Rivian Automotive Inc (RIVN) 2025 Q3 法說會逐字稿

(audio in progress) We recently completed the construction of our 1.1 million square foot R2 Body Shop and General Assembly Building and our 1.2 million square foot Supplier Park and Logistics Center. All shops have started equipment bring up, and we are in the process of commissioning the robots in the R2 body shop.

（音訊進行中）我們最近完成了佔地 110 萬平方英尺的 R2 車身車間和組裝大樓以及佔地 120 萬平方英尺的供應商園區和物流中心的建設。所有車間都已開始進行設備調試，我們正在對 R2 車身車間的機器人進行調試。

In addition, we have completed updates to our paint shop that will allow us to increase our total annual plant capacity to 215,000 units. I've been driving an R2 for a while now, and it is incredible. From a performance perspective, it delivers on the adventure spirit. Customers expect from Rivian, while also being a great daily driver that will fit so many different use cases for our customers. Looking longer term, we expect to add an additional 400,000 annual units of capacity for R2, R3 and associated variants with our next US manufacturing facility in Georgia.

此外，我們已完成噴漆車間的升級改造，這將使我們的年總產能提高到 215,000 台。我開R2已經有一段時間了，它真是太棒了。從性能角度來看，它確實體現了冒險精神。Rivian 能夠滿足客戶對車輛的期望，同時也是一款出色的日常駕駛用車，能夠滿足客戶的各種不同使用場景。從長遠來看，我們預計在喬治亞州的下一個美國製造工廠將為 R2、R3 及相關衍生產品增加每年 40 萬台的產能。

In September, we are honored to be joined by state and local officials for groundbreaking ceremony. Our significant investment in the state of Georgia is expected to create 7,500 jobs as well as billions of dollars of economic benefits to the local community as we expand our US manufacturing and technology footprint.

九月份，我們很榮幸能與州和地方官員一起參加奠基儀式。隨著我們擴大在美國的製造業和技術佈局，我們在喬治亞州的巨額投資預計將創造 7500 個就業崗位，並為當地社區帶來數十億美元的經濟效益。

In parallel to the progress we've made in developing R2, we've also continued to invest in our technology, including our hardware, our software and our autonomy platform. I'm excited to share the progress we're making at our upcoming autonomy and AI Day on December 11. Over the longer term, we believe what will differentiate Rivian's autonomous capabilities will be our end-to-end AI-centric approach.

在 R2 開發取得進展的同時，我們也持續投資於我們的技術，包括我們的硬體、軟體和自主平台。我很興奮能在即將於 12 月 11 日舉行的自主和人工智慧日活動上與大家分享我們所取得的進展。從長遠來看，我們相信 Rivian 的自動駕駛能力之所以能夠脫穎而出，關鍵在於我們以人工智慧為中心的端到端方法。

With the launch of R2, our growing fleet of customer vehicles will collect real-world driving data, which will complement the data already collected by our second-generation R1 vehicles. That data can be used to train our large driving model which we believe will allow a rapid rollout of updating driving inference models with growing capabilities.

隨著 R2 的推出，我們不斷成長的客戶車輛車隊將收集真實世界的駕駛數據，這將補充我們第二代 R1 車輛已經收集的數據。這些數據可用於訓練我們的大型駕駛模型，我們相信這將使我們能夠快速推出功能日益強大的駕駛推理模型。

In closing, as we look towards 2026, I'm excited about the opportunity ahead for Rivian, I believe our technology and our products will position even as a market share leader over the long term. I want to thank our employees, customers, partners, suppliers, communities and shareholders for their continued support.

最後，展望 2026 年，我對 Rivian 的未來機會感到興奮，我相信我們的技術和產品將在長期內佔據市場份額領先地位。我要感謝我們的員工、客戶、合作夥伴、供應商、社群和股東一直以來的支持。

With that, I'll pass the call over to Claire.

這樣，我就把電話轉給克萊爾了。

Thanks, RJ, and good afternoon, everyone. As RJ mentioned, we continue to make progress on our priorities, and I want to thank our team for their continued focus as we drive execution throughout the business. While we face near-term uncertainty from trade, tariff and regulatory policy, we remain focused on long-term growth and value creation. It's great to see the continued progress in R2 validation and testing. We're also excited to share more about our hardware and software road map and vision in December at our autonomy and AI Day.

謝謝RJ，大家下午好。正如 RJ 所提到的，我們在各項優先事項上持續取得進展，我要感謝我們的團隊在整個業務執行過程中所展現的持續專注。儘管我們面臨貿易、關稅和監管政策的短期不確定性，但我們仍專注於長期成長和價值創造。很高興看到 R2 驗證和測試方面持續取得進展。我們也很高興能在 12 月的自主和人工智慧日上分享更多關於我們的硬體和軟體路線圖和願景的資訊。

Turning to the results for the third quarter. Our consolidated revenues were approximately $1.6 billion, and consolidated gross profit was $24 million. Gross profit included $125 million of depreciation and $24 million of stock-based compensation expense. Adjusted EBITDA losses for the third quarter were $602 million. As expected, we saw a quarter-over-quarter step-up in overall operating expenses.

接下來來看看第三季的業績。我們的合併收入約為 16 億美元，合併毛利為 2,400 萬美元。毛利包括 1.25 億美元的折舊和 2,400 萬美元的股權激勵費用。第三季調整後 EBITDA 虧損為 6.02 億美元。正如預期的那樣，我們看到整體營運費用較上季成長。

This was driven by elevated R&D investments related to prototyping as we prepare for the launch of R2 and training costs for our Autonomy platform.

這是由於我們在為 R2 的發布做準備時，增加了與原型設計相關的研發投資，以及增加了我們自主平台的培訓成本。

SG&A stepped up primarily related to the growth of our sales and service infrastructure and team as well as operating expenses, we don't anticipate will be part of our ongoing cost structure.

銷售、一般及行政費用 (SG&A) 的增加主要與我們的銷售和服務基礎設施和團隊的成長以及營運費用有關，我們預計這不會成為我們持續成本結構的一部分。

Now looking at our Automotive segment. During the third quarter, we produced 10,720 vehicles and delivered 13,201 vehicles from our manufacturing facility. As we've said previously, we expect Q3 will be our highest delivery quarter for the year, which was the primary driver of the $1.1 billion of automotive revenue.

現在我們來看看汽車產業板塊。第三季度，我們從製造工廠生產了 10,720 輛汽車，交付了 13,201 輛汽車。正如我們之前所說，我們預計第三季將是全年交付量最高的季度，這也是汽車業務收入達到 11 億美元的主要驅動力。

Automotive gross profit in the third quarter was negative $130 million and was negatively impacted by low fixed cost absorption associated with planned shutdown to prepare the normal plant R2. Despite this headwind, we saw strong progress in our unit economics with one of the best quarters ever in automotive cost of goods sold per unit delivered driven by improved material costs.

第三季汽車業務毛利為負 1.3 億美元，受到與計劃停產以準備正常 R2 工廠相關的固定成本吸收不足的負面影響。儘管面臨這些不利因素，但由於材料成本的改善，我們的單位經濟效益取得了強勁的進步，汽車單位交付成本達到了有史以來最好的季度之一。

Our Software & Services segment reported another strong quarter with $416 million of revenue and $154 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.

我們的軟體和服務部門又迎來了一個強勁的季度，營收達 4.16 億美元，毛利達 1.54 億美元。軟體和服務業務收入的大約一半來自於我們與大眾汽車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 and vehicle repair and maintenance. Looking at our balance sheet, we ended the quarter with approximately $7.1 billion of cash, cash equivalents and short-term investments. We continue to see improvements in our working capital, primarily driven by our focus on reducing our raw material, work in progress and finished goods inventory levels.

二手車銷售、車輛維修保養等業務的毛利貢獻也實現了強勁成長。從我們的資產負債表來看，本季末我們擁有約 71 億美元的現金、現金等價物和短期投資。我們的營運資金狀況持續改善，這主要得益於我們致力於降低原料、在製品和成品庫存水準。

We continue to expect to receive additional capital of up to $2.5 billion associated with our Volkswagen Group joint venture transaction, $2 billion of which we expect to receive in 2026. Additionally, we continue to partner with the Department of Energy for an up to $6.6 billion loan at a favorable cost of capital.

我們仍然期望從與大眾汽車集團的合資交易中獲得高達 25 億美元的額外資金，其中 20 億美元預計將於 2026 年收到。此外，我們繼續與能源部合作，以優惠的資金成本獲得高達 66 億美元的貸款。

We will update the market as we progress on this important project for the company.

我們將隨著公司這項重要項目的進展向市場發布最新消息。

Finally, for our guidance. We are reaffirming our 2025 delivery guidance range of 41,500 to 43,500 units. We are reaffirming our 2025 adjusted EBITDA loss guidance range of $2 billion to $2.25 billion and 2025 capital expenditures guidance of $1.8 billion to $1.9 billion. We continue to expect our gross profit for the full year of 2025 to be roughly breakeven.

