天加入我們。

I'm going to start by talking about the R1 and specifically the Gen 2 ramp up.

我將首先討論 R1，特別是 Gen 2 的升級。

First, the material costs progress we've made as well as the efficiency improvements with the plant are really important and critical for our long-term profitability of business.

首先，我們所取得的材料成本進步以及工廠效率的提高對於我們業務的長期獲利能力非常重要且至關重要。

Those changes and a lot of the changes that went at Gen 2, we're focused on cost but we also introduced hundreds of other design and engineering changes that enhance the performance of the customer experience in the vehicle.

這些變化以及第二代的許多變化，我們專注於成本，但我們還引入了數百項其他設計和工程變更，以增強車輛​​中客戶體驗的性能。

And one of those is introduction of a new variant, what we call our Tri-Motor and it puts a single motor in the front and two motors in the back, and it delivers really exceptional performance.

其中之一是引入一種新的變體，我們稱之為三電機，它在前面放置一個電機，在後面放置兩個電機，它提供了真正卓越的性能。

Performance is better than our first-generation Quad, but with a much lower cost in terms of what it takes to manufacture and also with a substantial improvement to efficiency.

性能優於我們的第一代 Quad，但製造成本卻低得多，而且效率也得到了大幅提高。

And we're seeing a lot of excitement around the trial, and we're excited to also be bringing the quad to market the updated Quad in 2025.

我們在試驗中看到了很多令人興奮的事情，我們很高興能夠在 2025 年將更新的 Quad 推向市場。

Now with that, we had a bunch of suppliers who brought on with the Gen 2, around 50% of the bill of materials by cost is with new suppliers or new contracts, and with that, there's been some challenges.

現在，我們有很多供應商推出了 Gen 2，按成本計算，大約 50% 的物料清單來自新供應商或新合同，因此，存在一些挑戰。

And those have really impacted us in quarter, and this has been a tough quarter for us because of some of those supply chain or supply ramp challenges.

這些確實對我們的季度產生了影響，由於其中一些供應鏈或供應增加的挑戰，這對我們來說是一個艱難的季度。

And one of those suppliers, in particular, in particular, has limited our production quite substantially, and we're working very, very hard to address that.

其中一家供應商特別嚴重地限制了我們的生產，我們正在非常非常努力地解決這個問題。

This is one of our highest priorities in terms of the business, and we're seeing this is really as a short-term issue, but it certainly introduced challenges as we saw in Q3.

這是我們業務方面的最高優先事項之一，我們認為這確實是一個短期問題，但它確實帶來了我們在第三季度看到的挑戰。

Now a lot of the learnings that went into the Gen 2 ramp-up, the design of the components, the design of the systems are underpinning what's going into R2.

現在，第二代的升級、組件的設計、系統的設計中學到的許多知識都為 R2 的發展奠定了基礎。

And the R2 program is advancing.

R2計劃正在進行中。

It's -- from a timing point of view, it's on track.

從時間的角度來看，它正在步入正軌。

And the product itself is really exciting.

產品本身確實令人興奮。

It's delivering a level of performance and capability in a package that really looks and feels like Rivian but it's doing it at a substantial reduction in terms of its overall cost.

它在外觀和感覺上確實像 Rivian 的軟體包中提供了一定程度的性能和功能，但總體成本卻大幅降低。

And a key part of this isn't just the design of the components.

其中的關鍵部分不僅僅是組件的設計。

It's also all the supplier relationships that we've grown and built through R1.

這也是我們透過 R1 發展和建立的所有供應商關係。

And today, as it stands, we've sourced about 85% of the bill of materials on the R2 program.

目前，我們已經採購了 R2 項目約 85% 的物料清單。

And that 85% that's been sourced is within or aggressive cost targets we've set for the program.

所購買的 85% 都在我們為該計劃設定的成本目標之內或激進的成本目標之內。

And we've talked about these at our Investor Day, but this is overall going to be what allows us to reduce the cost of R2 relative to R1 on a sort of a like-for-like basis in terms of content by about 45%.

我們已經在投資者日討論過這些，但這總體上將使我們能夠將 R2 相對於 R1 的成本在內容方面以類似的方式降低約 45% 。

Beyond just the cost focus that's gone into R2, this is also a program that's really been architected around creating something that's special and unique in the marketplace.

除了 R2 關注的成本之外，這也是一個真正圍繞著創造市場上特殊和獨特的東西而設計的計劃。

And really our key objective is to make sure we can capture the same level of market share and excitement that we've done with our R1s, one of the strongest market share players for vehicles, flagship vehicles over $70,000.

事實上，我們的主要目標是確保我們能夠獲得與 R1 相同水平的市場份額和興奮感，R1 是市場份額最強的車輛之一，是售價超過 70,000 美元的旗艦車輛。

And our hope and, of course, what we're targeting is to capture that same level of excitement, but at a price point, starting at $45,000 with R2.

我們的希望，當然，我們的目標是捕捉同樣程度的興奮，但價格點是，R2 起價為 45,000 美元。

The key delivering all this is, of course, the launch of our plant and the production line here normal.

當然，實現這一切的關鍵是我們工廠的投產和生產線的正常運作。

And the expansions we're making to the facility are well underway.

我們對該設施的擴建正在順利進行中。

The grading work at the site level is essentially done.

現場級別的分級工作已基本完成。

This positions us to start deliveries of R2 in the first half of 2026.

這使我們能夠在 2026 年上半年開始交付 R2。

And so that the progress that's being driven into the plant, the learnings from R1 and of course, the supply chain relationships we've established and the contracts we're putting in place are really critical for both delivering on the timing but also the aggressive cost targets we've set for this program.

因此，工廠的進展、從 R1 獲得的經驗教訓，當然還有我們已經建立的供應鏈關係和我們正在簽訂的合同，對於按時交付和積極進取來說都至關重要。成本目標。

Now we also announced today that the sourcing of battery cells for the program.

現在我們今天也宣布了該計劃的電池採購。

And we're using a [sulligical cell] of 4695 cells, so 46 millimeters in diameter, 95 millimeters tall.

我們使用的是 4695 個細胞的 [sulligical cell]，直徑為 46 毫米，高 95 毫米。

And that relationship with LG is something we've been working on for quite some time.

我們與 LG 的合作關係已經持續了一段時間了。

And those cells go into a really uniquely designed pack, where the modules and the pack in conjunction with, of course, holding the cells, act as a core structural element of the vehicles.

這些電池進入一個真正獨特設計的電池組中，其中模組和電池組結合在一起，當然，容納電池，充當車輛的核心結構元件。

This is a structural battery pack, where not just the structure of the pack is part of the body.

這是一個結構性電池組，不僅是電池組的結構也是機身的一部分。

But the top of the battery pack actually forms the floor of the vehicle.

但電池組的頂部實際上構成了車輛的地板。

And so these are the types of decisions we're making across the R2 program to drive cost efficiency through part elimination or park consolidation, which is key for us delivering at the price point we've talked about with our R2 but doing that with a healthy positive gross margin.

因此，這些是我們在 R2 計劃中做出的決策類型，旨在透過消除零件或園區整合來提高成本效率，這對於我們以我們與 R2 討論過的價格點實現交付至關重要，但要以健康的正毛利率。

Now beyond body structure, battery sourcing, the vehicle architecture, some of the things we've talked about, one of the other really important elements of R2 is leveraging the electrical architecture, our topology ECUs and the software stack we developed and put that into the Gen 2 of R1 is that, that platform underpins R2.

現在，除了車身結構、電池採購、車輛架構以及我們討論過的一些內容之外，R2 的其他真正重要元素之一是利用電氣架構、我們的拓撲 ECU 以及我們開發並投入其中的軟體堆疊R1 的第二代是該平台支撐R2。

It's also core for a joint venture with Volkswagen.

它也是與大眾汽車合資企業的核心。

And the joint venture Volkswagen continues to progress well.

而合資企業大眾汽車也持續進展順利。

We remain really excited about this.

我們對此仍然感到非常興奮。

Our teams are passionate about the impact we can drive through leveraging and seeing our technology make its way into so many different vehicles.

我們的團隊熱衷於透過利用我們的技術來產生影響，並看到我們的技術被應用到許多不同的車輛中。

We have a drivable demonstrator where we've put our hardware and our software into a Volkswagen Group product.

我們有一個可駕駛的演示器，我們已將我們的硬體和軟體放入大眾集團的產品中。

And the investments from Volkswagen as part of this joint venture, which we've talked about in the past, these are really important for us.

作為該合資企業一部分的大眾汽車投資，我們過去曾討論過，這些對我們來說非常重要。

These allow us to only fund the continued growth of Rivian and through the launch of R2 in Normal, but also allow us to launch our production plant in Georgia, where that will not only produce R2 but other vehicles on this midsized platform.

這些使我們不僅能夠為 Rivian 的持續發展提供資金，並透過在 Normal 推出 R2，而且還使我們能夠在喬治亞州設立生產工廠，在那裡不僅生產 R2，還生產這個中型平台上的其他車輛。

And ultimately, the capital we have plus the capital provided by the joint venture will take us through positive free cash flow.

最終，我們擁有的資本加上合資企業提供的資本將為我們帶來正的自由現金流。

Now I said it before, and I do want to end by just restating the importance of creating highly compelling product in driving the transition to electrification.

我之前已經說過了，最後我確實想重申創造極具吸引力的產品在推動電氣化轉型方面的重要性。

We've seen that with R1.

我們已經在 R1 中看到了這一點。

The R1S is the most popular SUV over $70,000 in California, and that's not just the most popular electric SUV, it's the most popular SUV in California.

