Rivian Automotive Inc (RIVN) 2025 Q1 法說會逐字稿

Welcome to today's Q1 earnings results hosted by Rivian. (Operator Instructions) I'll now turn the call over to Derek Mulvey, Vice President, Finance.

歡迎觀看今天由 Rivian 主持的第一季財報。（操作員指示）現在我將把電話轉給財務副總裁 Derek Mulvey。

Good afternoon and thank you for joining us for Rivian's first quarter 2025 earnings call. Today, I'm joined by RJ Scaringe, our CEO and Founder; Claire McDonough, our Chief Financial Officer; and Javier Varela, our Chief Operations Officer.

下午好，感謝您參加 Rivian 2025 年第一季財報電話會議。今天，我們邀請到了我們的執行長兼創辦人 RJ Scaringe；我們的財務長克萊爾·麥克多諾 (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, reflects management's current 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 Law. Such statements involving risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are described in our SEC filings and the shareholder letter, which we filed today with the SEC.

在我們開始之前，本次電話會議討論的問題，包括評論和對問題的回答，反映了管理層截至今天的當前觀點。我們還將做出與我們的業務、營運和財務表現相關的聲明，根據聯邦證券法，這些聲明可能被視為前瞻性聲明。此類聲明涉及風險和不確定性，可能導致實際結果產生重大差異。這些風險和不確定性在我們今天向美國證券交易委員會提交的文件和股東信中有所描述。

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 this earnings call, we published and filed our shareholder letter, which includes an overview of our progress of 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。我們在致股東的信中提供了 GAAP 與非 GAAP 財務指標的對帳表。就在本次收益電話會議之前，我們發布並提交了股東信，其中概述了我們最近幾個月的進展。我鼓勵您閱讀它，以了解有關我們今天電話會議中將討論的一些事項的更多詳細資訊。

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

接下來，我將把電話交給 RJ，他將首先致一些開場白。

Thanks, Derek. Hello, everyone, and thanks for joining us today. During our call, I will highlight key developments in the first quarter and provide an update on the progress we're making against our value drivers.

謝謝，德里克。大家好，感謝大家今天加入我們。在電話會議中，我將重點介紹第一季的主要發展情況，並提供我們在價值驅動方面取得的進展的最新資訊。

First, I'm excited that Rivian delivered a second consecutive quarter of positive gross profit. with a gross profit of $206 million. This reflects an outstanding effort from the team and a continued focus on cost and operational efficiency. Rivian has now met the gross profit milestone with Volkswagen Group and expects to receive $1 billion in funding at the end of June, which Claire will provide more details in her remarks.

首先，我很高興 Rivian 連續第二季實現了正毛利。毛利為2.06億美元。這體現了團隊的傑出努力以及對成本和營運效率的持續關注。Rivian 目前已與大眾集團達成毛利里程碑，預計將於 6 月底獲得 10 億美元融資，Claire 將在她的演講中提供更多細節。

Customers continue to love our brand, our vehicles and our products. In the first quarter of 2025, R1S remained the best-selling SUV with a starting price of over $70,000 in California, and the R1S was the number 1 best-selling electric SUV in the United States with a starting price over $50,000.

客戶繼續喜愛我們的品牌、我們的車輛和我們的產品。2025年第一季度，R1S仍是加州最暢銷的起售價超過7萬美元的SUV，R1S也是美國最暢銷的起售價超過5萬美元的電動SUV。

Part of what customers love about Rivian is the seamless integration of technology into the product experience and the enhancements that come with our over-the-year updates. One of our most critical technology focus areas, which customers will start to see the output of is Rivian Autonomy platform. With the launch of our second-generation platform, we entirely changed the perception stack and compute.

客戶喜歡 Rivian 的部分原因是它將技術無縫整合到產品體驗中，並且隨著我們一年來的更新而增強。我們最關鍵的技術重點領域之一，客戶將開始看到其成果，那就是 Rivian Autonomy 平台。隨著第二代平台的推出，我們徹底改變了感知堆疊和運算。

Our R1 vehicles now have 55 megapixels of cameras and more than 200 tops of onboard inference. We designed this platform around an AI-centric approach where a vertically integrated technology hardware has enabled us to build a data flywheel for training our model with an end-to-end approach.

我們的 R1 車輛現在配備了 5500 萬像素的攝影機和超過 200 個車載推理設備。我們圍繞以人工智慧為中心的方法設計了這個平台，其中垂直整合的技術硬體使我們能夠建立資料飛輪，以端到端的方式訓練我們的模型。

With the scale of our second generation fleet growing, the strength of our robust sensor set feeding our data flywheel is enabling an important acceleration to our technology. The metaphorical plumbing for training our AI driving models is in place and the resulting benefits are just starting to be seen.

隨著我們第二代車隊規模的不斷擴大，我們強大的感測器組為我們的數據飛輪提供動力，從而為我們的技術帶來重要的加速。用於訓練我們的人工智慧駕駛模型的隱喻管道已經到位，其帶來的好處才剛開始顯現。

We believe control of the data flywheel and associated autonomy platform will be important for autonomy development, which we expect to have a greater impact on consumer purchasing decisions as we look towards the second half of this decade.

我們相信，控制資料飛輪和相關的自主平台對於自主發展至關重要，我們預計，展望本世紀下半葉，這將對消費者的購買決策產生更大的影響。

We recently launched hands-free eyes on driving for our second-generation vehicles for highway driving. And this is the very start of a steady stream of ongoing enhancements, which we plan to make. We are focused on delivering turn-by-turn autonomy as quickly as possible while expanding from hands-free eyes on to hands-free and eyes off. We believe eyes off functionality and autonomy in Rivian settings will enhance the overall product experience.

我們最近為第二代高速公路駕駛車輛推出了免持駕駛視線功能。這只是我們計劃進行的一系列持續改進的開始。我們專注於盡快提供逐向自主駕駛功能，同時從解放雙手、注視前方擴展到解放雙手、視線遠離前方。我們相信，Rivian 設定中的功能性和自主性將增強整體產品體驗。

Considering our broader AI work, including Rivian Autonomy, there are several product and technology advancements, which we've been working on, but not yet shown or discussed. This fall, we plan to host an AI and Autonomy Day, we'll share more of our product and our technology road map. I'm really excited to reveal more of what we're doing here.

考慮到我們更廣泛的人工智慧工作，包括 Rivian Autonomy，我們一直在研究幾項產品和技術進步，但尚未展示或討論。今年秋天，我們計劃舉辦人工智慧和自主日，我們將分享更多我們的產品和技術路線圖。我很高興能透露更多我們在這裡所做的事情。

As Rivian continues to innovate through AI, I'm also excited to announce Aidan Gomez is joining our Board of Directors. Eden is the Co-Founder and CEO of Cohere and he brings extensive experience enterprise-wide across AI and is a terrific addition to our Board. In parallel to technology development, Rivian is making significant progress in R2, including the start of our validation builds and the continued work on a 1.1 million square foot expansion to our normal Illinois manufacturing facility.

隨著 Rivian 不斷透過人工智慧進行創新，我也很高興地宣布 Aidan Gomez 將加入我們的董事會。Eden 是 Cohere 的共同創辦人兼首席執行官，他在人工智慧領域擁有豐富的企業經驗，也是我們董事會的寶貴成員。在技​​術開發的同時，Rivian 在 R2 方面也取得了重大進展，包括開始驗證建造以及繼續對我們位於伊利諾伊州的正常製造工廠進行 110 萬平方英尺的擴建。

We also announced the construction of a 1.2 million square foot supplier park in normal, for which much of the building's construction is complete. This supplier park will help us further reduce cost for our normal production. Next year, we plan to start construction on our Georgia facility, which is planned to provide an additional 400,000 units of annual capacity for R2 and R3 once fully built out.

我們也宣佈在諾默爾建造一個佔地 120 萬平方英尺的供應商園區，目前該園區的大部分建築已經完工。這個供應商園區將幫助我們進一步降低正常生產的成本。明年，我們計劃開始建造位於喬治亞州的工廠，一旦全面建成，將為 R2 和 R3 提供額外的 40 萬台/年的產能。

Rivian's long-term investment in technologies such as autonomy, software, electrical hardware, and propulsion has provided substantial cost and performance advantages. For example, our development of the R1 zonal network architecture and associated software is the foundation of what's going into R2. With the expected scale of R2, our investments in this technology begin to build a structural cost advantage, which is a core element of delivering R2 at a price point expected to start of $45,000.

Rivian 在自主性、軟體、電氣硬體和推進等技術方面的長期投資提供了巨大的成本和效能優勢。例如，我們開發的 R1 區域網路架構和相關軟體是 R2 的基礎。隨著 R2 的預期規模，我們對這項技術的投資開始形成結構性成本優勢，這是以預計 45,000 美元起價提供 R2 的核心要素。

Rivian's enterprise readiness for R2 stretches beyond just technology, design and manufacturing for the product. It spans the entire organization as we scale our systems, processes, and infrastructure for rapid growth. I couldn't be more excited for R2's launch. Last week, I was driving in R2 prototype, and the vehicle is just incredible.

Rivian 為 R2 所做的企業準備不僅限於產品的技術、設計和製造。隨著我們擴展系統、流程和基礎設施以實現快速成長，它涵蓋整個組織。我對 R2 的發布感到無比興奮。上週，我駕駛了 R2 原型車，這輛車真是令人難以置信。

Looking externally, the global trade regulation and policy environment is also top of mind. This is complex, multilayered, and rapidly evolving. It impacts our global supply chains, trade and consumer sentiment. We have 100% US vehicle manufacturing and a majority of our bill of materials, excluding cells are sourced from the US or USMCA qualified. However, we are not immune to the impacts of the global trade and economic situation, which should expect to impact material costs, material availability, capital expenditures and the demand backdrop.

