Rivian Automotive Inc (RIVN) 2025 Q2 法說會逐字稿

Welcome to today's Q2 earnings results hosted by Rivian. (Operator Instructions) I'll now turn the call over to Derek Mulvey, Vice President of Finance.

歡迎參加今天由 Rivian 主辦的第二季財報會。（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 second-quarter 2025 earnings call. Today, I'm joined by RJ Scaringe, our CEO and Founder; Claire McDonough, our Chief Financial Officer; and Javier Varella, our Chief Operations Officer.

下午好，感謝您參加 Rivian 2025 年第二季財報電話會議。今天，與我一起出席的還有我們的執行長兼創辦人 RJ Scaringe、我們的財務長 Claire McDonough 和我們的營運長 Javier Varella。

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 law. Such statements involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are described in our SEC filings and the shareholder letter we filed 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，可能導致實際結果大不相同。這些風險和不確定性在我們向美國證券交易委員會提交的文件和股東信中有描述。

During this call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of historical non-GAAP to GAAP financial measures is provided in our shareholder letter.

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歷史非 GAAP 與 GAAP 財務指標的對帳表。

Just before the earnings call, we published and filed 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 will cover on today's call.

在收益電話會議之前，我們發布並提交了致股東的信函，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.

說完這些，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. Over the past few months, we've made tremendous progress in R2 and our technology, including our autonomy platform. As we move closer to the start of production, our confidence R2 and future variance underscores our long-term vision for scaling our business. We believe the technology and products we're developing will position Rivian as a market share leader.

謝謝，德里克。大家好，感謝大家今天加入我們。在過去的幾個月裡，我們在 R2 和我們的技術（包括我們的自主平台）方面取得了巨大的進步。隨著我們越來越接近開始生產，我們的信心 R2 和未來差異凸顯了我們擴大業務的長期願景。我們相信，我們正在開發的技術和產品將使 Rivian 成為市場佔有率領導者。

Our long-term view on electrification and the opportunity in front of us remains the same. However, there have been changes in the external operating environment that affect the nature of this transition. While we believe deeply in the long-term value drivers of our business, the policy environment continues to be complex and rapidly evolving.

我們對電氣化和眼前機會的長期看法保持不變。然而，外部經營環境的變化影響了這項轉型的本質。雖然我們深信我們業務的長期價值驅動力，但政策環境仍然複雜且快速變化。

Changes to EV tax credits, regulatory credits, trade regulation, and tariffs are expected to have an impact on the results and the cash flow of our business. We remain focused on developing world-class technology and efficiently scaling our manufacturing capacity in the United States in light of these policy changes.

電動車稅收抵免、監管抵免、貿易監管和關稅的變化預計將對我們的業務結果和現金流產生影響。鑑於這些政策變化，我們將繼續專注於開發世界一流的技術並有效擴大我們在美國的生產能力。

As we look ahead, Rivian shares the administration's excitement in advancing technology development and manufacturing capacity within the United States. With all that said, having spent a lot of time driving R2, I'm more bullish on this vehicle than any product we've developed. I believe the product market fit is incredible, the packaging, the technology, and overall value proposition set R2 up for meaningful share.

展望未來，Rivian 與美國政府一樣，對推動美國的技術開發和製造能力感到興奮。話雖如此，在花了很多時間駕駛 R2 之後，我對這款車的評價比我們開發的任何產品都高。我相信該產品的市場契合度令人難以置信，包裝、技術和整體價值主張為 R2 贏得了有意義的市場份額。

R2 is a core focus for our team and a critical step to achieving our objective of delivering millions of vehicles per year. We are currently amidst of our design validation builds where we're building R2 vehicles on our pilot line. These vehicle builds enable us to validate the performance and capabilities of the full vehicle along with working with our suppliers on their ramp.

R2 是我們團隊關注的核心，也是實現每年交付數百萬輛汽車的目標的關鍵一步。我們目前正在進行設計驗證構建，在試驗線上建造 R2 車輛。這些車輛的製造使我們能夠驗證整車的性能和能力，並與我們的供應商合作。

Importantly, the quality of the build and associated software stability is incredibly high. We strategically invested in early development assets and new vehicles, which allowed us to advance development and supplier validation much earlier in the time line as compared to R1. We performed a variety of crash tests and component level test as well as on-road testing with strong results.

重要的是，建構的品質和相關軟體的穩定性非常高。我們對早期開發資產和新車輛進行了策略性投資，這使我們能夠比 R1 更早地推進開發和供應商驗證。我們進行了各種碰撞測試和組件級測試以及道路測試，並且取得了良好的結果。

In preparation for our manufacturing validation builds later this year, we've completed the construction of our new 1.1 million square foot building in Normal Illinois, which will house R2's general assembly and body shop. Our team is focused on installing and validating the equipment to support the manufacturing validation builds.

為了準備在今年稍後進行製造驗證建設，我們已經在伊利諾伊州諾默爾建造了新的 110 萬平方英尺的建築，該建築將容納 R2 的總裝配和車身車間。我們的團隊專注於安裝和驗證設備以支援製造驗證建置。

In parallel to the progress we're making on R2, we continue to make improvements in AI and autonomy. We see autonomy is becoming increasingly important in the customer's purchase decision. By later this decade, we believe ultimately, every new vehicle will need advanced levels of autonomy to be successful. Because of this, the development of our Rivian autonomy platform has been one of our most substantial and important focus areas.

在 R2 取得進展的同時，我們也持續改進人工智慧和自主性。我們發現自主性在客戶的購買決策中變得越來越重要。我們相信，到本世紀末，每輛新車都需要高水準的自主性才能成功。正因為如此，Rivian 自動駕駛平台的開發一直是我們最實質和最重要的關注領域之一。

Our platform uses the high-quality data coming from our best-in-class onboard sensor set to drive our data flywheel for training our Rivian large driving model. We've already seen positive feedback from customers on some of the growing autonomous capabilities. We launched enhanced Highway Assist earlier this year and are seeing meaningful uptake in the usage of our autonomy platform. With our high-quality sensor set and a large amount of data collected from our vehicles every day, we believe we have the right ingredients as quickly established leadership in this space.

我們的平台使用我們一流的車載感測器組的高品質數據來驅動我們的數據飛輪，以訓練我們的 Rivian 大型駕駛模型。我們已經看到客戶對一些日益增強的自主功能的正面回饋。我們在今年稍早推出了增強型高速公路輔助系統，並且看到我們的自動駕駛平台的使用率顯著提升。憑藉我們高品質的感測器組和每天從我們的車輛收集的大量數據，我們相信我們擁有正確的要素，可以迅速在該領域建立領導地位。

We plan to host our autonomy and AI day in December and look forward to sharing the progress we've been making. While we approach some exciting releases across our R2 and our autonomy platform, last month, we also launched the R1 quad motor and the feedback has been incredible. We believe that Quad elevates our R1 platform, which is already one of the best-selling vehicles in its class.

我們計劃在 12 月舉辦自主和人工智慧日，並期待分享我們所取得的進展。在我們即將在 R2 和自主平台上發布一些令人興奮的產品的同時，上個月我們還推出了 R1 四電機，反饋令人難以置信。我們相信 Quad 提升了我們的 R1 平台，它已經是同類車型中最暢銷的車型之一。

The customers, journalists and influencers have had a chance to drive the new quad are seeing the unique combination of on and off-road performance advancements made with our Rivian autonomy platform and software features that allow customized dynamics with our Rad tuner. With the progress demonstrated this quarter, I can't wait for our autonomy and AIDA, the launch of R2 and the realizing of our long-term scale potential with our midsized platform.

有機會駕駛這款新型四輪摩托車的客戶、記者和有影響力的人士看到了我們 Rivian 自主平台和軟體功能所取得的獨特公路和越野性能進步，這些軟體功能允許使用我們的 Rad 調諧器進行客製化動態。隨著本季所取得的進展，我迫不及待地想要實現我們的自主性和 AIDA、推出 R2 以及透過我們的中型平台實現我們的長期規模潛力。

I want to thank our employees, customers, partners, suppliers, communities and shareholders for their support. With that, I'll pass the call over to Claire.

我要感謝我們的員工、客戶、合作夥伴、供應商、社區和股東的支持。說完，我就把電話轉給克萊爾。

Thanks, RJ. I want to echo our excitement for the upcoming launch of R2 in our autonomy and AI advancements. It is great to see our vertically integrated technologies go into our design validation builds for R2. This is a key driver of the structural cost advantages we expect to achieve on R2 while also delivering fantastic performance in utility.

謝謝，RJ。我想表達我們對即將推出的自主性和人工智慧進步 R2 的興奮之情。很高興看到我們的垂直整合技術應用於 R2 的設計驗證版本。這是我們期望在 R2 上實現的結構性成本優勢的關鍵驅動因素，同時也能提供出色的實用效能。

During the second quarter, we produced 5,979 and delivered 10,661 vehicles from our manufacturing facility which was the primary driver of the $927 million of automotive revenue. We saw a significant decrease in production volume compared to the first quarter as a result of a variety of supply chain-related complexities partially driven by shifts in trade policy. We believe we now have visibility into these components for the remainder of the year.

在第二季度，我們的製造工廠生產了 5,979 輛汽車，交付了 10,661 輛，這是汽車收入 9.27 億美元的主要推動力。由於貿易政策變化等一系列與供應鏈相關的複雜因素，與第一季相比，產量大幅下降。我們相信，現在我們已經能夠了解今年剩餘時間內這些組件的情況。

Automotive gross profit in the second quarter was negatively impacted by lower production volumes, which resulted in approximately $137 million of fixed cost included in cost of revenues as compared to more normalized volumes. Automotive gross profit losses were $335 million -- our Software & Services segment reported another strong quarter with $376 million of revenue and $129 million of gross profit. About half of the revenue within software and services was a result of the software and electrical hardware joint venture we created with Volkswagen Group.

第二季汽車毛利受到產量下降的負面影響，與更正常的產量相比，導致收入成本包含了約 1.37 億美元的固定成本。汽車毛利損失為 3.35 億美元——我們的軟體和服務部門報告了另一個強勁的季度，收入為 3.76 億美元，毛利為 1.29 億美元。軟體和服務領域約一半的收入來自我們與大眾集團成立的軟體和電子硬體合資企業。

We also experienced strong growth in gross profit contribution from remarketing, service, accessories, and charging. Our consolidated revenue was $1.3 billion and gross profit losses were $206 million. Included in this was $185 million of depreciation and $37 million of stock-based compensation expense. Adjusted EBITDA losses for the quarter were $667 million.

我們也經歷了再行銷、服務、配件和充電帶來的毛利的強勁成長。我們的綜合收入為 13 億美元，毛利損失為 2.06 億美元。其中包括 1.85 億美元的折舊費用和 3,700 萬美元的股票薪酬費用。本季調整後的 EBITDA 虧損為 6.67 億美元。

We saw a slight increase in overall operating expenses in the second quarter as compared to the first quarter driven by the ongoing investments we're making to develop R2 and our key technologies as well as the continued growth of our sales and service infrastructure and organization. We expect to see increasing operating expenses in the second half of the year as we advance R2 towards production and continued the build-out of our sales and service infrastructure to support R2's volumes.