最後，供我們參考。我們重申 2025 年交付量指引範圍為 41,500 至 43,500 台。我們重申 2025 年調整後 EBITDA 虧損預期範圍為 20 億美元至 22.5 億美元，2025 年資本支出預期為 18 億美元至 19 億美元。我們仍預期 2025 年全年毛利將大致達到損益兩平。

Thank you again to the team for delivering a great quarter. As we near the end of the year, we look forward to 2026 and remain steadfast in our belief that R2 and our technology road map will be truly transformative for our growth and profitability.

再次感謝團隊出色地完成了本季的工作。隨著年末臨近，我們展望 2026 年，並堅定地相信 R2 和我們的技術路線圖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.

我想把電話轉回給接線生，以便進行問答環節。

(Operator Instructions) Emmanuel Rosner, Wolfe Research.

（操作說明）Emmanuel Rosner，Wolfe Research。

My first one is on -- curious if you could characterize the demand environment in the US that you're experiencing on the back of the removal of the consumer tax credit. Obviously, a big portion of industry reports monthly sales and did so yesterday. And for those that are involved in the EV business. There were quite a bit of a drop September into October.

我的第一個問題是——我很好奇您是否能描述一下，在取消消費者稅收抵免之後，美國目前的需求環境發生了怎樣的變化。顯然，很大一部分產業都會公佈月度銷售數據，昨天他們也公佈了這些數據。對於那些從事電動汽車行業的人來說。9月到10月期間出現了相當大的下降。

So just curious what you've seen and then sort of like level of comfort around the demand levels on a go-forward basis.

所以，我只是好奇你看到了什麼，以及你對未來需求水準的預期程度。

Thanks, Emmanuel, for the question. We certainly expected to see a pull forward of demand from October into September with the end of the IRA program, and we saw that in September. And that pull forward, of course, results in somewhat of a softer demand environment as we look at October. And I think that's as you referenced. I think that's true just across the full space across the industry across multiple different manufacturers.

謝謝你的提問，伊曼紐。我們原本預期隨著 IRA 計劃的結束，需求會從 10 月份提前到 9 月份，而我們在 9 月份也看到了這種情況。當然，這種提前需求導致10月的需求環境略顯疲軟。我想正如你所提到的。我認為這種情況在整個產業、多個不同製造商中都普遍存在。

I think it's important that we look out from a longer-term horizon point of view and recognize that ultimately, customers are going to be making decisions around what's the best product for them. And we spend a lot of time, I think, often overly focused on electric vehicle sales relative to others. And the way we think about this, in particular with regards to R2 is we need to build the best vehicles and give customers great choices.

我認為，從長遠的角度來看待問題非常重要，我們要認識到，最終，客戶會根據什麼產品最適合他們來做出決定。我認為，我們常常花費大量時間，過度關注電動車的銷量，而忽略了其他類型的汽車。我們認為，尤其是在 R2 方面，我們需要打造最好的車輛，並為客戶提供豐富的選擇。

And so in the case of R1, we have the best-selling premium SUV sold in the United States, and that's for EVs, premium SUVs, electric or nonelectric in the state of California. And with R2, we're really hoping to capture the magic of what is in R1 in terms of performance features, capabilities in a much more cost-effective or affordable package that allows us to have this vehicle be cross shop with so many different types of vehicles, and it's hitting the most popular segment with midsized SUV 5 (inaudible) with a price point that starts at 45, the average price of new vehicles sold in the United States is around (inaudible).

因此，R1 是美國銷量最高的豪華 SUV，而且在加州，它是電動車、豪華 SUV（無論是電動的還是非電動的）銷量最高的。我們希望R2能延續R1在性能、功能等方面的卓越表現，並以更經濟實惠的價格呈現，使其能夠與眾多不同類型的車型競爭，並瞄準最受歡迎的中型SUV細分市場。 R2的起售價為45美元，而美國新車的平均售價約為5美元。（聽不清楚）

So we're really bullish, really confident on R2 and what that represents for us as a business.

所以我們對 R2 非常看好，非常有信心，也對它對我們公司的意義充滿信心。

Okay. Great. And then as a quick follow-up. What are you expecting in terms of demand for regulatory credits? I don't believe you're assuming any additional sales this year, but any directional view into 2026?

好的。偉大的。然後，作為快速的後續。您預計監管信貸的需求會如何？我不認為您預期今年會有任何額外的銷售額，但您對2026年有什麼展望嗎？

Thanks, Manuel. We don't expect to have meaningful revenues from the sale of regulatory credits, and we've taken those out of our forecast. Just given some of the uncertainty on potential policy changes, we wanted to make sure that our forecast was conservative on this front.

謝謝你，曼努埃爾。我們預計監管信用額的銷售不會帶來可觀的收入，因此已將這些收入從我們的預測中剔除。鑑於政策變化存在一些不確定性，我們希望確保這方面的預測是保守的。

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

Meaningfully, I think it came down to about $96,000 per vehicle, even with the downtime the company take to get the normal site ready for R2. I think, Claire, you mentioned material cost is one of the key drivers of that. But I was hoping you could speak a bit more on what you're seeing in terms of cost per vehicle. I guess, ultimately, any change in where you think costs can get to, especially as you look out to R2?

有意義的是，我認為最終每輛車的成本約為 96,000 美元，即使算上公司為 R2 準備正常站點所花費的停機時間。克萊爾，我認為你剛才提到材料成本是其中一個關鍵驅動因素。但我希望您能更詳細地談談您看到的每輛車的成本情況。我想，最終，你認為成本可能會達到的水平有什麼變化嗎？尤其是在展望 R2 的時候？

Thanks for the question, Mark. As you noted, we had about (inaudible) of cost of goods sold per unit delivered in Q3. And that was despite the fact that we had several weeks of downtime. So there was an impact from fixed cost absorption included within these results. As we look forward, the big driver of performance improvement in terms of our cost of goods sold, in 2026, we'll be the volumes that we'll receive from R2 ramp and scaling efforts.

謝謝你的提問，馬克。正如您所指出的，我們在第三季交付的每單位商品的銷售成本約為（聽不清楚）。儘管我們當時有好幾週的停機時間，但情況依然如此。因此，固定成本吸收的影響已包含在這些結果中。展望未來，到 2026 年，推動我們銷售成本改善績效的主要因素將是 R2 產能提升與規模化努力所帶來的銷售量。

So we'll see benefit not just with R2's path to positive gross profit and positive unit economics, which we expect to achieve by the end of 2026, but also the volume impacts that will benefit both R1 as well as our commercial vans as volumes scale throughout the normal facility as a whole.

因此，我們不僅會從 R2 實現正毛利潤和正單位經濟效益的道路上受益（我們預計到 2026 年底將實現這一目標），而且還會看到產量的影響，這將使 R1 和我們的商用貨車受益，因為產量會在整個正常工廠範圍內擴大。

My other question was on mine and robotics. You mentioned doing work with (inaudible) antibiotics, but also bringing in external financing. So maybe just talk a bit more about what mine robotics does and what kind of opportunity you see for the entity going forward.

我的另一個問題是關於我和我的機器人技術。你曾提過使用（聽不清楚）抗生素進行研究，但也引進了外部融資。那麼，或許您可以再多談談礦業機器人技術是做什麼的，以及您認為該實體未來有哪些發展機會。

Mark, this is an area we've spent a lot of time on as a company thinking around and thinking about, I should say, what does our manufacturing infrastructure and manufacturing platforms look like long term. And as we thought through that, it led us to the view that we need to develop products and robotic solutions that allow us to run and operate our manufacturing plants more efficiently.

馬克，這是我們公司投入大量時間思考的一個領域，我應該說，我們一直在思考，從長遠來看，我們的製造基礎設施和製造平台會是什麼樣子。經過一番思考，我們意識到我們需要開發產品和機器人解決方案，以便更有效率地運作我們的製造工廠。

And the design of these robotic solutions, capturing the data that we have within our existing facilities to train the robotic platforms on manufacturing and to train on some of these high dexterity operations. And so we've ultimately raised $110 million in a seed round to launch this as an effort outside of Rivian, but obviously with Rivian still as a close partner and as a shareholder in this entity. But the applications will include Rivian applications but also much wider ranging.

這些機器人解決方案的設計，是在我們現有設施中收集數據，以訓練機器人平台進行製造和一些高靈巧性操作。因此，我們最終在種子輪融資中籌集了 1.1 億美元，以啟動這項獨立於 Rivian 的項目，但顯然 Rivian 仍然是我們的緊密合作夥伴和股東。但這些應用不僅包括 Rivian 的應用，還將涵蓋更廣泛的領域。

So thinking about essentially a wide spectrum of industrial applications where we see the benefit of AI-enabled robotics.

因此，我們主要考慮的是人工智慧機器人技術在廣泛的工業應用領域中的優勢。

George Gianarikas, Canaccord Genuity.

George Gianarikas，Canaccord Genuity。

Maybe you could just update us a little bit on the Volkswagen relationship just because there are lots of headlines as to what's going on there internally. Any update there would be very much appreciated.