R1S 是加州最受歡迎的 70,000 美元以上 SUV，它不僅是最受歡迎的電動 SUV，也是加州最受歡迎的 SUV。

We're hoping to see that level of excitement continue and carry through with R2, as I said, and ultimately, that's what's going to help pull customers out of combustion vehicles, internal combustion vehicles and [NTVs] as the features and the capabilities of the vehicle being so exciting that it helps draw customers in.

正如我所說，我們希望看到這種興奮程度能夠持續下去，並通過 R2 得以延續，最終，這將幫助客戶擺脫燃燒車輛、內燃機車輛和 [NTV] 的特性和功能。 ，有助於吸引顧客。

And so that's our focus.

這就是我們的重點。

That's what has us incredibly optimistic around the future.

這就是我們對未來非常樂觀的原因。

And we'd like to thank all those that continue to support this vision.

我們要感謝所有繼續支持這個願景的人。

This is our employees, our customers, partners, suppliers, of course, our communities and lastly our shareholders.

這是我們的員工、我們的客戶、合作夥伴、供應商，當然還有我們的社區，最後還有我們的股東。

So with that, I'll pass the call to Claire.

那麼，我會把電話轉給克萊爾。

Thanks, RJ.

謝謝，RJ。

During the third quarter of 2024, we made progress driving greater cost efficiency and validating the differentiated nature of our technology stack.

2024 年第三季度，我們在推動更高的成本效率和驗證我們技術堆疊的差異化性質方面取得了進展。

During the third quarter, we produced 13,157 vehicles and delivered 10,018 vehicles, which represented the primary driver of the $874 million of revenue we generated.

第三季度，我們生產了 13,157 輛汽車，交付了 10,018 輛汽車，這是我們創造 8.74 億美元收入的主要動力。

As mentioned on our second quarter earnings call, we expected Q3 deliveries to decrease on a sequential basis due to the reduced R1 inventory.

正如我們在第二季財報電話會議上提到的，由於 R1 庫存減少，我們預計第三季交付量將環比下降。

We started the third quarter with low finished goods inventory of R1, due to the successful sell-down of our first-generation R1 vehicles in the second quarter.

由於我們的第一代 R1 車輛在第二季度成功銷售，我們在第三季度伊始 R1 的成品庫存較低。

Demand for R1 vehicles was negatively impacted in the third quarter of 2024 by the production disruption and challenging consumer backdrop.

2024 年第三季度，生產中斷和充滿挑戰的消費者環境對 R1 車輛的需求產生了負面影響。

The sequential production ramp following the plant retooling upgrade and the part shortage limited availability of specific R1 variance for sale in the third quarter.

工廠重組升級後的連續產量增加和零件短缺限制了第三季銷售的特定 R1 差異的可用性。

Total gross profit was negative $392 million, our gross loss per vehicle delivered was approximately $39,100 which includes $18,600 of depreciation and amortization expense, and $600 of stock-based compensation expense.

總毛利為負 3.92 億美元，每輛車交付的毛損失約為 39,100 美元，其中包括 18,600 美元的折舊和攤銷費用，以及 600 美元的股票補償費用。

In addition, we incurred approximately $3,700 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.

此外，我們在本季度交付的每輛車上產生了約 3,700 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。

The introduction of the second-generation R1 platform, combined with the commercial cost improvements and commodity tailwinds are expected to enable a 20% material cost reduction when comparing an R1 Dual-Motor with Large Pack produced in Q1 2024 versus Q4 2024.

與2024 年第一季生產的大包裝R1 雙馬達與2024 年第四季生產的R1 雙馬達相比，第二代R1 平台的推出，加上商業成本的改善和商品順風，預計可將材料成本降低20%。

Importantly, in the third quarter, we saw a meaningful reduction in our second-generation R1 material cost as compared to our first generation.

重要的是，在第三季度，我們發現第二代 R1 材料成本與第一代相比顯著降低。

This is in line with our target, and we expect to see this continue into the fourth quarter.

這符合我們的目標，我們預計這種情況將持續到第四季。

We remain focused on driving greater cost efficiency throughout the company and continue to see this result in lower operating expenses.

我們仍然致力於提高整個公司的成本效率，並繼續看到這會降低營運費用。

Our GAAP operating expenses in the third quarter were $777 million, which is the lowest level we've had in three years, and a reflection of the cost savings initiatives we've put in place.

第三季我們的 GAAP 營運費用為 7.77 億美元，這是我們三年來的最低水平，也反映了我們採取的成本節約措施。

We are reaffirming our annual production guidance of 47,000 to 49,000 vehicles.

我們重申年產量目標為 47,000 至 49,000 輛。

We expect to increase our Tri-Motor and commercial van production and deliveries in the fourth quarter as those variants only require one in Dual-Motor.

我們預計第四季將增加三電機和商用貨車的產量和交付量，因為這些車型只需要雙馬達中的一款。

I want to emphasize we believe this is a short-term obstacle.

我想強調的是，我們認為這是一個短期障礙。

We are reaffirming our annual delivery outlook of low single-digit growth as compared to 2023, which reflects a range of 50,500 to 52,000 vehicles.

我們重申，與 2023 年相比，我們的年度交付量預計將實現低個位數成長，即 50,500 至 52,000 輛汽車。

We expect to have a modest GAAP gross profit in the fourth quarter of 2024.

我們預計 2024 年第四季的 GAAP 毛利將適度。

This is supported by three key drivers.

這是由三個關鍵驅動因素所支持的。

First, revenue per unit is expected to increase driven by an increase in non-vehicle revenues, such as regulatory credits, service, remarketing, software and other services.

首先，單位收入預計將在非車輛收入（例如監管信貸、服務、再行銷、軟體和其他服務）成長的推動下成長。

We now expect to have a total of approximately $300 million of regulatory credit sales in 2024.

我們現在預計 2024 年監管信貸銷售總額約為 3 億美元。

We also expect to see an increase in the R1 average selling price as we improve our sales mix with more meaningful Tri-Motor sales in Q4.

我們也預計，隨著我們在第四季度改善銷售組合併實現更有意義的三電機銷售，R1 平均售價也會上漲。

Secondly, as part of the transition to our second-generation R1 vehicles, we are seeing an improvement in material costs due to the design changes supplier commercial negotiations and lower raw material costs.

其次，作為向第二代 R1 車輛過渡的一部分，由於設計變更、供應商商業談判和原材料成本降低，我們看到材料成本有所改善。

We also expect the increased mix of EDV sales in the fourth quarter will also help drive down our variable cost per unit delivered.

我們也預計第四季度 EDV 銷售組合的增加也將有助於降低我們交付的單位變動成本。

Lastly, based on changes to the design of our vehicles, improvements in the manufacturing process and depreciation of our initial vehicle tooling, we expect to reduce our fixed cost per vehicle delivered in the fourth quarter.

最後，根據車輛設計的變化、製造流程的改進以及初始車輛工具的折舊，我們預計將降低第四季度交付的每輛車的固定成本。

We also expect LCNRV and firm purchase commitment balances to continue to decline in the fourth quarter.

我們還預計第四季度 LCNRV 和確定採購承諾餘額將繼續下降。

The new technology introduced into R1 were strategically designed to benefit R2 in the long term.

R1 中引入的新技術經過戰略設計，旨在使 R2 長期受益。

In addition, building the R2 in Normal, first allows us to best leverage our operations leadership team and existing manufacturing and logistics operations, and overhead costs.

此外，在 Normal 中建立 R2 首先使我們能夠最好地利用我們的營運領導團隊以及現有的製造和物流運營以及間接成本。

Because of these benefits, in addition to the significant progress we've made sourcing R2, we anticipate R2 as having a much faster path to profitability as compared to R1.

由於這些優勢，除了我們在採購 R2 方面取得的重大進展之外，我們預計 R2 比 R1 具有更快的獲利途徑。

While we continue to make progress on R1 cost structure in the near term, our team is focused on addressing the component shortage impacting our ability to produce Enduro motors.

雖然我們短期內繼續在 R1 成本結構方面取得進展，但我們的團隊專注於解決影響我們生產 Enduro 馬達能力的零件短缺問題。

Due to the lack of fixed cost absorption associated with the lower 2024 volumes, we are revising guidance for our 2024 annual adjusted EBITDA to between $2.825 billion loss to a $2.875 billion loss.

由於缺乏與 2024 年產量下降相關的固定成本吸收，我們正在將 2024 年年度調整後 EBITDA 的指導修訂為 28.25 億美元虧損至 28.75 億美元虧損之間。

CapEx guidance for 2024 is unchanged at $1.2 billion.

2024 年資本支出指引維持在 12 億美元不變。

Looking ahead, we are excited about the significant opportunity of our joint venture with Volkswagen Group.

展望未來，我們對與大眾集團合資企業的重大機會感到興奮。

As RJ mentioned, the proceeds we anticipate receiving following the formation of the joint venture and certain milestones together with our $6.7 billion of cash, cash equivalents and short-term investments are expected to fund Rivian's capital road map for growth with the ramp of R2 in Normal and build-out of R2 and additional variance in Georgia, taking Rivian to free cash flow positive.

正如RJ 所提到的，我們預計在合資企業成立和某些里程碑事件後收到的收益，加上我們的67 億美元現金、現金等價物和短期投資，預計將為Rivian 的資本路線圖提供資金，以實現R2 的成長。

We are excited to share the cost savings potential milestones and other benefits upon closing, which we expect to happen this quarter.