從外部來看，全球貿易監管和政策環境也是人們關注的焦點。這是一個複雜、多層次且快速發展的領域。它影響我們的全球供應鏈、貿易和消費者情緒。我們的汽車 100% 在美國製造，我們的大部分物料（不包括電池）均來自美國或符合 USMCA 要求。然而，我們也無法免受全球貿易和經濟狀況的影響，這會影響材料成本、材料可用性、資本支出和需求背景。

Importantly, as previously announced, the LG battery cells for R2 will initially be produced in Korea, but these cells are expected to be produced in Arizona starting by early 2027. With thousands of employees in the US and more than 2 million square feet of new construction underway at our normal Illinois campus, Rivian shares the President's excitement in expanding domestic manufacturing capacity and continued US technology leadership. I can't wait for R2 and the long-term potential of our midsize platform, which we will build in our Illinois facility and future Georgia facility.

重要的是，正如先前宣布的那樣，R2 的 LG 電池單元最初將在韓國生產，但預計這些電池將從 2027 年初開始在亞利桑那州生產。Rivian 在美國擁有數千名員工，並且在伊利諾伊州的正常園區內有超過 200 萬平方英尺的新建築正在建設中，Rivian 與總統一樣對擴大國內製造能力和繼續保持美國技術領先地位感到興奮。我迫不及待地想要看到 R2 和我們中型平台的長期潛力，我們將在伊利諾伊州的工廠和未來的喬治亞州工廠建造它。

Lastly, thank you to our employees, customers, partners, suppliers, communities, and shareholders for their support.

最後，感謝我們的員工、客戶、合作夥伴、供應商、社區和股東的支持。

With that, I will pass the call over to Claire.

說完，我會把電話轉給克萊爾。

Thanks, RJ. I also want to thank our team for a tremendous quarter. As RJ mentioned, in the first quarter of 2025, we achieved $206 million of gross profit, which resulted in the second consecutive quarter of positive gross profit. This fulfills the gross profit milestone associated with the next $1 billion of funding expected from Volkswagen Group in association with our joint venture. This positive gross profit is the result of the hard work of our teams as we continue to focus on driving consistency throughout the business.

謝謝，RJ。我還要感謝我們的團隊在本季所取得的優異成績。正如RJ所提到的，2025年第一季度，我們實現了2.06億美元的毛利，這是連續第二季實現正毛利。這實現了大眾汽車集團與我們的合資企業聯合進行的下一輪 10 億美元融資所帶來的毛利里程碑。這項正毛利是我們團隊辛勤工作的成果，我們持續致力於推動整個業務的一致性。

Importantly, when we isolate the first quarter performance of our automotive segment, we generated positive gross profit, excluding the impacts of regulatory credits and depreciation. While our gross profit levels may vary over the next few quarters, given some of the policy impacts we expect to experience, we believe this milestone is reflective of the progress we have made taking cost out and driving towards profitability.

重要的是，當我們單獨分析汽車部門第一季的表現時，我們發現，扣除監管信貸和折舊的影響，我們的毛利為正。雖然我們的毛利水準在未來幾季可能會有所不同，但考慮到我們預計將經歷的一些政策影響，我們相信這一里程碑反映了我們在降低成本和實現盈利方面取得的進展。

As we look forward to launching R2, we expect a faster path to profitability as compared to R1, and we also expect that the volumes of R2 in our normal facility will help lower the total fixed cost per unit across all vehicles coming out of the normal plant.

當我們期待推出 R2 時，我們期望與 R1 相比，它能更快地實現盈利，並且我們還希望我們正常工廠的 R2 產量將有助於降低從正常工廠生產的所有車輛的每單位總固定成本。

In the first quarter of 2025, we produced 14,611 and delivered 8,640 vehicles from our manufacturing facility, which was the primary driver of the $922 million of revenue in the automotive segment. As previously stated, first quarter deliveries decreased due to delivery of more EDVs than is seasonally typical during the fourth quarter of 2024, resulting in limited EDV delivery volumes during the first quarter of 2025. This impact on automotive revenues was partially offset by increased average selling prices due to proportionately higher consumer deliveries as well as an increase in the sale of automotive regulatory credits.

2025 年第一季度，我們的製造工廠生產了 14,611 輛汽車，交付了 8,640 輛，這是汽車部門 9.22 億美元收入的主要推動力。如前所述，由於 2024 年第四季交付的 EDV 數量超過季節性典型值，導致 2025 年第一季 EDV 交付量有限，因此第一季交付量下降。由於消費者交付量相應增加以及汽車監管積分銷售增加，導致平均售價上漲，部分抵消了汽車收入受到的影響。

Total software and services revenue for the first quarter of 2025 were $318 million, primarily due to new vehicle electrical architecture and software development services, remarketing sales, and repair and maintenance services. Our total gross profit was $206 million, our highest quarter to date, which includes $92 million from automotive gross profit and $114 million from software and services gross profit.

2025 年第一季的軟體和服務總收入為 3.18 億美元，主要來自新車電氣架構和軟體開發服務、再行銷銷售以及維修和保養服務。我們的總毛利為 2.06 億美元，是迄今為止本季的最高值，其中包括來自汽車行業的毛利 9,200 萬美元以及來自軟體和服務業的毛利為 1.14 億美元。

Our adjusted EBITDA losses were negative $329 million as a result of the ongoing investment we are making to develop R2 and our key technologies as well as the continued growth of our sales and service infrastructure and organization. These operating costs were partially offset by our $206 million of positive gross profit.

我們的調整後 EBITDA 損失為負 3.29 億美元，這是由於我們持續投資開發 R2 和關鍵技術以及銷售和服務基礎設施和組織的持續成長。這些營運成本被我們的 2.06 億美元的正毛利潤部分抵銷。

As of March 31, 2025, we had $7.2 billion of cash, cash equivalents, and short-term investments. In addition to this, we expect to receive up to $3.5 billion of incremental capital associated with our joint venture with Volkswagen Group, up to $6.6 billion loan from the Department of Energy associated with the build-out of our Georgia facility and have access to $1.3 billion of availability under our ABL facility that we recently amended and extended through April 8, 2030.

截至 2025 年 3 月 31 日，我們擁有 72 億美元的現金、現金等價物和短期投資。除此之外，我們預計將獲得與大眾汽車集團合資企業相關的高達 35 億美元的增量資本，與佐治亞州工廠建設相關的高達 66 億美元的能源部貸款，並可獲得我們最近修改並延長至 2030 年 4 月 8 日的 ABL 融資機制下的 13 億美元可用資金。

Included within the $3.5 billion of incremental capital expected from the Volkswagen Group is a $1 billion investment related to the gross profit milestone we achieved in the first quarter of 2025. Subject to customary closing conditions, Volkswagen Group is expected to invest $1 billion in Rivian common shares at a 33% premium to our stock price based on the volume-weighted average stock price from May 15 to June 27, 2025. The investment is expected to be funded on June 30 of this year.

大眾汽車集團預計新增的 35 億美元資本中，有 10 億美元投資與我們在 2025 年第一季實現的毛利里程碑有關。根據慣例成交條件，大眾汽車集團預計將向 Rivian 普通股投資 10 億美元，根據 2025 年 5 月 15 日至 6 月 27 日的成交量加權平均股價，該投資價格較 Rivian 股價溢價 33%。該投資預計將於今年6月30日到位。

We believe external factors such as changes to government policies and regulations, macroeconomic impact on consumer behavior and supply chain impacts from trade and tariff policies could impact our 2025 expectations. We're also monitoring potential impacts on our production due to the export restrictions on rare earth materials coming from China.

我們認為，政府政策法規的變化、宏觀經濟對消費者行為的影響以及貿易和關稅政策對供應鏈的影響等外部因素可能會影響我們對 2025 年的預期。我們也正在監測中國稀土材料出口限制對我們生產的潛在影響。

We are actively monitoring these developments and working to mitigate potential risk through a variety of initiatives, including strategic sourcing and proactive engagement with policymakers. While we expect tariffs to impact our material and trade duty costs with respect to batteries, we currently believe we have enough sales in the US for production through 2025 and into early 2026.

我們正在積極監控這些發展，並努力透過各種措施來降低潛在風險，包括策略性採購和與政策制定者的主動接觸。雖然我們預期關稅會影響我們電池的材料和貿易關稅成本，但我們目前認為，我們在美國擁有足夠的銷售量，可以維持到 2025 年和 2026 年初的生產。

In addition, we plan to source our R2 4695 cells from LG, which, as RJ said, we expect will be manufactured here in the United States by early 2027. While uncertainties persist, we remain focused on executing against our key value drivers and are confident that global car park will fully electrify in the long term.

此外，我們計劃從 LG 採購 R2 4695 電池，正如 RJ 所說，我們預計該電池將於 2027 年初在美國生產。儘管不確定性依然存在，但我們仍然專注於執行我們的關鍵價值驅動因素，並相信全球停車場將在長期內全面實現電氣化。

Our guidance represents management's current view of evolving trade regulations, policies, tariffs and the overall impact these items may have on consumer sentiment and demand. As a result of these impacts, we have revised our delivery outlook to 40,000 to 46,000 vehicles.

我們的指導代表了管理層對不斷變化的貿易法規、政策、關稅以及這些項目可能對消費者情緒和需求產生的整體影響的當前看法。由於這些影響，我們將交付量預期修改為 40,000 至 46,000 輛。

Due to our strong first quarter results, we are maintaining our outlook range of adjusted EBITDA of negative $1.7 billion to negative $1.9 billion. We also continue to expect to achieve modest positive gross profit for the full year of 2025. In addition, due to the expected impact from tariffs, we are raising our capital expenditure guidance to $1.8 billion to $1.9 billion.

由於我們第一季業績強勁，我們維持調整後 EBITDA 預期範圍為負 17 億美元至負 19 億美元。我們也繼續預計 2025 年全年將實現適度的正毛利潤。此外，由於關稅的預期影響，我們將資本支出預期上調至 18 億美元至 19 億美元。

We remain on track with the expected shutdown to both our 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. This is the first line of production for our new midsized platform and as a result, we intend to operate R2 on a single shift of production for the majority of operations in 2026.