或許您可以稍微介紹一下大眾汽車的合作關係，因為有很多關於該公司內部情況的新聞報導。如有任何更新，敬請告知。

The Volkswagen relationship is coming up in terms of the joint venture on the one-year anniversary. And it's -- a lot has happened in the last year. We continue to make great progress. We have an incredibly productive and strong relationship with Volkswagen Group. I was just in Munich a few months ago for a number of different product reveals, one of which was the Volkswagen ID.1, which is a roughly $22,000 EV that's being developed by Volkswagen and of course, leveraging our technology platform.

大眾汽車與這家合資企業的關係即將迎來一周年紀念日。過去一年發生了很多事。我們持續取得巨大進步。我們與大眾汽車集團建立了非常高效且牢固的合作關係。幾個月前我剛去過慕尼黑，參加了一系列不同的產品發布會，其中就包括大眾汽車的 ID.1，這是一款售價約為 22,000 美元的電動汽車，由大眾汽車開發，當然，它也利用了我們的技術平台。

And it's just an awesome vehicle. I'm really excited for that to be one of the launch vehicles that comes out of our collaboration and joint venture with Volkswagen. But it's the first of what will be many programs that come out of this joint effort. And so the relationship remains very strong, very positive, and there are lots of things to come in front of us in terms of products and other ways we can work together.

這真是一輛很棒的車。我非常興奮，因為這將成為我們與大眾汽車合作和合資企業推出的首批車型之一。但這只是雙方共同努力推出的眾多項目中的第一個。因此，雙方關係仍然非常牢固、非常積極，在產品和其他合作方式方面，我們還有很多事情可以一起努力。

And maybe as a follow-up. I don't mean to front run the Autonomy Day in December, but what role do you see Rivian playing in the robotaxi market? There are some of your peers also developing electric vehicles that have teamed up with some of the rideshare companies. Any sort of anything you could share on that front?

或許可以作為後續報道。我無意搶在 12 月的自動駕駛日之前發表意見，但您認為 Rivian 在無人駕駛計程車市場中扮演什麼角色？你們的一些同行也在開發電動車，並且已經與一些叫車公司建立了合作關係。這方面有什麼可以分享的嗎？

A lot of emphasis has gone on the robotaxi side. I think independent of whether the application is in a personally owned vehicle than a robotaxi I think really important is recognition that the technology is going to become really a key part of our automotive ecosystem. And so in our view, as we look towards the end of this decade, it will start to become really an important driver for consumer purchase decisions around whether or not a vehicle is capable of driving itself with both hands off the wheel and eyes off the road.

人們非常重視無人駕駛計程車方面。我認為，無論這項技術是應用於私家車還是自動駕駛計程車，真正重要的是要認識到，這項技術將成為我們汽車生態系統中的關鍵組成部分。因此，我們認為，展望本十年末，車輛是否能夠實現雙手離開方向盤、雙眼離開道路的自動駕駛，將真正成為消費者購買決策的重要驅動因素。

But importantly, doing that across a very wide spectrum of roads. So essentially, any drivable road should be something that can be driven by a vehicle without a lot of involvement from the driver. And as it stands today, more than 95% of the miles driven in the United States are in personally owned vehicles, the remainder being a mix between taxi, ride share and rental.

但重要的是，要在非常廣泛的道路上這樣做。所以從本質上講，任何可行駛的道路都應該是車輛無需駕駛員過多幹預即可行駛的道路。而就目前而言，美國超過 95% 的行駛里程都是由私家車行駛的，其餘部分則是計程車、叫車和租賃車輛的混合行駛里程。

We think that that's likely to stay mostly the same, maybe a rideshare grows by some percent. But we think in terms of large-scale adoption autonomy, it's going to be solving this for personally owned vehicles that's going to drive the biggest step change for us.

我們認為這種情況可能基本上保持不變，也許叫車產業會成長百分之幾。但我們認為，就大規模普及自動駕駛技術而言，解決個人車輛的自動駕駛問題將是我們實現最大變革的機會。

Now saying that, the opportunity for us to participate in robotaxis, it's, of course, there. It's something that if we chose to partner with some of the big rideshare operators, there's lots of market opportunities there. But our focus today is really on the technology. And that's what we'll spend, as you said, George, we'll spend our Autonomy Day really talking about the technology roadmap, how we've developed it. That's both the hardware, the software, our data flywheel -- of course, we'll demonstrate what all those different elements come together to enable in terms of what the vehicle can do.

當然，我們有機會參與無人駕駛計程車行業。如果我們選擇與一些大型叫車業者合作，就會有很多市場機會。但我們今天的重點確實在於科技。正如你所說，喬治，我們將在「自主日」這一天真正討論技術路線圖，以及我們是如何制定它的。這包括硬體、軟體和我們的數據飛輪——當然，我們將展示所有這些不同的元素如何結合在一起，使車輛能夠做到什麼。

And I think through that event, you'll see there's lots of different ways that can be applied in terms of go-to-market, whether that's personally owned or whether that's through robo taxi partnerships as you stated.

我認為透過這次活動，你會看到有很多不同的方法可以應用於市場推廣，無論是個人擁有還是像你所說的透過機器人出租車合作關係。

Joseph Spak, UBS.

約瑟夫‧斯帕克，瑞銀集團。

The CEO of Scout Motors was recently reportedly said that 80% of their preorders are for their ERA variant. And you have BYD has both a BEV portfolio and (inaudible) portfolio. And even if you look at China overall, in recent years, ERA has been growing arguably faster. So there's clearly demand for that type of product. And I think there's probably some benefits to that type of powertrain for the vehicles you want to sell, meaning trucks.

據報道，Scout Motors 的執行長最近表示，他們 80% 的預訂訂單都是針對 ERA 版本。比亞迪同時擁有純電動車產品組合和（聽不清楚）產品組合。即使從中國整體來看，近年來ERA的成長速度也可以說更快。顯然，市場對這類產品有需求。我認為這種動力系統對於你想銷售的車輛（即卡車）來說可能有一些好處。

So maybe you disagree, I'd be curious to hear that. But I know you talked about this all-electric future you envisioned. But the question is, would you actually consider offering an ERV for the US market or globally? And if so, how easy is it to adjust the platform?

也許你不同意我的觀點，我很想聽聽你的看法。但我知道你曾談到你所設想的全電動未來。但問題是，您是否真的會考慮向美國市場或全球市場提供能量回收通風機？如果真是這樣，調整平台有多簡單？

Thanks, Joe. We're not planning to offer an ERA or effectively a serious hybrid, which would involve putting an engine into the vehicle. So that's not in our product road map or something that were at all contemplating. But I do think it's important to note that part of the journey of electrification is providing customers with choice, -- and so different manufacturers are going to make different decisions on this. Some will decide to take more of a hybrid approach or an EV approach.

謝謝，喬。我們目前沒有計劃推出ERA車型，或者說，沒有計劃推出真正意義上的混合動力車型，因為那需要在車輛中安裝引擎。所以，這不在我們的產品路線圖之內，我們也沒有考慮過這件事。但我認為值得注意的是，電氣化進程的一部分是為客戶提供選擇，因此不同的製造商會對此做出不同的決定。有些人會選擇採取混合方式或純電動車方式。

Others are going to take a pure EV approach. And in the end, aseptically this is all going to be driving towards in our view, as I said in my opening remarks, we believe everything will be electric, everything will be software defined and everything will have very high levels of autonomous capabilities.

其他人則會採取純電動車策略。最終，在我們看來，這一切最終都將朝著無菌的方式發展，正如我在開場白中所說，我們相信一切都將是電動的，一切都將由軟體定義，一切都將具有非常高的自主能力。

And so we're very focused on continuing to lead with electrification. We think particularly for the midsized segment SUV, which is going to make up the vast majority of our volume with the launch of R2 and then it's follow-on product with R3. That that segment really works beautifully with an electric -- fully electric architecture, where we're able to deliver great performance, outstanding range and at a price point that's very comparable to ice or hybrid alternatives.

因此，我們非常注重繼續引領電氣化進程。我們認為，隨著 R2 的推出以及後續產品 R3 的上市，中型 SUV 市場將佔據我們銷售的絕大部分。該細分市場與純電動架構完美契合，我們能夠提供出色的性能、卓越的續航里程，並且價格與燃油車或混合動力車非常接近。

Okay. And as a second question, I know you spoke briefly on mind. I guess I just want to -- one, there's no spend or has there been spend already going on for that to -- how should we think about that spend going forward? Or is it all ring-fenced in the sort of external company of which you're just an owner. Maybe just if you could clarify that for us, that would be helpful.

好的。第二個問題，我知道你剛才簡要地談到了內心的想法。我想問的是──第一，目前還沒有這方面的支出，或者說已經有支出了嗎？ ——我們該如何看待未來的支出？或者，這一切都被隔離在某種外部公司中，而你只是這家公司的所有者之一。如果您能為我們澄清一下，那就太好了。

So mind Robotics is a separate company from Rivian. Rivian is a shareholder in this. The $110 million that I referenced before is the seed financing for its capital from outside of Rivian, -- and we're -- I mean, we're incredibly excited about it. I think the -- as much as we've seen AI shift how we operate and run our businesses through the wide-ranging applications for LLMs. The potential for AI to really shift how we think about operating in the physical world is, in some ways, unimaginably large.