與第一季相比，第二季的整體營運費用略有增加，這得益於我們對開發 R2 和關鍵技術的持續投資，以及銷售和服務基礎設施和組織的持續成長。隨著我們推進 R2 的生產並繼續建造銷售和服務基礎設施以支援 R2 的銷量，我們預計下半年的營運費用將會增加。

During the second quarter, we also strengthened our balance sheet. On June 30, we received a $1 billion equity investment from Volkswagen Group at an effective price per share of $19.42, which represents a 33% premium to the $14.56, 30-trading-day-volume weighted-average stock price.

在第二季度，我們也加強了資產負債表。6 月 30 日，我們從大眾集團獲得了 10 億美元的股權投資，實際價格為每股 19.42 美元，較 30 個交易日的加權平均股價 14.56 美元溢價 33%。

During the second quarter, we also refinanced our senior secured notes due October 2026 by issuing $1.25 billion of green secured notes at a rate of 10% maturing January 2031. In addition to the $7.5 billion of cash and cash equivalents and short-term investments reflected on our balance sheet, we expect to receive up to an additional $2.5 billion of incremental capital associated with our joint venture transaction as well as an up to $6.6 billion loan from the Department of Energy associated with the build-out of our Georgia facility.

在第二季度，我們也透過發行 12.5 億美元綠色擔保票據（利率為 10%，到期日為 2031 年 1 月）為 2026 年 10 月到期的優先擔保票據進行再融資。除了資產負債表上反映的 75 億美元現金、現金等價物和短期投資外，我們還預計獲得與合資交易相關的最高 25 億美元增量資本，以及與喬治亞州工廠建設相關的最高 66 億美元能源部貸款。

Turning to our 2025 guidance. We are maintaining our delivery guidance of 40,000 to 46,000 vehicles and our CapEx guidance of $1.8 billion to $1.9 billion. As a reminder, we plan to shut down our normal facility for approximately three weeks starting in September of this year to prepare for the planned launch of R2 in the first half of 2026.

轉向我們的 2025 年指導。我們維持 40,000 至 46,000 輛汽車的交付指引和 18 億至 19 億美元的資本支出指引。提醒一下，我們計劃從今年 9 月開始關閉我們的正常設施約三週，為 2026 年上半年計劃推出的 R2 做準備。

We anticipate the third quarter to be our peak delivery quarter of the year across both consumer and commercial vehicles. As RJ mentioned, while we believe our long-term opportunity to drive meaningful growth and profitability remains strong. Some of the recent policy actions will have an impact on our results and cash flow of our business. This includes increased tariffs, which had a minimal impact during the second quarter but are expected to have a net impact of a couple of thousand dollars per unit for the remainder of 2025.

我們預計第三季將成為我們今年消費汽車和商用汽車交付的高峰季度。正如 RJ 所提到的，我們相信，推動有意義的成長和獲利的長期機會仍然強勁。最近的一些政策行動將對我們的業務業績和現金流量產生影響。其中包括提高關稅，這在第二季度的影響微乎其微，但預計在 2025 年剩餘時間內將產生每單位數千美元的淨影響。

In addition, due to changes in certain regulatory credit programs, we do not expect to earn revenue from these programs for the remainder of 2025. We expect total 2025 regulatory credit sales to be approximately $160 million as compared to our prior outlook of $300 million. As a result of the changes in our regulatory credit outlook, in addition to our second-quarter results, we expect our gross profit for the full-year 2025 to be roughly breakeven. We are also increasing our guidance for our adjusted EBITDA loss to $2 billion to $2.25 billion as a result of the modifications to our gross profit outlook.

此外，由於某些監管信貸計劃的變化，我們預計在 2025 年剩餘時間內不會從這些計劃中獲得收入。我們預計 2025 年監管信貸銷售總額約為 1.6 億美元，而我們先前預測為 3 億美元。由於監管信用展望的變化，加上第二季的業績，我們預計 2025 年全年的毛利將大致達到損益兩平。由於我們對毛利前景進行了修改，我們也將調整後的 EBITDA 虧損預期上調至 20 億美元至 22.5 億美元。

Our focus remains on cost optimization and efficiently scaling the business. We're actively studying tariff mitigation strategies to best position the company, especially as we look ahead to the Section 232 automotive tariff offset, which ends in April 2027. We remain steadfast in our belief that R2 and our technology development will be truly transformative for our growth and profitability.

我們的重點仍然是成本優化和有效擴展業務。我們正在積極研究關稅減免策略，以使公司處於最佳地位，特別是展望 2027 年 4 月結束的第 232 條汽車關稅抵消。我們堅信 R2 和我們的技術發展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。

(Operator Instructions)

（操作員指示）

Dan Levy, Barclays.

巴克萊銀行的丹·利維。

I want to start with the question I think that's probably on everyone's mind, which is just bridging from R1 to R2. And I think the obvious key here is the cost reduction and you're saying you can cut the cost by more than half. But maybe you can just remind us again about -- what are the things in R1 that won't recur?

我想從一個我認為可能每個人都關心的問題開始，那就是從 R1 到 R2 的橋樑。我認為這裡面最明顯的關鍵就是降低成本，而您說的是，您可以將成本降低一半以上。但也許您可以再次提醒我們——R1 中哪些事情不會再次發生？

And on the flip side, you're talking about things like sourcing and contracts that can help on R2. What is the conviction that you can get the required cost reduction from these items to get appropriate economics on R2?

另一方面，您正在談論可以幫助 R2 的採購和合約等事情。您確信可以從這些項目中獲得所需的成本降低，從而在 R2 上獲得適當的經濟效益嗎？

Thanks, Dan, for the question. This is incredibly important and has been an absolute core focus for us as a business as we've been developing R2. If you think about the cost on the vehicle, there's two major drivers. The first is our bill of material costs, just the costs we're paying all of our suppliers for the components going into the vehicle. And the cost of those components reflects how the vehicle is being designed, how the systems are being integrated.

謝謝丹提出這個問題。這非常重要，並且是我們開發 R2 時的核心關注點。如果你考慮車輛成本，則有兩個主要驅動因素。首先是我們的物料清單成本，也就是我們向所有供應商支付的車輛零件成本。這些部件的成本反映了車輛的設計方式和系統整合方式。

And we talk a lot about this, but our success in either consolidating parts or eliminating parts through design is a big enabler here. And we previously said the biomaterial cost on R2 is about half that of R1. And that's not a hope, that's not a wish. That's actually contractually negotiated with suppliers. And so we've spent the last two years development and time negotiating with suppliers to put in place contracts that we both selected suppliers that can scale with us and ramp appropriately, but also can deliver a much lower cost structure.

我們對此進行了很多討論，但我們在透過設計整合零件或消除零件方面的成功才是關鍵。我們之前說過，R2 的生物材料成本約為 R1 的一半。這不是希望，也不是願望。這實際上是與供應商透過合約協商確定的。因此，我們花了兩年的時間與供應商進行開發和談判，以簽訂合同，我們既選擇了能夠與我們一起擴大規模並適當提升產量的供應商，而且還能提供更低的成本結構。

But linked to that, of course, is then how the vehicle assembles. And so the cost it takes us to convert all those parts into a vehicle where we often call conversion cost and then some of the non-millimeter COGS, sets logistics, that's warranty accrual, that's some of the other items that feed in. And here, Claire and I both spoken about this I have spoken about this on these calls before, where we're projecting with a lot of confidence that, that will be ultimately less than half of what it is on R1. And that's really reflective of an incredible -- incredibly high focus on ease of assembly design for manufacturability, leveraging the many, many learnings that were born out of what we went through on R1.

但與此相關的當然是車輛的組裝方式。因此，我們將所有這些零件轉換成車輛所需的成本（我們通常稱之為轉換成本）以及一些非毫米級的 COGS、物流、保固費用以及其他一些投入的項目。在這裡，克萊爾和我都談到了這一點，我之前在這些電話會議上也談到了這一點，我們非常有信心地預測，最終這一數字將不到 R1 的一半。這確實反映了我們對易於製造的組裝設計的高度關注，充分利用了我們在 R1 上所經歷的眾多經驗教訓。

So simplified body architecture, simplify closure systems further simplifications the network architecture and associated wire and harness and in totality, what that gives us is a vehicle with a much lower cost basis, which supports that dramatically reduced pricing of R2. And of course, it should be said, R2 is a meaningfully smaller vehicle than R1. It does deliver on the brand promise of Rivian, but we've been very thoughtful in some of the content decisions we've made, where it's not as extreme in terms of performance or capability is what you see in R1.

因此，簡化的車身架構、簡化的封閉系統進一步簡化了網路架構和相關的電線和線束，總的來說，這為我們帶來了一款成本基礎更低的車輛，從而支援了 R2 價格的大幅降低。當然，應該說，R2 比 R1 小得多。它確實兌現了 Rivian 的品牌承諾，但我們在做出一些內容決策時非常深思熟慮，它在性能或能力方面並不像 R1 那麼極端。

And if I may add, RJ, today, we have the R2 100% sourced. So it's a fact. We know the prices of our components and we can confirm this 50% reduction.

我可以補充一下，RJ，今天，我們的 R2 已經 100% 採購完畢。所以這是事實。我們知道我們零件的價格，並且可以確認這一 50% 的降價。

Okay. Great. As a follow-up, I think related. A year ago at your Investor Day, you outlined a path to EBITDA breakeven in 2027. We've obviously seen a number of changes since done with lower regulatory credit environment as you're talking about tariffs, the loss of the EV tax credit.

好的。偉大的。作為後續，我認為這是相關的。一年前，在您的投資者日上，您概述了 2027 年實現 EBITDA 收支平衡的途徑。正如您所說，自從降低監管信貸環境以來，我們顯然看到了許多變化，例如關稅、電動車稅收抵免的損失。

So question is, what are the areas in which you need to pivot the business now to still see that path to eventually reaching EBITDA positive? And how much more does this make licensing deals or other partnerships with automakers on the tech side more of a necessity to ultimately get to where you need to be on the EBITDA margin side?

所以問題是，您現在需要在哪些領域調整業務才能最終實現 EBITDA 正成長？那麼，這在多大程度上使得與汽車製造商在技術方面達成許可協議或其他合作夥伴關係對於最終實現 EBITDA 利潤率目標變得更加必要？

Thanks, Dan. As you know, our objective is to drive to positive EBITDA as a result of the full-year R2 production and strong software and services performance that are anticipated as we look ahead to 2027. And so as you look at the relative contributing factors there, while there certainly have been meaningful headwinds as we look at some of the policy implications that are in play today relative to the conversation that we had about a year ago as part of our Investor Day, we're working across a number of cost efficiency initiatives in the business to drive and scale the business as efficiently as possible.