我們仍按計劃在 2025 年下半年關閉正常工廠中的消費者和商業生產線約一個月，為 2026 年上半年正常推出 R2 做準備。這是我們新中型平台的第一條生產線，因此，我們打算在 2026 年的大部分營運中以單班生產的方式運行 R2。

Thank you to our team for delivering a great quarter. We remain steadfast in our belief that R2 will be truly transformative for our growth and profitability.

感謝我們的團隊在本季度取得了出色的成績。我們堅信 R2 將真正改變我們的成長和獲利能力。

I'd like to turn the call back over to the operator to open the line for Q&A.

我想將電話轉回給接線員，以便開通問答熱線。

Dan Levy, Barclays.

巴克萊銀行的丹·利維。

I wanted to first start with a question on batteries and the tariff impacts. I appreciate the disclosure that you have enough cells to get you through into early 2026. But perhaps you can give us a sense thereafter what your strategy is, especially around LFP. I appreciate that you do have the cells for R2 eventually going to be from the US. But what's your strategy around LFP. Maybe you could just confirm, are the LFP sales tariffed as an automotive product at 47.5% or as a nonautomotive product that's 145%.

我想先問一個關於電池和關稅影響的問題。我很感激你透露你有足夠的細胞可以讓你度過 2026 年初。但也許您可以隨後讓我們了解您的策略是什麼，尤其是圍繞 LFP 的策略。我很感激你確實有 R2 的細胞，最終將來自美國。但是您對 LFP 的策略是什麼？也許您可以確認一下，LFP 銷售的關稅是作為汽車產品徵收 47.5% 的關稅，還是作為非汽車產品徵收 145% 的關稅。

Yes. Thanks, Dan, for the question. Yeah, certainly, we've been spending a lot of time looking at just the overall landscape around trade and certainly, that has a big impact on battery turfs. For us, as you said, through the end of 2025, we have inventory that provides us resilience to any increases in tariffs.

是的。謝謝丹提出這個問題。是的，當然，我們花了很多時間關注貿易的整體形勢，這無疑對電池領域產生了很大的影響。對我們來說，正如您所說，到 2025 年底，我們的庫存可以讓我們抵禦任何關稅上調的影響。

As we look at 2026, very importantly, with the launch of R2, the 4695 cell that we're using is initially sourced out of Korea, but we've been for a while now working very closely with our partner on this, which is LG to localize that into the United States. And starting in 2027, those cells will be produced in Arizona. And so that's outstanding for us in terms of the long-term cost structure R2.

展望 2026 年，非常重要的是，隨著 R2 的推出，我們使用的 4695 電池最初來自韓國，但我們已經與我們的合作夥伴 LG 就此展開了密切合作，以將其本地化到美國。從 2027 年開始，這些電池將在亞利桑那州生產。因此，就長期成本結構 R2 而言，這對我們來說非常出色。

And then as it pertains to R1, both with the 2170 cells that we're using as well as the LFP cells, this is something where we're actively working to address some of the changes in trade. And we have the flexibility to be looking at alternatives and to be thinking around how do we evolve our sale sourcing strategy for R1 as we look at 2026 and beyond.

然後，就 R1 而言，無論是我們使用的 2170 電池還是 LFP 電池，我們都在積極努力解決貿易方面的一些變化。我們可以靈活地尋找替代方案，並思考如何在 2026 年及以後發展 R1 的銷售採購策略。

Okay. Thank you. Second question is also on the theme of tariffs. And A, the $3,000, I think that's out there, what period is that for what vehicles? And then, B, if you could just talk to broadly how you see the COGS of R2 being impacted? So I appreciate the battery commentary. But what other cost considerations are there R2? How dramatically does this change the cost structure for R2?

好的。謝謝。第二個問題也是關於關稅的主題。答：我認為 3,000 美元是可以接受的，但是這個價格適用於什麼時期的哪些車輛？然後，B，您能否大致談談您認為 R2 的 COGS 會受到怎樣的影響？因此我很欣賞有關電池的評論。但是 R2 還有什麼其他成本考量？這會對 R2 的成本結構產生多大影響？

Sure, Dan. We expect the per unit direct impact from tariffs to be a couple of thousand dollars for 2025 based off of the currently announced tariffs in place. And as you can imagine, we're exploring a number of offsets to those cost increases, including strategic sourcing decisions as RJ can be related to some of the batteries over the longer term. And beyond those strategic sourcing decisions also have the opportunity to explore opportunities for us to see how we're deploying our incentive spend or drive improved mix, which will help further offset some of the impacts from tariffs and themselves as well.

當然，丹。根據目前公佈的關稅，我們預計到 2025 年，關稅對每單位產品的直接影響將達到數千美元。正如您所想像的，我們正在探索多種方法來抵消這些成本增加，包括策略採購決策，因為 RJ 可能與某些電池長期相關。除了這些策略採購決策之外，我們還有機會探索機會，看看我們如何部署激勵支出或推動改善組合，這將有助於進一步抵消關稅和自身帶來的一些影響。

Maybe I'll invite Javier to jump in as well as we think about R2 sourcing where there's certainly more opportunities in the longer term for us to strategically adjust some of our sourcing strategies and approach to mitigate some of the longer-term impacts.

也許我會邀請哈維爾加入我們，一起考慮 R2 採購，從長遠來看，我們肯定有更多的機會從策略上調整我們的一些採購策略和方法，以減輕一些長期影響。

Thank you, Claire. Yeah, we have been working for a while in getting a more resilient supply chain. And as a result, we are sourcing from the US and the USMCA qualified region heavily. Though there is some flows coming from overseas. For those flows, we typically use global suppliers that they have facilities in the three regions, in Europe, in Asia, and in North America. And we still have time to relocate or study some of those flows in the next months before the launch of R2.

謝謝你，克萊爾。是的，我們一直在努力建立更具彈性的供應鏈。因此，我們大量從美國和 USMCA 合格地區採購。儘管有一些來自海外的資金流入。對於這些流程，我們通常使用在歐洲、亞洲和北美三個地區設有設施的全球供應商。在 R2 推出之前的幾個月裡，我們仍有時間重新定位或研究其中的一些流量。

Great. Thank you.

偉大的。謝謝。

Adam Jonas, Morgan Stanley.

摩根士丹利的亞當喬納斯。

So first, RJ, I want to ask you about autonomy. The pressure to compete with Tesla just gets more and more intense as FSD makes further progress. How are you going to catch them and match them technologically with such a small fleet and less computing resources and having a later start on moving to end-to-end? And can you -- how confident are you can develop this in-house? Or do you need an external partner to help speed things up?

首先，RJ，我想問您關於自治的問題。隨著FSD的不斷進步，與特斯拉競爭的壓力也越來越大。如此規模的艦隊、如此少的計算資源以及較晚開始轉向端到端，您將如何趕上他們並在技術上與他們匹敵？您能－您對內部開發這個功能有多大信心？或者您需要外部合作夥伴來幫助加快進程？

Yeah. Thanks, Adam. I appreciate the question. This is such an enormous focus area for us. And as I said in our opening remarks, I mean we're -- we could be more excited about this part of the business. It's an area we've spent a lot of time on getting the plumbing in place, meaning getting the right sensor set with our Gen 2 vehicles at launch, so dramatic improvement in sensors, a lot of onboard inference in terms of the compute level in the vehicle. And then very importantly, the that feeding our data flywheel.

是的。謝謝，亞當。我很感謝你提出這個問題。這對我們來說是一個非常重要的關注領域。正如我在開場白中所說的那樣，我的意思是我們對這部分業務感到更加興奮。我們在這個領域投入了大量時間來安裝管道，這意味著在我們的第二代車輛發射時安裝正確的感測器組，從而顯著改進感測器，並在車輛的計算水平方面進行大量車載推理。然後非常重要的是，它為我們的數據飛輪提供動力。

And as we think about our performance and the need to grow our performance, the data flywheel is really important. It's not just how many vehicles are out there, but also the quality of the data coming off the vehicles. So the very high-performance cameras that we have that have great low-light performance, great bright light performance, coupled with multimodality purchase to sensors, so we have 5 radars, including a front imaging radar in the vehicle, allow us to make up for some of the fact that we have a smaller fleet, of course, the fleet is growing but make up for that with very high-quality data.

當我們考慮我們的表現以及提高表現的需要時，數據飛輪確實很重要。這不僅關係到有多少輛汽車，還關係到汽車數據的品質。因此，我們擁有的高性能攝影機具有出色的低光性能、出色的亮光性能，再加上多模態感測器，所以我們有 5 個雷達，包括車輛中的前置成像雷達，這使我們能夠彌補車隊規模較小的部分事實，當然，車隊正在增長，但我們可以透過非常高品質的數據來彌補這一點。

And then as you alluded to, that training that happens for the offline model, if a large perimeter model that's happening through the data that's coming off these vehicles. And so we've seen incredible performance with just that in place. We've just started to -- consumers are just starting to see some of the work that we're doing with the hands-free feature we just launched.

然後，正如您所提到的，針對離線模型進行的訓練，如果是透過這些車輛的資料進行的大型週邊模型。我們已經看到了僅憑這一點就能實現的令人難以置信的表現。我們剛開始——消費者才剛開始看到我們剛推出的免持功能的一些效果。

But over the next year, as both the fleet size grows, the data flywheel I talked about continues to ramp up further and further. And then the efficacy of this really rich data set where we control the triggering events on what data we take. And then we control what goes up, meaning we have -- every vehicle, of course, has LTE, but a significant majority of our vehicles are also on WiFi, so we can very cost effectively move data from our car park into the cloud and then therefore, use it to train our model.

