Rivian Automotive Inc (RIVN) 2024 Q4 法說會逐字稿

Good day. Thank you for standing by. Welcome to Rivian's fourth-quarter and full-year 2024 earnings conference call. Please note that today's conference is being recorded. I will now hand the conference over to your speaker host, Tim Bei, Vice President of Investor Relations. Please go ahead.

再會。感謝您的支持。歡迎參加 Rivian 2024 年第四季和全年財報電話會議。請注意，今天的會議正在錄音。現在，我將會議移交給演講主持人、投資者關係副總裁 Tim Bei。請繼續。

Good afternoon and thank you for joining us for Rivian's fourth-quarter and full-year 2024 earnings call. Today I'm joined by RJ Scaringe, our CEO and Founder; Claire McDonough, our Chief Finance Officer; and Javier Varela, our Chief Operations Officer.

下午好，感謝您參加 Rivian 2024 年第四季和全年財報電話會議。今天我與我們的執行長兼創辦人 RJ Scaringe 一起參加；我們的財務長 Claire McDonough；以及我們的營運長 Javier Varela。

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 in today's shareholder letter.

在我們開始之前，本次電話會議中討論的問題，包括評論和對問題的回答，反映了管理層截至今天的觀點。我們還將做出與我們的業務運營和財務業績相關的聲明，這些聲明根據聯邦證券法可能被視為前瞻性聲明。此類聲明涉及風險和不確定性，可能導致實際結果大不相同。這些風險和不確定性在我們今天提交給美國證券交易委員會的股東信中有描述。

During this call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is provided in our shareholder letter. Just before the call, we published our shareholder letter which includes an overview of our progress over the recent months. I encourage you to read it for additional details around some of the items we'll cover on today's call.

在本次電話會議中，我們將討論 GAAP 和非 GAAP 財務指標。我們在致股東信中提供了 GAAP 與非 GAAP 財務指標的對帳表。在電話會議召開之前，我們發布了致股東的信，其中概述了我們最近幾個月的進展。我鼓勵您閱讀它，以了解我們在今天的電話會議上將討論的一些內容的更多詳細資訊。

Beginning with the fourth quarter of 2024, there was a change in the composition of our reportable segments, and we now analyze the results of the business through the Automotive segment and the software and services segment. Our Q4 2024 results are presented on this basis. With that, I'll turn the call over to RJ who will begin with a few opening remarks.

從 2024 年第四季開始，我們的報告分部的組成發生了變化，現在我們透過汽車分部和軟體和服務分部來分析業務結果。我們的 2024 年第四季業績正是在此基礎上呈現的。說完這些，我將把電話轉給 RJ，他將首先致一些開場白。

Thanks for joining us, and thanks to the team for the tremendous effort in 2024. I'm pleased to be able to speak to our positive gross margin in Q4. This is a result of outstanding effort from the team, driving a focus on cost, driving a focus on continuing to build our demand generation capabilities, and of course, looking at opportunities to improve efficiency across the business.

感謝您的加入我們，也感謝團隊在 2024 年所做的巨大努力。我很高興能夠談論我們第四季的正毛利率。這是團隊出色努力的結果，我們專注於成本，專注於繼續建立我們的需求產生能力，當然，也尋找機會提高整個業務的效率。

With that, we removed $31,000 in COGS per vehicle in Q4 of '24 relative to Q4 of 2023. This is a really important milestone for us as a company and something Claire and myself have spoken to a lot over the course of the last year. And there's a number of drivers of this.

這樣一來，與 2023 年第四季相比，我們在 2024 年第四季每輛車的銷售成本減少了 31,000 美元。這對我們公司來說是一個非常重要的里程碑，克萊爾和我在過去的一年裡已經多次討論過這個主題。造成這現象的因素很多。

Of course, the cost reduction I just spoke to is a major driver. But we also had an increase in revenue on a per unit basis as the mix that we're producing so we see translate to higher average selling prices. We've also seen an increase in regulatory credit revenue, which Claire will speak to in a moment. And then, of course, the revenue associated with our joint venture with Volkswagen Group.

當然，我剛才談到的成本降低是一個主要驅動因素。但是，由於我們生產的產品組合，我們的單位收入也有所增加，因此我們看到平均銷售價格上漲。我們也看到監管信貸收入增加，克萊爾稍後將會談到這一點。當然，還有我們與大眾汽車集團合資企業的收入。

Now on the mix side, along with the Gen 2 launch, we introduced the tri motor. And internally, we often say this is the Goldilocks of powertrain configurations. It's one motor in the front, two in the back. And it represents a really unique product market fit where it delivers outstanding performance, 0 to [16], 2.9 seconds. It's dynamically incredible.

現在在混合方面，隨著第二代產品的推出，我們推出了三引擎。而在內部，我們常說這是動力系統配置的黃金法則。前面有一個馬達，後面有兩個馬達。它代表了一種真正獨特的產品市場契合度，可提供出色的性能，0 到 [16]，2.9 秒。這在動態上是令人難以置信的。

It's not quite as extreme as our quad motor. But it does represent a meaningful step up relative to our dual motor, which is also very high-performance, but the tri really is connected with consumers. And we're seeing a higher take rate on our tri motor than what we expected. With that, we are launching a special version of our Trimotor which we just announced, which is our Dune edition, and we're really excited about that.

它不像我們的四引擎那麼極端。但它確實代表了相對於我們的雙引擎的一個有意義的進步，它的性能也非常高，但三引擎確實與消費者息息相關。我們發現三引擎的採用率高於我們的預期。同時，我們將推出剛發布的三引擎飛機的特別版本，也就是沙丘版，我們對此感到非常興奮。

Linked to that, the product -- creating a clear vision around the product and the types of products we launch is the brand that we're building and the first products we launched, the R1T, the R1S. Their purpose was to really act as a handshake with the world, to establish who we are as a brand.

與此相關的是，產品——圍繞產品和我們推出的產品類型創造清晰的願景是我們正在建立的品牌和我們推出的第一批產品 R1T、R1S。他們的目的是真正與世界握手，確立我們的品牌形象。

And what we see today is a brand that has customers that are really excited for what we're building. And there's a range of different third-party analyses that look at brand strength and customer happiness and customer satisfaction. For the second year in a row, we've come out as the highest-rated brand in terms of customer satisfaction and likelihood of repurchase on one of the leading customer satisfaction brand surveys that's done every year.

今天我們看到的是一個擁有顧客對我們所打造的產品感到非常興奮的品牌。還有一系列不同的第三方分析來檢視品牌實力、顧客幸福感和顧客滿意度。在每年進行的一項領先的客戶滿意度品牌調查中，我們連續第二年在客戶滿意度和回購可能性方面成為評級最高的品牌。

And there's lots of reasons our customers love our products, but one of the most important to us is safety, and it's something we put at the very core of the vehicle development process. We make decisions around trade-offs for content, for structure, for even the design of the vehicle to make sure that these are the safest vehicles in their respective segments.

客戶喜愛我們產品的原因有很多，但對我們來說最重要的原因之一就是安全性，這是我們在汽車開發過程中最核心的考慮因素。我們會根據內容、結構甚至車輛的設計進行權衡，以確保它們在各自的領域中都是最安全的車輛。

And speaking to that, the Insurance Institute for Highway Safety tests our vehicles, and their highest rate safety rating, which is Top Safety Pick+ has been awarded to both our SUV, R1S, and to our truck. And in the case of the R1T, we're the only electric pickup to achieve this Top Safety Pick+ rating. And in the case of the R1S, we're the only large SUV across both internal combustion and electric to achieve this rating.

說到這一點，公路安全保險協會對我們的車輛進行了測試，我們的 SUV、R1S 和卡車都獲得了最高的安全評級，即「頂級安全之選+」。就 R1T 而言，我們是唯一獲得「Top Safety Pick+」評級的電動皮卡。就 R1S 而言，我們是唯一一款同時擁有內燃機和電動車型的大型 SUV，並獲得此評級。

And so we're really pleased with that result. And we see it manifest in how consumers are starting to see our brand is, of course we're exciting, of course we have a lot of fun embedded in the products, but these are also incredibly safe products.

因此我們對這個結果非常滿意。我們看到消費者開始看待我們的品牌，當然我們令人興奮，當然我們的產品融入了許多樂趣，但這些產品也非常安全。

Now the work that we've done on R1 in terms of continuing to progress our technology stack, that's our software architecture, our topology of computers and ECUs across the vehicle, the sensor set that's in the vehicle, the associated compute platform that's used for our self-driving features, that's continued to progress with R1, of course, with the launch of Gen 2. But it's really laid the foundation for us and what we're launching with R2. And also served as a big part of the foundation for what we established with Volkswagen with our joint venture.

現在我們在 R1 上所做的工作就是繼續推進我們的技術堆棧，這是我們的軟體架構、整個車輛的電腦和 ECU 的拓撲結構、車輛中的感測器組、用於我們的自動駕駛功能的相關計算平台，當然，隨著 Gen 2 的推出，這些都在 R1 上繼續進步。但它確實為我們以及我們推出的 R2 奠定了基礎。這也為我們與大眾建立的合資企業奠定了重要基礎。

Now with regards to R2, we couldn't be more excited about this program. In terms of the product and the attributes and the features that go into it, it's really the result of so many learnings that have happened with R1, where we've simplified the product from a design point of view. We've been able to optimize on cost in a way that we weren't able to on R1. And we're able to deliver a feature set that really speaks to our brand and to our values in terms of product attributes that's just remarkable.

現在關於 R2，我們對這個程序感到非常興奮。就產品及其屬性和功能而言，它實際上是從 R1 中學到的大量經驗的結果，我們從設計的角度簡化了產品。我們已經能夠以在 R1 上無法實現的方式優化成本。而且，就產品屬性而言，我們能夠提供真正體現我們的品牌和價值觀的功能集，這是非常了不起的。

And we're on track for launching this vehicle in the first half of 2026. The development work associated with that is well underway. Of course, lots of parts are being tooled, lots of equipment's being built. We're in the process of building the expansion in Normal. It's a well in excess of 1 million square foot expansion where the foundations are, the walls are going up.

我們計劃在 2026 年上半年推出這款車。與此相關的開發工作正在順利進行中。當然，大量的零件正在加工，大量的設備正在建造。我們正在對 Normal 進行擴展建設。這是一個超過 100 萬平方英尺的擴建工程，包括正在打地基和正在建造的牆壁。

And over the course of the next several months, we're going to see the completion of that building expansion and the beginning of the installation of equipment, which will all lead into through the end of the year, launching our manufacturing validation builds in that expanded portion of the facility. Now of course the things we see in terms of development of our product and the build out of the expansion to our plant, those are very visible to someone driving by Normal or to see our test vehicles out on the road.