我們很高興與大家分享交易完成後節省成本的潛在里程碑和其他好處，我們預計這將在本季實現。

I wanted to again thank our team, partners, customers, suppliers and shareholders for their tremendous support.

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。

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

接下來，讓我將電話轉回接線生以打開問答線。

(Operator Instructions)

（操作員說明）

Emmanuel Rosner, Wolfe Research.

伊曼紐爾‧羅斯納，沃爾夫研究中心。

Thank you so much.

太感謝了。

My first question is around the improvement in the gross profit and implications for the unit economics on R1.

我的第一個問題是關於毛利的改善以及對 R1 單位經濟效益的影響。

Obviously, you expect a fairly meaningful amount of reg credits in the [fourth] quarter, and then it's a modest gross profit.

顯然，您期望在[第四]季度獲得相當可觀的註冊積分，然後毛利就不高了。

So I would assume without it, it's still somewhat unprofitable.

所以我認為如果沒有它，它仍然有點無利可圖。

But can you maybe comment on where you are in the past of improvement in unit economics?

但您能否評論一下過去單位經濟效益的改善？

How should we think about it in terms of how much does a fourth quarter mean for how do we think about it for 2025 and which other levers you have to keep improving in place?

我們應該如何思考第四季對我們如何看待 2025 年意味著什麼以及您必須繼續改進哪些其他槓桿？

Sure, thanks, Emmanuel.

當然，謝謝，伊曼紐。

As you noted, one of the primary drivers of the improvement that we anticipate seeing in our gross profit as we drive to Q4, positive gross profitability, is the growth in revenue per unit.

正如您所指出的，我們預計第四季度毛利改善的主要驅動力之一是單位收入的成長。

That's been driven by both the $300 million that I talked about in terms of regulatory credit sales that we anticipate achieving throughout the course of this year, as well as some of the improvements that we'll see in our average selling prices.

這是由我談到的 3 億美元監管信貸銷售（我們預計今年全年將實現）以及我們將在平均銷售價格中看到的一些改善所推動的。

As we translate that into 2025, as well as on a revenue per delivered unit, in 2025 we'll also be launching our Quad motor offering as well.

當我們將其轉化為 2025 年時，以及每交付單位的收入，我們也將在 2025 年推出我們的四電機產品。

So that will also be a tailwind as we think about overall ASP increase catalyst for the business as a whole.

因此，當我們考慮整個業務的整體平均售價成長催化劑時，這也將是一個順風車。

So that'll be another driver as we think about the go-forward progression.

因此，當我們考慮前進的進程時，這將是另一個驅動因素。

The next piece is we looked at the variable cost per unit improvement.

下一部分是我們研究單位改進的變動成本。

While we'll continue to see progress in our reduction in material costs from Q3 into Q4, we'll continue to see tailwinds as well as we work our way into 2025.

雖然從第三季到第四季我們將繼續看到材料成本降低的進展，但我們將繼續看到順風車，並努力進入 2025 年。

We still have meaningful commodity cost improvements that are still yet to be achieved.

我們仍有有意義的商品成本改善尚未實現。

And then we've seen and continue to see the R2 sourcing process is another tailwind for us, as we look ahead to continued improvements, especially from a commercial cost down standpoint, from a variable cost per unit.

然後我們已經看到並將繼續看到 R2 採購流程對我們來說是另一個順風車，因為我們期待持續改進，特別是從商業成本下降的角度來看，從單位可變成本來看。

The last piece is as we look at overall fixed cost per unit dynamics, clearly the reduction in our production guidance for this year did have an impact on the progress in this category in particular, but we've seen additional operational efficiencies that we're driving within our production plant through the pivot to our generation 2 R1 vehicles as a whole.

最後一點是，當我們審視單位動態的整體固定成本時，顯然，今年生產指導的減少確實對這一類別的進展產生了影響，特別是，但我們已經看到了額外的運營效率，我們正在我們的生產工廠內部透過樞軸駕駛我們的第2 代R1 車輛作為一個整體。

And then we'll continue to see both in the fourth quarter and in 2025, a step down in our depreciation expenses on aggregate as well, given we're now three years into production and we've largely depreciated the majority of our initial tooling from our starter production standpoint as well.

然後，我們將繼續看到第四季度和 2025 年，我們的折舊費用總體上也會下降，因為我們現在已經投入生產三年了，而且我們已經對大部分初始工具進行了大幅折舊從我們的入門生產的角度來看也是如此。

Okay, that's a lot of great, Claire.

好吧，這太棒了，克萊爾。

Just maybe my follow-up would be then, based on all these factors, would you expect 2025 gross profit to also be positive?

也許我的後續行動是，基於所有這些因素，您預計 2025 年的毛利也會是正數嗎？

And can you give us some sort of indication of how do you think about reg credits for 2025?

您能否告訴我們您如何看待 2025 年的註冊積分？

Sure.

當然。

Our goal remains that we are trying to target a positive gross profit for 2025.

我們的目標仍然是努力在 2025 年實現正毛利潤。

I will say that we're operating today in a fluid environment, and we'll provide additional details on that outlook for 2025 on our Q4 earnings call when we'll provide our more formalized guidance for the full year as a whole.

我想說的是，我們今天在一個不穩定的環境中運營，我們將在第四季度的財報電話會議上提供有關 2025 年前景的更多詳細信息，屆時我們將提供全年更正式的指導。

As it pertains to regulatory credits, we do have visibility into future opportunities for the sale of our reg credits into next year, and would expect them to be in line with what we've seen here for 2024 as a whole.

由於它涉及監管信用，我們確實可以預見到明年銷售監管信用的未來機會，並預計它們將與我們在 2024 年整體上看到的情況一致。

Thank you.

謝謝。

Adam Jonas, Morgan Stanley.

亞當‧喬納斯，摩根士丹利。

Thanks everybody.

謝謝大家。

So you highlighted a challenging consumer environment.

因此，您強調了充滿挑戰的消費者環境。

Just wanted to drill on that.

只是想鑽研一下。

Can you remind us what percentage of your volume in the quarter is pre-ordered versus sold out of dealer inventory?

您能否提醒我們，本季預訂量與經銷商庫存售完量的百分比是多少？

And how is that changing?

這種情況有何變化？

And I'd also be curious, given events of this week if you could remind us what portion of your sales are the customers who realize a full $7,500 tax credit?

我也很好奇，考慮到本週發生的事件，您能否提醒我們，實現 7,500 美元全額稅收抵免的客戶佔您銷售額的比例是多少？

And also what percentage of your sales are leased?

您的銷售額中有多少百分比是租賃的？

And can you confirm how Rivian is not taking any direct residual value exposure related to those leases.

您能否確認 Rivian 如何不承擔與這些租賃相關的任何直接殘值風險？

Thanks.

謝謝。

Sure, Adam.

當然，亞當。

As we think -- maybe I'll take the second part of your question first on leasing.

正如我們所想的——也許我會先回答你問題的第二部分關於租賃的問題。

Overall, lease penetration was 42% within the quarter.

整體而言，本季租賃滲透率為 42%。

Chase is our lease partner and Rivian together with Chase shares in the residual values of the vehicles that we have as part of that leasing program.

Chase 是我們的租賃合作夥伴，作為該租賃計劃的一部分，Rivian 與 Chase 共同分享我們擁有的車輛的剩餘價值。

And it's something we utilize third-parties to mark the residual values that we anticipate achieving.

我們利用第三方來標記我們預期實現的剩餘價值。

And it's something that our team studies carefully on a monthly and quarterly basis as we adjust our reserve levels accordingly to what we're seeing in the broader market backdrop as a whole.

我們的團隊每月和每季都會仔細研究這一點，因為我們會根據我們在整個更廣泛的市場背景下看到的情況來調整我們的準備金水準。

As we think about the overall mix of volume from preorders, in Q3, we had the end of our early preorder pricing volumes as a whole.

當我們考慮預訂量的整體組合時，在第三季度，我們的早期預訂定價量整體結束了。

So we did see an uptick overall in terms of consumers that were those early customers that were utilizing that really lower pricing to their benefit as they purchase a Gen 1 or the remainder of Gen 1 vehicles as a whole in Q3.

因此，我們確實看到消費者總體增加，這些早期客戶在第三季度購買第一代或整個第一代車輛的其餘部分時，利用真正較低的價格來獲得利益。

And then in terms of the percentage of sales that receives the $7,500 credit, and it is largely our population of leased consumers that are able to take advantage of that credit, given the price point of our vehicles and the overall income levels, most of our customers don't qualify on a finance or cash purchase.

然後就獲得 7,500 美元信貸的銷售百分比而言，考慮到我們車輛的價格點和總體收入水平，我們的大部分租賃消費者能夠利用該信貸，我們的大多數人客戶不符合融資或現金購買的資格。

Thanks, Claire.

謝謝，克萊爾。

Dan Levy, Barclays.

丹·利維，巴克萊銀行。

Hi, good evening.

嗨，晚上好。

Thank you for taking the question.

感謝您提出問題。

I want to start and just follow up maybe a bit on Emmanuel's question.

我想開始並跟進伊曼紐爾的問題。

And just to decompose the third quarter COGS per unit, it was roughly $127,000 if you backed out the cost of revenue initiatives.

僅將第三季的每單位 COGS 分解一下，如果不考慮收入計劃的成本，則約為 127,000 美元。

But recognizing that there's -- there were inefficiencies on the volume on the supplier side.

但要認識到供應商方面的數量效率低。

Maybe what is a more clean way to look at your current COGS per unit?