但在接下來的一年裡，隨著車隊規模的成長，我談到的數據飛輪將繼續進一步加速。然後，我們可以控制獲取資料的觸發事件，從而發揮這個非常豐富的資料集的功效。然後我們控制上傳的內容，這意味著我們有——每輛車當然都有 LTE，但我們的絕大多數車輛也使用 WiFi，因此我們可以非常經濟高效地將資料從停車場移動到雲端，然後用它來訓練我們的模型。

So we're quite bullish on this. I think this data infrastructure I just described is very unique because we don't have any third-party camera systems or platforms that are in the middle of that, that either obfuscate or create abstractions of the data, we have raw data that goes up and allows us to really use that effectively for an end-to-end model with a pure AI-centric approach.

所以我們對此非常樂觀。我認為我剛才描述的這種數據基礎設施非常獨特，因為我們沒有任何第三方攝影系統或平台處於其中，它們要么混淆數據，要么創建數據抽象，我們擁有原始數據，這些數據使我們能夠真正有效地將其用於純以人工智能為中心的端到端模型。

Thanks, RJ. And just a follow-up for Claire. You called out rare earth supply specifically and said that you will explore strategic sourcing to mitigate. For rare earth, which was so critical for the powertrain specifically, what exactly are you doing, can you do in the event that China were to make sourcing of such materials or the processing upstream, less available? I just want to know exactly what those efforts could be.

謝謝，RJ。這只是對克萊爾的後續報導。您特別提到了稀土供應，並表示將探索策略採購來緩解這一問題。對於稀土，它對於動力傳動系統來說至關重要，如果中國減少此類材料的採購或上游加工，你們到底在做什麼？你們能做什麼？我只是想知道這些努力究竟是什麼。

Yeah. This is a complex issue as you call out. It's something we're working on really thoroughly. And given that a lot of the processing of some of these heavy RF metals that are used in magnets, which is particularly important for electric vehicle, which is using permanent magnet motors. We're very close to the situation. It's quite dynamic as we think about the overall trade environment.

是的。正如您所說，這是一個複雜的問題。我們正在徹底研究這個問題。考慮到大量用於製造磁鐵的重射頻金屬的加工，這對於使用永磁馬達的電動車尤其重要。我們非常接近這一情況。當我們考慮整體貿易環境時，它是相當動態的。

Not saying that there are an array of different solutions to solve this. And I think importantly for us, as we look out in the longer term, planning for R2, developing around heavy rare free motors, so using different types of magnets that are more available. And then, of course, longer term, developing rotor assemblies that don't require rare earth metals.

並不是說有一系列不同的解決方案可以解決這個問題。我認為對我們來說重要的是，從長遠來看，我們規劃 R2，圍繞重型稀有自由引擎進行開發，從而使用更容易獲得的不同類型的磁鐵。當然，從長遠來看，開發不需要稀土金屬的轉子組件。

And so this has long been talked about as a technical topic. I think we're going to start to see the beginnings of that start to reach commercial deployment. And certainly, some of these trade challenges are going to accelerate that.

因此，這長期以來一直被當作一個技術話題來討論。我認為我們將會開始看到它開始實現商業部署。當然，一些貿易挑戰將會加速這一進程。

Thanks RJ.

謝謝 RJ。

Shreyas Patil, Wolf Research.

Shreyas Patil，沃爾夫研究中心。

Just to clarify, I think, Claire, you mentioned $2,000 per vehicle of tariff cost. I just want to make sure I heard that right. And then is -- does that incorporate the latest US manufacturing reimbursement program that the administration announced last week? And if so, is the primary exposure as it relates to tariffs, is that primarily on batteries?

克萊爾，我想，只是為了澄清一下，你提到了每輛車的關稅成本為 2,000 美元。我只是想確認我聽得對。那麼——這是否包含了政府上周宣布的最新美國製造業補償計畫？如果是這樣，那麼與關稅相關的主要風險是否主要在於電池？

Shreyas, as I mentioned, we expect a couple of thousand dollars of impact per unit for 2025, and that does include the benefits from reimbursement that had been announced as well. And then you heard RJ talk a little bit about some of the longer-term sourcing opportunities that we have with R2 being sourced out of US facility with LG and longer-term opportunities as we think about bringing more of our battery production onshore.

Shreyas，正如我所提到的，我們預計 2025 年每台設備的影響將達到數千美元，這其中也包括已經宣布的報銷收益。然後你聽到 RJ 談論了一些我們的長期採購機會，R2 是從 LG 的美國工廠採購的，以及我們考慮將更多電池生產轉移到國內的長期機會。

Okay. Great. And then I was wondering if you could maybe just help us think through some of the remaining material cost opportunities that you see with R1 and then as we kind of transition R2. I know, obviously, last quarter, you had the launch of the refreshed R1. It looked like COGS per unit further improved into Q1 versus Q4. So I'm just wondering how much of that was material related and where you see additional opportunities, both for this program and then additionally for R2?

好的。偉大的。然後我想知道您是否可以幫助我們思考您在 R1 中看到的一些剩餘材料成本機會，然後我們再來談談 R2 的轉變。我知道，顯然，上個季度，你們推出了更新的 R1。與第四季相比，第一季的單位銷貨成本似乎進一步改善。所以我只是想知道其中有多少與材料有關，以及您認為這個項目以及 R2 還有哪些其他機會？

Sure. In Q1, we saw a $3,300 per unit improvement in COGS and that was despite the fact that we had a higher concentration of our deliveries in Q1 relative to Q4. And as you probably recall, our commercial van has a lower material cost associated with it, so to be able to deliver that level of improvement despite some of the mix was formidable in nature as a whole.

當然。在第一季度，儘管我們第一季的交付集中度高於第四季度，但我們的單位銷貨成本仍然提高了 3,300 美元。您可能還記得，我們​​的商用貨車的材料成本較低，因此，儘管存在一些混合問題，但能夠實現這種程度的改進，從整體上來說是一項艱鉅的任務。

And the key driver for us in Q1 was predominantly driven by some of the improvements that we've made in operational efficiency as well as the fixed cost leverage that we had in the quarter given the higher production volumes with just over 14,600 units produced as a whole.

我們第一季業績的主要驅動力主要來自於我們在營運效率方面取得的一些進步，以及由於產量較高（整體產量略高於 14,600 台）而產生的固定成本槓桿。

And then as we look forward from here, while we certainly will have some increases from tariffs that we spoke a little bit about, we do still anticipate seeing some raw material savings in the business as a whole as we work through the remaining quarters of 2025.

然後，當我們展望未來時，雖然我們肯定會提高一些我們剛才談到的關稅，但我們仍然預計，在 2025 年剩餘的幾個季度中，整個業務將節省一些原材料。

Okay. Great. Thanks.

好的。偉大的。謝謝。

Joseph Spak, UBS.

瑞銀的約瑟夫·斯帕克。

Claire, you mentioned auto gross profit ex credits and depreciation was positive, and that's obviously a pretty good proxy for cash gross profit. So that's encouraging. It did look though, like the depreciation and amortization in COGS line was down quite meaningfully quarter-over-quarter, and it's really actually trended down for a while. So I guess I just want to understand what's driving that and how we should think about depreciation going forward because you guys are still investing. So I would have kind of expected it to move the other way.

克萊爾，您提到扣除信用額和折舊後的汽車毛利為正數，這顯然可以很好地代表現金毛利。這令人鼓舞。不過，看起來，COGS 線中的折舊和攤銷環比下降幅度相當大，而且實際上在一段時間內呈下降趨勢。所以我想我只是想了解是什麼推動了這一趨勢，以及我們應該如何看待未來的折舊，因為你們仍在投資。所以我本來以為它會朝另一個方向發展。

Sure. So as you think about the dynamics of Q1 because we produce more vehicles than we delivered in the quarter, we absorbed more of our depreciation into inventory. And so that's one of the key drivers. If you looked on it on an aggregate basis, including the depreciation that went into inventory, the overall number still came down. However, a lot of what you're seeing in terms of the $75 million of COGS-related depreciation was driven by the absorption of that depreciation expense into inventory itself.

當然。因此，當您考慮第一季的動態時，由於我們生產的汽車數量超過了本季交付的數量，我們將更多的折舊吸收到了庫存中。這是關鍵驅動因素之一。如果從整體來看，包括庫存摺舊在內，整體數字仍然下降。然而，您所看到的 7500 萬美元與 COGS 相關的折舊很大程度上是由於折舊費用被吸收到庫存本身中而導致的。

And then --

進而--

Also, it's on our balance sheet.

此外，它也在我們的資產負債表上。

Yeah, it's [predominantly] on the balance sheet. We'll start to see depreciation pick back up once we start production of R2 next year as well. So you'll see more of a steady state run rate in aggregate, excluding some of these impacts from absorption into inventory, and then we'll see that ramp back up with R2 coming online.

是的，它主要在資產負債表上。一旦我們明年開始生產 R2，我們就會開始看到折舊率回升。因此，您將看到整體上更穩定的運行率，排除庫存吸收的部分影響，然後我們會看到隨著 R2 上線，運行率會回升。

Okay. And then maybe a good segue to the second question, which is you talked about the over production. You're mentioning this couple thousand per vehicle tariff headwind. I mean it seems like that overproduction probably helps you minimize the impact for the year, right, since there was probably a more minimal tariff impact in the quarter.

好的。然後也許可以很好地過渡到第二個問題，也就是您談到的生產過剩問題。您提到了每輛車幾千美元的關稅逆風。我的意思是，過度生產似乎可能有助於將全年的影響降到最低，因為本季關稅的影響可能更小。

So I mean, rough math, it seems like it should probably be under $100 million total impact for the year. Is that ballpark correct? And I guess I just want to understand if that's changed versus the I think you mentioned last quarter a couple of hundred million impact undisclosed from what, but related to policy.

所以我的意思是，粗略計算一下，似乎今年的總影響應該低於 1 億美元。這個大概的數字正確嗎？我想我只是想了解一下，相對於您上個季度提到的幾億美元的影響，這種情況是否有所改變，雖然未披露原因，但與政策有關。

Joe, as you take a step back and look at the overall policy impacts, the several hundred million of impact that we had baked into our original guidance, was related to tariff expectation, consumer benefits from EV adoption, regulatory credits. So it was a much broader basket is currently still the case as we think about the overall impact for 2025 as a year.