在接下來的幾個月裡，我們將看到建築擴建的完成和設備安裝的開始，這一切都將持續到今年年底，我們將在擴建後的工廠部分啟動製造驗證建設。當然，現在我們看到的產品開發和工廠擴建方面的進展，對於路過 Normal 或在路上看到我們測試車輛的人來說，都是非常明顯的。

But we've also sourced 95% of the bill of materials. And the bill of materials in R2 is expected to be roughly half of what we have on R1. And the other non-build material COGS targets are significantly less than what we have in R1, actually significantly less than half of what we have on our R1. And so the overall cost structure that we're planning for in R2 is a night-and-day improvement relative to what we launch with and what we have today on our R1.

但我們也已經採購了 95% 的物料清單。預計 R2 中的物料清單大約是 R1 的一半。其他非建築材料的 COGS 目標明顯低於 R1 的水平，實際上明顯低於 R1 的一半。因此，我們在 R2 中規劃的整體成本結構相對於我們推出時以及現在的 R1 而言有顯著的改善。

Now, with all that said, one of the things that has all of us very excited is just the response to the R2 product. We have inbound -- many, many inbound requests on a daily basis asking us if we can accelerate it or if customers can take delivery sooner. And we love that. We love the anticipation of the product and what's to launch.

現在，說了這麼多，讓我們所有人都非常興奮的事情之一就是對 R2 產品的反應。我們每天都會收到很多請求，詢問我們是否可以加快速度或客戶是否可以更快地交貨。我們喜歡這樣。我們喜歡對產品和即將推出的產品的期待。

Now, I want to talk a little bit about our technology, and I'll focus first on autonomy. With the Gen 2 platform on R1, we used that as really a reset to how we've approached our autonomy platform, we call the Rivian autonomy platform. And that's 55 megapixels of cameras around the vehicle. We have 4 corner radars and a front imaging radar, so for a total of 5 radars. Those feed into a much higher compute platform, about 10x the compute levels of what we had in Gen 1.

現在，我想談談我們的技術，首先我想談談自主性。借助 R1 上的第二代平台，我們真正重置了我們的自主平台的方法，我們稱之為 Rivian 自主平台。車輛周圍裝有 5500 萬像素攝影機。我們有 4 個角雷達和一個前置成像雷達，所以總共有 5 個雷達。這些輸入到一個更高的運算平台，大約是我們第一代運算水準的 10 倍。

And that architecture is designed fully contemplating the ability to use AI to help train our self-driving capabilities. And we're using an end-to-end approach where the Rivian-owned camera feeds and perception stack feed into our vehicle. We're able to identify unique events, train our model, our self-driving foundation model offline, and use a distilled version of that on the on-board vehicle and in the inference platform. To really drive, you'll see a growing set of features.

該架構的設計充分考慮到了使用人工智慧來幫助訓練我們的自動駕駛能力。我們採用端到端方法，其中 Rivian 擁有的攝影機和感知堆疊將資訊輸入到我們的車輛中。我們能夠識別獨特事件，離線訓練我們的模型、自動駕駛基礎模型，並在車載車輛和推理平台上使用該模型的精簡版本。要真正實現駕駛，您會看到越來越多的功能。

And the headroom that we have for the feature set on our R1 vehicles and because of that with our R2 vehicles as well is phenomenal. So we're very bullish on that, and I've talked a bit about this in the past already, but we have a hands-off highway feature that we're going to be launching here very soon within the next several weeks.

我們的 R1 車輛的功能設定餘地非常大，因此我們的 R2 車輛的功能設定空間也非常大。所以我們對此非常看好，我過去已經談過一些這方面的問題了，但我們有一個無人駕駛高速公路功能，我們將在未來幾週內很快推出。

We have an eyes-off feature that we're going to be launching for a highway functionality in 2026. And the number of roads and types of conditions will allow our hands off, eyes off features to operate. We'll continue to expand beyond that, once we get that highway eyes off feature launched.

我們有一個可視功能，將於 2026 年推出，用於高速公路功能。而道路數量和路況類型將允許我們不用動手、不用看就能操作各種功能。一旦我們推出了高速公路監控功能，我們將繼續擴展。

Now, beyond autonomy, we're also making progress on the mechanical aspects of our vehicle, the mechanical aspects of our technology. With R2, we're using large high-pressure die castings to eliminate a lot of parts. If you were to compare the R2 body structure with that of R1.

現在，除了自主性之外，我們還在車輛的機械方面以及技術的機械方面取得了進展。在 R2 中，我們使用大型高壓鑄件來消除大量零件。如果將 R2 的車身結構與 R1 的車身結構進行比較。

We've taken out approximately 65 parts. We've reduced the number of joints in the body by about 1,500, and we're doing that through part consolidation and part elimination. And that extends -- that focus on part consolidation, part elimination, simplicity of assembly extends into every aspect of what you see in the R2 vehicle.

我們已取出約 65 個零件。我們已將人體內的關節數量減少了約 1,500 個，而這一目標正是透過部分合併和部分消除來實現的。而且，對零件合併、零件消除和簡化組裝的關注延伸到了 R2 車輛的各個方面。

So the way the electrical compute platforms go into the vehicle, the way those attached to the harness, the connectors on the harness, the attachment points for the harness of the body, the interior trim components going in, how they're loaded, how they're fastened, all of that's been optimized in a really meaningful way to achieve, as I talked about it before, the significant reduction in cost on our building materials, which I said again is about half of what we were, where we are on R1, and a significant more than half reduction on our non-build material cost of goods sold.

因此，電氣計算平台進入車輛的方式、它們與線束的連接方式、線束上的連接器、車身線束的連接點、內飾組件的進入方式、它們的裝載方式、它們的固定方式，所有這些都經過了非常有意義的優化，正如我之前談到的，我們建築材料成本的進入方式、它們的裝載方式、它們的固定方式，所有這些都經過了非常有意義的優化，正如我之前談到的，我們建築材料成本的顯著降低，我再說一遍，這大約是我們 R1 成本的一半，並且顯著降低了一半。

Now, of course, there's a lot of discussion right now around the overall regulatory environment that we're operating in. And I first want to say we're very aligned with the administration in the importance of creating US jobs and driving technology innovation here in the United States and in an area that we think is critically important for our country in the long term around looking at technology, around electrification software, electronics.

當然，現在有很多關於我們營運的整體監管環境的討論。首先我想說的是，我們非常贊同政府對創造美國就業機會和推動美國技術創新的重要性，我們認為從長遠來看，這些領域對我們國家至關重要，包括技術、電氣化軟體和電子產品。

These core areas that we're going to see be vital to the long-term health of our transportation industry are areas we've really focused on. And they've enabled us to create products that are both highly compelling, and they've enabled us to create parts of our business where we can leverage that technology as evidenced by our joint venture with the Volkswagen Group.

我們認為這些核心領域對於運輸業的長期健康至關重要，也是我們真正關注的領域。它們使我們能夠創造出極具吸引力的產品，也使我們能夠創建可以利用該技術的業務部分，正如我們與大眾汽車集團的合資企業所證明的那樣。

With that, we're also working towards our new Georgia facility which will build both the R2 and the R3 product lines. And along with our facility in Normal, Illinois, we'll really form a core foundation for building the R1 product line, the R2, and the R3 products here in the United States.

同時，我們也正在努力建造喬治亞州的新工廠，該工廠將生產 R2 和 R3 產品線。連同我們位於伊利諾伊州諾默爾的工廠，我們將為在美國生產 R1 產品線、R2 和 R3 產品奠定核心基礎。

With all that, I'd like to thank our employees, our customers, our partners and suppliers, our communities and of course our shareholders for the support and the excitement for what we're building. We internal to Rivian we're -- couldn't be more excited about what's to come with R2. It is a focal point for us as a business, and it represents so many learnings that we've had across the R1 product line and our commercial end product line that are being fed into the launch and the development of that product.

總之，我要感謝我們的員工、客戶、合作夥伴和供應商、社區，當然還有股東，感謝他們對我們所做工作的支持和激勵。我們對 Rivian 內部人士 — — 對 R2 的未來感到無比興奮。這是我們業務的重點，它代表了我們在 R1 產品線和商業終端產品線中獲得的眾多經驗，這些經驗都被運用到了該產品的發布和開發中。

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

這樣，我就把電話轉給克萊爾。

Thanks, RJ. I want to thank our team for a tremendous quarter. At the start of 2024, we communicated our goal of reaching positive gross profit for the fourth quarter as a result of the improvements we are targeting in our material, conversion, and depreciation cost per vehicle, as well as an increase in the sale of regulatory credits and Software and Services revenue.

謝謝，RJ。我要感謝我們團隊本季的優異成績。在 2024 年初，我們傳達了在第四季度實現正毛利潤的目標，這是由於我們在材料、轉換和每輛車的折舊成本方面的改善，以及監管信貸銷售和軟體和服務收入的增加。

We're pleased to be able to walk you through how this important milestone was executed. As RJ mentioned, on a year-over-year basis, we reduced our Automotive cost of goods sold by $31,000 per vehicle delivered in the fourth quarter while increasing our Automotive revenue per unit, excluding regulatory credit revenue to $86,000. This was the result of higher R1 average selling prices from the introduction of our tri motor offering, which was partially offset by a higher mix of commercial van sales.

我們很高興能夠向您介紹這一重要里程碑是如何實現的。正如 RJ 所提到的，與去年同期相比，我們將第四季度交付的每輛車的汽車銷售成本降低了 31,000 美元，同時將每輛車的汽車收入（不包括監管信貸收入）提高了 86,000 美元。這是由於我們推出三引擎產品後 R1 平均售價上漲，但商用貨車銷量增加部分抵消了這一上漲。

We also earned revenue from the sale of nearly $300 million of regulatory credits in the fourth quarter. We are proud of the progress we made through engineering-driven design changes that made the second-generation R1 higher performance, lower cost, and easier to manufacture and service. We also delivered meaningful supplier commercial cost reductions as well as raw material cost benefits, which we expect to continue into 2025.

我們也透過第四季度出售近 3 億美元的監管信貸獲得了收入。我們為透過工程驅動的設計變革所取得的進步感到自豪，這些變革使第二代 R1 性能更高、成本更低、更易於製造和維修。我們還實現了供應商商業成本的大幅降低以及原材料成本的降低，預計這一趨勢將持續到 2025 年。

As Tim noted, we reported new segment disclosures to provide visibility into the core drivers of the Automotive and Software and Services segments of our business. The Automotive segment includes the sale of new consumer and commercial vehicles as well as regulatory credits. We produced 12,727 vehicles and delivered 14,183 vehicles in the fourth quarter of 2024, which was the primary driver of the $1.5 billion of revenue in the Automotive segment, which included the regulatory credit sales I just mentioned.