也許有什麼更簡潔的方法來查看目前每單位的銷貨成本？

And then into 2025, if you could maybe just decompose some of the pieces on the COGS per unit that get better and specifically the cadence of material cost benefits, how that layers in.

然後到 2025 年，如果你可以分解每單位 COGS 上的一些變得更好的部分，特別是材料成本效益的節奏，以及如何分層。

Thanks, Dan, for the question.

謝謝丹提出的問題。

This is of course, something we spend a tremendous amount of time focusing on.

當然，這是我們花費大量時間關注的事情。

And third quarter was -- it's hard quarter to look through all the noise with ramp up and bring up of our Gen 2 platform, as Claire said -- a number of supplier relationships that either changed or ended and replaced with new supplier relationships as I said, we replaced about 50% of the bill of materials as measured by cost.

正如克萊爾所說，第三季度——正如克萊爾所說，很難通過我們的第二代平台的提升和啟動來消除所有噪音——許多供應商關係要么發生了變化，要么結束了，並被新的供應商關係所取代。

And then, of course, the supply interruption that did halt production for some time and overall lower the amount of vehicles that we produced in the quarter had some impacts.

當然，供應中斷確實導致生產暫停了一段時間，並且總體上減少了我們本季生產的車輛數量，從而產生了一些影響。

So you look through all that noise, and I think the important thing to note is if you were to look at material costs in this quarter in Q4, and you were to compare that to our material cost in the vehicle in Q1 of this year, the Q4 material cost is going to be 20%, we project to be 20% lower than what we saw in Q1.

因此，您仔細觀察所有這些噪音，我認為需要注意的重要一點是，如果您要查看第四季度本季的材料成本，並將其與今年第一季的車輛材料成本進行比較，第四季度的材料成本將為20%，我們預計比第一季低20%。

So we are making real meaningful progress in terms of lowering our bill of materials, lowering our cost structure.

因此，我們在降低材料清單和成本結構方面取得了真正有意義的進展。

In a similar fashion, we're also driving efficiency into how we're running the plant.

以類似的方式，我們也在提高工廠運作效率。

So the hours per unit that we build is coming down.

因此，我們建造每個單位的時間正在下降。

We're driving more quality into the vehicles.

我們正在提高車輛的品質。

So there's -- the just the flow of the plant is running smoother, but it's really hard to see through all the different elements that made up Q3.

因此，工廠的流程運作得更順暢，但很難看清構成第三季的所有不同元素。

And so we actually talked about this a lot, how do we communicate the progress we're making despite the fact that Q3 makes it hard to see.

因此，我們實際上討論了很多這個問題，儘管第三季的情況很難看到，但我們如何傳達我們正在取得的進展。

And I think, in short, one of the most important things to call out here is that we're continuing to guide on Q4 to a positive gross margin overall.

簡而言之，我認為這裡需要指出的最重要的事情之一是我們將繼續引導第四季度的整體毛利率實現正值。

With that said, I do want to just invite Javier to have a few comments here.

話雖如此，我確實想邀請哈維爾在這裡發表一些評論。

He's joined the team now for a couple of months, he's M&I and along with the rest of leadership team, have been working really closely together, not just on the production of R1 and the continued progress towards positive margin there.

他加入團隊已有幾個月了，他是 M&I 的負責人和領導團隊的其他成員，一直在密切合作，不僅僅是 R1 的生產以及實現正利潤率的持續進展。

But very importantly, on the R2 program, and that's both in terms of the plant, but also the supply chain.

但非常重要的是，在 R2 計畫中，這既包括工廠方面，也包括供應鏈方面。

Thank you, RJ.

謝謝你，RJ。

Indeed, it's a big focus currently is an improving performance, implementing lean acceleration, if I may call it that way, compressing the value streams, empowering the shop.

事實上，目前的一大焦點是提高績效，實施精實加速（如果我可以這樣稱呼的話），壓縮價值流，賦予商店權力。

So unleashing the potential of all of our members, team leaders, group leaders.

從而釋放我們所有成員、團隊領導者、團隊領導者的潛能。

We have started recently with very promising results and really was visiting the line this morning, and I'm very pleased to see how people are engaged in improving performance.

我們最近開始取得了非常有希望的結果，今天早上確實參觀了生產線，我很高興看到人們如何致力於提高績效。

We are as well robustifing our Rivian industrial operating system, or integrated operating system, all our lean principles and again, accelerating their implementation.

我們也強化了 Rivian 工業作業系統或整合作業系統以及所有精實原則，並再次加速其實施。

And when it comes to the way of working in the teams, enhancing an end-to-end cross-functional view and collaboration.

當談到團隊的工作方式時，增強端到端的跨職能視圖和協作。

The big priorities for that performance is improving in the short term that those results.

實現這項績效的首要任務是在短期內改善這些結果。

But what's more important is to prepare the plant for landing R2 to appropriately at the right levels of quality, cost and with the right delivery times.

但更重要的是讓工廠為 R2 的落地做好準備，使其達到正確的品質、成本水準和正確的交貨時間。

Great.

偉大的。

That's helpful.

這很有幫助。

Just if you could remind us on the benefits actually from stronger operations in '25, how much runway there is to drive the COGS per unit down.

如果您能提醒我們 25 年更強的營運實際上帶來的好處，還有多少跑道可以降低每單位的銷貨成本。

Sure.

當然。

As we think about 2025, one of the core benefits that we'll have is having the Gen 2 in production for the entirety of the year relative to what we had over the course of 2024.

當我們考慮 2025 年時，我們將獲得的核心優勢之一是，相對於 2024 年，我們全年都在生產第二代。

And as RJ alluded to, 2024 is also a little bit noisy just given the shutdown that we had to introduce the Gen 2 into the line and ramp up from a production standpoint.

正如 RJ 所提到的，2024 年也有點吵鬧，因為我們必須將 Gen 2 引入生產線並從生產的角度提高產量。

So as we look ahead, Javier and team now have the opportunity to really drive many of those core lean manufacturing principles to drive an overall focus around operational efficiency within our manufacturing facility here in Normal, and ensure we're ready for R2, which is coming next in 2026.

因此，當我們展望未來時，哈維爾和團隊現在有機會真正推動許多核心精益製造原則，以推動我們在諾默爾的製造工廠內全面關注營運效率，並確保我們為 R2 做好準備，即下一個將於2026 年推出。

We will still have a shutdown as part of our production cadence in 2025, that will be in the second half of the year of just over a month of shutdown there, to do a number of -- a lot of work on many of the shared shops, and specifically our paint shop to make sure that we're ready for R2 start of production.

作為 2025 年生產節奏的一部分，我們仍將停工，這將是在下半年，停工僅一個多月，以便在許多共享的領域開展大量工作。生產做好準備。

Thank you.

謝謝。

If I could just squeeze in one more.

如果我能再擠進一顆就好了。

On Volkswagen, we've seen the Scout announcement, and it's using the joint electric architecture.

在大眾汽車上，我們看到了 Scout 的公告，它使用的是聯合電動架構。

Maybe you could just -- I know we're waiting for the JV to be closed, but remind us of sort of where the collaboration currently stands?

也許你可以——我知道我們正在等待合資企業關閉，但請提醒我們目前的合作情況？

Yes.

是的。

As I said, we're excited about our partnership with Volkswagen.

正如我所說，我們對與大眾汽車的合作感到興奮。

And looking forward to being able to support developing really compelling products across a portfolio of brands and markets.

並期待能夠支持跨品牌和市場組合開發真正引人注目的產品。

As it stands today, we've built a demonstrator essentially that is a driving vehicle that utilizes our electrical architecture, our ECU technology, our software stack.

就目前而言，我們已經建立了一個演示器，本質上是一種利用我們的電氣架構、ECU 技術和軟體堆疊的駕駛車輛。

And it's incredibly encouraging and exciting to our teams on both the Rivian side and the Volkswagen Group side.

這對 Rivian 和大眾汽車集團的團隊來說都是令人難以置信的鼓舞和興奮。

And in terms of which products our technology is going to go into and what cadence that's not been announced yet, but of course, the nature of the deal and the scale of this partnership in this deal is such that our technology will be seen across many different products and brands within the Volkswagen Group family.

至於我們的技術將進入哪些產品以及具體的節奏尚未公佈，但當然，交易的性質以及交易中合作夥伴關係的規模使得我們的技術將在許多領域看到大眾汽車集團家族內的不同產品和品牌。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

Yes, good afternoon, thanks very much for taking my question.

是的，下午好，非常感謝您提出我的問題。

I think 2024 production guidance implies that production in the fourth quarter will be a little over 11,000 units or roughly 865 vehicles per week.

我認為 2024 年的產量指引意味著第四季度的產量將略高於 11,000 輛，即每週約 865 輛。

Maybe you can help us better understand where Rivian currently stands.

也許您可以幫助我們更了解 Rivian 目前的處境。

And I ask to better contextualize where you stand with the supply constraint with the Enduro motor?

我想請您更了解您對 Enduro 引擎供應限制的立場？

Thank you, Mark, for your questions.

謝謝你，馬克，你的問題。

We are working -- we have been working in the last weeks with that specific constraint, I would say that is a short-term constraint.

我們正在努力——過去幾週我們一直在應對這一特定的限制，我想說這是一個短期的限制。

And the teams have demonstrated create a normal sense of urgency, gathering together with the supplier, working cross-functionally, constrained teams on site.

這些團隊已經證明可以創造一種正常的緊迫感，與供應商聚集在一起，跨職能工作，在現場限制團隊。

And what's more important is that we are now ramping up a new capacity in record time.