喬，當你退一步看看整體政策影響時，我們在最初的指導中考慮到的幾億美元的影響與關稅預期、消費者從電動車採用中獲得的利益以及監管信貸有關。因此，當我們考慮 2025 年的整體影響時，這是一個更廣泛的籃子，目前情況仍然如此。

However, as we look at the overall tariff impact, to your point, we had produced more vehicles than we delivered in Q1 to help offset some of the lost production in the back half of the year as we shut down our manufacturing facility for roughly a month to integrate R2 into the plant. And so we'll have those vehicles which largely don't have tariff impacts associated with them to sell in subsequent quarters as well.

然而，當我們考慮整體關稅影響時，正如您所說，我們生產的汽車數量超過了第一季交付的數量，以幫助抵消下半年的部分產量損失，因為我們關閉了製造工廠大約一個月，以將 R2 整合到工廠中。因此，我們將在接下來的幾個季度中銷售那些基本上不受關稅影響的車輛。

Thank you.

謝謝。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

With respect to reducing the full year outlook for deliveries, can you help us better understand is that based on weaker incoming orders, Rivian has already been seen? Or purely an expectation that the market is going to deteriorate going forward as you think about tariff costs and the effects on pricing as well as the broader economy?

關於降低全年交貨量預期，您能否幫助我們更好地理解，基於較弱的訂單量，Rivian 已經受到了影響？或者純粹是預期市場未來會惡化，因為您考慮了關稅成本以及對定價和整體經濟的影響？

Thanks, Mark. Yeah, there's a lot of uncertainty. And I'd characterize as there's a challenging backdrop from a consumer demand point of view. And what we're seeing is the interest in our flagship product, R1 continues to be strong in that this is the -- the R1 is the best-selling premium electric truck or electric SUV across the whole United States, over $70,000. And it's the best-selling premium SUV electric or non-electric in the state of California.

謝謝，馬克。是的，有很多不確定性。我認為從消費者需求的角度來看，這是一個充滿挑戰的背景。我們看到，人們對我們的旗艦產品 R1 的興趣持續強勁，因為這是——R1 是全美最暢銷的高端電動卡車或電動 SUV，售價超過 70,000 美元。它是加州最暢銷的高檔電動或非電動 SUV。

And so in terms of how our products are performing relative to alternatives in the market that we're doing extremely well. The challenge is consumers are more price sensitive than they typically are or typically have been, I should say and are looking for lower-priced alternatives. And this is what makes us so excited about R2 and the R2 price point starting at $45,000. If you look at even just in Q1, the average across both R1 and our commercial van average selling price was $88,500 and that's with the vans included.

因此，就我們的產品相對於市場上其他產品的表現而言，我們做得非常好。挑戰在於消費者對價格的敏感度比以往更高，我應該說，他們正在尋找價格更低的替代品。這就是讓我們對 R2 以及 R2 45,000 美元起的定價如此興奮的原因。如果你只看第一季度，R1 和我們的商用貨車的平均售價為 88,500 美元，其中包括貨車。

And so we have a very high ASP, which is a great thing on our flagship product. But by virtue of that, the size of that market is just more limited. And I think in this environment with the level of uncertainty, it becomes even more constrained in this backdrop. But if we can have a fraction of the success we have with R1 in the much bigger market that R2 is operating in, a much, much bigger market that R2 is operating in, and we'll be very happy.

因此我們的平均售價非常高，這對我們的旗艦產品來說是一件好事。但正因如此，該市場的規模才更加有限。我認為，在這種不確定的環境下，它會受到更大的限制。但是，如果我們能夠在 R2 運營的更大的市場中獲得 R1 所取得的成功的一小部分，那麼我們就會非常高興。

That's helpful. And hopefully, the new advertising campaign also is a step forward. I did like the limited advertising campaign that you guys just launched. My other question was on regulatory credits. It came in very strong in the first quarter. I wanted to better understand if the company still expects about $300 million of regulatory credit revenue for 2025? Or does the strength that you saw in the first quarter imply some upside to the outlook there?

這很有幫助。希望新的廣告活動也能向前邁出一步。我確實喜歡你們剛推出的限量廣告活動。我的另一個問題是關於監管信貸。第一季表現非常強勁。我想更了解該公司是否仍預計 2025 年監管信貸收入約為 3 億美元？或者您在第一季看到的強勁表現是否意味著前景會有一些好轉？

Thanks, Mark. We still expect to be roughly in and around the $300 million area for the year as a whole as we look at the broader outlook for rent credits.

謝謝，馬克。從租金抵免的更廣闊前景來看，我們仍然預計全年的租金抵免額將大致在 3 億美元左右。

Philippe Houchois, Jefferies.

菲利普‧霍喬斯 (Philippe Houchois)，傑富瑞 (Jefferies)。

It's Philippe Houchois, Jefferies. Second follow-up on the question from Joe on inventory. I'm surprised the inventory didn't go up more than the $250 million considering the overproduction what Claire you just said about shifting some of the depreciation into inventory and also the fact you hold more batteries. Did you do any action to actually free up some capital from that inventory?

我是 Jefferies 的 Philippe Houchois。第二次跟進喬關於庫存的問題。考慮到生產過剩，我很驚訝庫存沒有增加超過 2.5 億美元，克萊爾，你剛才說要將部分折舊轉移到庫存中，而且你持有更多電池的事實。您是否採取了任何措施來真正釋放庫存中的部分資金？

Sure. The dynamics that we saw in the quarter was both a reduction in our raw materials by about $220 million. And then we did have a significant increase of roughly $563 million in our finished goods inventory as a whole. And part of that was -- and maybe I'll have Javier jump in as well. But we're very focused on driving towards more lean manufacturing principles from a logistics perspective.

當然。我們在本季看到的動態是原料減少了約 2.2 億美元。我們的成品庫存整體確實大幅增加了約 5.63 億美元。其中一部分是——也許我會讓哈維爾也加入進來。但我們非常注重從物流角度推動更精實的製造原則。

But Javier, if you want to comment on some of the initiatives at hand?

但是哈維爾，你想對當前的一些舉措發表評論嗎？

Yeah, indeed. In the last months, we have been focusing on accelerating the manufacturing implementation in our operations. focusing on the flow, compacting our processes, improving the workstations and powering the frontline to continuously improve the process and particularly in our just-in-time operations. So we are heavily reducing our inventory in incoming material, the base on him not only in the plant, but as well the flows that are coming from the suppliers to our plant the cross docks or whatever it is on the trends or in the trucks. So that's a great contributor to this cash free from -- I mean, the reduction of the working capital.

是的，確實如此。在過去的幾個月裡，我們一直致力於加速營運中的製造實施。專注於流程、壓縮流程、改進工作站並為前線提供支持，以不斷改進流程，特別是我們的準時制營運。因此，我們正在大幅減少進料庫存，這不僅基於工廠內部，還基於從供應商到我們工廠的物流、交叉碼頭或任何趨勢或卡車上的物流。所以這對現金的產生有很大的貢獻——我的意思是，減少了營運資金。

Right. That's good to hear. Thank you. And then maybe a follow-up on your Autonomy platform. Is that part of the technology you would potentially share with Volkswagen and particularly on using the Volkswagen volume market share to acquire more data in the sensors? Or is that separate?

正確的。聽到這個消息真好。謝謝。然後也許會對您的 Autonomy 平台進行後續追蹤。這是您可能與大眾分享的技術的一部分嗎？特別是利用大眾的市場份額來獲取更多感測器數據？或者說這是分開的？

Thanks, Philippe. Yes, the autonomy platform is entirely separate from our joint venture. The joint venture captures our operating system and software platforms across our zonal ECUs and then also includes the zonal ECUs themselves but doesn't include our in-house compute platform or compute stack or the perception stack that we've developed and of course, not the foundation model and the work that's going into the software to drive our self-driving platform.

謝謝，菲利普。是的，自主平台與我們的合資企業完全分開。合資企業涵蓋了我們跨區域 ECU 的作業系統和軟體平台，也包括區域 ECU 本身，但不包括我們開發的內部運算平台或運算堆疊或感知堆疊，當然也不包括基礎模型和用於驅動我們自動駕駛平台的軟體工作。

Okay. Thank you very much.

好的。非常感謝。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

Wanted just to confirm one thing on the comments about tariffs as it relates to R2. Is the current thinking that if the existing regime tariff regime stays that we would not be impacted in the timing of the -- of SOP and also the starting price that we're aiming for?

只是想確認與 R2 相關的關稅評論的一件事。目前的想法是，如果現有的關稅制度保持不變，我們的 SOP 時間和目標起始價格就不會受到影響嗎？

As you've heard us say a few times here, this is just a dynamic situation. So I want to make sure we reflect that, but we're not planning changes in our $45,000 starting price. This is important for us. And there's a number of variables that we are actively working on. Javier talked about it with regards to an incredible focus on our supply chain, our suppliers themselves, their production locations.

正如您在這裡聽到我們多次說過的那樣，這只是一個動態的情況。所以我想確保我們反映這一點，但我們不打算改變 45,000 美元的起價。這對我們很重要。我們正在積極研究許多變數。哈維爾談到了我們對供應鏈、供應商本身及其生產地點的高度關注。

We have warning, if you will, or timing to -- we have the time to respond to the new policy framework that we're operating within. It's very clear the presence and intentions, and we're very supportive of that in terms of driving more manufacturing to the United States. We're, of course, doing that already with our normal plant and with the plant that we're also building in Georgia. But we're also driving that into our supply chain as heavily and aggressively as we can.