謝謝，丹。如您所知，我們的目標是透過全年 R2 產量以及預計 2027 年軟體和服務的強勁表現，實現正 EBITDA。因此，當您查看其中的相對促成因素時，雖然相對於我們大約一年前在投資者日進行的對話，我們看到當今正在發揮作用的一些政策影響確實存在重大阻力，但我們正在開展一系列成本效益舉措，以盡可能高效地推動和擴大業務規模。

And maybe I'll invite RJ to talk to some of the opportunities as we think about the continued growth and development of our software and services and future opportunities with other potential OEMs as well.

也許我會邀請 RJ 來談談一些機會，因為我們正在考慮軟體和服務的持續成長和發展，以及與其他潛在 OEM 的未來機會。

We talked a lot about R2 as being such an important inflection point for us in terms of volume and scale. And of course, along with that, significantly widening the aperture of addressable market with its lower price point. But a lot of what feeds into that is the technology we're developing. And on the vehicle software side of things, of course, we have a joint venture and software licensing deal that we put together with Volkswagen Group that continues to progress really nicely.

我們多次討論過 R2 對我們來說在數量和規模方面是一個重要的轉折點。當然，同時，其較低的價格也顯著擴大了目標市場的範圍。但其中很大一部分源自於我們正在開發的技術。當然，在汽車軟體方面，我們與大眾集團建立了合資企業並達成了軟體授權協議，目前進展順利。

And to be able to deploy our software stack and associated topology of ECUs across such a wide range of vehicles in terms of price point, configuration end market with Volkswagen Group really serves as an outstanding demonstration and really existence proof that we, as a company, are able to do that into a complex large existing business. And so certainly, we do believe there's opportunities above and beyond the relationship with Volkswagen Group for further licensing of our software and technology.

並且能夠在價格點、配置終端市場與大眾汽車集團如此廣泛的車輛上部署我們的軟體堆疊和相關的 ECU 拓撲，這確實是一個出色的示範和真正的存在證明，證明我們作為一家公司能夠將其融入複雜的大型現有業務中。因此，我們確實相信，除了與大眾汽車集團建立合作關係之外，我們還有機會進一步授權我們的軟體和技術。

And then beyond that, we also see opportunities emerging with a lot of the work that we're doing in our autonomy stack. And we're investing very heavily to that. As I said in my opening statement, this is an area of the business that we're very excited about. Customers are going to start to see the fruit of a lot of this hard work that's gone in, in terms of building a robust data flywheel.

除此之外，我們也看到，我們在自主堆疊中所做的大量工作也帶來了機會。我們對此投入了巨資。正如我在開場白中所說，這是我們非常興奮的業務領域。在建立強大的數據飛輪方面，客戶將開始看到大量艱苦工作的成果。

We put on to our Gen 2 R1 vehicles, a world-class sensor set with more megapixels of cameras than any other vehicle on the road in North America. We couple that with an outstanding imaging radar and that's feeding a really powerful data training flywheel that's going to start to really show -- demonstrate significant capabilities in terms of higher levels of autonomy. And so we do see that as another avenue for us in the long term.

我們在第二代 R1 車輛上安裝了世界一流的感測器組，其攝影機像素比北美道路上的任何其他車輛都要高。我們將其與出色的成像雷達相結合，為真正強大的數據訓練飛輪提供動力，這將開始真正展現——在更高水平的自主性方面展示出顯著的能力。因此，我們確實將其視為我們的另一個長期途徑。

But core to all that is to make sure that the technology we're developing vertical in-house with our teams remains really front of the curve. And if we continue to do that as we have, we do think there's a lot of opportunities there as well.

但這一切的核心是確保我們與團隊內部垂直開發的技術始終處於領先地位。如果我們繼續這樣做，我們確實認為那裡也有很多機會。

Adam Jonas, Morgan Stanley.

摩根士丹利的亞當喬納斯。

My first question is on the $6.6 billion loan with the Department of Energy that's associated with the build-out of Georgia. Can you confirm, has any of that loan been drawn? And is there a scenario where you would decide not to draw on that loan? Because from the readings of the shareholder letter, I don't see much of an update on CapEx going into that -- into the build-out at this point.

我的第一個問題是關於與喬治亞州建設相關的向能源部提供的 66 億美元貸款。您能否確認，這些貸款是否已被提取？是否有您會決定不再提取該筆貸款的情況？因為從股東信函來看，我目前沒有看到太多關於資本支出的更新資訊。

But just maybe kind of where are we on that? What's your thinking on that loan? And then I have a follow-up.

但也許我們現在處於什麼位置呢？您對這筆貸款有何看法？然後我有一個後續問題。

Sure. Thanks, Adam. So as it pertains to the Department of Energy loan, it's more of a construction-finance project-finance-based loan and so it does require Rivian to be deploying capital on-site in Georgia. We have not yet started construction of the site. And so that precludes us from having the opportunity to draw on that loan as we sit here today.

當然。謝謝，亞當。因此，就能源部貸款而言，它更像是一項基於建設融資項目融資的貸款，因此它確實要求 Rivian 在喬治亞州現場部署資金。我們尚未開始該場地的建設。因此，我們今天就失去了利用這筆貸款的機會。

And we -- as we look at the future road map, the attractive cost of capital that the Department of Energy loan for Rivian is something that's quite attractive to us. So we do intend to draw on that loan as we look to expand our manufacturing base in Georgia.

當我們展望未來路線圖時，我們發現，能源部為 Rivian 提供的貸款的資本成本對我們來說非常有吸引力。因此，我們確實打算利用這筆貸款來擴大我們在喬治亞州的製造基地。

Okay. Thanks, Claire. Just as a follow-up, you spun off also in in March of this year, your micro mobility unit. You seem to have attracted some pretty serious talent to that unit as well. And I think there's probably more announcements to come there, I would assume.

好的。謝謝，克萊爾。作為後續行動，您還在今年 3 月剝離了微型移動部門。您似乎也吸引了一些非常優秀的人才加入該部門。我認為，可能會有更多公告發布。

Aside from the minority stake held by Rivian, and maybe you can confirm how big that is, is there any other relationship between Rivian and also Inc -- And how much time, RJ, are you spending on this entity with your current role as Chairman?

除了 Rivian 持有的少數股權（也許您可以確認一下其規模有多大）之外，Rivian 和 Inc 之間還有其他關係嗎？ RJ，您身為董事長，在這個實體上花了多少時間？

Yes. Thanks, Adam. We had a skunkworks project within Rivian that was looking at essentially to the question of how do we electrify the world, what's necessary. And a natural conclusion of that is -- of course, there's markets like the United States and Europe that are very vehicle-centric but not only within those markets, but beyond those markets, much of the world moves on things that look very different than cars.

是的。謝謝，亞當。我們在 Rivian 內部有一個臭鼬工廠項目，主要研究如何讓世界電氣化，以及什麼是必要的。由此自然得出的結論是——當然，像美國和歐洲這樣的市場非常以汽車為中心，但不僅在這些市場內部，而且在這些市場之外，世界上許多地方都在關注與汽車截然不同的東西。

So two-wheel, the wheel, even four-wheel quadricycle type products. And so the initial effort that when it was housed within Rivian was to look at ways that we could take this technology base that we developed and apply it into the micro mobility segment. As we were doing that, we realized the market opportunity was very significant, and in fact, bigger than we had originally anticipated. It took the decision to move that outside of Rivian wherein is still a significant shareholder, but allow it to secure outside capital and allow its branch trajectory and company trajectory to look at markets differently, positioning differently than the Rivian product line.

因此有兩輪、四輪、甚至四輪四輪車類型的產品。因此，當它被安置在 Rivian 內部時，我們最初的努力就是尋找方法將我們開發的技術基礎應用到微型移動領域。當我們這樣做的時候，我們意識到市場機會非常巨大，事實上，比我們最初預期的還要大。它決定將其轉移到 Rivian 之外，Rivian 仍然是其重要股東，但允許其獲得外部資本，並允許其分支機構和公司軌跡以不同的方式看待市場，定位與 Rivian 產品線不同。

And what's been really interesting is just the scale of that in terms of what it represents in a number of vehicles is really exciting. And so Rivian, as you said, it's still a very significant shareholder. -- just under 50% ownership in this entity. But we continue to have a lot of the technology that also is using leverages some of the core of what Rivian built. And when you think of the opportunity, I think there's going to be ways that we can be really creative where we see the Rivian product line and the also product line coming together.

真正有趣的是，就其在眾多車輛中所代表的意義而言，其規模確實令人興奮。正如您所說，Rivian 仍然是一個非常重要的股東——擁有該實體近 50% 的所有權。但我們仍然擁有許多技術，這些技術也利用了 Rivian 建構的一些核心技術。當你想到這個機會時，我認為我們可以用一些真正有創意的方式將 Rivian 產品線和產品線整合在一起。

We often think about them as two Avengers or both fighting for the same mission. If you want to electrify the world, of course, Rivian's part of that, we hope to inspire competition in the vehicle space. But we also -- hence the name, we also need to electrify a lot of other things, two, three, four build things, and that's why that company exists.

我們常常認為他們是兩個復仇者，或是都在為同一個任務而戰。如果您想讓世界電氣化，當然，Rivian 是其中的一部分，我們希望激發汽車領域的競爭。但是我們也——因此得名，我們還需要將許多其他東西電氣化，二、三、四建造東西，這就是該公司存在的原因。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Thank you very much for taking the questions. I think Rivian's COGS per vehicle went up about $22,000 sequentially. Can you elaborate more on what drove that and to what extent these are temporal relative to sustained costs.

非常感謝您回答這些問題。我認為 Rivian 每輛車的銷售成本比上季上漲了約 22,000 美元。您能否進一步解釋造成此現象的原因，以及這些因素相對於持續成本而言在多大程度上具有暫時性。

And then you spoke about taking costs down by more than 50% with R2 compared to the R1. So I'm hoping to better understand if there are some sustained higher cost levels you're seeing with the R1. Does that change the absolute cost that you expect R2 to come in at?

然後您談到與 R1 相比，R2 的成本降低了 50% 以上。因此，我希望能更了解 R1 的成本水準是否持續較高。這是否會改變您預期 R2 的絕對成本？

Sure. As you think about the drivers of the cost of goods sold per unit from Q1 to Q2, the largest driver, as we mentioned in our prepared remarks, was driven by the lower production volume and, therefore, the lack of fixed cost leverage that we had absorbing those costs into inventory, so to speak. So that was represented about a unit of impact.

當然。當您思考第一季至第二季每單位銷售商品成本的驅動因素時，正如我們在準備好的評論中提到的那樣，最大的驅動因素是產量較低，因此，我們缺乏將這些成本吸收到庫存中的固定成本槓桿。這代表了影響的一個單位。

We also had higher levels of LCNB in this period as well as some warranty and other related costs they constituted the other increases in COGS per unit for the automotive segment for Q2 relative to Q1. So -- as we take a step back and look at the Q1 baseline, we do see that as a helpful starting point of demonstrating the opportunity set that we have with R1 with higher levels of production volumes.