正如蒂姆所指出的，我們報告了新的分部揭露，以便了解我們業務的汽車、軟體和服務分部的核心驅動力。汽車部門包括新消費和商用車輛的銷售以及監管信貸。我們在 2024 年第四季生產了 12,727 輛汽車，交付了 14,183 輛汽車，這是汽車部門 15 億美元收入的主要推動力，其中包括我剛才提到的監管信貸銷售。

Our segment level Automotive gross profit was $110 million reflecting a 7% gross margin for the fourth quarter of 2024. We consolidated the financial results of the Rivian and Volkswagen Group joint venture into Rivian's financials. Vehicle, electrical architecture, and software development services paid for by the Volkswagen Group are now reflected in Rivian's revenue and cost of goods sold in the Software and Services segment with Rivian's share of the development services reflected as R&D expenses, which is consistent with prior practice.

我們汽車部門的毛利為 1.1 億美元，反映 2024 年第四季的毛利率為 7%。我們將 Rivian 和大眾汽車集團合資企業的財務表現合併到 Rivian 的財務報表中。大眾汽車集團支付的車輛、電氣架構和軟體開發服務現在反映在 Rivian 軟體和服務部門的收入和銷售成本中，其中 Rivian 在開發服務中的份額反映為研發費用，這與先前的做法一致。

Incremental to ongoing revenues generated by the joint venture, Rivian expects to recognize approximately $2 billion of consideration from the Volkswagen Group as revenue as the joint venture delivers against its development roadmap over the next 4 years. This includes the cash received from Volkswagen Group for licensing of the background intellectual property, as well as equity premiums and non-cash benefits.

除了合資企業產生的持續收入外，Rivian 預計，隨著合資企業在未來 4 年內實現其發展路線圖，將從大眾汽車集團獲得約 20 億美元的對價作為收入。其中包括從大眾集團獲得的背景智慧財產權授權現金，以及股權溢價和非現金福利。

Beyond the vehicle electrical architecture and software development services I just walked through, the Software and Services segment include remarketing, vehicle repair and maintenance services, charging, software subscriptions, and other services including financing and insurance. The $214 million of Software and Services revenue in the fourth quarter of 2024 was primarily driven by remarketing sales, vehicle, electrical architecture and software development services, and repair and maintenance services.

除了我剛剛介紹的汽車電氣架構和軟體開發服務之外，軟體和服務部門還包括再行銷、汽車維修和保養服務、充電、軟體訂閱以及融資和保險等其他服務。2024 年第四季 2.14 億美元的軟體和服務收入主要來自再行銷銷售、車輛、電氣架構和軟體開發服務以及維修和保養服務。

Our Software and Services segment level gross profit were $60 million reflecting a gross margin of 28% for the fourth quarter of 2024. We've strategically focused on driving efficiency into every element of our cost structure. This work has enabled funding for our technology roadmap, as well as our investments in sales and service to enhance the customer experience and increase brand awareness. We made these investments while also reducing our total operating expenses by 15% in the fourth quarter of 2024 as compared to the same period in 2023.

我們的軟體和服務部門的毛利為 6,000 萬美元，2024 年第四季的毛利率為 28%。我們的策略重點是提高成本結構每個要素的效率。這項工作為我們的技術路線圖提供了資金，也為我們在銷售和服務方面的投資提供了資金，以增強客戶體驗並提高品牌知名度。我們在進行這些投資的同時，也將 2024 年第四季的總營運費用與 2023 年同期相比減少了 15%。

The combination of our positive gross profit milestone coupled with our operating expense management enabled an improvement of $729 million in adjusted EBITDA for the fourth quarter of 2024 as compared to the fourth quarter of 2023. Our adjusted EBITDA losses for the fourth quarter were $277 million which is the best performance we've had since the start of production.

我們的正毛利里程碑加上我們的營運費用管理使 2024 年第四季的調整後 EBITDA 與 2023 年第四季相比提高了 7.29 億美元。我們第四季的調整後 EBITDA 虧損為 2.77 億美元，這是我們開始生產以來的最佳表現。

Overall cash, cash equivalents, and short-term investments increased to $7.7 billion as compared to $6.7 billion in the prior quarter. This includes $1.3 billion received in November in conjunction with the closing of our joint venture with the Volkswagen Group.

總現金、現金等價物和短期投資從上一季的 67 億美元增加至 77 億美元。其中包括11月與福斯汽車集團達成合資協議時收到的13億美元。

We are also beginning to realize some of the working capital benefits we discussed on prior earnings calls. Inventory levels at year end were $372 million lower as compared to the end of 2023. This was primarily driven by reducing our raw materials and finished goods inventory. We expect to generate cash from working capital in 2025 as we reduce our inventory levels by year end.

我們也開始意識到在先前的收益電話會議上討論過的一些營運資金優勢。與 2023 年底相比，年底的庫存水準降低了 3.72 億美元。這主要是為了減少我們的原料和成品庫存。由於我們將在年底前降低庫存水平，預計 2025 年將從營運資金中產生現金。

During 2024, we reinforced Rivian's long-term financial flexibility. We received $2.3 billion of the expected $5.8 billion of funding from the joint venture transaction with Volkswagen Group. We also announced the closing of an up to $6.6 billion Department of Energy loan which, together with the remaining proceeds from the Volkswagen Group is expected to fund an incremental $10.1 billion of potential capital on top of the $7.7 billion of capital we had on hand as of December 31, 2024. This capital is expected to fund Rivian's operations through the ramp of R2 in Normal as well as R2 and R3 in Georgia, enabling a path to positive free cash flow and meaningful scale.

2024 年，我們增強了 Rivian 的長期財務彈性。我們從與大眾汽車集團的合資交易中獲得了預計 58 億美元資金中的 23 億美元。我們還宣布完成高達 66 億美元的能源部貸款，該貸款加上大眾汽車集團的剩餘收益，預計將在我們截至 2024 年 12 月 31 日手頭的 77 億美元資本基礎上額外提供 101 億美元的潛在資本。這筆資金預計將為 Rivian 的營運提供資金，幫助其在諾默爾 (Normal) 建立 R2 業務以及在喬治亞州建立 R2 和 R3 業務，從而實現正的自由現金流和有意義的規模。

In considering our 2025 outlook, we acknowledge the fluid nature of the current policy, regulatory, and demand environment. There are external factors outside of our control that could impact this outlook, in particular, changes to the regulations or policies which may impact market dynamics, supply chains, incentives, and the market for regulatory credits.

在考慮 2025 年的展望時，我們承認當前政策、監管和需求環境的流動性。有一些我們無法控制的外部因素可能會影響這一前景，特別是可能影響市場動態、供應鏈、激勵措施和監管信貸市場的法規或政策變化。

Our guidance represents management's current view on potential adjustments to incentives, regulations, and tariff structures. Importantly, it's early in the year, and some of these factors could change. As mentioned on previous earnings calls, we expect to shut down both the consumer and commercial manufacturing lines in our Normal plant for approximately one month in the second half of 2025 to prepare for the launch of R2 in Normal in the first half of 2026.

我們的指導代表了管理層對激勵措施、法規和關稅結構的潛在調整的當前看法。重要的是，現在還處於年初，其中一些因素可能會改變。正如先前的財報電話會議中所提到的，我們預計將在 2025 年下半年關閉 Normal 工廠的消費者和商業生產線約一個月，為 2026 年上半年在 Normal 推出 R2 做準備。

We expect to deliver between 46,000 and 51,000 vehicles in 2025. As a reminder, due to a supply shortage of a component in our Enduro motor system, we produced and delivered more tri motor R1s and commercial vans in the fourth quarter of 2024 as compared to our initial expectations. These incremental commercial vehicles delivered in the fourth quarter are expected to result in lower commercial deliveries in 2025 and higher finished goods inventory in the first quarter of 2025.

我們預計 2025 年將交付 46,000 至 51,000 輛汽車。提醒一下，由於我們的 Enduro 電機系統中某個零件的供應短缺，我們在 2024 年第四季度生產和交付的三電機 R1 和商用貨車數量比我們最初的預期要多。這些在第四季度交付的增量商用車預計將導致 2025 年商用車交付量下降，並導致 2025 年第一季成品庫存增加。

In addition, we expect to deliver fewer consumer vehicles in the first quarter as compared to the prior quarter. These lower anticipated volumes are due to seasonality, coupled with a challenging demand environment, partially driven by the impact of the fires in Los Angeles, which has historically been one of our largest markets.

此外，我們預計第一季交付的消費汽車數量將比上一季減少。預期銷售量較低的原因是季節性因素，再加上需求環境嚴峻，部分原因是受到洛杉磯火災的影響，而洛杉磯歷來是我們最大的市場之一。

Due to these dynamics, we anticipate deliveries to be approximately 8,000 vehicles in Q1. We also expect production levels to be approximately 14,000 vehicles in Q1 as we focus on building inventory to help mitigate the impacts of our planned shutdown in the second half of the year, as well as enable higher commercial deliveries in the second quarter.

由於這些動態，我們預計第一季的交付量將達到約 8,000 輛。我們也預計第一季的產量將達到約 14,000 輛，因為我們專注於建立庫存，以幫助減輕下半年計劃停產的影響，並實現第二季度更高的商業交付量。

We expect to achieve modest gross profit for the full year of 2025, supported by strong profits from our Software and Services segment. This positive gross profit is expected to lead to a significant improvement in our adjusted EBEDA, which we expect to be between $1.7 billion and $1.9 billion of loss for 2025.

在軟體和服務部門強勁利潤的支撐下，我們預計 2025 年將全年實現適度的毛利。這一正毛利預計將導致我們的調整後 EBEDA 顯著改善，我們預計 2025 年的損失將在 17 億美元至 19 億美元之間。

We expect capital expenditures to range from $1.6 billion to $1.7 billion in 2025, largely driven by spending related to our manufacturing facility expansion in Normal and supplier tooling for R2, as well as our continued growth in our go-to-market infrastructure, including service centers, experiential spaces, and the Rivian Adventure Network. As a result of the start of construction on our manufacturing facility in Georgia, we expect to have a year-over-year increase in capital expenditures from 2025 to 2026.

我們預計 2025 年的資本支出將在 16 億美元至 17 億美元之間，主要源於我們在 Normal 的製造工廠擴建和 R2 的供應商工具相關的支出，以及我們市場基礎設施​​的持續增長，包括服務中心、體驗空間和 Rivian Adventure Network。由於我們在喬治亞州的製造工廠開始建設，我們預計 2025 年至 2026 年的資本支出將年增。

Looking forward to 2026, we're excited to launch R2 in the first half of the year. This is the first line of production for a new mid-size platform, and as a result, we intend to gradually ramp the R2 line and operate on a single shift of production for the majority of operations in 2026.