更重要的是，我們現在正在創紀錄的時間內提高新產能。

The last weeks have been very promising, and we see that we are in the right trend to recover the right capacity.

過去幾週的情況非常有希望，我們看到我們正處於恢復正確產能的正確趨勢。

Really, really promising.

真的，真的很有希望。

So we think that, that problem -- I think, I really think that, that problem will be over in the very next weeks.

所以我們認為，這個問題——我認為，我真的認為，這個問題將在接下來的幾週內解決。

Thank you for that color.

謝謝你的那個顏色。

My second question was around the regulatory credits.

我的第二個問題是關於監管積分的。

Clearly, you said you now expect $300 million for this year.

顯然，您說您現在預計今年的收入將達到 3 億美元。

I had thought it was closer to $200 million as an outlook for 2024.

我原以為 2024 年的前景接近 2 億美元。

Maybe help us better understand what's leading to the upside relative to the prior view?

也許可以幫助我們更好地理解是什麼導致了相對於之前觀點的上行？

Thank you.

謝謝。

Sure, Mark.

當然，馬克。

As we’ve gone throughout the course of this year, we have seen an increase in the underlying value of the regulatory credits that we’ve been selling to many of the OEM counterparties across the board, and as well as the opportunity to sell deeper into the overall red credit areas of focus for our core team.

在今年的整個過程中，我們看到我們向許多 OEM 交易對手全面出售的監管信用的潛在價值有所增加，並且有機會更深入地銷售我們核心團隊重點關注的整體紅色信貸領域。

This is a highly complex puzzle as our team manages our credit portfolio relative to the needs of other OEMs on a state-by-state basis as a whole.

這是一個非常複雜的難題，因為我們的團隊根據每個州的整體需求來管理我們的信貸組合，以滿足其他原始設備製造商的需求。

And so this is just a demonstration of the progress that our team has been able to make to achieve the great outcome of being able to bring in $300 million of value to Rivian through the sale of these regulatory credits.

因此，這只是我們團隊所取得的進展的證明，我們能夠透過出售這些監管信貸為 Rivian 帶來 3 億美元的價值，從而取得巨大成果。

Joseph Spak, UBS.

約瑟夫‧斯帕克，瑞銀集團。

Thank you very much.

非常感謝。

Claire, just in talking about 2025 a little bit, a couple of times on this call, and you mentioned still that gross profit positive target.

克萊爾，剛才在這次電話會議上幾次談到了 2025 年，您仍然提到了毛利正目標。

You again just sort of mentioned some downtime later in the year.

您再次提到了今年稍後的一些停機時間。

So just to be clear, when you say gross profit positive, is that for the full year at some point of the year?

因此，需要澄清的是，當您說毛利為正時，是指全年某個時間點的毛利嗎？

Is it like on the R1 vehicle, like X something for R2?

就像 R1 車輛上的那樣，就像 R2 上的 X 一樣嗎？

And I guess just related to the regulatory kind of question, like how do we think about the cadence of that?

我想這與監管類型的問題有關，例如我們如何考慮其節奏？

Like do you have any recourse and when do you recognize that revenue?

例如你有追索權嗎？

Sure, Joe. As we look at 2025, overall as you rightfully pointed out, we will have quarterly impact.

當然，喬。當我們展望 2025 年時，總體而言，正如您正確指出的那樣，我們將產生季度影響。

So we don't expect that every quarter in 2025 will be positive gross profit in its own right.

因此，我們預計 2025 年每季本身的毛利不會為正。

Our target is to be positive for the year in its entirety.

我們的目標是全年實現積極的目標。

And so as we think about some of the relative impacts that we'll have next year as a whole, some of that will be driven by the lumpiness of the recognition of our regulatory credits as well that are certainly an enabler of that path to positive gross profit in 2025 in aggregate.

因此，當我們考慮明年整體上將產生的一些相對影響時，其中一些影響將是由我們的監管信用認可度的不穩定性所驅動的，這無疑是這條通往積極之路的推動者。年合計毛利。

And so as we look out into the future, we do have an understanding of timing needs of many of the counterparties that we are working with.

因此，當我們展望未來時，我們確實了解許多與我們合作的對手方的時間需求。

In some cases, the timing of regulatory credit recognition is related to government agencies as well.

在某些情況下，監管信用認可的時間也與政府機構有關。

So some of it is a little bit up for understanding the exact time lines that we'll achieve it.

因此，其中一些內容有助於理解我們實現這一目標的確切時間軸。

But that's our current view as we think about the overall cadence of recognition of those credits.

但這是我們目前在考慮承認這些學分的整體節奏時的觀點。

But just at a high level, excluding maybe some of the agency stuff like you recognize revenue when like, someone buys it from you.

但只是在較高的層面上，排除一些像你這樣的代理商的東西，當有人從你那裡購買它時，你就會確認收入。

Like you can't recognize it on an agreement to buy it from you?

就像您無法在從您那裡購買的協議上認出它一樣？

Right.

正確的。

It's not on an agreement.

這不是協議上的事。

It's when we transfer the credits to that counterparty.

當我們將信用轉移給該交易對手。

Okay.

好的。

The second question, just -- and I apologize, I joined a little late right as you were saying this, but I thought I heard you say van production will be up in the fourth quarter.

第二個問題，我很抱歉，當你這麼說的時候我加入得有點晚，但我想我聽到你說貨車產量將在第四季度上升。

Is that deliveries too?

這也叫送貨嗎？

Or are you building some inventory, maybe in advance of some actions in next year?

或者您正在建立一些庫存，也許是在明年採取某些行動之前？

Because I thought in the past, you had mentioned that Amazon doesn't really like to take a lot of vans in the fourth quarter.

因為我過去認為，您曾提到亞馬遜不太喜歡在第四季度使用大量貨車。

So something changed with the cadence there.

所以那裡的節奏發生了變化。

Yes.

是的。

As I mentioned in my prepared remarks, we are increasing our production of both vans as well as Tri-Motor in the fourth quarter.

正如我在準備好的發言中提到的，我們將在第四季度增加貨車和三電機的產量。

And so increasing production as well as deliveries of those units.

因此增加了這些裝置的產量和交付量。

Because both of those variants only require one Enduro motor.

因為這兩種型號都只需要一台 Enduro 馬達。

And so from an operational efficiency standpoint, that was the best way for us to increase or maximize our overall production for the year in aggregate.

因此，從營運效率的角度來看，這是我們增加或最大化全年總產量的最佳方式。

So I would say, we do certainly expect that there would be additional Amazon van sales in the fourth quarter of this year.

所以我想說，我們確實預計今年第四季亞馬遜貨車銷量將會增加。

George Gianarikas, Canaccord Genuity.

喬治‧賈納里卡斯 (George Gianarikas)，Canaccord Genuity。

Hi, good afternoon, and thank you for taking my questions.

你好，下午好，謝謝你回答我的問題。

I just want to piggyback on a previous question around the relationship with Volkswagen and the Scout vehicle.

我只是想藉用之前關於與大眾汽車和偵察車的關係的問題。

From what we understood about the relationship, it had to do with electrical and software, but the car looks a lot like R1.

根據我們對這種關係的理解，它與電氣和軟體有關，但汽車看起來很像 R1。

And so to what extent can we expect there to be sort of a similar lineup from Volkswagen with regard to Rivian?

那麼，我們可以在多大程度上期望大眾汽車公司在 Rivian 方面擁有類似的產品陣容呢？

And how closely will you be cooperating on aesthetics as well as engineering.

以及你們在美學和工程方面的合作有多緊密。

Thank you.

謝謝。

Thanks, George.

謝謝，喬治。

The joint venture, what it encapsulates is electrical architecture, our ECUs, and the software that's running on the ECUs.

這家合資企業封裝的是電氣架構、我們的 ECU 以及 ECU 上運行的軟體。

And it's really important to recognize that, that doesn't mean the UI frameworks, the way the digital screens inside the vehicle look, the number of screens, the shape of the screens, but really the underlying software.

重要的是要認識到，這並不意味著 UI 框架、車內數位螢幕的外觀、螢幕數量、螢幕形狀，而是真正的底層軟體。

And that's going to -- that platform, our platform is going to be used across a wide range of products and brands, and each of those products and brands will have decisions around what the vehicle itself looks like, which, of course, doesn't link to the software to the electronics but all sub decisions around what the UI looks like inside the vehicle and their overall digital design and design framework.

這將是 - 該平台，我們的平台將用於廣泛的產品和品牌，每個產品和品牌都將圍繞車輛本身的外觀做出決定，當然，這不會」不是將軟體連結到電子設備，而是圍繞車內使用者介面的外觀及其整體數位設計和設計框架進行所有子決策。

So with regards to our role in any design decisions, those decisions remain with the brands, of course, within Volkswagen Group.

因此，就我們在任何設計決策中的角色而言，這些決策仍然屬於大眾汽車集團內部的品牌。

Thank you.

謝謝。

And maybe as a follow-up, just any update on commercial vehicle traction in the marketplace and when we could expect additional customers to ramp volumes?

也許作為後續行動，市場上商用車牽引力的任何更新以及我們何時可以期望更多客戶增加銷售？

Thank you very much.

非常感謝。

Yes, as we've said for a while now, the sales cycle on these larger commercial fleets takes some time.

是的，正如我們已經說過一段時間的那樣，這些大型商業機隊的銷售週期需要一些時間。

It's not just the purchase of the vehicles, the decision on vehicles, but it often means changes to the standard operating procedure for the fleet operator.

這不僅僅是車輛的購買、車輛的決定，而且通常意味著車隊營運商標準操作程序的改變。

It requires charging infrastructure, which often is not simple because the sites that they are operating out of may not have been designed for that level of power, that level of energy.