在此期間，我們的 LCNB 水平也較高，而且一些保固和其他相關成本也增加了，這些成本構成了第二季度汽車部門每單位 COGS 相對於第一季度的其他增長。因此，當我們回顧並查看 Q1 基線時，我們確實認為這是一個有用的起點，可以展示我們在 R1 具有更高產量水平方面所擁有的機會。

However, that Q1 comps per unit doesn't include the impact from tariff-related costs which you mentioned are roughly about a couple thousand dollars a unit that we'll begin to see more so in the second half of this year as well. And so as we look at the -- our two cost structure -- we do have similar impacts as we think about the tariff impacts on R2 on a go-forward basis.

然而，第一季每單位的年比數據並未包括關稅相關成本的影響，您提到的關稅相關成本大約是每單位幾千美元，我們在今年下半年也會開始看到更多這樣的成本。因此，當我們審視我們的兩個成本結構時，我們確實會遇到類似的影響，因為我們會考慮關稅對 R2 的未來影響。

However, one of the core benefits that we have in our -- and hopefully, in the future, we'll -- or one will benefit from as well as some of the joint venture shared-sourcing opportunity as we think about the low-voltage electronics that will be shared between Rivian vehicles and R2 vehicles in the future which were in-market sourcing currently and that can produce incremental upside as we think about the COGS road map for R2.

然而，我們所擁有的核心優勢之一——希望在未來——我們將從中受益，或者說我們將從中受益，以及一些合資企業的共享採購機會，因為我們考慮未來 Rivian 汽車和 R2 汽車之間將共享的低壓電子設備，這些電子設備目前是在市場內採購的，並且當我們考慮 R2 的 COGS 路線圖時，這可以產生增量路線圖時，這可以產生增量路線。

Yes. As Claire said, the production volume output of Q2 going from in Q1, around 14,000 units to Q2 being around 6,000 units. The lack of fixed cost absorption, you can really see it in the numbers. And as we said, that was reflective of a lot of the supply chain environment that we're in and some of the trade-related and export control related items that we encountered in Q2.

是的。正如克萊爾所說，第二季度的產量從第一季的約 14,000 台減少到第二季度的約 6,000 台。您可以從數字中看到缺乏固定成本吸收的情況。正如我們所說，這反映了我們所處的供應鏈環境以及我們在第二季度遇到的一些與貿易和出口管制相關的問題。

But an important point to call out here is that as we launch R2, the benefits of fixed cost absorption, which will be felt not just by R2, but carrying that across R1, we'll also start to see. And this is really important for us as we grow volume in the plant in our normal Illinois production facility going into 2026.

但這裡要指出的一點是，當我們推出 R2 時，固定成本吸收的好處不僅會在 R2 中感受到，而且會在 R1 中感受到，我們也將開始看到。這對我們來說非常重要，因為我們在 2026 年將增加伊利諾州正常生產設施的產量。

Very helpful. My other question was around ASPs. I'm hoping to better understand how Rivian is expecting ASPs per vehicle to trend. You launched the quad motor talked about the positive pricing benefits of that product line, but with the IRA credits to go away in the fourth quarter, I'm wondering if you think Rivian is going to need to adjust its pricing strategy and perhaps it may be a headwind. So any more color around how to think about pricing and puts and takes.

非常有幫助。我的另一個問題是關於 ASP 的。我希望更了解 Rivian 對每輛車的平均售價趨勢的預期。您推出了四輪馬達，談到了該產品線的積極定價優勢，但隨著 IRA 積分在第四季度消失，我想知道您是否認為 Rivian 需要調整其定價策略，也許這可能是一個阻力。那麼關於如何考慮定價和收益還有更多的細節嗎？

We're tracking really closely how our one is doing in the market, and it's important to call out, it continues to be a market share leader in the segments it operates it's really a core leader. So if you look at electric vehicle, SUV sold over $70,000, it's -- across the United States, it's the market share leader by a significant degree. And uniquely, if you look at California and now the state of Washington for the premium segment, EV or non-EV, premium segment is over $70,000 -- it's the market share leader.

我們正在密切關注我們的產品在市場上的表現，值得一提的是，它在其營運的領域繼續保持市場份額領先地位，它確實是核心領導者。因此，如果你看一下電動車，SUV 的銷量超過 70,000 美元，那麼它在美國市場上的佔有率就處於領先地位。獨特的是，如果你看看加州和華盛頓州的高端車型市場，無論是電動車還是非電動車，高端車型的價格都超過 70,000 美元——它是市場份額的領導者。

And so we continue to see that in light of some very aggressive incentives from some of the vehicles that might be cross-shopped with Rivian. And so as we look at the remainder of this quarter, Q3, we do think Q3 will be our strongest quarter of the year. But we also think that some of the irregular incentives and some of the things we're seeing in terms of the marketplace will subside. And the market, as a result, we'll continue to see with market share leadership on R1, we'll continue to see demand persist.

因此，我們繼續看到，一些可能與 Rivian 進行交叉購物的車輛會提供一些非常積極的激勵措施。因此，當我們展望本季的剩餘時間（第三季）時，我們確實認為第三季將是我們今年表現最強勁的季度。但我們也認為，市場上的一些不規則激勵措施和一些現象將會消退。因此，我們將繼續看到 R1 的市佔率領先地位，我們將繼續看到需求持續存在。

One other item I'd just add on is we do anticipate there being higher levels of commercial van deliveries in the second half of the year relative to the first half of the year. So as you look at the overall Rivian-blended ASP you'll see the commercial bans reducing that figure, although we do anticipate there being strong ASPs on the R1 program, as RJ noted.

我要補充的另一點是，我們確實預計下半年商用貨車的交車量將高於上半年。因此，當您查看 Rivian 混合車型的整體 ASP 時，您會發現商業禁令降低了這一數字，儘管正如 RJ 指出的那樣，我們確實預計 R1 計劃的 ASP 會很高。

[Daniel Rosa].

[丹尼爾·羅莎]。

I'd like to double-click a little bit on Dan's first question on the EBITDA breakeven in 2017 because it does seem that there are quite a few meaningful headwinds, especially in the near term. And some of the items you talked about seem like they are more long-term opportunities. So I'm just -- maybe you could go back and come a bit on 27 because we're losing the EV credits. The loss of the IRA and purchase incentives could be almost 10% to 15% of an R2 purchase price.

我想再強調一下丹關於 2017 年 EBITDA 損益平衡的第一個問題，因為看起來確實存在不少重大阻力，尤其是在短期內。您談到的一些事項看起來更像是長期機會。所以我只是——也許你可以回去並在 27 點再來一點，因為我們正在失去 EV 積分。IRA 和購買誘因的損失可能接近 R2 購買價格的 10% 至 15%。

The Volkswagen partnership if I recall correctly, doesn't have financial upside other than the disclosed amounts that are kind of baked into the guidance. And even more partnerships are highly unlikely to materialize by '27 if you're willing to integrate a full kind of electrical architecture into new cars. I'm wondering here, with those headwinds, did we expect the EBITDA breakeven to move into later years given the plan we discussed last year.

如果我沒記錯的話，與大眾汽車的合作除了已納入指引的披露金額外，並沒有什麼財務上的好處。如果你願意將全套電氣架構整合到新車中，那麼到 27 年，更多的合作關係也不太可能實現。我想知道，面對這些不利因素，根據我們去年討論的計劃，我們是否預計 EBITDA 盈虧平衡點會在以後幾年實現。

Thanks, Daniel. Clear and I will speak to this one. I think first and foremost, what we did speak a little bit earlier on the call on this, but the R2 cost structure and the way that we've developed the vehicle provides us with a platform -- a cost platform that's just materially different than where we've been on R1. And along with that, a number of factors since we talked about this before, despite some of the headwinds, we've had a number of factors that are actually positive movements for R2.

謝謝，丹尼爾。清楚，我會談論這個。我認為首先，我們之前在電話會議上確實談到了這一點，但 R2 的成本結構和我們開發車輛的方式為我們提供了一個平台——一個與 R1 有實質性不同的成本平台。除此之外，正如我們之前討論過的那樣，儘管存在一些阻力，但實際上還是有許多因素對 R2 產生了積極影響。

And as Claire references, but first and foremost is the ability to look at joint sourcing of some of the electronic components that are used in R2. And of course, some of those components will be used across the Volkswagen Group as well. We've also, as Javier noted, are now in a position where the bill of materials on R2 is sourced -- is no longer something that we hope we can achieve. But in fact, we've been able to put that together.

正如克萊爾所提到的，但首先也是最重要的是能夠考慮 R2 中使用的一些電子元件的聯合採購。當然，其中一些零件也將在大眾集團內使用。正如哈維爾指出的那樣，我們現在所處的境地是，R2 上的物料清單的來源不再是我們希望實現的目標。但事實上，我們已經能夠將它們整合在一起。

And as we now look at continuing to grow those relationships with suppliers and thinking about 2027 and beyond, the whole supply base ourselves, everyone has been looking at ways to drive cost efficiencies into the business to address one of -- some of these major headwinds that have occurred in terms of tariffs and tariff structure. And by 2027, there's a lot of plans or offsets that are being put in place by us, by our suppliers to address those specific headwinds.

現在，我們著眼於繼續發展與供應商的關係，並考慮 2027 年及以後，我們整個供應基地的每個人都在尋找提高業務成本效率的方法，以解決在關稅和關稅結構方面出現的一些重大阻力。到 2027 年，我們和我們的供應商將制定許多計劃或補償措施來應對這些特定的不利因素。

As you called out, the EV credits environment, which for us was a meaningful source of revenue where we would sell our excess credits to other manufacturers, that being reduced is it does -- is a short-term reduction in positive cash. But on the flip side, we also now have an environment at which we believe we'll start to see in 2027, where a lot of the manufacturers who are choosing to run their own credits by incentivizing sale of electric vehicles, they'll be less incentivized.

正如您所說，電動車積分環境對我們來說是一個有意義的收入來源，我們可以將多餘的積分出售給其他製造商，但如果電動車積分減少，就會在短期內減少正現金。但另一方面，我們現在也面臨這樣的環境，我們相信到 2027 年我們會看到，許多選擇透過激勵電動車銷售來管理自己的積分的製造商將不再那麼積極。

So the -- I've said this many times, but the long-term level of competition in the EV space is going to be inherently lower. There's less incentives for incumbent manufacturers to make the commitment or the transition to electrification.

所以——我已經說過很多次了，但電動車領域的長期競爭水平本質上會較低。現有製造商做出電氣化承諾或轉型的動力較小。

And when we look at all those things together, there's, of course, some puts and some takes, but we still believe achieving the 2027 positive is the target we need to be driving towards is what Claire talked to, we're pushing extremely hard to get there and recognizing that we have time to react to some of these changes.