所以 Mind Robotics 和 Rivian 是兩家獨立的公司。Rivian是該公司的股東之一。我之前提到的 1.1 億美元是 Rivian 外部的種子資金，——我們——我的意思是，我們對此感到無比興奮。我認為——儘管我們已經看到人工智慧透過LLM的廣泛應用改變了我們經營和經營業務的方式。人工智慧有可能真正改變我們對物理世界運作方式的思考，從某種程度上來說，這種潛力是難以想像的。

And so that influences how we think about designing logistics inside of a plant, it influences how we think about designing even plant layouts. And so the (inaudible) company is ultimately the culmination of us coming to the view that we wanted to have direct control and direct influence over the design and development of advanced AI robotics that would be very focused on industrial applications.

因此，這會影響我們對工廠內部物流設計的思考方式，甚至影響我們對工廠佈局設計的思考方式。因此，這家（聽不清楚）公司最終是我們形成這樣一種觀點的產物：我們希望對專注於工業應用的高級人工智慧機器人的設計和開發擁有直接的控制權和直接影響力。

And so these are robotic solutions, we will be creating through this entity through mind robotics that are designed and optimized around manufacturing and industrial environments.

因此，我們將透過這個實體，利用思維機器人技術，創造出這些機器人解決方案，這些解決方案是圍繞著製造和工業環境設計和最佳化的。

Dan Levy, Barclays.

丹·利維，巴克萊銀行。

I would like to ask if you could possibly give us the latest update on tariffs within the results? I know you had stockpiled batteries. So I don't know if there's any impact there, but we have seen some changes in tariff policy.

我想請問您能否在結果中提供一下關於關稅的最新資訊？我知道你囤積了一些電池。所以我不知道這方面是否會有任何影響，但我們確實看到關稅政策發生了一些變化。

And then maybe just broadly on tariffs, given IRA is no longer really a consideration, how does that change the battery sourcing strategy for R2? Can you rely perhaps on some of the cheaper LFP batteries from overseas?

那麼，就關稅而言，考慮到 IRA 不再是一個需要考慮的因素，這會如何改變 R2 的電池採購策略？或許可以考慮從海外進口一些價格較低的磷酸鋰電池？

Thanks for the question, Dan. As you mentioned, the administration announced the lengthening of the 3.75% offset for Section 232 automotive tariffs to 2030 last week. It also included the ability to designate parts in the 232 automotive classification that expands the pool of eligible parts, which is particularly important for a company like Rivian, which is heavily vertically integrated.

謝謝你的提問，丹。正如您所提到的，政府上周宣布將第 232 條款汽車關稅的 3.75% 抵銷期限延長至 2030 年。它還包括指定 232 汽車分類中的零件的功能，從而擴大了合格零件的範圍，這對於像 Rivian 這樣高度垂直整合的公司來說尤其重要。

So today, we source a lot of raw material inputs that we're building subassemblies of internally that aren't necessarily -- weren't previously necessarily designated under a Section 232 classification. And we're really appreciative of the administration for -- at these new changes that were announced most recently.

所以今天，我們採購了許多原料，用於在內部組裝子組件，而這些原料以前不一定屬於第 232 條分類。我們非常感謝政府最近宣布的這些新變化。

So as you think about the impacts on the quarter itself, based off of what we -- the product that we sold, we were just under the couple of thousand dollars per vehicle of impact in Q3. And on a go-forward basis, we expect the impact to be a few hundred dollars per unit for new builds once these policies are fully in place.

所以，當你考慮到對本季本身的影響時，根據我們銷售的產品，我們在第三季對每輛車的影響略低於幾千美元。從長遠來看，一旦這些政策全面到位，我們預計對新建房屋的影響將是每棟房屋幾百美元。

We'll see a trend down in terms of the tariff exposure in Q4 since we'll certainly be selling some vehicles that may have higher levels of tariff sitting in inventory or parts that we're building towards in inventory today. But that's the general applied path and trajectory there. And then maybe I'll pass the second part of your question on the R2 battery cell sourcing back over to RJ.

第四季度，關稅風險敞口將呈下降趨勢，因為我們肯定會銷售一些庫存中可能存在較高關稅的車輛，或銷售我們目前正在庫存中生產的零件。但這就是那裡的一般應用路徑和發展軌跡。然後，我或許會把你關於 R2 電池芯採購問題的第二部分轉回給 RJ。

Yes. So the R2 program, we've talked about this in the past, is launching with $46.95 sungical cell, and that cell starting in the late 2026 time frame will be produced in the United States and Arizona. And so we, of course, sourced that quite some time ago and have been developing in close partnership with the supplier of that cell, which is LG for some time.

是的。所以，我們之前討論過的 R2 計劃，將推出售價 46.95 美元的 Sungical 電池，該電池將於 2026 年底開始在美國和亞利桑那州生產。因此，我們當然很早就找到了這種電池，並且與該電池的供應商 LG 密切合作開發了一段時間。

As you point out, there are opportunities to look at other sources of battery cells, both in terms of chemistry, but also in terms of supplier, but as it relates to the production that's coming out of our normal facility, that's planned to be the LG cell produced in Arizona.

正如你所指出的，我們有機會尋找其他電池來源，無論是在化學方面，還是在供應商方面。但就我們正常工廠的生產而言，計劃生產的是亞利桑那州生產的 LG 電池。

Okay. Great. Second question is somewhat related. And I know that the regulatory picture still has to sort of emerge a bit more. But it is a bit more clear now.

好的。偉大的。第二個問題與此有些關聯。我知道監管格局還需要進一步明朗化。但現在情況更清楚一些了。

And so, can you tell us to what extent now that you have maybe a better sense on tariffs, you have a better sense on red credits. Those have moved against maybe some of the initial assumptions you had when you were planning the R2 BOM and knowing that, that BOM is sticky, what mitigants do you have to ensure that you're going to get the appropriate unit economics?

那麼，您能否告訴我們，現在您對關稅有了更清晰的認識，您對紅色信用額度又有了更清晰的認識？這些變化可能與你在規劃 R2 BOM 時的一些初始假設相悖，而且你知道 BOM 是固定的，那麼你有哪些緩解措施來確保獲得合適的單位經濟效益？

I know you've talked about plans to get the BOM cut in half versus R1 and exiting '26 with a positive gross margin. But how do you mitigate against some of these given the BOM is sticky?

我知道你們曾談到將物料清單成本（BOM）減半（與 R1 相比）並實現 2026 年毛利率為正的計劃。但是，鑑於物料清單是黏性的，如何緩解這些問題？

Well, there's -- yes, there's a lot in that question, but to unpack. I think first and foremost, the building materials is -- it's contractual. And so as we negotiated the build materials and also made decisions strategically as to where the content that ultimately makes up the bill materials in the vehicle is coming from. We made decisions around prioritizing domestic or USMCA compliant sourcing. So having the parts come out of USMCA compliant locations.

嗯，是的，這個問題包含了很多信息，需要逐一分析。我認為首先也是最重要的是，建築材料——這是合約規定的。因此，我們在協商車輛製造材料的同時，也從策略上決定了最終構成車輛製造材料的各種成分的來源。我們決定優先採購國內產品或符合美墨加協定的產品。所以，零件必須來自符合美墨加協定規定的地點。

And that was because those decisions were made where we already had line of sight to the likely shift in some of the policies that we've seen recently.

那是因為在做出這些決定時，我們已經預見到最近一些政策可能會發生轉變。

I think importantly, these contractual agreements that we have on the bond itself help really give us confidence in us achieving the BOM and us ultimately getting to the exit rate positive unit economics on R2 -- R2 positive unit economics at the exit of 2026. I think another element that's changing is the expansion of the 232 framework and the allowance for that -- the 3.75% to carry out longer is very helpful for us.

我認為重要的是，我們與債券本身簽訂的這些合約協議確實有助於增強我們對實現 BOM 的信心，並最終實現 R2 的退出率正單位經濟效益——在 2026 年底實現 R2 正單位經濟效益。我認為另一個正在改變的因素是 232 框架的擴展以及為此提供的便利性——3.75% 的延期執行時間對我們來說非常有幫助。

And we previously have guided to say the effect of tariffs have been a couple of thousand dollars and what we would now guide to say is that it's a few hundred dollars of tariff cost per vehicle. So it's a pretty significant shift for us.

我們之前曾表示，關稅的影響是幾千美元，而我們現在要表示的是，每輛車的關稅成本是幾百美元。所以這對我們來說是一個相當大的轉變。

Now I think above and beyond that, just in terms of the overall COGS framework, Javier, you and the team have been very focused on making sure we're already at the plant. Of course, your team is also responsible for the building materials and supplier sourcing. But just comment on the confidence we have in our cost structure.