展望 2026 年，我們很高興能在上半年推出 R2。這是新型中型平台的第一條生產線，因此，我們打算在 2026 年逐步擴大 R2 生產線的產能，並使大部分業務採用單班生產。

We want to thank our team for delivering a great quarter. We remain steadfast in our belief that R2 will be truly transformative for our growth and profitability. I'd like to turn the call back over to the operator to open the line for Q&A.

我們要感謝我們的團隊取得如此出色的季度成績。我們堅信 R2 將真正改變我們的成長和獲利能力。我想將電話轉回給接線員，以開通問答熱線。

(Operator Instructions) Dan Levy, Barclays.

（操作員指示） 巴克萊銀行的丹‧利維 (Dan Levy)。

Hi, good evening. Thank you for taking the questions. First, I wanted to start with a question on your assumptions for policy. You said you're embedding here your best guess on what the policy shift is. Could you just outline what exactly you are assuming on tariffs, credits, etc.

嗨，晚上好。感謝您回答這些問題。首先，我想先問一下您對政策的假設。您說您在這裡嵌入了對政策轉變的最佳猜測。能否概述您對關稅、信貸等的具體假設？

Sure, Dan, as I mentioned in my prepared remarks, our outlook reflects our current view on potential adjustments, and that includes things like incentives, regulations, tariff structures, and I'm not going to get into any details or specifics on each unique driver.

當然，丹，正如我在準備好的演講中提到的那樣，我們的展望反映了我們對潛在調整的當前看法，其中包括激勵措施、法規、關稅結構等方面，我不會深入討論每個獨特驅動因素的任何細節或具體內容。

However, as we look at the impact in aggregate, our guidance does reflect hundreds of millions of dollars of impact to Rivian's EBITDA, inclusive of potential demand impacts. And again, as I said, this is based off of management's current outlook, and current view, but we recognize that this is a very fluid environment, but we felt it was important to provide guidance that reflected our current assessment of the policy outlook.

然而，從總體來看，我們的預期確實反映了對 Rivian EBITDA 數億美元的影響，其中包括潛在的需求影響。正如我所說，這是基於管理層當前的展望和當前的觀點，但我們認識到這是一個非常不穩定的環境，但我們認為提供反映我們當前對政策前景的評估的指導非常重要。

Okay, thank you. Second question is on COGS trajectory and really two parts here. One is maybe you could just outline what trajectory of R1 COGS we should expect over the course of the year. Can we expect by the end of the year COGS per unit to be roughly equal to ASP per unit?

好的，謝謝。第二個問題是關於 COGS 軌跡，實際上分為兩個部分。一是也許您可以概述我們對今年 R1 COGS 的預期走勢。我們是否可以預期到今年年底每單位的 COGS 大致等於每單位的 ASP ？

And how much of this should be an indication that you have the line of sight to achieve, the bomb that you need and the COGS that you need on R2, which I think RJ you mentioned, you're at 95% sourcing. So any color on the COGS trajectory and how this gives you a line of sight on R2, please. Thank you.

而這其中的多少應該可以表明你有要實現的視線、你需要的炸彈以及你在 R2 上需要的 COGS，我認為你提到過 RJ，你已經完成了 95% 的採購。所以請問 COGS 軌跡上有什麼顏色，以及這如何讓您在 R2 上有視線。謝謝。

Thanks, Dan. We've spent a lot of time talking about just the history of our cost of goods sold on R1 and of course we launched production, we had the challenges associated with being a first-time manufacturer and really carrying a burden of a premium we were paying with a number of our suppliers.

謝謝，丹。我們花了很多時間談論我們在 R1 上銷售商品的成本歷史，當然，我們啟動了生產，面臨著作為首次製造商所帶來的挑戰，並且真正承擔了向許多供應商支付溢價的負擔。

And when we brought in Gen 2, we resourced more than half of the bill of materials on the vehicle and along with that you're not seeing the benefits of it. We took a substantial amount of cost out of our bill of materials. We also, in resourcing, roughly half of the bill of materials or just over half of the bill of materials, we're able to implement new designs that allowed for both better efficiency and production of those parts going into the vehicle, but importantly how the vehicle itself comes together.

當我們引入第二代時，我們在車輛上佔用了超過一半的物料清單資源，但同時，您卻看不到它的好處。我們從物料清單中剔除了大量成本。我們也透過大約一半或超過一半的物料清單資源，實施新的設計，不僅能提高車輛零件的效率和產量，更重要的是提高車輛本身的組裝方式。

And with all that progress we've made on R1, we've of course identified a number of opportunities across the vehicle and across the supply chain for further improvement, and we're seeing all those learnings really be captured in what's going on with R2.

憑藉我們在 R1 上取得的所有進展，我們當然已經發現整個車輛和整個供應鏈中存在許多進一步改進的機會，我們看到所有這些經驗都真正體現在 R2 的進展中。

And in the case of R2, I spoke to it already, but the bill of materials on R2 is, we're projecting that to be about half of what R1 is today on a like-for-like basis around a -- if you call if you will, apples-to-apples basis on a vehicle.

就 R2 的情況來說，我已經談過了，但是我們預計 R2 的材料清單大約是目前 R1 的一半，在同類基礎上，如果你願意的話，可以稱之為車輛的同類比較基礎。

And then on the non-bill material cost to get sold, more than 50% reduction. And so a huge amount of effort has gone into continuing to drive the progress in terms of how we think about engineering and design of the vehicle as well as the sourcing. And one of the things we're so excited about with R2 is it's not just a lower price product; they'll open up a much more mass market for us. But the cost structure to achieve that much lower price, is very robust.

然後在非帳單材料銷售成本上，減少了50%以上。因此，我們在車輛工程設計以及採購方面的思考上付出了巨大的努力來繼續推動進步。我們對 R2 感到興奮的其中一個原因是，它不僅僅是一款價格較低的產品；他們將為我們開拓一個更大眾的市場。但實現如此低價格的成本結構非常穩健。

And with that, I, I'd like to invite Javier just to speak to some of the elements of this, and of course he and I and the rest of the leadership team have been driving this cost focus across every aspect of the business, but in particular a heavy focus on our supply chain and on our operations.

因此，我想邀請哈維爾談談這方面的一些要素，當然，他和我以及領導團隊的其他成員一直在推動將成本重點放在業務的各個方面，尤其是重點關注我們的供應鏈和營運。

Yeah, indeed, with generation two of R1, we have taken a big step in in cost reduction, and we continue working in all the cost elements, be it with our suppliers, collaborating and analyzing flows, and complete supply chains and internally in our plant. We are tackling all the elements of the non-bomb cost. The line balancing, automation and robotics, operator efficiency.

是的，確實，隨著第二代 R1 的推出，我們在降低成本方面邁出了一大步，並且我們將繼續致力於所有成本要素，包括與供應商的合作、流程的協作和分析、完整的供應鏈以及工廠內部。我們正在解決非炸彈成本的所有因素。生產線平衡、自動化和機器人技術、操作員效率。

We are working on the logistics, compacting and compressing the supply chains, reducing the inventory levels, and then the space that we are using, implementing pool systems, reducing downtime and maintenance costs, logistics and supply chain optimization, as I said, even at the level of packaging where we are optimizing our packaging and reducing the cubics we are transporting to get the material from suppliers to our plants.

我們正在致力於物流，壓縮供應鏈，降低庫存水平，然後減少我們使用的空間，實施池系統，減少停機時間和維護成本，物流和供應鏈優化，正如我所說的，即使在包裝層面，我們正在優化我們的包裝並減少運輸的立方米，以將材料從供應商運送到我們的工廠。

So those are elements of the improvements, but I would say that the most important one and I'm more proud of is people. I mean, it's how we have engaged all of our people in the plant and the in cross function in the other functions to reduce cost and gain a higher efficiency. We have, I call it empowering the shop. It's just involving our team members, involving our frontline managers in finding opportunities.

這些都是改進的要素，但我想說，最重要的，也是我更自豪的是人。我的意思是，這就是我們如何讓工廠中的所有人員以及其他職能部門的跨職能人員參與進來，以降低成本並提高效率。我們有，我稱之為賦予商店權力。這只是讓我們的團隊成員、讓我們的第一線經理參與尋找機會。

That people that are every day, every minute, close to where the action happens, they have fantastic ideas and it's been a real engine for finding additional savings and improvements R1 and of course for R2. R2 will benefit on top of what RJ said of a simpler product, less components, a great design for manufacturing activities done in the very early stages, combining the different functions of the company.

那些每天、每分鐘都靠近事件發生地的人們有著奇妙的想法，他們成為了尋找額外節約和改進的真正引擎，當然對於 R1 和 R2 也是如此。R2 也將受益於 RJ 所說的更簡單的產品、更少的組件、在早期階段完成的出色的製造活動設計，以及公司不同功能的結合。

So greater assemblability, let's say, but we can benefit as well of all our learnings in compacting and improving the processes that we are doing R1. All those learnings will be absolutely implemented in our new line in Normal, in body shop, in assembly and all the new processes we are implementing that.

因此可以說具有更高的可組裝性，但我們也可以從在壓縮和改進 R1 流程方面所獲得的所有經驗中受益。所有這些學習成果都將在我們位於諾默爾的新生產線、車身車間、組裝車間以及我們正在實施的所有新流程中全面實施。

Adam Jonas, Morgan Stanley.

摩根士丹利的亞當喬納斯。

Hello everybody. Hi. I wanted to ask about the Rivian autonomy platform where you really have a pretty major change of strategy moving to end to end 10 times the compute, the enhanced sensor suite as well.

大家好。你好。我想問一下 Rivian 自主平台的情況，你們的策略確實發生了相當大的變化，從端到端的運算能力提高了 10 倍，同時也增強了感測器套件。

So I'm just curious in those moves, can you tell us how much you're spending on the compute and training, what are you doing in-house, how much are you doing with partners, and I'm curious how much of the forward R&D, or OpEx and CapEx is allocated towards AI infrastructure and training, as you use your proprietary data and press your leadership there.

所以我只是對這些舉措很好奇，你能告訴我們你在計算和培訓上花了多少錢嗎，你在內部做什麼，你與合作夥伴做了多少，我很好奇在你使用專有數據並在那裡發揮領導作用的同時，有多少前期研發或運營支出和資本支出分配給了人工智能基礎設施和培訓。

Yeah, thanks, Adam, for the question. This is such a critical focus for us as a business and something we're really excited about as we look at the months and years ahead, just how much this space is evolving and changing.