當我們把所有這些事情放在一起看時，當然會有一些困難和損失，但我們仍然相信，實現 2027 年積極目標是我們需要努力實現的目標，正如克萊爾所說的那樣，我們正在非常努力地實現這一目標，並認識到我們有時間對其中的一些變化做出反應。

The other key driver is as we look at the broader software and services opportunity, this is an area where we do anticipate there being significant growth over the course of the next two years, especially as we recognize greater levels of revenue from some of the background IP consideration, which is associated with the progress occurring within the joint venture and getting Volkswagen vehicles out on the road and into the wild, which is one of the key contributing factors as we think about the relative contribution of both the automotive business from a gross profit standpoint, which is driven by R2 and the continued scaling of the normal plant as well as the software and services opportunity from the joint venture, coupled with the broader opportunities that we have as we continue to scale and grow the car park and achieve additional gross profit and ultimately, contribution to our EBITDA target from things like our remarketing program and the sale of used Rivians. From our charging network, from our -- the growth of our service infrastructure, financing, insurance, and in future state. Autonomy is another driver of some of that road map as well.

另一個關鍵驅動因素是，當我們著眼於更廣泛的軟體和服務機會時，我們確實預計未來兩年將出現顯著增長，特別是當我們從一些背景 IP 考慮中獲得更高水平的收入時，這與合資企業內部取得的進展以及大眾汽車上路和進入野外有關，這是我們從毛利角度考慮汽車業務相對貢獻的關鍵因素之一，這得益於 R2和正常工廠的持續擴張以及合資企業的軟體和服務機會，再加上我們繼續擴大和發展停車場並實現額外毛利以及最終透過再行銷計劃和二手 Rivian 銷售等為我們的 EBITDA 目標做出貢獻而擁有的更廣闊的機會。從我們的充電網絡，從我們的服務基礎設施、融資、保險的成長，以及未來的狀態。自主性也是該路線圖的另一個驅動因素。

Great. That's very helpful. And maybe, RJ, you referenced it a bit when you talked about the competitive environment for the R2. I mean, do you think that even without kind of still a gross profit breakeven car kind of just the car itself? Or do you need kind of software services and other elements to make that EBITDA kind of work for the car itself.

偉大的。這非常有幫助。也許，RJ，當您談到 R2 的競爭環境時，您提到了這一點。我的意思是，您是否認為即使沒有汽車本身，毛利仍然能夠達到收支平衡？或者您是否需要某種軟體服務和其他元素來使 EBITDA 為汽車本身服務。

To be clear, we're absolutely designing the vehicle and have set up the cost structure on R2 on the vehicle itself to have the healthy positive gross margin.

需要明確的是，我們正在設計車輛，並在車輛本身的 R2 上設定了成本結構，以獲得健康的正毛利率。

Joseph Spak, UBS.

瑞銀的約瑟夫·斯帕克。

Maybe just two quick clarifications and then a bigger picture question. You previously on these earnings calls have said you were baking in several hundred million dollars in policy impacts, which I know it was vague, but I think it was interpreted and suggested as tariffs and some regulatory credit. So I know you just lowered regulatory credit basically assuming then in the back half. That seems like it's maybe half the EBITDA reduction.

也許只需快速澄清兩個問題，然後提出一個更大的問題。您之前在這些收益電話會議上曾說過，您正在為政策影響投入數億美元，我知道這很模糊，但我認為這被解讀並暗示為關稅和一些監管信貸。所以我知道你剛剛降低了監管信貸，基本上是假設在下半年。這看起來可能是 EBITDA 減少的一半。

But what exactly got worse on tariffs and now you see it a couple of thousand dollars per vehicle higher. And then just the other clarification on the '27 EBITDA target, which I know came up a couple of times since I guess the regular or credit, so the one thing you're willing to concede has changed. Like how much was actually baked into '27 for that number?

但關稅究竟為何惡化？現在每輛車的關稅上漲了幾千美元。然後是關於 27 年 EBITDA 目標的另一個澄清，我知道這個問題已經出現過幾次了，我猜是常規或信貸，所以你願意承認的一件事已經改變了。那麼，這個數字究竟包含了多少 27 呢？

Just wanted to clarify on your first question, Joe, the couple of thousand dollars a unit on tariffs is consistent with the commentary that we provided last quarter. So there's no change overall in terms of the outlook from a tariff impact on the business as we look at the '25 impact. So the incremental impact, as we mentioned, is -- from a policy standpoint, it's really driven by changes in the regulatory credit outlook, where we no longer anticipate will be selling or earning revenue from the sale of regulatory credits in the second half of this year given changes to certain regulatory credit programs that have accrued of late.

喬，我只是想澄清一下你的第一個問題，每單位幾千美元的關稅與我們上個季度提供的評論一致。因此，從 2025 年的影響來看，關稅對業務的影響前景總體上沒有變化。因此，正如我們所提到的，從政策角度來看，增量影響實際上是由監管信貸前景的變化所驅動的，鑑於最近累積的某些監管信貸計劃的變化，我們預計今年下半年將不再出售或通過出售監管信貸賺取收入。

As we look at the broader guidance, the other impact, as we talked a little bit about in our prepared remarks was just driven by the Q2 overall performance and some of the supply chain-related complexity that limited our production volume this quarter in particular. As we look at 2027 EBITDA, we're not going to get into specifics in terms of what was in and is now in the overall outlook from a regulatory credit standpoint.

當我們看更廣泛的指導時，另一個影響，正如我們在準備好的發言中談到的那樣，只是由第二季度的整體表現和一些與供應鏈相關的複雜性所驅動，這些複雜性限制了我們本季度的生產量。當我們展望 2027 年 EBITDA 時，我們不會從監管信貸的角度詳細討論過去和現在的整體前景。

We fully acknowledge that the bar has risen given some of the policy-related headwinds that we're now working through as a business. But our objective is to continue to drive towards positive EBITDA through a number of ongoing initiatives to drive cost efficiency into the business. And to ensure that we have an efficient ramp of R2.

我們完全承認，鑑於我們目前作為一家企業正在努力克服的一些政策相關的阻力，標準已經提高。但我們的目標是透過一系列持續的措施來提高企業的成本效率，從而繼續推動正 EBITDA 的實現。並確保我們擁有高效的 R2 坡道。

The second question, I want to touch back on something Adam brought up earlier, which is the second plant. So you're taking three weeks downtime here in September to get normal capacity to 215,000. You're currently producing a I don't know, probably like below 20% of that utilization right now.

第二個問題，我想回顧亞當之前提到的第二個植物。因此，您需要在 9 月停機三週才能將正常容量恢復到 215,000。您目前的產量我不知道，現在可能利用率低於 20%。

So I realize like it's not fair because you have much higher volume bumps for the R2. But I guess like at what level of utilization do we need to see it normal before you really start thinking about commission in Georgia.

所以我意識到這不公平，因為 R2 的音量提升要大得多。但我想，在您真正開始考慮喬治亞州的佣金之前，我們需要看到什麼程度的使用率才能正常。

It's -- Joe, it's a great question. When we think about the normal facility. We've talked about this a lot in the past, it's ultimately been producing R1, R2, and our commercial van. And as we look at some of the variance on the R2 and R2 platform, what that does with bringing on the Georgia facilities and not only expands capacity but allows us to build some of these additional variants and further grow both the addressable market and, importantly, fill in where we see some real volume opportunities.

這是——喬，這是一個很好的問題。當我們考慮正常設施時。我們過去已經討論過這個問題很多次了，最終生產的是 R1、R2 和我們的商用貨車。當我們研究 R2 和 R2 平台上的一些差異時，我們會發現，這與引入喬治亞州的設施有什麼關係，不僅可以擴大產能，還使我們能夠建立一些額外的變體，進一步擴大可尋址市場，更重要的是，填補我們看到的一些真正的批量機會。

But with regards to Georgia, we are building out across two phases, and we're going to be starting construction on the Georgia facility in terms of the building. Of course, a lot of work has happened on the site and preparing the site in close partnership and in conjunction with the state of Georgia. But we're starting going vertical on buildings in the early part of 2026.

但就喬治亞州而言，我們的建設分兩個階段進行，我們將首先開始建造喬治亞州的工廠。當然，我們在場地上做了大量工作，並與喬治亞州密切合作並共同準備場地。但我們將在 2026 年初開始建造垂直建築。

Ron, Guggenheim Securities.

羅恩，古根漢證券公司。

Yes. A bit of a follow-up on some of the policy changes, but has any of the impact of these policy changes, whether it's emissions or consumer credits, change how you view the R2 or R3 with respect to whether it's pricing, cost or how much capacity is needed. And I know that there's some sensitivity around the preorder number for the R2, but if you'd be willing to share an update, it probably would go a long way in kind of a swaging concerns around the needed capacity with Georgia.

是的。對一些政策變化進行了一些跟進，但這些政策變化的影響，無論是排放還是消費者信用，是否會改變您對 R2 或 R3 的看法，無論是定價、成本還是所需的容量。我知道 R2 的預訂數量有些敏感，但如果您願意分享最新消息，這可能會在很大程度上緩解喬治亞州對所需產能的擔憂。

Yes. I mean, I -- we're not going to share the number here, but I have said a couple of times. I mean, we're extremely bullish on R2 and a big part of developing a product like this. This is an enormous amount of effort. A lot of iteration has gone into defining what the product is.

是的。我的意思是，我——我們不會在這裡分享這個數字，但我已經說過幾次了。我的意思是，我們非常看好 R2，並且非常重視開發這樣的產品。這是一項巨大的努力。我們經過多次重複才確定產品是什麼。

A lot of work understanding the size, the pricing, the cost structure, the content -- but where we've landed in terms of what we'll be starting production on here shortly is something that we feel has an outstanding product market fit in the heart of the demand curve, meaning price points overlapping with the largest segment, the form factor overlaps the largest segment and the feature and content is really incredible.

我們做了很多工作來了解尺寸、定價、成本結構和內容——但就我們即將開始生產的產品而言，我們認為它具有出色的產品市場契合度，位於需求曲線的中心，這意味著價格點與最大的細分市場重疊，外形與最大的細分市場重疊，功能和內容確實令人難以置信。

And so what that means, in our view is this is going to be cross-shopped across the broadest spectrum of possible variance, most of which actually are ICE vehicles. So customers will be making consideration. It maybe haven't made the jump to electrification, but would like to but wanted maybe something that was more of an SUV form factor wanted to spend $45,000 to $50,000, and that hasn't existed in the market.

所以，在我們看來，這意味著我們將在盡可能廣泛的範圍內進行交叉採購，其中大多數實際上是 ICE 車輛。所以顧客會考慮。它可能還沒有實現電氣化，但想要實現電氣化，但可能想要一款更像 SUV 外形的車，願意花費 45,000 到 50,000 美元，但市場上還沒有這樣的車。

And so we do see the scale of the addressable market as being many, many millions of units. And so with what we're launching in normal representing 155,000 units of R2 capacity and then what we'd be bringing on in Georgia for the platform, which, of course, by me saying that it implies variants of that vehicle adding another 200 in the first phase, we feel quite confident and bullish on what that represents.