現在我認為，除此之外，就整體成本框架而言，Javier，你和你的團隊一直非常專注於確保我們已經在工廠裡了。當然，你們團隊也負責建築材料和供應商的採購。但請談談我們對自身成本結構的信心。

Yes. When it comes to the BOM, RJ, you have explained it, and I want to insist that we have sourced on a landed basis. So by contract, we have 100% of the car source. We understand what is the cost that we are incurring. And the tariff situation is much more favorable, as Claire explained.

是的。關於物料清單 (BOM)，RJ，你已經解釋過了，我想強調的是，我們是按到岸價採購的。因此，根據合同，我們擁有100%的汽車來源。我們明白我們正在承擔的成本是什麼。正如克萊爾解釋的那樣，關稅情況也更加有利。

The rest of the content of the COGS -- we are working, obviously, in the conversional cost, logistics and all the transformation costs in the plant. We are doing already in normal huge lean transformation, improving our performance in our daily operations, and all these learnings, we will translate them to R2 operations, ramp, the design of our process is more compact in R2, lesser space, less costs in terms of maintenance and overhead consumption.

其餘的 COGS 內容——顯然，我們指的是轉換成本、物流以及工廠內的所有轉型成本。我們已經在正常情況下進行了大規模的精實轉型，提高了日常營運的績效，所有這些經驗教訓，我們將把它們轉化到 R2 營運中，R2 的流程設計更加緊湊，佔用空間更小，維護和管理費用也更低。

So we are really confident, and we can see and confirm with our internal numbers that we are sticking to our target of reducing by half the cost.

因此我們非常有信心，我們可以透過內部數據看到和證實，我們正在堅持將成本降低一半的目標。

Edison Yu, Deutsche Bank.

餘生愛迪生，德意志銀行。

This is (inaudible) for Edison. I wanted to ask about the OpEx trajectory on a going quarter basis. You mentioned in the shareholder letter that there is some inclusion that for economy training. So on a go-forward basis, how should we think about that (inaudible)?

這是給愛迪生的（聽不清楚）。我想了解一下每季的營運支出軌跡。您在致股東的信中提到，其中包含一些用於經濟培訓的內容。那麼，展望未來，我們該如何考慮這個問題呢？（聽不清楚）？

Sure. Our philosophy and approach has always been to drive efficiencies into the business to help self-fund strategic areas of differentiation, such as our autonomous driving training. And as we look at our future road map of investment, that remains intact from a philosophy and approach. We're always looking for and committed to finding efficiencies and opportunities to reduce within the organization so that we can also scale the business for the increased volume that we expect to come with the introduction of R2 next year as well.

當然。我們的理念和方法始終是提高業務效率，以幫助公司自主籌集資金，用於策略差異化領域，例如我們的自動駕駛培訓。當我們展望未來的投資路線圖時，其理念和方法依然保持不變。我們始終致力於在組織內部尋找提高效率和降低成本的機會，以便我們也能擴大業務規模，應對明年 R2 版本推出後預計帶來的業務量成長。

So as you think about the R&D spend, we'll see elevated levels of R&D spend in the lead up to the launch of R2 and that's primarily driven by a lot of the work that we do to build development prototypes.

因此，在考慮研發支出時，我們會看到在 R2 發布之前研發支出水準有所提高，這主要是由於我們為建造開發原型所做的大量工作所驅動的。

So today, design validation builds. We talked a little bit in our prepared remarks about starting to have manufacturing validation builds in our normal plant at the end of this year. And then you'll see some of that external spend, some drop down when we launched the R2 product. So you'll see over the course of '26 more normalizing levels despite the fact that we're going to be continuing to ramp up our autonomous training over the longer term as well.

所以今天，設計驗證建置。我們在事先準備好的演講稿中稍微談到了今年年底開始在我們常規工廠進行生產驗證構建的問題。然後，隨著 R2 產品的推出，你會看到一些外部支出有所下降。因此，儘管我們將在長期內繼續加強自主訓練力度，但您將在 2026 年看到更多正常水平的提升。

Got it. That's very helpful. My second question is on the R2 launch for next year. I was wondering if you can comment maybe on the production cadence as you see order flow coming through? Like how should we anticipate that to sort of look like first half versus second half, et cetera, for next year?

知道了。那很有幫助。我的第二個問題是關於明年R2的發布。我想請您談談您對訂單流向的生產節奏的看法？我們該如何預測明年上半年和下半年的情況等等？

Sure. For R2, as we mentioned, we plan to start saleable builds and deliveries in the first half of '26, but we would steer folks to there being limited volumes in the first half of the year. And then the second half of the year will build up our ramp and see increasing production volumes throughout the second half of the year and then into 2027, where we'll first be in a position to have fully optimized the 215,000 sort of run rate units of capacity that we have established within the normal facility.

當然。對於 R2，正如我們之前提到的，我們計劃在 2026 年上半年開始生產和交付，但我們會引導大家注意，上半年的產量有限。然後，下半年我們將逐步提高產能，並在整個下半年以及 2027 年實現產量成長。屆時，我們將能夠完全優化我們在正常工廠內建立的 215,000 台的運作產能。

Federico Merendi, Bank of America.

費德里科·梅倫迪，美國銀行。

I wanted to touch upon the capacity that you're building up. Normal facility, you're going to have 215,000 units of production available in Georgia from what I understand, $400,000 additional. But given what you -- what Emmanuel said about the underlying demand and that you're not going to integrate your production with hybrid vehicles or rented vehicles. How should we think about the separation of those two plans that you are building up?

我想談談你正在培養的能力。據我了解，正常情況下，喬治亞州的工廠將有 215,000 台的產能，額外增加 40 萬美元。但考慮到你——伊曼紐爾所說的潛在需求，以及你不會將你的生產與混合動力車或租賃車整合起來。我們應該如何看待你正在製定的這兩個計劃之間的分離？

The normal facility, as you said, will have 215,000 units of capacity, and that will be split between R1, our commercial van and R2. And R2, of that will have 155,000 units of capacity. The Georgia facility built across two phases will ultimately have 400,000 units capacity, and that will support R2, R3 and variants of each of those products. And again, I said this before, but I think it's a very important point to make that the understanding the demand profile from customers for electric vehicles, it requires us to look deeper than just EV sales in aggregate, but rather to look at the strength of a vehicle offering relative to what else is on offer.

正如您所說，正常情況下，該設施將有 215,000 個單位的產能，這些產能將分配給 R1（我們的商用貨車）和 R2。其中 R2 的產能為 155,000 台。位於喬治亞州的工廠分兩期建成，最終產能將達到 40 萬台，這將支援 R2、R3 以及每種產品的變體。我之前也說過，但我認為這一點非常重要：要了解消費者對電動車的需求情況，我們需要做的不僅僅是關注電動車的總銷量，而是要考察某款車型相對於其他車型的優勢。

And ultimately, the way customers are going to be making decisions is the price of the vehicle, the value it provides, which is performance capability, features and so we're very, very bullish on what we're building with R2.

最終，顧客做出決定的方式是考慮車輛的價格、車輛提供的價值（即性能、功能等），因此我們對 R2 的前景非常有信心。

The way we think about it as a team is we're building the best car you can buy in this category and in this price point. And we want that to be like abundantly clear and something that is so self-evident when you use the vehicle. We were just talking about how exciting it will be for people to compare the vehicle to other things in this price category. And so we're very bullish on R2. We've also seen that the rate of adoption of EVs really does tie heavily to the number of highly compelling offerings.

我們團隊的想法是，我們要打造在這個等級和這個價位上你能買到的最好的車。我們希望這一點非常清楚，並且在你使用車輛時能夠顯而易見。我們剛才還在討論，人們將這款車與同價位的其他車型進行比較會有多麼令人興奮。因此，我們非常看好R2。我們也發現，電動車的普及率確實與極具吸引力的產品數量密切相關。

And to date, at this mass market price points, so call it in the $45,000 to $50,000 range, there's really been a single dominant brand with really two products. It's, of course, Tesla with the Model 3 and the Model Y. And with them taking up roughly half the market, 50% market share, it's not a reflection of a healthy market. It's a reflection of a very underserved market in terms of choice and options. And so what we're building with R2 is very different than a Model Y.

到目前為止，在這個大眾市場價格區間（例如 45,000 美元到 50,000 美元），實際上只有一個佔據主導地位的品牌，只有兩款產品。當然，指的是特斯拉，它推出了 Model 3 和 Model Y。它們佔據了大約一半的市場份額（50%的市場份額），這並不反映出市場的健康發展。這反映出，就選擇和選項而言，這是一個服務嚴重不足的市場。因此，我們用 R2 建造的東西與 Model Y 非常不同。

It's similar size, similar price but very, very different in terms of it's the way it's executed. And so it's going to attract we think a very wide range of customers that's including people that may be considering EV but also importantly, folks that are not necessarily considering EV, but just looking for a great vehicle for $45,000, $50,000.