它需要充電基礎設施，這通常並不簡單，因為它們運營的站點可能不是為那種功率水平、那種能源水平而設計的。

And so, with that said, we are starting to see the beginnings of the efforts that we've had over the last year to put those in place, and we'll start to see more of that in 2025, and this is a focus for the team.

因此，話雖如此，我們開始看到我們在過去一年中為落實這些努力所做的努力的開始，並且我們將在 2025 年開始看到更多這樣的努力，這是一個重點為了團隊。

And we are super excited about seeing our vans out in the world with different logos and different brands on them, as different fleets start their journey towards electrification.

我們非常高興看到我們的貨車在世界各地貼上不同的標誌和不同的品牌，因為不同的車隊開始了電氣化之旅。

Tom Norian, RBC Capital.

湯姆‧諾里安 (Tom Norian)，加拿大皇家銀行資本公司 (RBC Capital)。

All right.

好的。

Thanks for taking the question.

感謝您提出問題。

Sorry, one more on the regulatory credit.

抱歉，還有一個關於監管信用的問題。

So if I look at the Q3 gross profit is a negative $392 million, I believe the $300 million of that, I think, $275 million hits in Q4 alone, I think you did $25 million year-to-date.

因此，如果我看一下第三季的毛利為負3.92 億美元，我相信其中的3 億美元，我認為，僅第四季度就達到了2.75 億美元，我認為今年迄今為止你就賺了2500萬美元。

Is that would imply like $117 million benefit in Q4.

這是否意味著第四季將獲得 1.17 億美元的收益？

Volumes were depressed in Q3.

第三季成交量低迷。

So they're coming back in Q4, that should be a benefit -- a piece of think of that $117 million.

所以他們會在第四季回歸，這應該是一個好處——想想那 1.17 億美元。

It just feels like the sequential bridge between Q3 to Q4 on cost improvement sequentially might not be as significant, just be helpful clear to just see what the cost improvement piece of that bridge is?

只是感覺第三季到第四季之間在成本改進方面的連續橋樑可能不那麼重要，只是有助於清楚地了解該橋樑的成本改進部分是什麼？

If you could quantify that, that would be really helpful.

如果你能量化這一點，那將非常有幫助。

Thanks.

謝謝。

Sure, Tom.

當然，湯姆。

We don't give specifics.

我們不提供具體細節。

But as we think about the core drivers beyond the revenue related ones that we talked about there is going to be significant improvement in underlying average selling prices, as we start to sell through additional Tri-Motors in the quarter as I mentioned previously as well, we ended the preorder holder early pricing.

但是，當我們考慮我們所討論的與收入相關的核心驅動因素之外的核心驅動因素時，隨著我們在本季度開始通過額外的三電機進行銷售，正如我之前提到的那樣，潛在的平均售價將會顯著改善，我們結束了預購者的提前定價。

And so that would be a natural boost overall as we think about more full price sales in the fourth quarter in aggregate.

因此，當我們考慮第四季度的全價銷售總量時，這將是一個自然的整體推動。

And then as we look at the underlying cost structure as a whole, I mean, embedded in our production guidance is slightly below our Q3 level as we think about the underlying fixed cost absorption.

然後，當我們從整體上審視基本成本結構時，我的意思是，當我們考慮潛在的固定成本吸收時，我們的生產指導中嵌入的成本略低於第三季度的水平。

So where we're seeing the benefits there, as I mentioned, are really a step down in depreciation.

因此，正如我所提到的，我們看到的好處實際上是折舊的下降。

We also expect to see our LCNRV and firm purchase commitment levels coming down.

我們也預計 LCNRV 和確定的採購承諾水準將會下降。

And then we'll see continued progress on a variable cost per unit basis.

然後我們將看到單位變動成本的持續進展。

So as RJ highlighted previously as well, there's a bit of noise that you see in the Q3 numbers.

正如 RJ 之前所強調的那樣，您在第三季的數據中看到了一些噪音。

So Q4 will be more representative of our go-forward launching off point into 2025, where we anticipate seeing further progress across each of the three core drivers of revenue per unit variable cost per unit and fixed cost per unit improvements.

因此，第四季將更能代表我們向 2025 年邁進的起點，我們預計單位收入、單位可變成本和單位固定成本改善這三個核心驅動因素中的每一個都將取得進一步進展。

Got it.

知道了。

And my follow-up, RJ, on the R2, I believe the $45,000 price variety is the one that's not the 300-mile range, when it might be below.

我的後續車型 RJ 在 R2 上，我認為 45,000 美元的價格範圍不是 300 英里範圍，而它可能低於 300 英里範圍。

Just wondering how competitive that would be a $45,000 under 300-mile range vehicle with the -- in 2026, the competitive environment seems to be -- we have GM with Equinox at sub-$30,000 with 300-plus miles of range.

只是想知道，一輛售價45,000 美元、續航里程300 英里以下的汽車，在2026 年的競爭環境中，會有多大競爭力——我們擁有通用汽車的Equinox，售價低於30,000 美元，續航里程超過300 英里。

How does that compete?

這如何競爭？

Is it a different demographic, perhaps that makes it different features beyond just battery range.

這是一個不同的人群，也許這使得它除了電池範圍之外還有不同的功能。

Just love to hear how the competitive environment shakes out with that product at that range, at that price.

只是想聽聽競爭環境如何影響該產品在該範圍內、該價格下的情況。

Thanks.

謝謝。

Yes.

是的。

Thanks, Tom, for the question on R2.

謝謝 Tom 提出有關 R2 的問題。

We love talking about R2, we are super excited about it.

我們喜歡談論 R2，我們對此感到非常興奮。

Just to clarify, the $45,000 starting price for R2 correspond to a lower performance spec on the vehicle relative to what's possible on a platform level.

需要澄清的是，R2 45,000 美元的起價對應於車輛性能規格相對於平台等級較低的性能規格。

But the range on that variant is still over 300 miles.

但該車型的續航里程仍超過 300 英里。

So it is a 300-mile, where we say 300-plus miles of range.

所以這是 300 英里，我們說的範圍是 300 英里以上。

But on a lower performance back and with some of the content levels on the interior is slightly different than the top spec variants.

但在性能較低的情況下，內部的某些內容水平與頂級規格版本略有不同。

And we've spent a lot of time looking at this relative to what else is in the market.

我們花了很多時間來對比市場上的其他產品。

And one of the biggest unlocks we believe, for overall demand of EVs and the path towards ultimately 100% of new vehicle sales being electric is the need for a lot of customer choice and a lot more choice than we have today.

我們認為，對於電動車的整體需求以及最終實現 100% 新車銷售電動化的道路來說，最大的解鎖之一是需要大量的客戶選擇，並且比我們今天擁有的選擇更多。

And there are very, very few compelling options in that sub-$50,000 price range.

在 50,000 美元以下的價格範圍內，幾乎沒有什麼引人注目的選擇。

And we believe R2 is going to be an important product for giving customers choice, that's a unique form factor, unique performance in brand and product attributes, and having spent a lot of time in and around the vehicle, I can say I've never been as excited as for a product as I'm for R2.

我們相信 R2 將成為一款為客戶提供選擇的重要產品，它具有獨特的外形尺寸、品牌和產品屬性的獨特性能，並且在車輛內部和周圍花費了大量的時間，我可以說我從來沒有像我對R2 一樣對產品感到興奮。

Jakes (inaudible) with BNP Paribas.

傑克斯（聽不清楚）與法國巴黎銀行。

Hi everybody.

大家好。

On the revenue per unit increase for the fourth quarter, I assume this excludes the $275 million in regulatory credits.

關於第四季每單位收入的成長，我認為這不包括 2.75 億美元的監管信貸。

Is the increase year-over-year reference or compared to the first quarter, can you just remind us?

成長是同比參考還是與第一季相比，您能提醒我們嗎？

And then just to echo maybe part of Adam's first question, what's the level of visibility in your order book for such a sizable ASP step-up?

然後，也許是為了回應 Adam 的第一個問題，對於如此大的 ASP 提升，您的訂單簿中的可見度是多少？

And would the increase in EDV deliveries for the fourth quarter weigh on your ASP.

第四季 EDV 交付量的增加是否會對你們的 ASP 造成壓力？

So if you could help to mention what the EDV growth is might look like and whether sequentially or year view, that would be great as well.

因此，如果您能幫忙提及 EDV 成長情況以及是按順序還是按年增長，那就太好了。

Great.

偉大的。

As we think about the revenue per unit increase in the fourth quarter, as you rightfully called out we see an increase in our on average selling price, which is partially offset by an increase in the sale of commercial land in the fourth quarter.

當我們考慮到第四季度每單位收入的成長時，正如您正確指出的那樣，我們看到平均售價有所增加，這部分被第四季度商業用地銷售的成長所抵消。

And those comments were relative to what we experienced in the third quarter of this year as a whole.

這些評論與我們今年第三季的整體經驗有關。

And I would say, as we look back to last year, in aggregate in Q4, you did see a much lower sort of 8% of revenue being represented by commercial vans we'll see that just over -- about closer to the 25% level in Q4 of this year in aggregate.

我想說的是，當我們回顧去年第四季的整體情況時，您確實看到商用貨車佔收入的比例要低得多，只有 8%，我們會看到這一比例剛剛結束，接近 25%今年第四季的整體水準。

So there will certainly be some puts and takes there.

所以肯定會有一些看跌期權和賣出期權。

But that's really the foundational drivers as we think about overall ASP.