是的，謝謝亞當提出這個問題。作為一家企業，這是我們關注的關鍵焦點，展望未來幾個月和幾年，這個領域將會發生多大的發展和變化，我們對此感到非常興奮。

But to go to your question, I mean, we really have to wind the clock back about three years, when we started the development on what launched into the Gen 2 platform. And the decision we took then was really built around, the view that self-driving systems are going to be very much AI centric and there's going to be large data flywheels and platforms for training a foundation model.

但回到你的問題，我的意思是，我們真的必須把時鐘撥回三年前，那時我們開始開發第二代平台。我們當時所做的決定實際上是基於這樣的觀點：自動駕駛系統將以人工智慧為中心，並且將會有大型資料飛輪和用於訓練基礎模型的平台。

And in order to do that really well, and in fact, I'd say in order to do that at all, it's imperative that you have raw signals coming from the cameras and any other elements of the perception stack. In our case, it's cameras and five additional radars. And those raw feeds need to feed into a compute platform that has in vehicle enough compute and as you said10x what we had in Gen 1 enough compute at an inference level to be able to do the real-time decision and to operate the vehicle.

為了真正做到這一點，事實上，我想說為了完全做到這一點，必須有來自攝影機和感知堆疊的任何其他元素的原始訊號。在我們的例子中，它是攝影機和五個額外的雷達。這些原始數據需要輸入到計算平台中，該平台在車輛上具有足夠的計算能力，正如您所說，我們在第一代中擁有的 10 倍的計算能力，在推理層面上有足夠的計算能力，以便能夠做出實時決策並操作車輛。

And then that data flywheel, of course, is feeding our offline model that we're continue to train both through data and through simulations that we built from that data. And so there's cost elements associated with all of this, of course, we made the decision to architect the camera platform, and the compute platform in the vehicle, so we have an outstanding hardware team that's done all the design work and engineering work on that.

然後，數據飛輪當然會為我們的離線模型提供信息，我們將繼續透過數據以及根據數據構建的模擬來訓練該模型。因此，所有這些都與成本因素有關，當然，我們決定建立攝影機平台和車輛中的運算平台，因此我們擁有一支優秀的硬體團隊，完成了所有設計和工程工作。

And then there's a large amount of work to build the software platform that's running on that hardware platform and those teams we built out within the company and I'm really proud of the work that we're doing. But as you noted, the really sort of less visible, but really important element of this is that the platform has a lot of headroom, and it will continue to improve.

然後，我們需要做大量的工作來建立在硬體平台上運行的軟體平台以及在公司內部組建的團隊，我為我們所做的工作感到非常自豪。但正如你所提到的，這個不太明顯但非常重要的因素是，該平台有很大的發展空間，而且還會繼續改進。

And I think it's challenging in this space to look at a feature set on a single day and not take into account what the second derivative, if you will, of the curve is, like how fast is progress accelerating. And with the shift to an end-to-end approach and the shift to being able to train with these large data pipelines, it really changes fundamentally how we think about autonomy and it changes fundamentally how we think about growth and features.

我認為，在這個領域，查看一天內的特徵集而不考慮曲線的二階導數（如果你願意的話）是什麼（例如進度加速的速度），是很有挑戰性的。隨著向端到端方法的轉變以及向能夠使用這些大型資料管道進行訓練的轉變，它從根本上改變了我們對自主性的看法，也從根本上改變了我們對成長和特徵的看法。

So, the first step of what I would consider to be meaningful, notable progress on our platform is the move to hands-free, which we're launching here shortly. As I said in comments earlier, we've got a hands-free, eyes-off feature for specific operating conditions that we'll be launching next year and then we'll be growing the number of conditions for which that feature will be available.

因此，我認為我們平台邁出的有意義的、顯著的進步的第一步就是轉向免提，我們很快就會推出這個功能。正如我之前在評論中所說，我們有一個針對特定操作條件的免持、無需眼睛觀察的功能，我們將於明年推出，然後我們將增加該功能適用的條件數量。

Of course in the ultimate end state, which we can debate when that is, but ultimately in the end state we think hands-free, eyes-off will be needs to be available essentially everywhere. And so on as we track towards that, we're going to first select what we think are the most valuable and achievable elements of delivering that hands-free, eyes-all feature in 2026.

當然，我們可以討論最終的最終狀態是什麼時候，但最終我們認為解放雙手、遠離視線的功能基本上將在任何地方實現。當我們朝著這個目標前進時，我們將首先選擇我們認為最有價值和最可實現的元素，以便在 2026 年實現解放雙手、全眼觀看的功能。

And a lot of training horsepower is needed and so the GPUs necessary to train as you put it, these are expensive and I do think there's often confusion, somewhat surprisingly around the nature of how we access GPUs.

而且需要大量的訓練馬力，因此訓練所需的 GPU 非常昂貴，而且我確實認為人們經常會對我們如何存取 GPU 感到有些困惑。

So it's really a business level decision as to whether it's CapEx, whether you're buying the GPUs and building an AI training infrastructure, or whether you're renting them or whether you're creating unique off balance sheet ways to finance it and you effectively have that show up as R&D or OpEx and we're in a position today where the world has recognized the need to build a lot more AI training capability and there's a variety of really creative ways we can access a substantial amount of GPUs without having to deploy the CapEx ourselves.

因此，這實際上是一個業務層面的決策，無論是資本支出，還是購買 GPU 並構建 AI 訓練基礎設施，還是租用它們，或者是否創建獨特的表外方式來融資，並且有效地將其顯示為研發或運營支出，我們今天所處的位置是，世界已經認識到需要構建更多的 AI 訓練能力，並且我們可以通過真正有創意的方式通過真正有創意的方式部署 GPU。

And those are the structures that we're working really hard to achieve and without saying more detail around what those deal structures look like, I think you can probably imagine there's lots of ways and we're seeing lots of companies demonstrate ways to access tens of thousands of GPUs to do this type of training.

這些都是我們正在努力實現的結構，無需詳細透露這些交易結構是什麼樣的，我想你可能可以想像有很多方法，而且我們看到很多公司展示了訪問數以萬計的 GPU 來進行這種類型的訓練的方法。

I appreciate that. I think people on this call will be listening very carefully to the Nvidia GTC sessions as well. This is a follow up question on the Software and Services segment that's really helpful that you break it out and perhaps you can opportunities to follow up.

我很感激。我認為參加本次電話會議的人也會非常仔細地聆聽 Nvidia GTC 會議。這是有關軟體和服務部分的後續問題，將其分解開來非常有幫助，也許您可以有機會進行跟進。

But Claire, can you confirm whether, let's say relative to the $300 million or so that you recognized in 2024, whether you have, but at first if you included any in your assumptions for 2025, or could you tell us, is it similar or higher or lower? And then the joint venture revenues, from the electrical architecture, I know it falls a kind of a scale of spooling up as you pass through time of the $2 billion. I don't know if you could give us any details to how much was included in the fourth quarter and kind of how that scales up over the course of the year. Thanks.

但是克萊爾，您能否確認，相對於您在 2024 年確認的 3 億美元左右，是否有，但首先，您是否在 2025 年的假設中包含了任何內容，或者您​​能告訴我們，它是相似還是更高或更低？然後，我知道，來自電氣架構的合資收入，隨著時間的推移，會下降到 20 億美元左右。我不知道您是否可以向我們詳細說明第四季度包含了多少內容，以及全年的成長情況。謝謝。

One clarifying question, the question on the $300 million that was regulatory credit related.

需要澄清的一個問題是關於 3 億美元監管信貸相關的問題。

Correct. Yes, thank you.

正確的。是的，謝謝。

So on the regulatory credit outlook, we do still expect that we'll have roughly about $300 million of red credits, which is embedded within our outlook for 2025 as a whole. And, as I mentioned, there's, outcomes in which that value could be higher. There are certainly policy impacts that could be slightly lower but wanted to just provide that guardrail as you think about what's embedded within the outlook, which is a relatively flat outlook from a regulatory credit standpoint year over year.

因此，在監管信貸前景方面，我們仍然預計我們將有大約 3 億美元的紅色信貸，這包含在我們對 2025 年整體的展望中。而且，正如我所提到的，結果顯示該值可能會更高。當然，政策影響可能會略低一些，但當您考慮前景中包含的內容時，我們只想提供護欄，從監管信貸的角度來看，前景同比相對持平。

As we look at the JV-related revenues, we had $214 million of software and Services revenue that was relative to roughly $100 million of baseline revenue in the prior quarter. The majority of the growth was from the introduction of the joint venture and the JV was really only online for about half of the quarter as well as you think about contextualizing the relative size.

從合資相關收入來看，我們的軟體和服務收入為 2.14 億美元，而上一季的基準收入約為 1 億美元。大部分成長來自於合資企業的引入，而合資企業實際上只在本季度的一半左右的時間裡上線，你可以考慮將相對規模具體化。

We're not going to get into specific numbers there on the JV but wanted to just provide that relative view as we think about the growth from roughly $100 million to $200 million. Although we did have underlying growth in our non-JV related Software and Services over that same time frame as well driven by significant growth in our remarketing efforts, especially center-ground used Rivian vehicles.

我們不會深入討論合資公司的具體數字，而只是想提供相對的觀點，因為我們考慮從大約 1 億美元到 2 億美元的成長。儘管在同一時間段內，我們的非合資相關軟體和服務也確實實現了潛在成長，但這也得益於我們的再行銷工作（尤其是中階二手 Rivian 汽車）的顯著成長。

As we look at the broader outlook for 2025, I would directionally guide you to a place of north of about a billion dollars of overall revenue from the Software and Services segment in aggregate. And the JV playing, significant role in in that growth year over year.

當我們展望 2025 年的更廣闊前景時，我將引導您完成軟體和服務部門的總收入總計約 10 億美元。合資企業在逐年成長中發揮重要作用。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Yes, good afternoon. Thanks for taking the questions. I'll follow up on the Rivian Autonomy platform and great to see the profits the company is now generating from -- (technical difficulty)

是的，下午好。感謝您回答這些問題。我會關注 Rivian Autonomy 平台，很高興看到該公司現在從中獲利--（技術難度）

Taking the question. I had a follow up tied to the autonomy platform and really nice to see the Software and Services profits coming through and learn more about all Rivian's is doing with AI to further improve the features going forward.

回答問題。我對自主平台進行了跟踪，很高興看到軟體和服務的利潤實現增長，並進一步了解了 Rivian 在人工智慧方面所做的一切，以進一步改進未來的功能。

I did want to double click on the economics of that has been a pretty topical item within the financial community and wanting to get your latest views around to what extent you think Rivian can charge for these products going forward and we've seen in China, some of the hands-free products are being sold on vehicles at pretty low prices and you know what's your view about your ability to monetize this and especially as you get to level 3 and hopefully give people time back, do you think that can become a meaningful business driver for Rivian?