它的尺寸相似，價格也相似，但在執行上卻截然不同。因此，我們認為它將吸引非常廣泛的客戶群體，包括可能正在考慮電動車的人，但更重要的是，也包括那些不一定考慮電動車，只是想花 45,000 美元或 50,000 美元購買一輛好車的人。

And so with all that said, what we've shown to date in terms of product sets, our product portfolios, R2, the R3 and the R3X, importantly, there's other variants which, of course, we haven't shown yet, but that will be built off the R2 and R3 platforms that will support the overall volume in Georgia as well.

綜上所述，就我們目前展示的產品系列而言，包括 R2、R3 和 R3X，重要的是，還有其他一些變體，當然我們還沒有展示，但這些變體將基於 R2 和 R3 平台打造，也將支持格魯吉亞的整體銷量。

And I would assume that to basically ramp all the volume you will export vehicles to other regions or countries. When should we assume that you will enter into other markets?

我推測，為了大幅提升產量，你們會將車輛出口到其他地區或國家。我們應該在什麼情況下假設您會進入其他市場？

Yes, the R2 and R3 vehicles are absolutely architected from the very beginning and designed from the very beginning, contemplating Europe and planning for Europe. And we think they both fit the European market extremely well. We haven't announced European timing yet. But it is really a core part of the program and it was also a key element of the decision that we made to set up the plant in Georgia, given it's ease of export for vehicles going to Europe.

是的，R2 和 R3 車輛從一開始就完全是按照歐洲的實際情況進行架構設計和設計的，並充分考慮了歐洲市場。我們認為它們都非常適合歐洲市場。我們尚未公佈歐洲時間。但這確實是該計劃的核心部分，也是我們決定在格魯吉亞建廠的關鍵因素，因為格魯吉亞的車輛出口到歐洲非常方便。

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

So just on free cash flow, how are you thinking about working capital in the fourth quarter relative to the strong source of cash contributions in the second and third quarters. And I know it was previously indicated that we should expect CapEx to run higher next year. Is there any dimensioning you can share in that increase.

那麼就自由現金流而言，相對於第二季和第三季強勁的現金流入，您如何看待第四季的營運資本？我知道之前已經有人指出，明年資本支出預計會更高。關於此次成長，您能否分享一些具體細節？

Sure. As we look at the fourth quarter as implied by our guidance, we do expect to see a step-up in our capital expenditures (inaudible) and then as you rightfully called out, we've seen strong favorability in working capital trends throughout the first three quarters of this year, we'll see that reverse a little bit, in the fourth quarter and where we expect working capital to consume cash in the fourth quarter.

當然。根據我們的業績指引，展望第四季度，我們預計資本支出將有所增加（聽不清楚），正如您所指出的，今年前三個季度營運資本趨勢表現強勁，但第四季度情況將略有逆轉，我們預計營運資本將在第四季度消耗現金。

And then as we look at the working capital outlook for 2026, as we build up inventory for R2, we expect working capital overall for 2026 to be a use of cash. And we'll see that normalize as we ramp and get to our run rate levels overall.

然後，當我們展望 2026 年的營運資金前景時，隨著我們為 R2 建立庫存，我們預計 2026 年的整體營運資金將以現金形式使用。隨著我們逐步提高產量並達到整體運作水平，這種情況將會逐漸正常化。

And as Javier mentioned, very focused on making sure that we have very lean operations in normal as we look at the broad-based inventory outlook for the business in the longer term. We'll provide more details on the 2026 CapEx outlook on our Q4 earnings call. So we'll circle back with more details there. But as RJ mentioned, that would be additional capital to start vertical construction for the Georgia facility that would be reflected in our 2026 CapEx spend.

正如 Javier 所提到的，我們非常注重確保在正常情況下保持精簡的運營，同時著眼於業務的長期整體庫存前景。我們將在第四季財報電話會議上提供更多關於 2026 年資本支出展望的細節。所以我們會稍後再補充更多細節。但正如 RJ 所提到的，這將需要額外的資金來啟動喬治亞州工廠的垂直建設，這將反映在我們 2026 年的資本支出中。

Understood. That makes sense. So my follow-up, with respect to the mix tranche of BW investment, the $1 billion in equity, this is tied to two scopes of successful winter testing, I believe. Do you expect the testing to take place this winter or late next year? Just curious on the time there.

明白了。這很有道理。所以，關於BW投資的混合部分，也就是10億美元的股權投資，我認為，這與兩項成功的冬季測試有關。您預計測試會在今年冬天進行還是明年年底進行？只是好奇那裡的停留時間。

We don't plan to comment on exact timing. But as you heard me talk about in my prepared remarks, we're confident in our ability to achieve the $1 billion of equity investment from Volkswagen Group in 2026.

我們不打算對具體時間發表評論。但正如你們在我事先準備好的演講稿中聽到的那樣，我們有信心在 2026 年獲得大眾汽車集團 10 億美元的股權投資。

Ben Kallo, Baird.

本卡洛，貝爾德。

So maybe two parts with R2 coming. I know, RJ, you've talked about $45,000. Can you just talk about your philosophy around pricing (inaudible) and other Tesla models, they would release the highest trim if we want to call it that, first and then kind of scale down from there as the market expands. But can you think about -- can you talk to us about pricing and how you set that versus cutting it in the future, considering the -- for now, at least at normal, it seems like supply could be limited?

所以可能會分成兩個部分，R2會陸續推出。我知道，RJ，你之前說過要付45000美元。您能否談談您的定價理念（聽不清楚）以及其他特斯拉車型？他們會先推出最高配置版本（如果我們要這樣稱呼的話），然後隨著市場擴張，逐步降低配置等級。但是，您能否考慮一下——您能否和我們談談定價以及您如何設定價格，而不是在未來削減價格，考慮到——至少目前看來，供應可能會受到限制？

And then how that ties into the Georgia plant and R2 because it seems like you have a lot going on in bed pricing kind of differentiating the R2 in a short amount of time.

然後，這與喬治亞州工廠和 R2 有什麼關係？因為看起來你們在床定價方面做了很多事情，需要在短時間內讓 R2 脫穎而出。

In the early part of next year, we're going to have an R2 event where we'll go through the full portfolio of R2 products, which would include the different pricing levels across trim and powertrain configuration -- and so of course, as you called out, when we're starting a production line of a new vehicle, we're going to limit the number of variants that we're building and so we have a launch addition for the R2 and -- this is a classic challenge because there's the thousands and thousands of people that are excited for R2.

明年年初，我們將舉辦一場 R2 活動，屆時我們將全面展示 R2 產品系列，包括不同配置和動力系統的不同價格級別——當然，正如您所指出的，當我們開始生產一款新車時，我們會限制我們生產的車型數量，因此我們為 R2 推出了首發車型——這是一個經典的挑戰，因為成千上萬的人都對 R2 充滿期​​待。

Some will want the most base version, the lowest priced version. Others are going to want the highest end versions, some will want something in the middle. And so we spent a lot of time really thinking around what's the right version to launch with.

有些人會想要最基本的版本，也就是價格最低的版本。有些人會想要最高階的版本，有些人會想要中階的版本。因此，我們花了很多時間認真思考哪個版本才是最適合的發布版本。

And so we've -- well, I'm not going to provide the pricing, what that is here, I'll say that it's a dual motor variant, and that's well appointed, but it's not intended to be our most expensive version, but it is intended to be a very nicely set up vehicle, which we think will make the most people the most happy, which is really the goal we had in selecting our launch configuration.

所以，我們——嗯，我不會透露價格，我只能說這是一個雙電機版本，配置齊全，但它並不是我們最貴的版本，而是我們精心打造的一款車型，我們認為它會讓最多的人感到最滿意，這正是我們選擇首發配置的初衷。

But as implied, following the initial ramp-up with that launch configuration will then add in the other trims and other configurations, which at that event, I referenced earlier, we'll go through that in the early part of 2026 and talk about when those different trims are going to be available.

但如同先前所提到的，在最初的上市配置之後，我們將增加其他配置和版本。在 2026 年初的活動中，我們將詳細介紹這些配置和版本，並討論它們何時上市。

And my follow-up is along the same lines. Just in terms of marketing versus advertising, versus cutting price to figure out the market size. How do you guys think about where advertising fits in? Because a lot of the questions are focused about on other OEMs retrenching not going down the path of EVs or doing hybrid electric. And so is there something that you guys can do through advertising or marketing to distinguish that not all EVs are built alike?

我的後續問題也與此類似。僅就行銷與廣告宣傳、以及透過降價來摸清市場規模而言。你們覺得廣告應該在什麼位置？因為很多問題都集中在其他汽車製造商縮減規模、不走電動車或不做混合動力車這條路上。那麼，你們能否透過廣告或行銷手段來表明，並非所有電動車都是一樣的？

Yes. It's an awesome question. And so I mean, ultimately, the question is getting at this point of awareness, awareness of what R2 is and awareness of Rivian as a brand. And some of that will naturally come just from the presence of R2 on the roads and having more people have access to it, the brand becoming much more accessible because of a much lower price point and some of the same word of mouth that's benefited the brand to date with R1.