但這確實是我們考慮整體 ASP 的基本驅動因素。

But on a blended average unit, we'll still see relative to Q3 and increase from an average selling price standpoint.

但就混合平均單位而言，我們仍會看到相對於第三季的平均售價的成長。

Got it.

知道了。

Super helpful.

超有幫助。

And then just for the -- go ahead, do you have anything?

然後就是──繼續，你有什麼嗎？

Yes.

是的。

I was just going to comment a little bit on order bank or order book visibility as a whole.

我只是想對訂單庫或訂單簿的整體可見性進行一些評論。

Our teams from a go-to-market standpoint are continuing to drive and push for more consumers to get behind the wheel of our vehicles.

從進入市場的角度來看，我們的團隊正在繼續推動和推動更多消費者購買我們的車輛。

We saw that demonstrated by the 20% increase in our demo drives that we had in Q3 relative to Q2 levels.

我們看到，第三季的演示驅動器相對於第二季的水平增加了 20%，這證明了這一點。

And we're continuing to drive brand awareness as a whole to build up more and more interest in Rivian and have those -- that interest translate into orders.

我們將繼續提高整體品牌知名度，以培養人們對 Rivian 越來越多的興趣，並將這些興趣轉化為訂單。

And then just on the VW JV, is it effective to close before year-end?

那麼就大眾合資公司而言，年底前關閉是否有效？

My apologies if I missed a confirmation or clarity on that.

如果我錯過了對此的確認或澄清，我深表歉意。

And just associated with the JV, I believe there are going to be certain milestone achievements associated with VW's additional funding tranches.

就合資企業而言，我相信大眾的額外融資將會達到某些里程碑式的成就。

So can you provide any color at all on just what the context of those milestones might entail?

那麼您能否提供一些關於這些里程碑可能需要的背景的資訊？

Thanks.

謝謝。

Jake, the Volkswagen joint venture, we expect it to fully close certainly before the end -- and a lot of the work that's gone into defining such a significant and scaled partnership has played out over the last few months.

傑克，大眾汽車的合資企業，我們預計它肯定會在年底之前完全關閉 - 並且在過去幾個月中已經完成了定義如此重要和規模化合作夥伴關係的大量工作。

And part of that is some of the KPIs, if you will, of the types that we're setting for ourselves.

如果你願意的話，其中一部分是我們為自己設定的一些 KPI 類型。

And so we've worked really closely with the team at Volkswagen Group to define those, and we're very comfortable with those in terms of milestones that unlock certain portions of the financing associated with the deal.

因此，我們與大眾集團的團隊密切合作來定義這些目標，我們對這些里程碑感到非常滿意，這些里程碑解鎖了與交易相關的某些融資部分。

Edison Yu, Deutsche Bank.

於愛迪生，德意志銀行。

Hi, thank you so much.

你好，非常感謝你。

This is (inaudible) on for Edison.

這是愛迪生的（聽不清楚）。

You guys have mentioned that 85% of the sourcing of R2 [BOM] is that already done?

你們提到 R2 [BOM] 85% 的採購已經完成了嗎？

Could the potential tear off take place under the administration play a role in the cost target?

在政府領導下發生的潛在剝離是否會在成本目標中發揮作用？

Or have you sort of designed the sourcing such that it wouldn't matter which administration when the election is

或者你是否設計了採購方式，使得選舉時哪個政府都無關緊要

[passed].

[透過]。

Thanks.

謝謝。

The R2 sourcing process is something we've looked at very strategically and certainly have contemplated even prior to the election, just what the impact would be, should the overall approach to tariffs change.

R2 採購流程是我們非常策略性地考慮的，甚至在選舉之前就已經考慮過，如果整體關稅方法發生變化，將會產生什麼影響。

And so a lot of our focus has been on sourcing suppliers that are not going to be subject to large tariffs and in places where we have sourced suppliers that are overseas that could be subject to changes in tariff structure, designed the contracts and designed the relationships in such a way that we're not carrying much of the risk.

因此，我們的重點是尋找不會受到高關稅的供應商，以及在我們尋找可能會受到關稅結構變化的海外供應商的地方，設計合約並設計關係這樣我們就不會承擔太大的風險。

Now with that said, it's -- there's a lot of policy elements here that are in play, and we're watching it very closely.

話雖如此，這裡有很多政策因素在發揮作用，我們正在密切關注。

I think what's going to be interesting is how far this reaches into the upstream supply chain.

我認為有趣的是這對上游供應鏈的影響有多大。

So as we think about raw materials, and that's something that every manufacturer, certainly ourselves included, are thinking about.

因此，當我們考慮原材料時，這是每個製造商（當然包括我們自己）都在考慮的事情。

Got it.

知道了。

That's very helpful.

這非常有幫助。

And then I think in Q3, we did see sort of like an meaningful decline in OpEx sequentially.

然後我認為在第三季度，我們確實看到營運支出連續大幅下降。

Can you remind us there was any sort of extra reductions that going through versus initial expectation?

您能否提醒我們，與最初的預期相比，有哪些額外的削減？

And then how sustainable that is and how we should be thinking about that for 2025?

那麼它的可持續性如何？

Thanks.

謝謝。

Sure.

當然。

As we think about the underlying reductions that we've seen in our cash operating expenses, we were able to bring that level to about $599 million for Q3, which is a significant step down from where we were in the first half of the year.

當我們考慮現金營運支出的根本減少時，我們能夠將第三季的現金營運支出水準提高到約 5.99 億美元，比今年上半年的水準顯著下降。

We've talked about the second half as being lower than the first half in aggregate, which will unlock our ability to be able to have lower cash operating expenses in 2024 relative to what we have in 2023.

我們已經討論過下半年的整體水準低於上半年，這將使我們能夠在 2024 年實現比 2023 年更低的現金營運支出。

And this is the collective efforts of many members of the Rivian team across the company continuing to focus on driving efficiency, so that we can strategically invest in the most critical areas of the business as we think about many of our differentiated technology investments, as we think about the continued rollout of our service centers and spaces to support our go-to-market efforts and strategy.

這是整個公司 Rivian 團隊許多成員的集體努力，繼續專注於提高效率，以便我們能夠在考慮我們的許多差異化技術投資時，對業務最關鍵的領域進行策略性投資，因為我們考慮繼續推出我們的服務中心和空間，以支持我們的市場推廣工作和策略。

And so very much proud of the work that our team has done to enable this level of improvement.

我們的團隊為實現這一水平的改進所做的工作感到非常自豪。

We do expect, as we look to Q4, that we will see an uptick in terms of our spend, that’s really driven by additional R2 related spend that we’ll begin to see from an R&D standpoint and then the ongoing build-out of our go-to-market strategy, which will have some limited growth in our SG&A line as well.

我們確實預計，當我們展望第四季度時，我們的支出將會增加，這實際上是由額外的 R2 相關支出推動的，我們將從研發的角度開始看到這一點，然後是持續的構建-出於我們的市場進入策略，這也會對我們的SG&A產品線產生一些有限的成長。

Alex Potter, Piper Sandler.

亞歷克斯·波特，派珀·桑德勒。

Perfect.

完美的。

Thanks.

謝謝。

So I had a question on the Volkswagen relationship.

所以我對大眾汽車的關係有一個疑問。

There's obviously been, I don't know, a fair amount of intrigue in the media regarding headcount reductions, the restructuring and plant closures and things going on at Volkswagen.

我不知道，顯然，媒體對大眾汽車的裁員、重組和工廠關閉以及正在發生的事情進行了相當多的關注。

And I just wanted to, I guess, get some clarity on whether any of the teams that you've been working with may or may not be impacted.

我想，我只是想弄清楚與您合作的任何團隊是否會受到影響。

I don't know, obviously, you maybe can't put words in their mouth.

我不知道，顯然，你可能無法把話放到他們嘴裡。

But has this impacted you in any way?

但這對你有什麼影響嗎？

Or are there ways that it could potentially impact you looking ahead?

或者它可能會影響您的未來？

Alex, thanks for the question.

亞歷克斯，謝謝你的提問。

The nature of what we're building with our Volkswagen relationship and the partnership that's been designed provides a really efficient way for them to deploy advanced technology.

我們與大眾汽車的關係以及所設計的合作夥伴關係的性質為他們部署先進技術提供了一種真正有效的方式。

So it's a zonal architecture, which brings massive consolidation to the ECU topology dramatically simplifies the not only the software architecture but also the electric architecture as it pertains to the vehicle harness as well.

因此，它是一種區域架構，它為 ECU 拓撲帶來了大規模整合，不僅極大地簡化了軟體架構，而且還簡化了與車輛線束相關的電氣架構。

So ultimately, this is just as it is within Rivian, this is going to drive structural cost advantages into the business and this is, I think, a core reason as to why this partnership and this deal has happened.

因此，最終，這就像 Rivian 內部的情況一樣，這將為業務帶來結構性成本優勢，我認為，這是這項合作和這筆交易發生的核心原因。

So I think, in the context of driving greater efficiency into their business, what we are building with the joint venture absolutely aligns with that.

因此，我認為，在提高業務效率的背景下，我們與合資企業的合作絕對符合這一點。

And is it really important for not only creating products that are really compelling to customers but to create those products in ways that are highly cost efficient.

它不僅對於創造真正吸引客戶的產品而且以高度成本效益的方式創造這些產品真的很重要嗎？

Okay.

好的。

Very good.

非常好。

And then maybe lastly, there was a fair amount of verbiage in the shareholder letter on Connect+.

也許最後，Connect+ 的股東信中有大量措辭。

Streaming apps and things of this nature.