如果你願意的話，我們有警告或時間來應對我們正在實施的新政策框架。他們的存在和意圖非常明確，我們非常支持將更多製造業轉移到美國。當然，我們已經在我們的正常工廠和正在喬治亞州建設的工廠中這樣做了。但我們也在盡可能大力、積極地將其推向我們的供應鏈。

Understood. And then a follow-up on autonomy. Wondering if you could share your latest thoughts on the economics of that. And it could -- I guess there's two elements. There is the cost of getting there, and there's the sort of monetization? And if there's any kind of more updated numbers you could share perhaps on the pricing, this could ultimately be? Would it be similar to FSD? Would there be a subscription offering to along those lines?

明白了。然後是關於自治的後續問題。想知道您是否可以分享您對這方面的經濟狀況的最新想法。它可能——我想有兩個因素。要實現這一目標需要成本，而且有貨幣化的方式嗎？如果您能分享更多有關定價的最新數據，最終價格是多少？它會與 FSD 類似嗎？是否會有類似的訂閱服務？

I think this is a part of the business that's going to evolve a lot over the next five years. And the way we think about it is, first and foremost, increasingly, customers are going to want to see higher levels of autonomy. I said this earlier in my opening statements, just around the importance of going from a hands-on eyes on approach to hands off and then very soon hands-off eyes off, which is where you get your time back. You can use the time to be on your phone, reading a book, doing something else, with the hands-off eyes off and then ultimately, having that work across any type of road. So urban, highway.

我認為這是我們業務的一部分，未來五年內將會發生很大的發展。我們的想法是，首先，客戶越來越希望看到更高程度的自主性。我在開場白中就說過，從親力親為到放手不管，再到放手不管，這種轉變非常重要，這樣你就可以節省時間。您可以利用這段時間打電話、看書或做其他事情，不用動手，最終可以在任何道路上完成工作。所以城市、高速公路。

And so we see this as really critical from a customer experience point of view. And the way these systems are developed now is so different than what the world looked like just a few years ago with transformer-based encoders and using an end-to-end training approach where we're building truly an AI-centric approach and think of it like a foundation model in the LLM world, where there's a large parameter model that we understand how the vehicle operates within the physical world and the distilled version of that runs in vehicle on our inference platform.

因此，從客戶體驗的角度來看，這一點至關重要。現在這些系統的開發方式與幾年前基於 Transformer 的編碼器和端到端訓練方法的開發方式截然不同，我們正在構建一種真正以人工智慧為中心的方法，並將其視為 LLM 世界中的基礎模型，其中有一個大參數模型，我們了解車輛在物理世界中的運作方式，以及在我們的推理平台上在車輛中運行的精簡版本。

And so we're very bullish on the technology. We think the changes that have happened in terms of use of transformers has completely shifted how we look at this just in the last couple of years. It requires vertical control of a sensor set meaning it's impossible to design a system that has multiple third parties that are providing sensors or creating any layers of abstraction amongst those sensors.

因此我們對這項技術非常看好。我們認為，過去幾年變壓器使用方面發生的變化徹底改變了我們對此的看法。它需要對感測器組進行垂直控制，這意味著不可能設計一個由多個第三方提供感測器或在這些感測器之間創建任何抽象層的系統。

And so with all that said, we really believe this is going to be a key value driver for customers. Now the question is, how does that value get harvested. So does it show up as an incremental paid feature? Does it show up in vehicle pricing? Does it show up in market share?

綜上所述，我們確實相信這將成為客戶的關鍵價值驅動因素。現在的問題是，如何獲得這價值。那麼它是否顯示為增量付費功能？它會體現在車輛定價中嗎？它體現在市場佔有率嗎？

I think it's yet to be seen. We certainly have lots of hypotheses internally. But ultimately, it's going to show up as value to the business in some way. And it's interesting watching the difference in the ecosystem here in the West or in particular in the United States versus the ecosystem that exists in, let's say, China. And what we increasingly see happen in China is that the self-driving features and capabilities are being used to drive market share.

我認為還有待觀察。我們內部當然有很多假設。但最終，它會以某種方式體現出對企業的價值。觀察西方或特別是美國的生態系統與中國等地的生態系統之間的差異是很有趣的。我們在中國越來越多地看到自動駕駛功能和能力被用來推動市場份額。

They're being used to drive sales. That is a path that could go, but it really depends on the competitive landscape. If there's only one or two brands or one or two companies that have this type of capability, we may see it show up more as a paid feature.

它們被用來推動銷售。這條路是可以走的，但實際上取決於競爭格局。如果只有一兩個品牌或一兩家公司擁有這種功能，我們可能會看到它更多地作為付費功能出現。

Thank you.

謝謝。

George Gianarikas, Canaccord Genuity.

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

There's a debate around how to increase EV adoption. Obviously, you're bringing R2 and R3 to market to help lower price points to that end. And some companies in China are introducing faster charging batteries with likely faster battery degradation as well. We obviously need more charging network density. Can you sort of talk to us about any technologies you're trying to bring to market to make that happen? Maybe your own batteries to improve EV penetration in the US and the West?

關於如何提高電動車的普及率存在爭論。顯然，您將 R2 和 R3 推向市場是為了幫助降低價格點。中國的一些公司正在推出充電速度更快的電池，但電池效能下降的速度也可能更快。我們顯然需要更高的充電網路密度。您能否與我們談談您為實現這一目標而嘗試推向市場的任何技術？也許您自己的電池可以提高美國和西方的電動車普及率？

Yeah. Thanks for the question, George. I love this question. I think it's an important one. I think there's a few big elements here. And one could debate what's the most important or the biggest. But in our view, there's -- in the United States, in particular, there's a pretty extreme lack of great choices. And when I say an extreme lack of great choices, in particular price points that start below $50,000. And in order for us to see large-scale adoption of electrification, we need to have enough selection in terms of brand the design or the look of the vehicle, the form factor of the segment.

是的。謝謝你的提問，喬治。我喜歡這個問題。我認為這很重要。我認為這裡有幾個重要因素。人們可以爭論什麼是最重要的，什麼是最大的。但我們認為，尤其是在美國，極度缺乏好的選擇。當我說極度缺乏好的選擇時，特別是價格低於 50,000 美元的。為了實現電氣化的大規模應用，我們需要在品牌、設計、車輛外觀、細分市場的外觀方面有足夠的選擇。

And if you think about it in terms of consumers coming out of ICE vehicles and finding their way into EVs, there's hundreds of choices you have in the ICE world for products under $50,000. And there's a very, very small number of compelling choices of EVs under $50,000. And there's an even smaller subset of different form factors.

如果你從消費者從 ICE 汽車轉向電動車的角度來考慮這個問題，你會發現在 ICE 世界中，價格低於 50,000 美元的產品有數百種選擇。而價格低於 50,000 美元的電動車可供選擇的數量非常少。且不同形式因素的子集甚至更小。

And so as a result of that lack of choice, we've seen significant market share consolidation with Tesla, and they've got great products with the Model 3, Model Y in that price category, but the market needs more choices. And this is why we're so excited about R2. We really believe this is something that will give consumers an alternative that's in a choice that's really interesting. It's going to help pull more people, we believe, out of internal combustion into electrification.

因此，由於缺乏選擇，我們看到特斯拉的市場份額顯著整合，他們在該價格類別中擁有出色的產品，如 Model 3 和 Model Y，但市場需要更多選擇。這就是我們對 R2 如此興奮的原因。我們確實相信這將為消費者提供一個真正有趣的選擇。我們相信，它將幫助更多的人擺脫內燃機，轉而選擇電氣化。

I spent a lot of time in the product. I was just in Arizona driving it. It is absolutely incredible. The dynamics, the function, of course, for us, knowing all the work that we put into optimizing the way it's manufactured from a cost structure point of view. I just couldn't be more excited about what's coming with R2.

我花了很多時間在該產品上。我剛剛在亞利桑那州駕駛它。這絕對令人難以置信。當然，對我們來說，動態和功能是我們從成本結構的角度了解為最佳化製造方式所做的所有工作。我對 R2 即將推出的功能感到無比興奮。

But saying that, there's other elements here. And I think building out charging infrastructure is an important one for us. Within Rivian, what we've done is we have a relationship with Tesla allows our customers to use the Tesla network, but we're also building out our own network. And in fact, we referenced it in our shareholder letter, but this is a -- our network is -- there's really only two networks that have the level of uptime that we have, Tesla's network, which is outstanding in our network, which is we have over 700 chargers. The uptime is higher than 98%.

但話雖如此，這裡還有其他因素。我認為建造充電基礎設施對我們來說非常重要。在 Rivian 內部，我們所做的是與特斯拉建立關係，讓我們的客戶能夠使用特斯拉網絡，但我們也在建立自己的網路。事實上，我們在致股東的信中提到過，但這是一個——我們的網絡——實際上只有兩個網絡擁有與我們一樣的正常運行時間水平，特斯拉的網絡，它在我們的網絡中非常出色，我們有超過 700 個充電器。正常運作時間高於98％。

And so consumer reports actually called out specifically our network as being incredibly performing and very easy to use, which is great to see. So we're continuing to scale that network. It's an open network, so it's also revenue generating, which helps build the acceleration of the flywheel, if you will, of that network being expanded.

因此，消費者報告實際上特別指出我們的網路效能出色且非常易於使用，這令人欣喜。因此我們正在繼續擴大該網絡。它是一個開放的網絡，因此它也可以產生收入，這有助於加速該網路的飛輪擴展。

And I think the last piece, which actually ties to the question that came up before is not for technical reasons, but for -- but in some ways by coincidence, autonomy and electrification are often interlinked. And so I do think the growth of autonomous features. And what we're going to see as we look out into 2027 and 2028, will help draw more customers into electric vehicles. Certainly, we feel that way about our own products. And so we're quite bullish on what that will represent in terms of driving consumer behavior.

我認為最後一點實際上與之前提出的問題有關，這並不是出於技術原因，而是因為——但在某種程度上巧合的是，自動化和電氣化往往是相互關聯的。所以我確實認為自主功能正在成長。展望 2027 年和 2028 年，我們將看到電動車吸引更多客戶。當然，我們對自己的產品也有這種感覺。因此，我們非常看好這在推動消費者行為方面的作用。

Thanks. And maybe as a follow-up on the Volkswagen JV, can you tell us if any other OEMs have possibly approached you to collaborate?