因此，我們確實看到可尋址市場的規模達到數百萬台。因此，我們正常情況下推出的產品代表著 155,000 輛 R2 產能，然後我們將在喬治亞州為該平台推出產品，當然，我說這意味著該車型的變體將在第一階段再增加 200 輛，我們對這代表的意義充滿信心和樂觀。

It's also worth noting that -- and we've said this in the past quite a bit, the R2 and the platform are designed to support both the US and European markets. And so not only will be opening up this vehicle across many more price points and a much bigger adjustable market in the United States. But ultimately, this platform is going to support opening up access to a very large market, which is Europe.

另外值得注意的是——我們過去已經多次說過，R2 和平台旨在支援美國和歐洲市場。因此，這款車不僅將開拓更多價位，而且將在美國擁有更大的可調市場。但最終，這個平台將支援開放一個非常大的市場，那就是歐洲。

And so of course, for a follow-up question, I'm sure what you're thinking now is what do we think about US-EU trade relations and what is going to happen there. We're watching that very closely. Certainly, there's been some positive movements on that for us, being that we'd be exporting these vehicles from the United States to Europe, but we have to continue to watch that very closely.

當然，對於後續問題，我相信您現在正在思考的是，我們如何看待美歐貿易關係以及未來將會發生什麼。我們正在密切關注此事。當然，對我們來說，這方面已經有一些積極的進展，因為我們將把這些車輛從美國出口到歐洲，但我們必須繼續密切注意。

Yes. No, I appreciate that. And then on the technical aspects of your approach to autonomy, excited to see what you have in store for us later this year. But some of your competitors are opting for camera only, as you're well aware, some are opting for more hardware-heavy approaches with LiDAR or even beyond that in terms of the hardware required. I guess what gives your team confidence that your early sensor fusion approach to autonomy is the correct one?

是的。不，我很感激。然後關於您對自主方法的技術方面，我很高興看到您在今年晚些時候為我們準備了什麼。但如您所知，您的一些競爭對手只選擇使用攝像頭，而有些競爭對手則選擇使用 LiDAR 等硬體更密集的方法，甚至在所需的硬體方面超越了 LiDAR。我想，是什麼讓您的團隊相信您早期的感測器融合自主方法是正確的呢？

Yes. It's -- I think it's an important question. I do think that this question of what the sensor set topology gets more attention than it really should. I think the approach of using an early sensor fusion, which is just a different way of saying an AI-centric approach, meaning if you think of like how systems were developed prior to 2021. And when I say systems essentially every self-driving platform developed prior to the use of transformer-based encoding was you would have a set of sensors that may include more than just cameras, but whatever that set of sensors is each sensor would identify objects, classify those objects, and associate vectors with those objects.

是的。我認為這是一個重要的問題。我確實認為，感測器組拓撲結構這一問題受到了比實際應有的更多的關注。我認為使用早期感測器融合的方法只是以人工智慧為中心的方法的另一種說法，如果你想想 2021 年之前的系統是如何開發的。當我說系統時，基本上每個在使用基於變壓器的編碼之前開發的自動駕駛平台都會有一組感測器，其中可能不僅僅包括相機，但無論該組感測器是什麼，每個感測器都會識別物體，對這些物體進行分類，並將向量與這些物體關聯起來。

And all those identified objects and their associated vectors would then be passed to a planner. And you make a whole series of rules-based decisions around what the vehicle should do and decisioning around which sensor set to actually follow or trust. In that late fusion process, had some of the challenges I think you're alluding to of having to decide around what's your primary sensor path and what are the risks and associated challenges with using some of the other sensors.

然後，所有已識別的物件及其相關向量將傳遞給規劃器。您可以根據車輛應該做什麼以及決定實際遵循或信任哪個感測器組來做出一系列基於規則的決策。在後期融合過程中，我認為您提到的一些挑戰是必須決定您的主要感測器路徑是什麼，以及使用其他一些感測器的風險和相關挑戰是什麼。

As you move to something that's much more AI centric, you have to think of it very differently. Think of it as is you have an enhanced view of the world, an enhanced view of reality as early as possible. So raw feeds going directly into inference, you can create a better understanding of the situation in the circumstance and the neural net, the large model that we built around this then drives ultimately how the vehicle performs.

當你轉向更以人工智慧為中心的事物時，你必須以非常不同的方式思考它。想像一下，你儘早對世界有了更清晰的認識，對現實有了更清晰的認識。因此，原始資訊直接進入推理，您可以更好地了解環境和神經網路中的情況，我們圍繞此構建的大型模型最終將決定車輛的性能。

And we do that through the use of a very large data flywheel with our deployed fleet providing triggered data back into our back to us, which we then build used to train to build this large parameter model that ultimately determines how the vehicle behaves in these situations. And so I think ultimately, this debate around which sensors are used, I think often we -- it's maybe based on cost structures that are no longer in existence.

我們透過使用非常大的資料飛輪來實現這一點，我們部署的車隊將觸發的資料回饋給我們，然後我們建立這些資料用於訓練，以建立這個大型參數模型，最終決定車輛在這些情況下的行為。因此我認為，最終，關於使用哪種感測器的爭論，我認為我們通常——可能是基於不再存在的成本結構。

So LiDARs, radars, these things are not as expensive as they once were. And it allows us to build a much richer understanding of what you can see, what the vehicle sees at the early stage at a base level as we start to make decisions through the model through this large foundation model in terms of what the vehicles should do.

因此，光達、雷達這些東西不再像以前那麼昂貴了。當我們開始透過這個大型基礎模型來決定車輛應該做什麼時，它使我們能夠更深入地了解您所看到的內容，以及車輛在早期階段在基礎層面上所看到的內容。

And I often draw the analogy to say what's helpful here is it's accretive, meaning if the sensors get better. You don't throw away the model as we once did. You now just -- the model has a more precise understanding of the world. And the best example is imagine, you learned how to drive without glasses and you had poor vision and then suddenly I handed you pair glasses. It wouldn't be as if everything you knew up until that point was obsolete.

我常打個比方說，這裡有用的是它具有累積性，也就是說，如果感測器變得更好的話。你不會像我們以前那樣把模型丟掉。現在你只是——模型對世界有了更精確的理解。最好的例子是想像一下，你學會了不戴眼鏡開車，但你的視力很差，然後我突然遞給你一副眼鏡。這並不意味著你到那時為止所知道的一切都已經過時了。

In fact, you would just have a more accurate view of the world to be able to make better decisions through your neural net through your brain, which is processed how the world behaves and drives. And so it's no different as you increase the quality of the cameras, that's both in terms of breadth of performance, though like to bright light and then also details in the camera. So increasing levels of megapixels, which is important for us. We go from 55 megapixels in R1 to 65 megapixels in R2.

事實上，你只需要對世界有更準確的認識，就能透過大腦的神經網路做出更好的決策，而大腦會處理世界的行為和驅動方式。因此，隨著相機品質的提高，情況也沒有什麼不同，無論是在性能廣度方面，還是在明亮的光線以及相機中的細節方面。因此，提高百萬像素的水平對我們來說很重要。我們從 R1 中的 5500 萬像素提升到 R2 中的 6500 萬像素。

But it also pertains to additional sensor set, which allows in another modality that has non-overlapping strengths and weaknesses with a camera set but also have a perception of the world. And so if you were to give me a LiDAR or radar and bolt it on to my forehead, I would be a better driver of a human, but it wouldn't negate or throw away or make obsolete all of my accumulated knowledge to date.

但它也涉及附加的感測器組，其允許以另一種方式實現與相機組不重疊的優勢和劣勢，但也能感知世界。因此，如果你給我一個光達或雷達並將其固定在我的額頭上，我會成為更好的人類駕駛員，但它不會否定或拋棄或使我迄今為止積累的所有知識過時。

Emmanuel Rosner, Wolfe Research.

伊曼紐爾·羅斯納（Emmanuel Rosner），沃爾夫研究公司。

So when I look at your software and services revenues, excluding the JV -- they were up very sharply versus last year. How should we think about the growth there going forward, the trajectory, your profitability profile for it? And to what extent -- I guess, how much of this was embedded in your expectation for positive EBITDA by year-end '27.

因此，當我查看你們的軟體和服務收入（不包括合資企業）時，它們與去年相比增長非常快。我們該如何看待未來的成長、發展軌跡以及獲利狀況？以及在多大程度上——我猜，這在多大程度上與您對 27 年底實現正 EBITDA 的預期有關。

Sure, Emmanuel. As we think about some of the key contributors to the growth and profitability that we saw in Q2 from software and services, one of the drivers of this is the growth of Rivian's remarketing program. So this is both trade-in vehicles for consumers getting into Rivian for the first time, but also one of the key contributors is the sale of used Rivians. As we think about being able to open the aperture, attract more consumers that can afford an R1 at a variety of different price points, which is a very compelling business for us over the long term. And one that's important to Rivian maintaining strong residual values as well.

當然，伊曼紐爾。當我們思考第二季軟體和服務成長和獲利的一些關鍵貢獻者時，其中一個驅動因素是 Rivian 再行銷計劃的成長。因此，這既是針對首次購買 Rivian 的消費者的以舊換新車輛，也是二手 Rivian 銷售的主要貢獻者之一。當我們考慮擴大市場規模時，我們會吸引更多能夠以不同價位購買 R1 的消費者，從長遠來看，這對我們來說是一項非常有吸引力的業務。這對於 Rivian 保持強勁的剩餘價值也很重要。

Beyond that, we've continued to see the growth and the expansion of our service infrastructure that's also contributing to the growth in some of our maintenance expenses and revenues in the business. And then beyond that, we're in the process right now of opening up our charging network to additional vehicles and going through the integration of NAC as well, which will allow more and more customers to charge on the Rivian Adventure network, which will again be another contributing factor for us over the longer term.

除此之外，我們還看到服務基礎設施的持續成長和擴展，這也促進了我們業務中部分維護費用和收入的成長。除此之外，我們目前正在向更多車輛開放我們的充電網絡，並進行 NAC 的整合，這將允許越來越多的客戶在 Rivian Adventure 網路上充電，從長遠來看，這將成為我們的另一個貢獻因素。

So it's -- as we look at the underlying tailwind of software and services, we saw significant quarter-over-quarter growth in terms of the non-joint venture contributions to the gross profitability of this business segment. And as I mentioned, as we look ahead to 2027, we'll see the joint venture contributing more significantly given increasing increases in background IP-related revenue streams.

因此，當我們觀察軟體和服務的潛在順風時，我們發現非合資企業對該業務部門毛利的貢獻較上季顯著成長。正如我所提到的，展望 2027 年，隨著與 IP 相關的背景收入流不斷增加，我們將看到合資企業的貢獻更加顯著。

The growth of the JV as well as that they continue to hire and grow to expand the team and organization as well as the ongoing growth of many of these key internal services that will be servicing a larger car park as a hold. So we see this as a meaningful contributor to the business on a go-forward basis and especially as we think about the contributions in 2027 as well.

合資企業的成長以及他們繼續招募和發展以擴大團隊和組織，以及許多關鍵內部服務的持續成長，這些服務將為更大的停車場提供服務。因此，我們認為這對未來的業務有重大貢獻，尤其是當我們考慮 2027 年的貢獻時。

Understood. And then coming back to the earlier question of the R2 economics. So RJ, you were mentioning how the BOM would be about half of our R1, but then there's also operational and manufacturing efficiency. How should we think about the gross breakeven point for that vehicle?