我確實想仔細談談這個在金融界非常熱門的話題的經濟學，我想聽聽你對 Rivian 未來可以在多大程度上收取這些產品費用的最新看法，我們已經在中國看到，一些免提產品以相當低的價格在車輛上出售，你知道你對將這些產品貨幣化的能力有何看法，特別是當你達到 3 級並希望為人們節省時間，你認為這一點

Yeah, thanks Mark. This is a question we internally spend a lot of time on as well and I think we need to separate the short to medium term from the very long term. And in the short to medium term, where we believe there's going to be relative advantages that we'll have to others, there'll be more of an opportunity to price that into the level 3 features that we actually think of it more of as a hands-free, eyes-off feature, given the SA designations of level 2, Level 3 become so confusing and blurry.

是的，謝謝馬克。我們內部也花了大量時間研究這個問題，我認為我們需要將短期、中期與長期分開。在短期到中期內，我們相信我們將比其他人擁有相對優勢，我們將有更多的機會將其定價到 3 級功能中，我們實際上認為它更像是一種解放雙手、無需注視的功能，因為 2 級、3 級的 SA 指定變得如此混亂和模糊。

But on a hands-free, eyes-off feature, we do see an opportunity for that to be a priced feature, but over time, it's going to depend a lot as you pointed out on the competitive landscape and what others are charging for those features and whether it's a feature that you pay for as a check the box upgrade or whether it's embedded into the vehicle pricing. That, that's really going to remain to be seen.

但對於解放雙手、無需注視的功能，我們確實看到了將其作為一項定價功能的機會，但隨著時間的推移，這將在很大程度上取決於你所指出的競爭格局和其他人對這些功能的收費，以及這項功能是否需要你通過勾選升級來支付費用，還是已經嵌入到車輛定價中。這，這確實還有待觀察。

But I think the macro really important point here is that whether it's in vehicle pricing or whether it's as a paid separate check-the-box feature. We believe that it'll create economic value for us as a business, and that's really why we've invested so heavily and continue to invest so heavily in this area of the business.

但我認為這裡宏觀上真正重要的一點是它是否在車輛定價中，或者是否作為單獨付費的勾選功能。我們相信它將為我們的企業創造經濟價值，這也是我們在這個業務領域投入如此多並將繼續投入如此多資金的原因。

And it's one of the areas we're most excited about that's we think is, as we start to see the progress that that nonlinear progress I talked about in terms of the compounding benefits of a vertically integrated stack, will really start to play out in the market for consumers and then for us as a business.

這是我們最興奮的領域之一，我們認為，隨著我們開始看到我所說的非線性進步（就垂直整合堆疊的複合效益而言），它將真正開始在消費者市場中發揮作用，然後對我們作為一家企業發揮作用。

Very helpful, RJ. My second question was a follow up around the $1.96 billion of proceeds from the JV that you'll be recognizing over about four years. Can you help us better understand the gross profit implications of that incremental revenue as it flows through?

非常有幫助，RJ。我的第二個問題是有關您將在四年左右時間內確認的合資公司 19.6 億美元收益的後續問題。您能否幫助我們更能理解增量收入對毛利的影響？

So you can think about that as pure profit as we go through the flow through of that deferred revenue stream over the course of the next four years. It is important to note that it's not going to be effectively straight lined over the course of those four years. It will be distributed based off of the ongoing development of the joint venture as a whole. So more back and weighted as we think about the recognition as a whole.

因此，當我們在未來四年內經歷遞延收入流的流動時，您可以將其視為純利潤。值得注意的是，在這四年的時間裡，它不會有效地保持直線。其分配將根據整個合資企業的持續發展進行。因此，當我們從整體上考慮認可時，需要更加回顧和重視。

George Gianarikas, Canaccord Genuity.

Canaccord Genuity 的 George Gianarikas。

Hi everyone, thank you for taking my questions. Maybe, I'd like to understand a little bit more about the quarterly cadence you expect around deliveries in 2025. You mentioned, the first quarter would be about 8,000. Any color as to what exactly you plan to bring down the lines? Is it Q3 or Q4 and how should we expect the year to progress? Thank you.

大家好，謝謝大家回答我的問題。也許，我想更多地了解您預計 2025 年左右的季度交付節奏。您提到第一季大約會有 8,000。您具體計劃要實現什麼功能呢？是第三季還是第四季，我們預計今年會如何發展？謝謝。

Thanks George. We're with the -- Javier spoke to it a little bit earlier, but we're in the process of building a significant expansion to our plant that will house general assembly and the body shop for R2. And in fact, there's a picture of it in our Q4 shareable letter that's maybe a few days old, but it's rapidly being built out. I'm really excited with the progress we're seeing there.

謝謝喬治。我們——哈維爾早些時候談到了這一點，但我們正在對工廠進行大規模擴建，該工廠將容納 R2 的總裝配和車身車間。事實上，我們第四季度的共享信中有一張它的圖片，雖然可能是幾天前的，但它正在迅速建成。我對我們在那裡看到的進展感到非常興奮。

But there's other aspects of the plants in Illinois that we're going to be sharing between R1, R2 and our commercial bands. And the most critical of those is our paint shop and so we're going to be shutting down the overall plant to integrate the R2 line into the paint shop and, to a lesser degree, into the stamping operation for the plant and that those are the shared areas which importantly are really high-investment areas as well so we're able to share and leverage the paint shop and able to share and leverage our stamping operation.

但是伊利諾伊州工廠的其他方面我們將在 R1、R2 和我們的商業樂隊之間共享。其中最關鍵的是我們的噴漆車間，因此我們將關閉整個工廠，將 R2 生產線整合到噴漆車間，並在較小程度上整合到工廠的沖壓操作中，這些都是共享區域，重要的是也是高投資區域，因此我們能夠共享和利用噴漆車間，能夠共享和利用我們的沖壓操作。

And so that one month roughly shutdown has been reflected in our numbers and the guidance that we're providing and as we've done before with the Gen 2 launch, we want to be really clear as early as possible so that that doesn't surprise anyone. So we know that that's coming. It's intentional, it's planned. The production volumes you're going to be seeing from us in Q1 and Q2 reflect and contemplate that shutdown so that we have enough sufficient suppliers, sufficient inventory vehicles to support the full year.

因此，大約一個月的停工時間已經反映在我們的數據和我們提供的指導中，正如我們之前推出的第二代產品一樣，我們希望儘早明確這一點，以免讓任何人感到驚訝。所以我們知道那將會發生。這是有意、有計劃的。您將在第一季和第二季看到的生產量反映並考慮了停產的影響，以便我們有足夠的供應商、足夠的庫存車輛來支援全年生產。

Thank you, and maybe as a follow-up any comment on the DOE loan and the uncertainty in (technical difficulty)

謝謝，也許作為後續問題，您對能源部貸款和不確定性有何評論？（技術難度）

Thanks, George. We're really looking forward to working with the new administration and Department of Energy on our loan, and we share in the President's desire to bring jobs back to the US. Our loan would enable 7,500 new manufacturing jobs in addition to the more than 10,000 jobs that we, as Rivian, have created across the enterprise over the course of the last four years.

謝謝，喬治。我們非常期待與新政府和能源部就我們的貸款合作，我們也同樣希望總統能將就業機會帶回美國。我們的貸款將創造 7,500 個新的製造業崗位，此外，Rivian 在過去四年中已經在整個企業內創造了超過 10,000 個就業機會。

And, as you just heard from RJ, we're also helping to advance American innovation around the transportation sector, which we believe is strategically important, as a global industry as a whole, and maintain that alignment with the administration on this course of action as a whole. And the loan will continue to provide important capital for us as we look to scale the business and take Rivian from the 215,000 units of capacity in Normal to adding an additional 400,000 units of capacity over time.

而且，正如您剛才從 RJ 那裡聽到的，我們還在幫助推動美國在交通運輸領域的創新，我們認為這對整個全球行業來說具有戰略重要性，並在整個行動方針上與政府保持一致。隨著我們尋求擴大業務規模，並隨著時間的推移，將 Rivian 的產能從 Normal 的 215,000 單位增加到額外的 400,000 單位，這筆貸款將繼續為我們提供重要資金。

Yeah, the other thing to keep in mind, in the context of just US leadership and innovation around transportation, and energy systems is the scale of change that we're seeing across the planet as we electrify, so that's as the Europe electrifies as China electrifies as the rest of world electrifies, of different companies to be producing highly compelling products and products that give customers choices as they start to think about electrification.

是的，要記住的另一件事是，在美國交通和能源系統領域的領導地位和創新背景下，隨著電氣化，我們在全球範圍內看到的變化規模，因此，隨著歐洲電氣化、中國電氣化和世界其他地區的電氣化，不同的公司正在生產極具吸引力的產品，這些產品為開始考慮電氣化的客戶提供選擇。

And we really believe, and we're very aligned with the administration on this that the US needs to continue to be a world leader in this regard. And our investment into electronics, into software, into autonomy and AI, these are really key areas for us as a country to continue to exercise a leadership position in and it's important that we as a country also have many different companies that are successful in entering in these spaces and are successful and complimentary towards one another.

我們確實相信，並且在這一點上我們與政府的觀點一致，即美國需要繼續在這方面發揮世界領先作用。我們在電子、軟體、自動化和人工智慧方面的投資，這些都是我們國家繼續保持領導地位的關鍵領域，重要的是，我們國家也有許多不同的公司成功進入這些領域，並且相互成功、相互補充。

John Murphy, Bank of America.

美國銀行的約翰‧墨菲。

Good evening, guys. Claire, I just wanted to -- just one quick question on the gross profit year-over-year and I just want to make sure I understand it, correctly and if there are any other pieces in the building blocks. But starting from about $1.2 billion negative in '24, you got volumes flat to down on a year-over-year basis.

大家晚上好。克萊爾，我只是想 - 關於同比毛利的一個簡單的問題，我只是想確保我理解正確，以及是否還有其他部分。但從 24 年的負值約 12 億美元開始，交易量較去年同期持平甚至下降。

So assuming it's not too much of an impact, and maybe slightly negative there. It sounds like the Software and Services revenues is going up by about $800 million year over year. So 28% gross margin that's a bump of 224, so that leaves horses and hand grenades about a billion dollars. You know that it sounds like it'll be gained from a lower bomb and sort of the cost savings there. I s that where the bulk of that other billion dollars is coming from, or are there some other factors that we should be considering?

