Rivian Automotive Inc (RIVN) 2026 Q1 法說會逐字稿

Good afternoon. Thank you for joining us for Rivian’s first-quarter 2026 earnings call. Today, I’m joined by RJ Scaringe, our CEO and Founder; Claire McDonough; our Chief Financial Officer; and Javier Varela, our Chief Operations Officer.

下午好。感謝各位參加 Rivian 2026 年第一季財報電話會議。今天與我一同出席的有我們的執行長暨創辦人 RJ Scaringe、我們的財務長 Claire McDonough，以及我們的營運長 Javier Varela。

Before we begin, matters discussed on this call, including comments and responses to questions, reflect management’s views as of today. We will also be making statements related to our business, operations, and financial performance that may be considered forward-looking statements under federal securities 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 earnings presentation we filed with the SEC today.

在開始之前，本次電話會議中討論的事項（包括評論與對問題的回應）均反映管理團隊截至今日的觀點。我們也將就本公司的業務、營運與財務表現發表聲明，這些聲明在聯邦證券法下可能被視為前瞻性陳述。此類陳述涉及風險與不確定性，可能導致實際結果出現重大差異。這些風險與不確定性已載於我們向 SEC 提交的文件，以及我們今天向 SEC 提交的財報簡報中。

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 earnings presentation and press release.

在本次電話會議中，我們將同時討論 GAAP 與非 GAAP 財務衡量指標。歷史非 GAAP 與 GAAP 財務衡量指標之間的調節表已提供於我們的財報簡報與新聞稿中。

Just before the earnings call, we posted our earnings presentation, which includes an overview of our progress over the recent months and replaces our shareholder letter. I encourage you to read it for additional details around some of the items we will cover on today’s call. Following our prepared remarks, we will be taking questions from sell-side analysts. In the interest of keeping our call to one hour, we would ask these analysts to limit any follow-on questions to one.

就在財報電話會議開始前，我們已發布財報簡報，其中包含我們近幾個月進展的概述，並取代我們的股東信。我鼓勵各位閱讀該簡報，以取得我們今天電話會議將涵蓋部分議題的更多細節。在我們的準備發言結束後，我們將接受賣方分析師的提問。為了將本次電話會議控制在一小時內，我們請分析師將任何追問限制為一題。

With that, I’ll turn the call over to RJ.

接下來，我把電話交給 RJ。

Thanks, Chip. Good afternoon, everyone, and thanks for joining us for today’s call. Last week, I was thrilled to celebrate the start of saleable R2 production with our team at our plant in Normal, Illinois. It’s an exciting milestone in Rivian’s history and the culmination of all the hard work and energy from so many people across the company.

謝謝你，Chip。各位下午好，感謝大家參加今天的電話會議。上週，我非常高興能與我們在伊利諾州諾默爾（Normal）工廠的團隊一同慶祝可銷售的 R2 正式開始生產。這是 Rivian 歷史上一個令人振奮的里程碑，也是公司許多人付出大量努力與能量的成果。

As I’ve said before, I believe the R2 will be a game changer for our customers and will be a key driver of our company’s long-term growth and profitability. In an American automotive marketplace starved for high-quality EV choice, I believe R2 is an attractively priced option sized for everyday ventures, from school pickups to weekend trips, that is targeting the very popular five-passenger SUV and crossover segment.

如我先前所說，我相信 R2 將為我們的客戶帶來顛覆性的改變，並將成為推動公司長期成長與獲利能力的關鍵動能。在美國汽車市場長期缺乏高品質電動車選擇的情況下，我相信 R2 以具吸引力的定價，提供適合日常出行的車身尺碼，從接送孩子到週末旅行皆能勝任，並鎖定非常受歡迎的五人座 SUV 與跨界車級距。

With R2, we are taking our design, performance, and technology and bringing it to a significantly broader audience without losing what makes Rivian unmistakably Rivian. We’ve started R2 deliveries to our employees, and I have to say, I absolutely love having R2 as my daily driver. I could not be more excited to get this vehicle into the hands of lots of customers starting this spring.

透過 R2，我們把設計、性能與科技帶給更廣泛的受眾，同時不失 Rivian 一眼就能辨識的獨特風格。我們已開始向員工交付 R2，我必須說，我非常喜歡把 R2 當作我的日常用車。我對於從今年春季開始把這款車交到更多客戶手中感到無比興奮。

In developing R2, our team relentlessly focused on achieving structural cost reductions while maintaining the desirability of the product. For R2, our bill of materials is expected to be approximately half of our R1 platform. For non-bond cost of goods sold, we expect to see a reduction of more than 50%, resulting from a focus on design for manufacturing and leverage fixed cost efficiencies through higher production volumes.This is how we expect to profitably deliver R2 at an accessible price point at scale without compromising performance and utility customers love from Rivian.