串流應用程式和這種性質的東西。

I mean it sounds sort of compelling.

我的意思是這聽起來有點引人注目。

It sounds like the take rates are pretty high amongst people who have been trying it.

聽起來嘗試過的人的接受率相當高。

Is this something that is modelable, something that investors should be including in their own forecasting?

這是可以建模的東西嗎？

Or is it not quite material enough to call that out.

或者說它還不夠重要，不足以指出這一點。

Thanks.

謝謝。

Yes.

是的。

This is sort of one of the big questions, I think, being asked broadly around the automotive industries to what level the future services show up as recurring revenue?

我認為，這是汽車產業廣泛詢問的重大問題之一，未來服務的經常性收入會達到什麼水準？

Or do they show up first price on the front end?

或者他們會在前端顯示第一個價格嗎？

And in this case, the Connect+, what that's relating to is -- there is a variable cost associated with providing the services.

在這種情況下，Connect+ 所涉及的是—與提供服務相關的可變成本。

So the data costs to, let's say, stream music or to have a WiFi hotspot are non-zero.

因此，比如說，串流音樂或擁有 WiFi 熱點的數據成本不是零。

And so this reflects us capturing that in a bundled package that brings along with it not just the price that covers the cost for us to be providing the connectivity, but also some additional features.

因此，這反映了我們在捆綁包中捕獲了這一點，該捆綁包不僅帶來了覆蓋我們提供連接的成本的價格，還帶來了一些附加功能。

And we're watching this very closely, in particular, thinking about it in the context of the growth of our autonomous platform and what that provides in terms of new features, new capabilities and how to appropriately charge for that.

我們正在非常密切地關注這一點，特別是在我們的自主平台發展的背景下思考它，以及它提供的新特性、新功能以及如何適當收費。

And I think it is too early to tell for us as an industry to say whether customers are going to prefer to pay for things upfront or whether they'll like to pay for them over time.

我認為，現在就我們這個行業來說，判斷客戶是否願意提前付款，或者他們是否願意隨著時間的推移付款還為時過早。

And the way we've at least model it internally is we've looked at the likely existence of both models where you'll have some customers that prefer to pay upfront and others that would rather pay on a more variablized basis.

我們至少在內部對其進行建模的方式是，我們研究了兩種模型可能存在的情況，其中一些客戶更願意預先付款，而另一些客戶則更願意在更加多樣化的基礎上付款。

And we sort of look at it with some in difference, meaning ultimately, it's going to get captured in the price of the vehicle, but it can be captured in all three different ways.

我們以一些不同的方式看待它，這意味著最終，它會被納入車輛的價格中，但它可以透過所有三種不同的方式來體現。

Mike Shlisky, D.A. Davidson.

麥克‧史利斯基 (Mike Shlisky)，D.A.戴維森。

Yes, hi.

是的，嗨。

Thanks for taking my question.

感謝您提出我的問題。

I guess, given some of the challenges you mentioned, the consumer challenges you had mentioned earlier just with some of the demand impact that's on having.

我想，考慮到您提到的一些挑戰，您之前提到的消費者挑戰以及所產生的一些需求影響。

I've heard about these kind of new variants that might have higher prices, better -- higher price assumptions in the fourth quarter.

我聽說這些新型號可能在第四季有更高的價格、更好的價格假設。

But I'm curious if you're seeing on a like-for-like basis, when people are making orders, are they trying to look at cheaper options or maybe fewer features.

但我很好奇，如果你在同類基礎上看到，當人們下訂單時，他們是否試圖尋找更便宜的選擇或可能更少的功能。

Has that been trended at all?

這已經成為趨勢了嗎？

It's important to recognize there's really a broad spectrum of customers.

重要的是要認識到客戶的範圍確實很廣泛。

And because of that, we've launched now three different powertrain configurations.

正因為如此，我們現在推出了三種不同的動力總成配置。

So we have a Dual-Motor, a Tri-Motor, and in 2025, we will be launching our updates to the Quad Motor.

因此，我們有雙電機、三電機，並且在 2025 年，我們將推出四電機的更新。

And then we have a couple of different battery pack sizes.

然後我們有幾種不同尺寸的電池組。

We have a standard of large and what we call our Max Pack.

我們有一個大的標準，我們稱之為最大包。

And effectively, that's us trying to populate the demand curve where some customers have -- want the best thing they can possibly buy, they're willing to pay to get the 2.5 seconds, 0 to 60, and 400 miles of range and others are going to be more price sensitive.

實際上，我們試圖填充一些客戶的需求曲線——想要他們能買到的最好的東西，他們願意付費以獲得 2.5 秒、0 到 60 和 400 英里的續航里程，而其他人則願意付費。會對價格更加敏感。

I think what Claire is referring to and what we're excited about is just the level of customer excitement we're seeing for the Tri and for our Quad.

我認為克萊爾所指的以及我們感到興奮的正是我們所看到的客戶對 Tri 和 Quad 的興奮程度。

And that, of course, is positive for us from a margin point of view.

當然，從利潤角度來看，這對我們來說是正面的。

But these are hard things you can imagine, we try to model this, predict this.

但這些都是你可以想像的困難的事情，我們嘗試對此進行建模，預測這一點。

And these are hard things to accurately predict.

而這些都是很難準確預測的事情。

And to now have the Try in the market and to see how customers are acting to it, see the -- when we put a Tri-Motor variant into our shop, how quickly it's there for -- but a moment, it disappears very quickly that the level of excitement and demand for that vehicle is high.

現在，Try 已投放市場，看看客戶對它的反應如何，看看——當我們將三電機變體放入我們的商店時，它在那裡的速度有多快——但一會兒，它很快就消失了對該車輛的興奮程度和需求很高。

And so thinking or looking into 2025, our next-generation Quad Motor vehicle is really, I mean it's just exceptional.

因此，思考或展望 2025 年，我們的下一代四輪摩托車確實非常出色。

It's -- the first-gen Quad was great, but this is on a whole another level.

第一代 Quad 很棒，但這完全是另一個層次的。

It's a vehicle that can do the quarter mile in less than 10.5 seconds.

這是一輛可以在 10.5 秒內跑完四分之一英里的車輛。

It's incredibly smooth and refined.

它非常光滑和精緻。

It can go into almost any imaginable off-road environment, and you can use it as an everyday driver.

它幾乎可以進入任何可以想像到的越野環境，你可以將它作為日常駕駛者。

While in conserved mode getting close to 400 miles of range.

在保守模式下，續航里程接近 400 英里。

So it's just a very unique combination of attributes.

所以它只是一個非常獨特的屬性組合。

And of course, it will be priced as such and therefore, drive a healthy margin to the business.

當然，它將按此定價，從而為業務帶來可觀的利潤。

So these are -- this is the reason we have this different topology of motor battery combination and trim combinations to allow us to sell into multiple different customer types.

所以這些 - 這就是我們擁有這種不同的馬達電池組合和裝飾組合拓撲的原因，以便我們能夠向多種不同的客戶類型進行銷售。

Thank you.

謝謝。

And I'm showing no further questions.

我沒有再提出任何問題。

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

現在，我將把電話轉回給 RJ Scaringe，讓其發表結束語。

Thanks, everybody for joining us on the call today.

謝謝大家今天加入我們的電話會議。

As you heard me say in our opening remarks.

正如我在開場白中所說的。

This is a challenging quarter with some of the production interruptions we had around supply and some of the nuanced complexities associated with transitioning into the Gen 2 vehicle and ramping our Gen 2 R1.

這是一個充滿挑戰的季度，我們在供應方面遇到了一些生產中斷，以及與過渡到 Gen 2 車輛和提升 Gen 2 R1 相關的一些微妙的複雜性。

But we are incredibly excited about what lies ahead, not just with Q4, but thinking into 2025 and very importantly, into 2026.

但我們對未來的發展感到非常興奮，不僅是第四季度，還包括 2025 年，非常重要的是 2026 年。

The excitement around the R2 program, both internally and externally, but from customers, but also just with the teams that are developing the product and preparing for launch is contagious internally.

圍繞 R2 計劃的興奮，無論是內部還是外部，不僅來自客戶，而且來自正在開發產品和準備發布的團隊，這種興奮在內部具有傳染性。

And every time I'm in and around it, I think to myself, I wish this was available today.

每次我身處其中或周圍時，我都會對自己說，我希望今天就可以使用它。

So we are fully embodying that and doing everything we can to get that vehicle to market, both on time, but as Javier said also really excited about how we're maintaining the program around its cost targets, which is such a significant focus for us with that program.

因此，我們正在充分體現這一點，並盡一切努力將車輛按時推向市場，但正如哈維爾所說，我們也對如何圍繞其成本目標維持該計劃感到非常興奮，這對我們來說是一個重要的關注點與該程序。

And with that, it's exciting to have Javier join us on this call today.

因此，哈維爾今天加入我們的電話會議真是令人興奮。

He's been a great partner to me is we're continuing to build Rivian for the next stage of growth and really focus on preparing ourselves for a significant ramp-up in volume with R2 and along with that, considerably lower cost to produce our vehicles.

他對我來說是一個很好的合作夥伴，因為我們正在繼續打造Rivian，以實現下一階段的成長，並真正專注於為R2 產量的大幅增加做好準備，同時大幅降低我們車輛的生產成本。

So with that, thanks, everyone, for joining the call and look forward to our next one.

因此，感謝大家加入電話會議，並期待我們的下一次電話會議。

Ladies and gentlemen, it does conclude our conference for today.

女士們、先生們，我們今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。