所以假設它不會造成太大的影響，甚至可能略有負面影響。聽起來軟體和服務收入年增了約 8 億美元。因此，毛利率為 28%，增加了 224%，剩下的馬和手榴彈約為 10 億美元。您知道，這聽起來像是從較低級別的炸彈中獲得的，並且會節省一些成本。那另外十億美元的大部分是從哪裡來的呢？

Sure, so as you think about the baseline for 2024 and that does include some level of joint venture in it, but we had about $484 million of Software and Services revenue in aggregate, or if you, look at more of what was the prior run rate about $100 million a quarter, give or take as a whole. So that gives you a little bit of a framework to think through the overall outlook.

當然，當您考慮 2024 年的基準時，其中確實包括一定程度的合資，但我們總計的軟體和服務收入約為 4.84 億美元，或者如果您看一下之前的運行率，大約每季 1 億美元，整體上大致如此。這為您提供了一個思考整體前景的框架。

As we think about the composition of the overall gross profit, we will see a significant benefit from the ongoing gross profit of the Software and Services businesses. As I mentioned previously, we expect this to be north of a billion dollars and consistent with what you saw from us with the 28% gross margin in Q4 for Software and Services. How we anticipate being able to achieve a gross profit margin in the 30% area for the Software and Services side of the business.

當我們思考整體毛利的組成時，我們會看到軟體和服務業務持續毛利帶來的顯著收益。正如我之前提到的，我們預計這一數字將超過 10 億美元，並且與您從我們第四季度軟體和服務 28% 的毛利率中看到的情況一致。我們如何預期能夠實現軟體和服務業務約30%的毛利率。

And so you heard from RJ and Javier on all of the cost efficiency drivers that we're working through within our manufacturing facility, with our suppliers. We have ongoing commodity tailwinds, that we'll realize over the course of the year. But there are some offsets to that as we think about some of the potential policy-related impacts or demand impacts that's embedded within our guidance. And then the fact that we will no longer have meaningful LCNRV related benefits in 2025, given the improvements that we've made in our underlying cost structure, which has, dwindled that LCNRV balances as we reach Q4 of 2024 as a whole.

所以您從 RJ 和 Javier 那裡聽說了我們在製造工廠內和供應商一起努力解決的所有成本效率驅動因素。我們擁有持續的大宗商品順風，我們將在今年內實現這一目標。但當我們考慮到指導中包含的一些潛在政策相關影響或需求影響時，就會出現一些抵銷情況。事實上，考慮到我們在基礎成本結構方面所做的改進，到 2025 年，我們將不再擁有有意義的 LCNRV 相關福利，而到 2024 年第四季度，LCNRV 餘額將會減少。

So with all of those puts and takes, we do, have a negative Automotive gross profit outlook from a GAAP basis, but we do anticipate that we'll be making money if you adjust that for some of the non-cash items, including our depreciation expense or stock-based compensation expense as a whole.

因此，考慮到所有這些利弊，從 GAAP 角度來看，我們的汽車毛利潤前景為負，但我們預計，如果針對一些非現金項目進行調整，包括折舊費用或整體股票薪酬費用，我們將會賺錢。

And that collectively is what's going to be driving and enabling the roughly $800 million to a billion dollars of improvement in adjusted EBITDA since we will have some underlying growth of our R&D expense, our SG&A expense, as we continue to invest in our autonomy platform, as we continue to invest in the growth of our service and sales infrastructure as well.

所有這些因素將共同推動並實現調整後 EBITDA 成長約 8 億至 10 億美元，因為隨著我們繼續投資於自主平台，繼續投資於服務和銷售基礎設施的成長，我們的研發費用和銷售、一般及行政費用將有一些潛在的成長。

So hopefully that gives you a little bit of a flavor of some of those different puts and takes to get us to the modest aggregate gross profit outlook.

因此，希望這能讓您對一些不同的利弊有一點了解，從而讓我們獲得適度的整體毛利前景。

Okay, that's helpful. And then just a second question, it's tough for us to tell externally, but you know we're going to be looking at a year and '25 where volumes are flat to down. A lot of that seems like it's going to be driven to some degree from capacity constraints and changeovers.

好的，這很有幫助。然後是第二個問題，我們很難從外部告訴您，但您知道我們將關注 1 年和 25 年，其中交易量持平或下降。其中很大一部分似乎在某種程度上受到產能限制和轉換的影響。

But if you think about '26, is there any reason to think that the R1 and the commercial van can't grow volume or I mean, how are you thinking? I know it's a little bit, sort of presumptuous to ask you about '26 already. But I mean, looking at that flat year, I think some skeptics might say, hey, listen, the R1 and the commercial van are at their run rate levels and any growth is going to come from R2, R3 over time and these products are where they are.

但如果你考慮一下 26 年，有什麼理由認為 R1 和商用貨車的銷量無法增加呢？我知道現在就問您關於 26 年的事情有點冒昧。但我的意思是，回顧那平淡的一年，我想一些懷疑論者可能會說，嘿，聽著，R1 和商用貨車處於其運行率水平，任何增長都將隨著時間的推移來自 R2、R3，而這些產品目前處於當前水平。

But an optimist would say, hey, listen, it's my ramps up, you might be able to take pricing down over time and offer even better value to the consumer that that the volumes could go up significantly. Which end of the spectrum do you think is right or is it kind of down the middle?

但是樂觀主義者會說，嘿，聽著，這是我的成長勢頭，你可能能夠隨著時間的推移降低價格，並為消費者提供更好的價值，這樣銷量就可以大幅上升。您認為哪一端是正確的，或是處於中間位置？

Thanks, John, for the question. We made the decision to launch R2 in Normal. A lot of the focus at the time was on the CapEx efficiency and the operating efficiency of one leadership team that's running one plant across three different products. As I spoke about earlier today, the sharing of the paint shop, sharing of stamping, and therefore the reduction in CapEx per unit launched with R2.

謝謝約翰提出這個問題。我們決定在 Normal 推出 R2。當時的重點是資本支出效率和一個領導團隊的營運效率，該團隊負責管理一個工廠生產三種不同的產品。正如我今天早些時候所說的，R2 推出了噴漆車間共享、沖壓車間共享，因此單位資本支出也隨之降低。

One of the areas that we didn't spend enough time talking about, and it's good you asked this question so we can really go deeper here is that by having R1, R2 and our commercial van all in the same plant, and the way that we've designed the plant is there's flexibility between the different product lines.

我們沒有花足夠時間討論的一個領域，很高興你問了這個問題，這樣我們就可以更深入地討論，那就是透過將 R1、R2 和我們的商用貨車都放在同一個工廠裡，我們設計工廠的方式是不同的產品線之間具有靈活性。

And important to note is that R1 is our flagship product and when we think about more price sensitive customers and the mass market customer, that's the purpose of R2 and then subsequent to R2, of course, R3. But R2 is going to really open up the market for us and bring in consumers today that may love the brand, may love our products, but just can't make this step to vehicles with ASPs that are over $90,000. And instead we're going to be looking at something that's about half that with a starting price of $45,000 with R2.

值得注意的是，R1 是我們的旗艦產品，當我們考慮對價格更敏感的客戶和大眾市場客戶時，這就是 R2 的目的，然後是 R2，當然還有 R3。但 R2 確實會為我們打開市場，吸引那些可能喜歡這個品牌、可能喜歡我們的產品、但卻無法接受平均售價超過 9 萬美元的汽車的消費者。相反，我們將會看到一款價格大約是這個數字的一半、起價為 45,000 美元、配備 R2 的產品。

And so that flexibility is really a huge advantage for us as we think about the Normal operation, the Normal, Illinois operation. In that we don't need to be overly precise on exactly what R1 does or R2 and the obvious question of is there cannibalization risk between R2 and R1. We have a level of resilience around whether it's R2 sale or R1 sale and that's by design, that's how we've architected the plant and it's also what's built into our plant.

因此，當我們考慮正常營運、伊利諾州正常運作時，這種靈活性對我們來說確實是一個巨大的優勢。因為我們不需要過於精確地了解 R1 或 R2 到底做了什麼，而顯而易見的問題是 R2 和 R1 之間是否存在蠶食風險。無論是 R2 銷售還是 R1 銷售，我們都具有一定的彈性，這是設計使然，這就是我們設計工廠的方式，也是我們工廠的內在特徵。

And to just to restate some of the things that Claire and I both spoke about earlier. The cost structure in R2 represents such a significant improvement even over the already improved R1 that we're very happy to have customers decide instead of an R1 vehicle I'm going to purchase an R2. The non-bill of materials COGS is well under half of what R1 is, and the bill of materials, as we've said a couple of times here is with 95% of the vehicle sourced, we're projecting that to be about 50%, about half of what the R1 bill of materials is.

我只是想重申一下克萊爾和我之前談到的一些事情。R2 的成本結構比已經改進的 R1 有了顯著的改進，我們很高興有客戶決定購買 R2，而不是 R1 車輛。非物料清單的 COGS 遠低於 R1 的一半，而物料清單，正如我們多次所說的，是 95% 的車輛採購，我們預計這一比例約為 50%，約為 R1 物料清單的一半。

Shreyas Patil, Wolfe Research.

Shreyas Patil，沃爾夫研究公司。

Hey, thanks so much for taking my question. I appreciate the incremental color you provided on the Software and Services part of the business, and maybe if we just put aside the VW agreement, I was wondering, RJ, if you can give us a sense of how you're thinking about the revenue opportunity there.

嘿，非常感謝您回答我的問題。我很欣賞您對軟體和服務業務部分提供的增量說明，也許如果我們只是把大眾汽車協議放在一邊，我想知道，RJ，您是否可以讓我們了解一下您如何看待那裡的收入機會。

Any insights you can provide on the kind of take rates you're seeing on Connect+. How you see adoption of the ADAS platform over the next few years or the services market opportunity, and maybe, Claire, if you can just remind us what the long-term gross margin potential here is.

您能否就 Connect+ 上的收費率提供一些見解？您如何看待未來幾年 ADAS 平台的採用或服務市場機會？

Thanks. We made the decision a long time ago to vertically integrate the electronic stack within the vehicles. That's all the what you might classically call the ECUs in the vehicle, and that allowed us, as we've shown with Gen 2, to really consolidate the number of compute platforms within the vehicle to a much smaller number than what you would find in a traditional vehicle.

謝謝。我們很久以前就決定要垂直整合車輛內的電子堆疊。這就是傳統意義上的車輛 ECU，正如我們在 Gen 2 中所展示的那樣，這使我們能夠將車輛內的計算平台數量真正整合到比傳統車輛中少得多的數量。

And along with that we've also vertically integrated the software stack that's running across those drastically reduced number of compute platforms across the vehicle. And what that's done for us is a few things. One is it it's created -- it's been a big contributor to what's helped create a really desirable brand where our customers are enjoy knowing that the vehicle is getting better month over month.