謝謝。作為大眾合資企業的後續事宜，您能否告訴我們是否有其他原始設備製造商可能與您聯繫進行合作？

Yeah, we've -- I mean Claire and I both referenced it, the -- our second consecutive quarter of profitability with the $206 million of gross profit for Q1 does unlock an additional $1 billion in financing from Volkswagen Group. So that's outstanding. But the relationship there continues to progress really well. Our teams are working very closely together.

是的，我們——我的意思是克萊爾和我都提到了這一點——我們連續第二個季度實現盈利，第一季的毛利為 2.06 億美元，這確實為我們帶來了來自大眾集團的額外 10 億美元融資。這真是太棒了。但兩國關係繼續發展良好。我們的團隊正在緊密合作。

And even to the previous question, I think what has us so excited about this from a mission point of view is seeing our technology, our software stack, our zonal ECU architecture seeing that deployed across a wide array of different vehicles and brands is ultimately going to give customers choice and is going to help drive more adoption of electric vehicles. And the scale of it with Volkswagen Group being the second largest vehicle manufacturer in the world is really enormous.

對於上一個問題，我認為從使命的角度來看，讓我們如此興奮的是看到我們的技術、軟體堆疊、區域 ECU 架構部署在各種不同的車輛和品牌上，最終將為客戶提供選擇，並將有助於推動更多人採用電動車。而身為全球第二大汽車製造商，大眾集團的規模確實非常龐大。

And so at this point, we're very focused on executing a lot of programs across the Volkswagen Group. We've talked about this before. Certainly, we're open to and plan to engage with other OEMs. But at this point, we don't have any additional guidance to say other than that we're focused on execution of all these exciting programs within Volkswagen Group.

因此，目前我們非常專注於在大眾集團內執行許多專案。我們之前已經討論過這個問題。當然，我們願意併計劃與其他 OEM 合作。但目前，除了專注於在大眾集團內執行所有這些令人興奮的計劃之外，我們沒有任何其他指導。

Thanks.

謝謝。

Ben Kallo, Baird.

本卡洛，貝爾德。

Have you seen an uptick just in demand from everything going on with Tesla? And my second question is about slate auto and what that means to you guys?

您是否看到特斯拉的各項措施都帶來了需求的上升？我的第二個問題是關於 slate auto 以及它對你們意味著什麼？

Yeah, the -- as we talk about consumer choice, Tesla's got an incredible set of products with the Model 3, Model Y. The vast majority of their volume is there and the price point is quite a bit different than our flagship product. So rough -- our flagship product, ASPs roughly double Tesla's Model 3, Model Y. And so while you certainly do have some cross shop. Really R2 will be much more of a similar product in terms of pricing, very different in terms of execution.

是的，當我們談論消費者選擇時，特斯拉擁有一系列令人難以置信的產品，包括 Model 3、Model Y。他們的產量絕大多數都在那裡，而且價格與我們的旗艦產品有很大不同。大致來說，我們的旗艦產品的平均售價大約是特斯拉 Model 3、Model Y 的兩倍。因此，您確實會有一些交叉購物。實際上，R2 在定價方面會更加類似，但在執行方面卻有很大不同。

And again, jumping off the previous points I made around the need for product selection and diversity of choices. The slate product is in a very different consumer than Rivian product. And I'll always say this, I think it's really important that we have lots of choices. And those choices are not all on top of each other in terms of price positioning, customer demographic vehicle form factors, vehicle positioning.

再次，我再次重申我之前提出的關於產品選擇和選擇多樣性的必要性的觀點。Slate 產品的消費者群體與 Rivian 產品的消費者群體截然不同。我總是這麼說，我認為我們擁有多種選擇真的很重要。而且，這些選擇在價格定位、客戶人口統計、車輛外形因素、車輛定位方面並不完全一致。

So it's -- I'm always pleased and encouraged to see new product concepts, new product ideas emerge, and this is one that's certainly not at all playing in the same spaces where Rivian operates today.

所以，每當看到新的產品概念、新的產品創意出現時，我都會感到高興和鼓舞，而這個產品概念、新產品創意肯定與 Rivian 目前經營的領域完全不同。

Ronald Jewsikow, Guggenheim Securities.

古根漢證券公司的羅納德‧朱西科（Ronald Jewsikow）。

Maybe starting on the delivery guidance changes. Any detail or high-level commentary on if the reduction is primarily from vans or consumer vehicles? And is there some supply risk baked into the reduction? I know you talked about railroad restrictions, Claire? Or is this solely what you're seeing in kind of the current demand backdrop?

也許從交付指導變化開始。您能提供詳細資訊或高層評論，說明減排主要來自貨車還是消費車輛嗎？減產是否會帶來一些供應風險？我知道你談到了鐵路限制，克萊爾？或者這只是您在當前需求背景下所看到的？

We talked about the -- just the level of uncertainty around how consumers are looking at the market and what that means for us in terms of overall demand backdrop. And I mentioned just the price sensitivity with our current product set on the consumer side being our flagship products with high ASP. We do think R2 unlocks a huge amount of demand for us and will dramatically grow the amount of volume we're producing and because of that improved our fixed costs across all of our normal facility.

我們討論了消費者如何看待市場的不確定性程度，以及這對我們整體需求背景意味著什麼。我剛才提到了價格敏感性，我們目前針對消費者的產品是具有高平均售價的旗艦產品。我們確實認為 R2 為我們釋放了大量的需求，並將大幅增加我們的產量，從而改善我們所有正常設施的固定成本。

But as we then look at what does it mean for 2025? The guidance we provided reflects our adjusted view of how consumers are going to behave over the remainder of this year. It also reflects what we expect on the commercial side, inclusive of our partnership with Amazon is a very close partner and we're working very much hand in hand to continue growing their fleet.

但讓我們來看看這對 2025 年意味著什麼？我們提供的指導反映了我們對今年剩餘時間內消費者行為的調整後的看法。這也反映了我們在商業方面的期望，包括我們與亞馬遜的合作，他們是一個非常密切的合作夥伴，我們正在攜手合作，繼續擴大他們的車隊。

As we look at this across our supply base, we're absolutely considering any impacts that the tariff environment will have on our suppliers from a cost point of view, but we're also looking at it from a supplier health point of view and making sure that we do all the work that we can to avoid any supply interruptions. And these are -- having lived through a number of these already. It's -- we're very -- we're acutely aware of the challenges of being short one part. Vehicle has thousands of parts in it, but you can't leave a couple of parts out.

當我們從整個供應基地來審視這個問題時，我們絕對會從成本的角度考慮關稅環境對我們的供應商產生的任何影響，但我們也會從供應商健康的角度來看待這個問題，並確保我們盡一切努力避免任何供應中斷。這些都是──我已經經歷過很多了。我們非常清楚缺少某個部件所帶來的挑戰。車輛有數千個零件，但你不能漏掉任何一個零件。

And so our supply chain team has been forged through the supply chain crisis of 2022 and 2023 and has actually -- it's impressively jumped into action with what's happening from an overall trade point of view today. And we feel a lot of that training that happened in 2022, 2023 is proving to be quite fruitful right now.

因此，我們的供應鏈團隊是在 2022 年和 2023 年的供應鏈危機中建立起來的，並且實際上——從今天的整體貿易角度來看，它已經令人印象深刻地採取了行動。我們覺得，2022 年和 2023 年進行的大量培訓目前看來非常有成效。

Yes. I appreciate the color there. And then -- it's exciting to see some of R2 content start to trickle out on social media. It seems like we're getting to the point where you're doing pilot production and it's starting to feel a bit more real. I guess maybe is there an update on retooling and production downtime?

是的。我很欣賞那裡的色彩。然後——看到一些 R2 內容開始在社交媒體上流傳，真是令人興奮。看起來我們已經到了進行試生產的時刻，而且它開始感覺更真實一些。我猜也許有關於重組和生產停工的最新消息？

And just for clarification, have you sourced the capital equipment you need for the R2 already? Or is that what some of the capital equipment inflation is for this year, just as we think about risk for the R2 launch?

只是為了澄清一下，您是否已經購買了 R2 所需的資本設備？或者這就是今年部分資本設備通膨的原因，就像我們考慮 R2 發布的風險一樣？

Yeah. I mean we are -- I am starting to trickle out some content. And if it's not obvious, we are so excited about it, and my excitement sort of bleeds through into some of the pictures we're putting out there. But we're -- when we look at the R2 program, this is well underway. So we're producing a pilot scale, what we call validation builds today. And in fact, there's a picture of our validation -- our pilot line in the shareholder letter.

是的。我的意思是我們正在——我開始慢慢推出一些內容。雖然這不明顯，但我們對此感到非常興奮，我的興奮之情滲透到了我們發布的一些照片中。但是，當我們查看 R2 計劃時，我們發現該計劃正在順利進行中。因此，我們正在進行中試規模的生產，也就是我們今天所說的驗證版本。事實上，股東信中有一張我們驗證的圖片──我們的試驗線。

Those vehicles are critical for not just validating the vehicle itself from an engineering standpoint of view but also validating our suppliers and making sure that their processes are robust. And for me, it's is really a meaningful step forward. And it's hard to fully represent this year in words, but just the difference of where the R2 program is today relative to its start of sales in the first half of next year compared to where R1 was at the same point in its launch cadence.

這些車輛不僅對於從工程角度驗證車輛本身至關重要，而且對於驗證我們的供應商並確保他們的流程穩健也至關重要。對我來說，這確實是一個有意義的進步。很難用語言完全描述今年的情況，但 R2 計劃目前的狀況相對於明年上半年開始銷售的狀況與 R1 在同一發布節奏時的狀況相比有所不同。

The level of robustness, the rigor that we have from a testing point of view, the rigor and robustness that we have in terms of supplier bring up and plant bring up is just -- I mean, it's just incredible how much learning has been baked into this program.