明白了。然後回到之前關於 R2 經濟學的問題。RJ，您提到 BOM 大約是 R1 的一半，但還有營運和製造效率。我們該如何考慮該車輛的總損益平衡點？

You're putting in 155,000 units of capacity into normal you'll be leveraging a lot of the fixed cost base already within that facility? How many R2s do you need to sell to sort of like get a combination of both these costs of that getting you to breakeven?

您投入 155,000 個單位的正常產能，您會利用該設施內現有的大量固定成本基礎嗎？您需要銷售多少輛 R2 才能讓這兩種成本達到收支平衡？

So as we look at the overall outlook for the R2 unit economics, we see a much faster path to positive gross profit on the vehicle itself and that's primarily driven by the fact that the vehicle has a much lower underlying material cost structure associated with it that RJ walked through.

因此，當我們審視 R2 單位經濟的整體前景時，我們發現車輛本身實現正毛利潤的途徑要快得多，這主要是因為 RJ 所採用的車輛相關基礎材料成本結構要低得多。

But beyond that, R2 is also benefiting from the volumes that are already existing within the normal plant as well that allows us to efficiently get to positive gross profit on the R2 program -- we think as we exit 2026, it can be at that level. And then we'll be looking to expand that as we add a third shift of operation into the plants continue to reduce the cost structure over time.

但除此之外，R2 還受益於正常工廠內已有的產量，這使我們能夠有效地從 R2 項目中獲得正毛利潤——我們認為，到 2026 年結束時，它可以達到這個水平。然後，我們將尋求擴大這一範圍，因為我們在工廠中增加了第三班次，從而隨著時間的推移繼續降低成本結構。

One of the big strategic reasons, we made the decision to launch R2 out of our normal facility is the shared fixed cost absorption that we'll now have between R1, EDV, and R2. And as Claire said, out of the gate on day one of production of salable units of R2, we'll already have the benefit of all the fixed cost absorption that R1 and the commercial vans are picking up. And so it just has a fundamentally different path to profitability than what we saw with R1.

我們決定從我們的正常設施中推出 R2 的一個重要戰略原因是我們現在將在 R1、EDV 和 R2 之間共享固定成本吸收。正如克萊爾所說，在 R2 可銷售單位生產的第一天，我們就已經享受了 R1 和商用貨車所吸收的所有固定成本的好處。因此，它的獲利路徑與 R1 的獲利路徑有著根本的不同。

Above and beyond that, some of those assets that R2 is going to be utilizing like our stamping operation. Those have already been in use for a while and have already -- much of that has been depreciated. So there's just inherent overall fixed cost advantages to being a normal.

除此之外，R2 還將利用一些資產，例如我們的沖壓操作。這些都已經使用了一段時間，並且大部分都已經貶值了。因此，正常情況下就具有固有的整體固定成本優勢。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯‧謝潑德 (Andres Sheppard)、康托‧費茲傑拉 (Cantor Fitzgerald)。

Well, thank you. Congratulations on the quarter. By the way, I think it's our first time making it to the Q&A, so bucket list for us. I think a lot of our questions have been asked, but RJ, I was hoping to come back to ASPs. Just given the macro environment, tariffs, removal of tax credit, do you expect any changes to ASPs, particularly of the R2 line -- should we be still targeting around 45,000, 50,000? Any color there would be helpful.

好的，謝謝你。恭喜本季。順便說一句，我想這是我們第一次參加問答環節，所以這是我們的願望清單。我想我們已經問了很多問題，但 RJ，我希望回到 ASP。僅考慮到宏觀環境、關稅、取消稅收抵免，您是否預計 ASP 會發生任何變化，特別是 R2 系列——我們是否仍應將目標定在 45,000、50,000 左右？任何顏色都會有幫助。

Yes. So if you look at the ASPs through the course of this year and then into R2, Claire referenced this before, but on a consolidated basis for the whole business in the second half of the year, we are going to be selling more vans. So that will have the effect on a full-consolidated basis of pulling our average selling price down for the whole business. But it's important to pull that apart.

是的。因此，如果您查看今年全年的平均銷售價格，然後再查看 R2，克萊爾之前提到過這一點，但從下半年整個業務的綜合來看，我們將會銷售更多的貨車。因此，從整體來看，這將導致整個業務的平均售價下降。但將其分開很重要。

So the R1, we've now launched our Quad the demand on that has been strong. We also have our Tri Motor demand has been very strong, particularly as a percentage or take rate, if you will, across the whole fleet. And so we do see positive movement on ASP for R1 through the end of the year, which is really encouraging.

因此，我們現在已經推出了 R1 Quad，市場對它的需求非常強勁。我們對三引擎引擎的需求也非常強勁，特別是以整個機隊的百分比或占有率來看。因此，我們確實看到到今年年底 R1 的平均售價將出現積極變化，這確實令人鼓舞。

And translating that into what we see with R2. R2 has a range of different variants. And so we often talk about the entry price, the starting price being at 45, but there's a middle spec variant, there's a top spec variant. There's what we'll be launching with, which will be a more premium version of the vehicle.

並將其轉化為我們透過 R2 所看到的內容。R2 有一系列不同的變體。因此，我們經常談論入門價格，起始價格為 45，但有中等規格的變體，也有頂級規格的變體。這就是我們將要推出的一款更高級的車型。

And so a big question for us and a big target for us, I should say, is to be making sure we're designing those configurations of those packages in ways that make them highly desirable, but help us to maintain a healthy ASP that, of course, is supportive of greater margin levels and is reflective of what customers are looking for. And so that's something we're looking at very closely.

因此，對我們來說，一個大問題和一個大目標是確保我們以非常有吸引力的方式設計這些套餐的配置，但幫助我們保持健康的平均售價，這當然支持更高的利潤水平，並反映客戶的需求。所以這是我們正在密切關注的事情。

It's mix -- like the combination of variant mix that we'll open end up with is going to depend a lot on the specific situations that we'll see as we're producing that vehicle, so in 2026 and 2027. But as it stands today, if we were to use R1 as a reference point, we see a positive mix shift in the second half of this year relative to the first half of this year.

它是混合的——就像我們最終開放的變體組合一樣，很大程度上取決於我們在生產該車輛時看到的具體情況，所以是在 2026 年和 2027 年。但就目前情況而言，如果我們以 R1 作為參考點，我們會看到今年下半年相對於上半年將出現正面的變化。

Got it. That's super helpful. I really appreciate all that color. Maybe just as a quick follow-up. I know we touched on autonomy and the different technologies and use cases. I'm just wondering if you can maybe give us your vision in terms of kind of the initial ramp-up of that developing? Any granularity that you might be able to provide.

知道了。這非常有幫助。我真的很欣賞這些顏色。也許只是作為一個快速的後續行動。我知道我們談到了自主性以及不同的技術和用例。我只是想知道您是否可以就該發展的初始階段向我們介紹您的願景？您能夠提供的任何粒度。

And then also, here's a question, are you considering autonomy for the EDVs potentially? Just curious if you're considering maybe commercial self-driving as well.

另外，還有一個問題，您是否考慮讓 EDV 實現自主性？只是好奇您是否也在考慮商業自動駕駛。

Andres, this is by a significant draw, one of our biggest focus areas. And I alluded to this and talked this before, but just to be very explicit, the approach that we're utilizing on autonomy is -- represents a significant shift, a significant step. You often hear it called like AV 2.0 relative to what was done prior to like 2021, 2022. And so what we launched with an R1 with our Gen 1 vehicle is a completely different topology, different sensor set, different compute stack, completely different software architecture to what we now have in our Gen 2.

安德烈斯，這是一個重要的吸引力，也是我們最關注的領域之一。我之前曾提到並談論過這一點，但為了非常明確起見，我們在自治方面採用的方法代表著重大轉變、重大進步。與 2021 年、2022 年之前所做的相比，你經常會聽到它被稱為 AV 2.0。因此，我們推出的第一代 R1 汽車與我們現在的第二代汽車相比，具有完全不同的拓撲結構、不同的感測器組、不同的運算堆疊和完全不同的軟體架構。

And so what we designed our Gen 2 vehicle with was a much higher level of compute. So it's inference on vehicle, much more capable cameras. We brought all that perception stack the camera set in-house. Of course, we designed the compute platform to support that really rich camera set that I talked about earlier, in the case of R1 that's 55 megapixels cameras with outstanding breadth of performance.

因此，我們在設計第二代車輛時採用了更高水準的運算能力。因此，這是對車輛的推斷，具有更強大的攝影機。我們將所有這些感知堆疊帶入了室內攝影機。當然，我們設計運算平台是為了支援我之前提到的非常豐富的相機組合，就 R1 而言，它配備了 5500 萬像素的相機，具有出色的性能。

And really, the goal of that, which launched a little more than a year ago now with the Gen 2 vehicles was to create a data platform to train a very capable model. And that very capable model, of course, gets better as the fleet size grows. And when we say train, I want to be specific here. It's not just having vehicles with lots of sensors and a lot of inference on board.

事實上，該計畫的目標是創建一個數據平台來訓練一個非常強大的模型，該計畫於一年多前與第二代汽車一起推出。當然，隨著機隊規模的擴大，這種性能強大的機型也會變得更好。當我們說訓練時，我想在這裡具體一點。這不僅僅是擁有配備大量感測器和大量推理能力的車輛。

The way that we trigger what data gets sent back to us, so what are the triggering events? Of course, it's -- when the vehicle encounters an issue when it disengages from its autonomous driving mode, but importantly, when you're not in autonomous driving mode, what's triggered, what are we doing to find interesting situations that fill in and add robustness to this large model we're building. And so we've really spent a lot of time defining a whole array of different triggering events that allows us to pull data off of our deployed fleet, use it to build robustness into the model and then redeploy that model in the distilled version back out to the vehicles, and that's what customers are starting to see in terms of improved feature set.

我們觸發將資料傳回給我們的方式，那麼觸發事件是什麼？當然，當車輛脫離自動駕駛模式時遇到問題時，但重要的是，當你不在自動駕駛模式時，是什麼觸發了，我們正在做什麼來找到有趣的情況來填充和增加我們正在構建的這個大型模型的穩健性。因此，我們確實花了很多時間定義一系列不同的觸發事件，這些事件使我們能夠從已部署的車隊中提取數據，使用它來構建模型的穩健性，然後將精簡版本的模型重新部署回車輛，這就是客戶在改進的功能集方面開始看到的。

And we are deeply of the belief that this approach of an AI-centric approach you may often your call like an end-to-end approach for your training based upon the behaviors of the vehicles is the approach is going to win, but it does require you to control the perception stack. It requires you to have a very robust data triggering architecture. It requires a very robust data movement architecture, meaning your vehicles are ideally connected to WiFi, which allows much lower cost movement of lots of data. And so the incentive structures we've put in place around having customers on Connect Plus and having them WiFi connected helps drive that.