是的。這是一個很棒的問題。所以我的意思是，歸根結底，問題在於如何提高人們的認知度，讓他們了解 R2 是什麼，以及 Rivian 這個品牌。其中一些成長自然會來自 R2 在道路上的出現，以及更多人能夠接觸到它，由於價格更低，該品牌變得更加容易獲得，再加上 R1 迄今為止所獲得的口碑傳播，也會帶來一些增長。

But beyond just the existence of the product, the presence of it on the roads and the positive dynamics associated with word of mouth, we are putting a lot of thought into exactly how we'll launch different campaigns of the vehicle that's putting in unique places making sure that it's -- whether those are physical activations that are temporary in nature, physical activations that are through partnerships with other entities is which -- is it going to show up at a ski resort?

但除了產品本身的存在、在道路上的出現以及口碑傳播帶來的積極影響之外，我們還在認真思考如何開展不同的宣傳活動，將車輛放置在獨特的地點，確保它能夠——無論是臨時性的實體活動，還是通過與其他實體合作開展的實體活動——比如，它是否會出現在滑雪勝地？

Is it going to show up at a restaurant, these types of decisions to the more digitally focused marketing spend that allows people to see and experience the vehicle.

它會出現在餐廳嗎？這類決定取決於更注重數位化行銷的支出，以便讓人們能夠看到和體驗車輛。

And we've historically not really relied heavily on paid marketing, and that's certainly -- it's been a decision, but it's also, I think there's an opportunity there for us to be thoughtful and highly measured but thoughtful in how we deploy dollars into driving awareness. So folks know about this really incredible product that we developed.

我們歷來都沒有真正大量依賴付費行銷，這當然是一個決定，但我認為這也是一個機會，讓我們能夠深思熟慮、謹慎行事地運用資金來提高知名度。所以大家都知道我們開發的這款非常棒的產品。

Philippe Houchois, Jefferies.

Philippe Houchois，傑富瑞集團。

Yes. My question was on -- so it's clear on tariff and thanks for the clarification that it's a negative still, but lesser negative than you would have been six months ago. What has become a net positive, though, compared to the past of $50 is weaker and import duties into Europe are going to go from 10 to 0, and I'm just wondering to what extent it has kind of shifted your thinking on Europe. I know you talked about Europe and R2, R3 are well suited for the market, I would agree. And does it make sense to think about a faster rollout into Europe and potentially also a bigger scale?

是的。我的問題是關於——所以關稅方面很清楚，感謝你的澄清，它仍然是負面的，但比六個月前的負面影響要小。不過，與過去 50 美元的匯率相比，淨利好因素有所減弱，而且歐洲的進口關稅將從 10 降至 0，我只是想知道這在多大程度上改變了你對歐洲的看法。我知道你談到了歐洲，R2、R3 非常適合市場，我同意。那麼，考慮加快在歐洲的推廣速度，並有可能擴大規模，是否有意義？

And if you think about the potential of the market, is it still appropriate to try to do a direct selling from the US exports? Or does it make sense to try to use local distribution and dealers in Europe as a separate business model?

如果你考慮到市場的潛力，現在嘗試直接從美國出口進行銷售是否仍然合適？或者，嘗試在歐洲採用本地分銷和經銷商作為一種獨立的商業模式是否可行？

Yes, the impact of a 0% export tariff is certainly something we've been quite enthusiastic about, and we're pleased to see. And it has -- as you pointed out, it hasn't had as much attention as we think it deserves. And -- and so while -- as I said before, we haven't announced the timing for when we're going to be exporting to Europe. It's certainly part of our own calculus on deciding when we add that layer of complexity to the business. recognizing that we have a lot of demand here in the United States, and we want to make sure we achieve critical mass for this large pool of demand that we have here in the US.

是的，0%出口關稅的影響確實是我們非常關注的，我們也很高興看到它的效果。正如你所指出的，它並沒有得到我們認為它應得的關注。因此，正如我之前所說，我們還沒有宣布何時開始向歐洲出口。當然，在決定何時為業務增加這一複雜層面時，這確實是我們自身考量的一部分。我們意識到，我們在美國擁有龐大的需求，我們希望確保能夠滿足美國這龐大的需求群體，達到臨界規模。

But at the same time, as you said, without a tariff to now bring our vehicles from the United States to Europe, there is a real opportunity to get into Europe sooner. And so these are the types of things we're thinking about, but we haven't yet said exactly when we'll be in Europe.

但同時，正如你所說，現在從美國向歐洲運輸車輛無需繳納關稅，這確實為我們更快進入歐洲市場提供了機會。所以這些都是我們正在考慮的事情，但我們還沒有確切地說出我們何時會去歐洲。

Right. And if I can do a follow-up. I think you've been quite efficient in delivering the R2 development on time, and that congratulations for that. Can you remind us what kind of time lag we might expect between R2 hitting the road and then R3? Is it 12, 18 months, 24 months?

正確的。如果我可以做個後續報道的話。我認為你們在按時完成 R2 開發方面效率很高，對此我表示祝賀。能否提醒我們一下，R2 上路和 R3 上路之間大概會間隔多久？是12個月、18個月還是24個月？

What's the time frame there?

時間跨度是多久？

We haven't announced R3 yet in terms of timing. But what we have said is that R3 will be produced only in our Georgia facility. We're not planning to produce that in our (inaudible) facility. And the Georgia facility, we have said is launching in late 2028. And so it would be no sooner than the launch of that facility in Georgia.

我們尚未公佈 R3 的具體發佈時間。但我們說的是，R3 將只在我們位於喬治亞州的工廠生產。我們不打算在我們的（聽不清楚）工廠生產那種產品。我們之前說過，喬治亞州的工廠將於 2028 年底投產。因此，最快也要等到喬治亞州的那個設施投入使用。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，坎托·菲茨杰拉德。

Wonderful. Congrats on all the progress. RJ, I think most of my questions have been asked. I do want to maybe go back to a subject which I believe you're quite passionate about, which is autonomy I guess with the rapid acceleration and deployment of self-driving vehicles, both in passenger vehicles and commercial vehicles, I'm curious if maybe you can give us perhaps a little bit more into your vision for Rivian's approach. And I realize we probably get a lot of these answers in the AI day coming up.

精彩的。祝賀你們取得的所有進展。RJ，我覺得我的問題大部分都已經被問過了。我想回到您非常熱衷的一個主題，那就是自動駕駛。隨著自動駕駛汽車（包括乘用車和商用車）的快速發展和部署，我很好奇您是否可以更詳細地談談您對 Rivian 的發展方向的願景。我知道我們可能會在即將到來的AI日上得到很多這類問題的答案。

But curious if you see a scenario where Rivian might pursue -- is more likely to pursue perhaps a robotaxi partnership with a vendor or perhaps pursue autonomy in commercial vehicles, maybe even with the EDVs. Any thoughts there?

但我很好奇，您是否認為 Rivian 更有可能採取的策略是——或許是與供應商合作開發無人駕駛計程車，或者在商用車領域，甚至在電動車輛領域，追求自動駕駛技術。大家有什麼想法嗎？

Yes. Well, first, thanks for the plug for our Autonomy Day on December 11. We're incredibly excited about that. We're going to be going into a lot of detail there and talking about a number of things that we've not yet talked about publicly and unveiling a lot of the technology behind what we're building and what we've been focused on over the last several years to enable this. But I guess, first at the highest level, this is an area of the business, and this is a technology drive within our business that we think is going to be among the most important for transportation.

是的。首先，感謝你們宣傳我們12月11日的自主日。我們對此感到無比興奮。我們將深入探討許多細節，談論一些我們尚未公開談論過的事情，並揭開我們正在構建的產品背後的許多技術，以及我們在過去幾年中為實現這一目標所關注的技術。但我想，首先從最高層面來看，這是我們業務的一個領域，也是我們業務中的一項技術驅動力，我們認為它將成為交通運輸領域最重要的驅動力之一。

And so it represents one of the largest investment areas for us as a company. It represents one of the most focused R&D efforts for us as a company. And as you already said, it captures a tremendous amount of excitement from us as a business and certainly for me.

因此，它代表了我們公司最大的投資領域之一。這代表了我們公司最專注的研發工作之一。正如你剛才所說，它讓我們公司，當然也包括我個人，都感到非常興奮。

As I said earlier though, in terms of the applications for autonomy, it is very wide-ranging. We think it's going to become a very powerful driver of sales -- and when you think about the products we're launching, particularly with R2 and R3, the form factor of those vehicles is so universally useful.

正如我之前所說，就自主化應用而言，其應用範圍非常廣泛。我們認為它將成為銷售的強大驅動力——想想我們即將推出的產品，特別是 R2 和 R3，這些車輛的外形尺寸具有非常普遍的實用性。

So it's universally useful for a personally owned vehicle, it's universally useful for a vehicle that's going to -- that might participate in any form of ridesharing services. It's university applicable in the United States and in Europe. And so layering on top of that already very interesting vehicle in terms of form factor, package, pricing, very high levels of autonomy, where we start to look at well beyond hands-off wheelies on road, but into hands-off wheel. eyes off-road, point-to-point navigation, so address to address.