從測試的角度來看，我們的穩健性水平和嚴謹性，以及我們在供應商啟動和工廠啟動方面的嚴謹性和穩健性——我的意思是，這個項目中融入了多少學習內容，真是令人難以置信。

And a big part of that is, of course, the team that's grown and that's at all levels. That's our leadership team, that's the platform leadership team, and it's also saying next to me, it's our COO with Javier. And so I'd like to invite Javier to talk a little bit about some of the work that we're doing in terms of your question on capital equipment and the build-out of the R2 plant.

當然，其中很大一部分原因是團隊的不斷壯大以及各個層面的進步。這是我們的領導團隊，這是平台領導團隊，在我旁邊的是我們的營運長哈維爾。因此，我想邀請哈維爾就您提出的有關資本設備和 R2 工廠建設的問題談談我們正在進行的一些工作。

Yeah. I was with you last week driven local and on the prototype. And 35 years of experience launching cars in automotive industry. And I can tell you that the dynamic status that we have in this call is amazing. It was awesome and very fun to drive. We had a really great time.

是的。上週我和你一起在當地駕駛原型車。並擁有35年的汽車業汽車上市經驗。我可以告訴你們，我們在這通電話中所展現的動態狀態令人驚嘆。駕駛起來非常棒，而且非常有趣。我們玩得很開心。

When it comes to the product builds, they are underway that design the validation build is how we call it. And for the equipment, the building, we are increasing the footprint in normal. So the building that will host Body Shop and assembly is finished. And now we start implementing the processes inside.

當談到產品構建時，他們正在進行設計驗證構建，這就是我們所說的。對於設備和建築物，我們正在正常增加佔地面積。因此，用於車身修理和組裝的大樓已經完成。現在我們開始實施內部流程。

All the equipment is sourced. The test in the equipment maker is ongoing for shipping it. We typically test and we calibrate the equipment there. And related to the downtime you were referring, we'll have that downtime in the second half of the year. And that's to integrate in the paint shop that we currently normal delivers R1 in advance to integrate the R2 in there.

所有設備均有來源。設備製造商正在進行出貨測試。我們通常在那裡測試和校準設備。至於您所提到的停機時間，我們將在今年下半年遇到停機時間。這就是在油漆車間進行集成，我們目前通常提前交付 R1，以便將 R2 集成到那裡。

So this requires a heavy work in an existing flow requires a downtime and again, is underway. There are still work during the weekends to prepare some of the still work in that paint shop, but the big transformation will come in the second half in that downtime that will be executed as planned. So overall, great progress and as excited as everyone to get the car out in the roads and a great team behind. I really appreciate, and I would take the opportunity to thank all the teams for their great efforts and capabilities put in place.

因此，這需要在現有流程中進行大量工作，需要停機並再次進行。週末仍需進行一些工作來準備油漆車間的剩餘工作，但重大改造將在下半年的停工期間按計劃進行。整體而言，我們取得了巨大的進步，我們和大家一樣興奮，因為我們有一支優秀的團隊在後面支持我們，所以我們把車開到了路上。我真的很感激，並想藉此機會感謝所有團隊所付出的巨大努力和能力。

Yeah. We're excited for it as well. I appreciate all the color. Thanks.

是的。我們也對此感到興奮。我欣賞所有的色彩。謝謝。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Just had two clarifications back to the Autonomy platform. First, are you still on track to launch eyes off in controlled conditions next year? Maybe talk about kind of what you need to see to do that? And secondly, with R2, should we think about that as having a standard autonomy hardware system or could we see potentially different iterations on that platform depending on the trend level?

剛剛對 Autonomy 平台進行了兩次澄清。首先，明年你們是否仍計劃在受控條件下發射升空？也許可以談談你需要看到什麼才能做到這一點？其次，對於 R2，我們是否應該將其視為具有標準自主硬體系統，或者我們可以根據趨勢水平在該平台上看到潛在的不同迭代？

Yeah. We are -- I referenced it a couple of times, but we just put in place a hands-off eyes on feature, meaning your eyes -- you still have to be looking at the road but your hands can come off the wheel for highway application, that's going to broaden to more urban roads as well. But importantly, moving to hands-off eyes off, so what you might call a true Level 3 is something we're very focused on and delivering that in specific environment, starting with highways, next year is really key for us.

是的。我們——我提到過幾次，但我們只是實施了一項無需動手、眼睛注視的功能，這意味著你的眼睛——你仍然必須看著道路，但你的手可以離開方向盤以用於高速公路應用，這也將擴展到更多的城市道路。但重要的是，轉向無人駕駛，也就是所謂的真正的 3 級，是我們非常關注的，並且在特定環境中實現這一點，從高速公路開始，明年對我們來說真的很重要。

Now on the R2 side of things, we do have a slightly enhanced perception stack that's going on R2 relative to R1. So it's a 65 megapixels of cameras. So we've made further improvements in our camera set relative to R1. Now that's noteworthy because the R1 camera set today is the highest performing camera set that's on any vehicle sold in North America, more megapixels than any other vehicle and the dynamic range on those cameras is just incredible. When I say dynamic range, I mean the performance in very low light conditions were in very bright light conditions.

現在就 R2 方面而言，我們確實有一個相對於 R1 在 R2 上略微增強的感知堆疊。所以它的相機像素為 6500 萬像素。因此，我們對相機組相對於 R1 做出了進一步的改進。值得注意的是，如今的 R1 攝影機組是北美銷售的所有車輛上性能最高的攝影機組，其像素比任何其他車輛都高，而且這些攝影機的動態範圍令人難以置信。當我說動態範圍時，我的意思是在非常低的光照條件下的性能，或者在非常明亮的光照條件下的性能。

And as I referenced this was responding to Adam's question earlier, but that breadth of performance of the cameras and then feeding that entirely owned set of signals into our platform allows us to really accelerate the training with this really high-quality data, particularly when it's combined with the radar set that's on the vehicle. So we have four-corner radars that are traditional, pretty straightforward radars, but the front center radars and an imaging radar. So it gives us X, Y and Z and that provides a really nice additional modality for which we're training our system.

正如我之前提到的，這是在回答亞當的問題，但是攝影機的廣泛性能以及將完全擁有的訊號輸入到我們的平台，使我們能夠利用這些高品質的資料真正加速訓練，特別是當它與車輛上的雷達裝置結合時。因此，我們有四角雷達，它們是傳統的、相當簡單的雷達，但還有前中心雷達和成像雷達。因此它為我們提供了 X、Y 和 Z，這為我們訓練系統提供了一個非常好的附加模式。

And when we think about these end-to-end models being trained, the more robust the data set, the faster we see progress. And in fact, it's been helpful to see that same phenomenon play out in the LLM space where the quality of data has become increasingly important. So how the data is selected, partitioned and fed into the model becomes really key.

當我們考慮這些正在訓練的端到端模型時，資料集越強大，我們看到的進展就越快。事實上，看到同樣的現像在法學碩士 (LLM) 領域上演是有幫助的，在該領域，數據品質變得越來越重要。因此，如何選擇、劃分資料並將其輸入模型變得非常關鍵。

So with all that said, we don't envision having an R2 that doesn't have a very robust autonomy platform built into it because we think it's such a critical part of the customer experience. And as we see what's coming with the feature set, it's -- we don't envision our products not having that level of capability.

所以綜上所述，我們並不認為 R2 會沒有內建非常強大的自主平台，因為我們認為這是客戶體驗的關鍵部分。如我們所見，隨著功能集的出現，我們預期我們的產品將具備這種程度的功能。

That's all helpful. Thank you.

這些都很有幫助。謝謝。

This concludes the question-and-answer session of the call. I would now like to turn the call back to RJ Scaringe for closing remarks.

本次電話問答環節到此結束。現在我想請 RJ Scaringe 作結束語。

Thanks, everyone, for joining us today. This is a really exciting quarter for us being the second quarter positive gross margin and our highest gross margin to date with $206 million. We're excited to continue driving cost efficiency throughout the business and even more excited to see the effects that R2 will have on the business in terms of increased scale, sharing more of the fixed cost of our normal facility and therefore, driving even higher levels of gross margin profitability and ultimately profitability for us as a business.

感謝大家今天加入我們。對我們來說，這是一個非常令人興奮的季度，第二季度的毛利率為正，並且是我們迄今為止的最高毛利率，達到 2.06 億美元。我們很高興能夠繼續提高整個業務的成本效率，更高興地看到 R2 對業務產生的影響，包括擴大規模、分擔更多正常設施的固定成本，從而提高毛利率盈利能力，並最終提高我們企業的盈利能力。

With that said, we're also incredibly focused on driving forward in terms of our economy platform. This is something that it took years of time to implement in our Gen 2 platform in terms of the hardware topology, and we're now just at the beginning of seeing this nonlinear growth rate in terms of capability and features.

話雖如此，我們也非常注重推動經濟平台的發展。就硬體拓撲而言，我們花了數年時間才在第二代平台上實現這一點，而現在我們才剛開始看到功能和特性方面的非線性成長率。

And we'll continue to talk more about this. As I said earlier, we're going to be having an autonomy and AI day in the fall. And in that, we'll provide a lot more visibility and details into our technology stack, both the hardware side of things as well as the software and provide demonstrations of what some of this road map looks like. And hopefully, everyone can see why we're so excited about this internal effort.

我們將繼續討論這個問題。正如我之前所說，我們將在秋季舉辦自主和人工智慧日。在此過程中，我們將提供更多關於我們的技術堆疊的可見性和細節，包括硬體方面和軟體方面，並提供部分路線圖的演示。希望每個人都能明白我們為何對這項內部努力如此興奮。

So with that, thanks again for the call, and look forward to speaking with everybody next quarter.

因此，再次感謝您的來電，並期待下個季度與大家交談。