我們深信，這種以人工智慧為中心的方法（可能經常被稱為基於車輛行為的端到端訓練方法）將會成功，但它確實需要你控制感知堆疊。它要求你有一個非常強大的資料觸發架構。它需要一個非常強大的資料移動架構，這意味著您的車輛理想情況下連接到 WiFi，從而可以以更低的成本移動大量資料。因此，我們圍繞著客戶使用 Connect Plus 並連接 WiFi 而建立的激勵機制有助於推動這一目標的實現。

But that feeds our off-line training that's occurring on of course, on lots and lots of GPUs, which then continues to get better and better. And so that set of ingredients, we think very few manufacturers have. We're investing tremendously into it. And what we'll start to see in terms of customer-facing features is, first and foremost, we'll see the vehicles be able to operate under a much wider range of roads.

但這為我們的離線訓練提供了支持，當然，離線訓練是在大量的 GPU 上進行的，並且會變得越來越好。我們認為很少有製造商擁有這套原料。我們對此投入了巨資。就面向客戶的功能而言，我們首先會看到車輛能夠在更廣泛的道路上行駛。

So today, we limit our feature to a highway feature in the not-too-distant future will go not free. And what we say that, but what we really mean is it can operate essentially anywhere. And we've already gone hands-free in certain conditions on highways will broaden that to be more conditions, so eyes-on hands off. And of course, the next step as we look into 2026 is identifying specific areas where you'll go hands-off eyes off. And so you'll truly get your time back where you can be looking away from the road, not an active participant anyway in the operation of the vehicle.

所以今天，我們將我們的功能限制在高速公路功能上，在不久的將來它將不再免費。我們這麼說，但我們真正的意思是它基本上可以在任何地方運行。我們已經在高速公路的某些條件下實現了解放雙手，並將擴大到更多的條件，讓駕駛員的眼睛不再盯著手。當然，展望 2026 年，我們的下一步是確定哪些具體領域是需要我們放手去管的。這樣，您就真正可以節省時間，不用再關注道路，也不用積極參與車輛的操作。

And coupling that with a turn-by-turn capability. So you get into your car, you can imagine the future state where the car then you give it the address and it takes care of getting there. And so that is our as we think about what's the roadmap for the next couple of years. That's what we're driving towards.

並將其與轉彎功能結合。所以當你上車時，你可以想像汽車的未來狀態，你給它一個地址，它就會負責把車開到那裡。這就是我們思考未來幾年的路線圖。這正是我們努力的方向。

Core to that is this building of a large model -- of course, that model has applications beyond just R1, R2, and beyond, as you referenced, those applications in the commercial space and with our commercial vans. And so we're very, very excited about what this represents in terms of the business opportunity it creates, but also the customer experience it forms.

其核心是建立一個大型模型——當然，該模型的應用不僅限於 R1、R2，甚至超越您所提到的商業領域和商用貨車的應用。因此，我們對它所創造的商業機會以及它所形成的客戶體驗感到非常興奮。

George Gianarikas, Canaccord Genuity.

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

You sort of alluded to this in the previous answer, but I'm curious with the impressive specs of the R2 and the compelling price. You are admittedly launching it into a challenging market for EVs. Can you just sort of illuminate us as to maybe broad marketing strategies, or anything you plan to do to boost the market appeal of the product.

您在先前的回答中提到了這一點，但我對 R2 令人印象深刻的規格和誘人的價格感到好奇。無可否認，您正在將其推向一個充滿挑戰的電動車市場。您能否向我們簡單介紹廣泛的行銷策略，或是您計劃採取什麼措施來提升產品的市場吸引力？

One of the most important things we've talked about since way before we even launched R1 is that it's really important for us as a company, if we're committed to our mission of driving an increase in electrification is that we attract non-EV customers. And we now have the benefit of seeing how that's played out with R1 where a meaningful majority of our customers are moving out of an ICE vehicle and into their R1 is their first-time EV experience.

早在推出 R1 之前，我們就討論過的最重要的事情之一是，對於我們公司來說，如果我們致力於推動電氣化進程的使命，那麼吸引非電動車客戶就非常重要。現在，我們可以觀察到 R1 的實際情況，絕大多數客戶都是從 ICE 汽車轉向 R1，這是他們第一次體驗電動車。

And what enabled that is that the product and the attributes that the product delivers on are unique relative not just to EVs, but are unique and exciting relative to all other options. And I referenced this earlier in the call that the R1S is the best-selling premium SUV in California and the state of Washington. I didn't say the best-selling premium electric SUV, just the best-selling premium SUV. And so it's attracting all different types of buyers.

而實現這一點的原因是，該產品及其屬性不僅相對於電動車來說是獨一無二的，而且相對於所有其他選擇來說也是獨特且令人興奮的。我之前在電話中提到過，R1S 是加州和華盛頓州最暢銷的高檔 SUV。我沒有說最暢銷的高端電動 SUV，只是說最暢銷的高端 SUV。因此它吸引了各種類型的買家。

And so as we look at now as I said, the heart of the demand in the United States, the average selling price of a new car in the United States is just under $50,000. The most popular vehicle configuration is Turo SUV. The R2 is right there, right in the right price point, the right segment, the right size and it's delivering a level of performance that's not seen by any of the alternatives you have, certainly in the ICE space there today.

正如我所說，我們現在看看美國需求的核心，美國新車的平均售價略低於 5 萬美元。最受歡迎的車輛配置是Turo SUV。R2 恰到好處，價格合適，市場細分，尺寸合適，而且它提供的性能水平是任何其他產品都無法比擬的，尤其是在當今的 ICE 領域。

It's delivering a level of capability, meaning both on-road and off-road capability that's also not seen in that price point. And it has entirely new features like things like a front trunk or some of the dynamics of the vehicle, given the low center gravity that just are not seen in the SUV space, they call it the $50,000 ICE SUV space or $40,000 to $50,000 ICE SUV space.

它提供了一定程度的能力，即公路和越野能力，這是在這個價位上看不到的。它具有全新的功能，例如前行李箱或車輛的一些動態功能，考慮到 SUV 空間中沒有的低重心，他們稱之為 50,000 美元的 ICE SUV 空間或 40,000 至 50,000 美元的 ICE SUV 空間。

And so we do see it as a very large market and our hope and what we're driving towards is to continue being able to draw a lot of non-EV customers into this, not simply because it's EV, but rather because it's the best choice they have. And that's how our engineers are thinking about the product making it the best choice, the best SUV that you can buy between, let's call it, $45,000 to $55,000. And that's ultimately how we'll drive significant market share, both in the EV space, but also we look at it as through the lens of driving significant market share just in the mid-size SUV space.

因此，我們確實認為這是一個非常大的市場，我們的希望和努力的方向是能夠繼續吸引大量非電動車客戶，這不僅是因為它是電動車，而是因為它是他們最好的選擇。這就是我們的工程師對產品的思考，使它成為最佳選擇，成為您在 45,000 美元到 55,000 美元之間可以買到的最好的 SUV。這就是我們最終如何在電動車領域佔據顯著的市場份額，而且我們也從在中型 SUV 領域佔據顯著的市場份額的角度來看待這一點。

And maybe as a brief follow-up. Any news to share on commercial vehicle momentum. Any additional wins or traction there?

或許可以作為簡短的後續行動。有沒有關於商用車發展動能的新聞可以分享？還有什麼額外的勝利或推動力嗎？

There's been a few vehicle settings that are different than the Amazon vehicles. But I think the most important thing here, and Claire referenced that I said it as well, we continue to work very, very closely with Amazon. They're an outstanding partner. Of course, they're a major shareholder in Rivian as well. And we are seeing more deliveries of our vans with them through the second half of this year.

有一些車輛設定與亞馬遜車輛不同。但我認為這裡最重要的事情，克萊爾提到我也說過，我們繼續與亞馬遜密切合作。他們是出色的合作夥伴。當然，他們也是 Rivian 的主要股東。到今年下半年，我們將看到更多的貨車透過他們交付。

The partnership continues to be very healthy, great close relationship with the users of the vehicles, the drivers, the vehicles and the operators, the vehicles. And that continues to allow us to make improvements and tweaks to the vehicle such that we hope to achieve this a few years ago when we were developing the vehicle. We can now say this with confidence. It's the best platform for logistics and commercial delivery bar none.

這種合作關係一直非常健康，與車輛使用者、駕駛員、車輛和車輛營運商的關係非常密切。這使我們能夠繼續對車輛進行改進和調整，我們希望在幾年前開發車輛時實現這一目標。現在我們可以自信地說這一點。這是毫無疑問的最佳物流和商業配送平台。

It's an outstanding product. And so to be able to harden that product and refine it in conjunction with partnership with Amazon has been great. And we do think as other fleets start to electrify, they'll see this as a great choice.

這是一款出色的產品。因此，能夠與亞馬遜合作來強化和改進產品真是太好了。我們確實認為，隨著其他車隊開始電氣化，他們會認為這是一個很好的選擇。

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

本次電話會議的問答部分到此結束。現在我想請 RJ Scaringe 作結束語。

Thanks, everyone, for joining us today. Hopefully, you're hearing just the enormous excitement that we have for R2, the state of the program and the health of the program in terms of its cost structure, its development status, the close work that we're doing with the suppliers as spoke to. These are fully engaged suppliers that are working with us in the development of the vehicle.

感謝大家今天加入我們。希望您能聽到我們對 R2 的巨大興奮、該計劃的現狀以及該計劃在成本結構、開發狀態、以及我們與供應商進行的密切合作方面的健康狀況。這些都是與我們一起全力投入車輛開發的供應商。

You're also, if you're living in the Bay Area Southern California, you're probably starting to see these camouflage vehicles out on the road, it's certainly exciting. But we're really focused on getting the vehicles ready for a very smooth and very healthy launch of the product.

如果你住在南加州灣區，你可能會開始在路上看到這些迷彩車輛，這當然令人興奮。但我們真正關注的是讓車輛做好準備，以便產品可以非常順利、健康地推出。

And along with that, the focus that we have on building out our autonomy and self-driving platform, we'll see that make continued big steps forward on the R1 vehicle. And as we launch R2, with a further enhancement to our perception stock, we'll see again really leadership in the R2 vehicle around our self-driving platform.

同時，我們專注於建立自主性和自動駕駛平台，我們將看到 R1 車輛繼續取得重大進展。隨著我們推出 R2，隨著我們的感知庫存的進一步增強，我們將再次看到 R2 汽車圍繞我們的自動駕駛平台的真正領導地位。

And so those are core efforts for us and really, we think, create an outstanding future state for us and we are very, very bullish on our too. We're very, very bullish because of that on the outlook for the business, and we appreciate everybody's support and everybody joining this call.

所以這些都是我們的核心努力，我們認為，這確實為我們創造了一個卓越的未來狀態，我們對此也非常非常樂觀。因此，我們對業務前景非常樂觀，我們感謝大家的支持和參加這次電話會議的每個人。