除此之外，我們也垂直整合了在車輛上數量大幅減少的運算平台上運行的軟體堆疊。這為我們帶來了一些好處。一是它創造了——它為打造一個真正令人嚮往的品牌做出了巨大貢獻，我們的客戶很高興知道車輛每個月都在變得更好。

With every over the update that we do, we're adding new features, we're responding to feedback, we're reflecting, shifts in technology topology. So as you think about things like generative AI and how that plays into a user interface or user experience in a vehicle, being able to respond to these changes has been really powerful.

每次更新，我們都會新增功能，回應回饋，反映技術拓撲的變化。因此，當您考慮生成式人工智慧之類的事物以及它如何影響車輛的使用者介面或使用者體驗時，能夠對這些變化做出反應確實非常強大。

But it also, of course, unlocked, another business for us which is which is what's been launched with the joint venture and the $5.8 billion joint venture and associate technology licensing that that we're seeing really validates the strength of the platform that we've built and it's, in many ways, it's very similar to how we've also approached self-driving where it takes a tremendous amount of work to build the platform.

當然，它也為我們開啟了另一項業務，即透過合資企業啟動的業務，以及價值 58 億美元的合資企業和相關技術許可，我們看到這真正驗證了我們所構建平台的實力，並且在許多方面，它與我們在自動駕駛領域的做法非常相似，構建平台需要大量的工作。

That's the hardware, so perception stack, the compute stack. And then building all the infrastructure to drive this large training flywheel, this big data flywheel that allows us to get better and better and better, and com and compound those improvements as I said earlier.

這就是硬件，也就是感知堆疊、計算堆疊。然後建造所有基礎設施來驅動這個大型訓練飛輪，這個大數據飛輪使我們變得越來越好，並像我之前所說的那樣將這些改進結合起來。

And so those features, whether it's Connect+ and the vehicle, we can add more features, add connectivity, and then, as we talked about earlier, the ability to link self-driving and increasing levels of capability on our self-driving platform to paid features is something that we think is very real in the near to medium term.

因此，無論是 Connect+ 還是車輛，我們都可以添加更多功能、增加連接性，然後，正如我們之前談到的，將自動駕駛和自動駕駛平台上不斷提升的能力與付費功能聯繫起來的能力，我們認為在近期到中期內是非常現實的。

Over time, we're going to watch and see how the market plays out, whether those features get embedded into the vehicle as part of the overall vehicle price or whether those are, as I put it before, check-the-box features, but really important here is that these are technologies that we control, technologies we're developing, and technologies that get measurably better, notably better, every single month.

隨著時間的推移，我們將觀察市場如何發展，這些功能是否會作為整車價格的一部分嵌入到車輛中，或者是否如我之前所說，是可選功能，但真正重要的是，這些是我們控制的技術，我們正在開發的技術，以及每個月都明顯改進、顯著改進的技術。

And that has created a dynamic where, in the case of vehicle software, our Head of Software, Wassym, is well known in the Reddit forms because he's constantly on there engaging with our customers. And that's awesome. It's great to have customers that are anticipating and excited to see their asset, their vehicle get better month over month.

這就產生了一種動態，就車輛軟體而言，我們的軟體主管 Wassym 在 Reddit 表單上很有名，因為他經常在那裡與我們的客戶互動。這太棒了。很高興看到客戶期待並興奮地看到他們的資產和車輛逐月變得更好。

And, as we look at the long-term trajectory from a margin standpoint, it's a little bit hard, given all of the different puts and takes in terms of the relative mix of line items that compose the Software and Services business and some of the more significant unlocks as you think about additional development licensing opportunities for the long-term as a whole.

而且，當我們從利潤率的角度來看長期發展軌跡時，這有點困難，因為考慮到軟體和服務業務的相對項目組合方面的所有不同投入和產出，以及當你考慮長期額外的開發許可機會時一些更重要的解鎖。

So I would more guard you towards some of the near-term impacts which would situate within that 30%, margin zip code as we think about the fairly different margin profiles of things like remarketing or vehicle maintenance and repair services are relative to some of the higher margin, subscription-related revenue streams that are also embedded within this segment as a whole.

因此，我會更加關註一些近期的影響，這些影響將位於 30% 的利潤率郵遞區號範圍內，因為我們考慮到再行銷或車輛維護和維修服務等產品的利潤率相當不同，這些產品與一些利潤率較高的訂閱相關的收入流也包含在整個細分市場中。

But we do see this as a big opportunity for Rivian over the longer term. And we're excited to now have the opportunity to have this be of a size and scale that we can break it out separately and provide additional visibility into the go-forward operations of our Software and Services segment.

但從長遠來看，我們確實認為這對 Rivian 來說是一個巨大的機會。我們很高興現在有機會將其擴大到這樣的規模，以便我們可以將其單獨分離出來，並為我們的軟體和服務部門未來的營運提供額外的可見性。

Okay, great. And maybe just one follow up. Thinking about the 2027 targets that were provided at the Analyst Day. Number one, just wanted to confirm those numbers did not include any benefit from the Volkswagen deal, so in theory, that would be incremental. And then, also how to think about if we do see an IRA repeal, was the benefit of the $7500 credit embedded in your kind of pricing assumptions around R2?

好的，太好了。也許只需要一個後續行動。思考分析師日提供的 2027 年目標。首先，我只是想確認這些數字不包括大眾交易帶來的任何好處，所以從理論上講，這將是增量。然後，如果我們確實看到 IRA 廢除，那麼 7500 美元信貸額度的益處是否包含在您圍繞 R2 的定價假設中？

Yeah, with regards to IRA and R2, we've -- I'd say actually in general, the way we've designed the business, that's the R1 product line, the R2 product line, R3 product line, we've thought about those elements of the business and the ultimate underlying cost structure, independent of IRA.

是的，關於 IRA 和 R2，我想說，實際上總的來說，我們設計業務的方式，即 R1 產品線、R2 產品線、R3 產品線，我們已經考慮了這些業務要素以及獨立於 IRA 的最終底層成本結構。

Now that's not to say that a $7500 tax credit is a helpful tailwind. It certainly is, but we've architected the business and we've built in a lot of flexibility in terms of vehicle configuration and, therefore, pricing associated with different models or variants that contemplates both the world with the $7500 credit and a world without the $7500 credit.

這並不是說 7,500 美元的稅收抵免是一個有益的順風。確實是，但是我們已經設計好了業務，並且在車輛配置方面具有很大的靈活性，因此，不同型號或變體的定價既考慮了有 7500 美元信用額度的情況，也考慮了沒有 7500 美元信用額度的情況。

And because this applies equally to all, it doesn't present a relative advantage or disadvantage to any of us, including ourselves. It just means that we needed to be very contemplative of that as we design the vehicle architecture.

由於這適用於所有人，因此對於我們任何人（包括我們自己）來說，它都沒有相對的優勢或劣勢。這只是意味著我們在設計車輛架構時需要對此進行深思熟慮。

And then on the '27 target itself. As you rightfully called out, we have a lot of positives as it pertains to the introduction and consolidation associated with the joint venture and profitability associated with that. But we also have, some detractors as it pertains to the broader policy outlook as a whole. In aggregate, we still see a path to EBITDA positive in 2027, but that does require the benefits that we'll see from the JV, and Software and Services to deliver to that same target.

然後是‘27目標本身。正如您正確指出的那樣，我們在合資企業的引入和合併以及相關的盈利能力方面有很多積極因素。但就整個更廣泛的政策前景而言，我們也有一些批評者。總體而言，我們仍然認為 2027 年 EBITDA 預計將實現正成長，但這需要合資企業、軟體和服務帶來的好處才能實現相同目標。

This concludes the Q&A section of the call. I would now like to turn the call back to RJ Scaringe for closing remarks.

本次通話的問答部分到此結束。現在我想請 RJ Scaringe 作結束語。

Thank you, everyone, for joining us on the call. Hopefully, as you heard, we're really proud of the work the team has done to drive the strong performance you saw in Q4. As I said in my opening comments, the $31,000 in cost reduction per vehicle reflects a large amount of work and efforts by all of our teams across operations, product development, and of course the rest of the business.

感謝大家參加我們的電話會議。希望正如您所聽到的，我們為團隊在第四季度取得的強勁表現所做的工作感到非常自豪。正如我在開場白中所說，每輛車 31,000 美元的成本降低反映了我們所有團隊在營運、產品開發以及其他業務領域的大量工作和努力。

But as we're looking forward here, we're ecstatic around the opportunity with R2. We think it's really important to provide to the market and to consumers a choice that's highly compelling at a price point that addresses a large, large percentage of buyers here in the United States, and for that matter, in Europe as well. But importantly, is addressing those customers with a product that's both priced accordingly but also has a much lower-cost structure.

但當我們展望未來時，我們對 R2 帶來的機會感到非常興奮。我們認為，向市場和消費者提供一種價格合理、極具吸引力的選擇，以滿足美國乃至歐洲大量買家的需求，這一點非常重要。但重要的是，要為這些客戶提供價格合理且成本結構較低的產品。

And so we're laser focused as a team on delivering on that cost structure, ensuring a smooth and robust launch, and ensuring that we build out the rest of the business to support the dramatic step up in scale that R2 will bring with it. So that's our all of our go-to market functions, the service infrastructure, the delivery infrastructure, and of course the systems that enable all of that.

因此，我們作為一個團隊，全心全意地致力於實現這一成本結構，確保平穩、穩健地發布，並確保我們拓展其餘業務，以支持 R2 帶來的規模大幅提升。這就是我們所有的市場功能、服務基礎設施、交付基礎設施，當然還有支援所有這些的系統。

And you're seeing us drive efficiency into how we run our business. As Claire talked about before, even with all the growth that we've experienced over the course of last year, we've been able to reduce our OpEx during that same time frame. And so it reflects adding scale while simultaneously driving efficiency into the business and removing cost from the business.

而且您會看到我們不斷提高業務營運效率。正如克萊爾之前所說的，即使我們去年經歷了巨大的成長，我們仍然能夠在同一時間段內降低營運支出。因此，它體現了在擴大規模的同時提高業務效率並降低業務成本。

And we're going to continue those efforts through the launch of R2 and we're excited and I certainly can't wait to see R2s getting into customer hands and seeing them rolling off the line in Normal.

我們將透過推出 R2 繼續這些努力，我們感到非常興奮，我迫不及待地想看到 R2 到達客戶手中並看到它們在諾默爾 (Normal) 下線。

So thank you, everyone, for the call and we'll look forward to the next one.

所以，感謝大家的來電，我們期待下次來電。