因此，它對個人擁有的車輛具有普遍的實用性，對可能參與任何形式的共乘服務的車輛也具有普遍的實用性。它在美國和歐洲的大學都適用。因此，在這款本身就非常有趣的汽車（就外形、配置、價格、高度自動駕駛而言）的基礎上，我們開始著眼於遠不止在道路上實現脫手翹頭，而是實現越野脫手、點對點導航，即從一個地址到另一個地址。

We look at that as a really significant driver of demand and what will unlock a lot of folks that may not have you been considering Rivian or an EV, but to say, wow, I really like this car, but I also really like the fact that it can do -- it can give me my time back.

我們認為這是一個非常重要的需求驅動因素，它將吸引許多原本可能沒有考慮過 Rivian 或電動汽車的人，讓他們說：“哇，我真的很喜歡這輛車，但我也很喜歡它能做到的事情——它可以幫我節省時間。”

It can drive places with me sitting in the car on my phone, getting my time back. And so that is our north star. It's not that we will be able to start immediately there. But what we'll talk about on December 11 will be what that road map looks like.

它可以載我去任何地方，而我可以坐在車上玩手機，把我的時間還給我。這就是我們的北極星。並不是說我們能立刻在那裡開始。但我們12月11日要討論的是，這個路線圖究竟是什麼樣子。

First, expansion of the number of roads that we have hands free on, then overlaying that with point-to-point address to address navigation and then following that, adding in for select specific environments, hands off and eyes off, which is an important one and then over time, growing the number of locations and broadening the operational design domain for where the vehicle can operate with eyes off. And so that is like the core focus for us as a business and doing that well will unlock up, as you already alluded to, many different types of businesses that will support what we already build on our commercial business, which we're quite excited about.

首先，擴大我們實現免手持駕駛的道路數量，然後將其與點對點地址定位導航相結合，接著，針對特定環境增加免手持和免視線駕駛功能（這很重要），然後隨著時間的推移，增加地點數量，並擴大車輛可以免視線駕駛的操作設計範圍。因此，這就像是我們業務的核心重點，正如您剛才提到的，做好這一點將釋放出許多不同類型的業務，這些業務將支持我們已經建立的商業業務，我們對此感到非常興奮。

It opens up opportunities for robotaxi, but importantly, by far away, the largest revenue opportunity. is consumer-owned vehicles or vehicles owned by household that represents well in excess of 95% of the miles driven in the United States. And that's largely true for Europe as well.

它為無人駕駛計程車開闢了機遇，但更重要的是，迄今為止最大的收入機會在於消費者擁有的車輛或家庭擁有的車輛，這占美國行駛里程的95%以上。歐洲的情況也基本如此。

And so that's our core focus to start. But to be very, very clear, the technology can be applied in many, many different places.

所以，這就是我們最初的核心重點。但需要非常明確地說，這項技術可以應用在許多許多不同的地方。

Wonderful. That's super helpful. I really appreciate all that color. Maybe just as a quick follow-up, one for Claire, I don't believe this has been asked about yet. But just on the DOE loan -- can you maybe just remind us or refreshes kind of your expectations from four withdrawals for next year or and beyond?

精彩的。這太有幫助了。我非常喜歡這些色彩。也許可以快速補充一下，這個問題是問克萊爾的，我相信還沒有人問過這個問題。但就能源部貸款而言——您能否提醒我們一下，或重申您對明年及以後四次提款的預期？

Sure. The DOE loan, if you recall, it's a project-based finance loan, which means that we would need to be underway with vertical construction of our site in Georgia and have also met at that point in time for first advance a number of different conditions, precedents ahead of initial draw.

當然。如果你還記得的話，能源部貸款是一筆基於專案的融資貸款，這意味著我們需要在喬治亞州開始進行場地垂直建設，並且屆時還需要滿足一些不同的條件和先決條件才能獲得首筆預付款。

As RJ alluded to, we plan to begin vertical construction in 2026 and see the first vehicles coming off of the line by the end of 2028.

正如 RJ 所暗示的那樣，我們計劃於 2026 年開始垂直建設，並在 2028 年底看到第一批車輛下線。

Colin Langan, Wells Fargo.

柯林‧蘭根，富國銀行。

If I look at the midpoint of guidance, it implies adjusted EBITDA is actually improving into Q4. But the midpoint on delivery guidance will be down. So what would drive better Q4 EBITDA and lower volumes?

如果我看一下業績指引的中點，這意味著調整後的 EBITDA 實際上在第四季度有所改善。但交付預期中位數將會下調。那麼，什麼因素會導致第四季 EBITDA 成長而銷售下降呢？

Sure, Colin. As you think about the trajectory for the fourth quarter overall, -- we anticipate seeing consistent level of EDV volume as a whole as you look to Q4, our results. And the EDV has historically had a lower cost basis associated with it as well. So that's one factor.

當然可以，科林。展望第四季的整體發展軌跡，我們預計第四季整體 EDV 銷量將保持穩定水平，這是我們的業績。而且，EDV 的成本基礎歷來也較低。這是其中一個因素。

And then the other factor is, as we look ahead to the future, is we'll continue to earn increasing levels of background revenue associated with our background IP for the Volkswagen Group joint venture as we continue to show progress against key milestones in the JV as similar to what you've seen throughout the course of Q3 relative to Q2, there could be incremental improvement in terms of the gross profit benefit from software and services as well.

展望未來，另一個因素是，隨著我們在與大眾汽車集團合資企業的關鍵里程碑方面不斷取得進展，我們將繼續從與大眾汽車集團合資企業相關的背景智慧財產權中獲得不斷增長的背景收入。正如您在第三季相對於第二季所看到的那樣，軟體和服務帶來的毛利收益也可能會逐步提高。

And then in my prepared remarks, I had mentioned on the SG&A side, we do expect to see a slight reduction in our SG&A spend in the fourth quarter.

然後，在我事先準備好的發言稿中，我提到，在銷售、一般及行政費用方面，我們預計第四季度的銷售、一般及行政費用支出將略有下降。

Got it. you talked about regulatory credits, you don't expect any for the rest of the year. Are there any -- as we think about '26, is there any coming in sometimes the contracts or multiyear? Or should we kind of assume things is also doesn't have (inaudible)?

明白了。你剛才提到了監理補貼，預計今年剩餘時間不會有任何補貼。當我們展望 2026 年時，是否會有一些合約或多年合約？或者我們應該假設事情也不存在（聽不清楚）？

Yes. As I mentioned before, we've taken regulatory credits out of our forecast, just given some of the uncertainty in the broader policy environment.

是的。正如我之前提到的，考慮到更廣泛的政策環境存在一些不確定性，我們已經從預測中剔除了監管方面的利益。

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

問答環節到此結束。現在我想把電話轉回RJ，請他做總結發言。

Thanks, everyone, for joining today's call. Hopefully, you can hear in our voices, just the level of excitement that we have for R2. And importantly, the technology platforms that we're building certainly, our autonomy platform being chief among them. We've got a lot of work to do in front of us as we get ready for the launch of R2. But as I said, I've been spending a lot of time in our vehicles, and they are just absolutely incredible, both the vehicle the technology, the autonomous capabilities of the vehicles.

感謝各位參加今天的電話會議。希望你們能從我們的聲音中感受到我們對 R2 的興奮之情。而且更重要的是，我們正在建構的技術平台，其中最主要的是我們的自動駕駛平台。在準備 R2 發布之際，我們還有很多工作要做。但正如我所說，我花了很多時間在我們的車輛裡，它們簡直太棒了，無論是車輛本身、技術還是車輛的自動駕駛能力。

And so we're incredibly excited to spend more time in December 11, talking around our autonomy technology and overall AI within the business and within the vehicles. And then certainly in the early part of next year, starting to get folks in R2 products and that has -- that is what we're heads down on focus. We spent a lot of time talking about the vehicle itself. But the rest of the business is also being prepared. That's all of our go-to-market functions, our service functions.

因此，我們非常興奮能在 12 月 11 日花更多時間，討論我們在業務和車輛中的自動駕駛技術和整體人工智慧。然後，在明年年初，我們將開始讓使用者使用 R2 產品，而這正是我們目前重點關注的領域。我們花了很多時間討論車輛本身。但其他業務也在籌備中。這就是我們所有的市場推廣功能和服務功能。

Of course, as you heard from Javier getting our plant and our operations seems ready. And so we are focused on that and feeling very excited for the launch of the vehicle and for the launch of all this technology that we've talked about today. Thank you, everyone, for joining today's call.

當然，正如哈維爾所說，我們的工廠和運作似乎已經準備就緒。因此，我們專注於此，並對這款車的發布以及我們今天談到的所有技術的發布感到非常興奮。感謝各位參加今天的電話會議。

This concludes today's call. Thank you for joining us. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。