在開發 R2 的過程中，我們的團隊持續且不懈地專注於在維持產品吸引力的同時，實現結構性的成本降低。就 R2 而言，我們預期其物料清單（BOM）約為 R1 平台的一半。在非債券（non-bond）銷貨成本方面，我們預期可降低超過 50%，主要來自於聚焦可製造性設計（design for manufacturing），並透過更高的產量槓桿固定成本效率。這正是我們預期能在不犧牲客戶喜愛的 Rivian 性能與實用性的前提下，以可負擔的價格、在規模化條件下獲利交付 R2 的方式。

Key design changes for R2 include part eliminations and reductions through the introduction of large die castings, a structural battery pack, a new highly efficient drive unit, the evolution of our next-generation electrical architecture, which removes miles of copper wire, and the consolidation of our high voltage electronics into a single enclosure.

R2 的關鍵設計變更包括：透過導入大型壓鑄件來消除與減少零件、結構式電池組、一套全新高效率驅動單元、我們下一代電氣架構的演進（可移除數英里的銅線），以及將高壓電子元件整合至單一外殼之中。

We are also seeing significant sourcing leverage relative to R1 across a variety of components. As we begin to scale our operations in Normal with R2, we’re very excited to partner with the US Department of Energy to grow our manufacturing footprint in Georgia. R2 provides the opportunity to expand the Rivian brand to millions of drivers.

相較於 R1，我們也在多種零組件上看到顯著的採購規模優勢。當我們開始在諾默爾隨 R2 擴大營運規模時，我們也非常期待與美國能源部合作，擴大我們在喬治亞州的製造版圖。R2 提供了將 Rivian 品牌拓展至數百萬名駕駛者的機會。

As a result, we made the strategic decision to increase the production capacity for the first phase of our Georgia plant by 50%, bringing it to 300,000 units of annual production capacity for our midsize vehicle platform. This change is expected to boost cost efficiency while still providing significant room for future expansion in later phases and support thousands of jobs in Georgia as we grow American manufacturing and work to ensure the US retains its leadership in innovation in technology and transportation. We remain on track for the production of our midsize vehicle platform to begin in Georgia in late 2028.

因此，我們做出策略性決策，將喬治亞州工廠第一期的產能提高 50%，使其中型車平台的年產能達到 300,000 輛。此一變更預期將提升成本效率，同時在後續階段仍保留充足的擴建空間，並在我們擴大美國製造、致力確保美國在科技與交通運輸創新領域維持領先地位的同時，為喬治亞州帶來數千個工作機會。我們仍按計畫，預期於 2028 年底在喬治亞州開始生產我們的中型車平台。

Turning to our technology roadmap, in March, we were excited to announce a new strategic partnership with Uber to accelerate our shared autonomous vehicle goals. In the not-too-distant future, I believe advanced autonomy capabilities will be a key differentiator for customers and the driver of market share. At the core of our third generation autonomy hardware is the Rivian Autonomy Processor, or RAP1. The development of our RAP1 chip is on track. We are progressing well on validation and reliability testing.

接著談到我們的技術路線圖，3 月我們很高興宣布與 Uber 建立新的策略合作夥伴關係，以加速我們共同的自動駕駛車輛目標。我相信在不久的將來，先進自動化能力將成為客戶選擇的關鍵差異化因素，並成為市占率的驅動力。我們第三代自動駕駛硬體的核心是 Rivian Autonomy Processor（RAP1）。我們的 RAP1 晶片開發進度符合預期。我們在驗證與可靠度測試方面進展良好。

Our integrated approach allows our hardware team to rapidly iterate with our software team, and our autonomy feature development is progressing well, and we continue to expect to begin rolling out point-to-point capabilities by the end of the year. Finally, in the coming weeks, we are excited to launch the Rivian Assistant on R1 and R2 vehicles. The Rivian Assistant is our new AI-powered voice assistant that is built to be a digital copilot with integration into the vehicle ecosystem and other external apps.

我們的整合式方法讓硬體團隊能與軟體團隊快速迭代；自動駕駛功能的開發也進展順利，我們仍預期在今年底前開始推出點對點（point-to-point）能力。最後，在接下來幾週，我們很高興將在 R1 與 R2 車款上推出 Rivian Assistant。Rivian Assistant 是我們全新的 AI 驅動語音助理，旨在成為數位副駕，並可整合車輛生態系與其他外部應用程式。

In closing, this quarter, our team has executed across many fronts, laying a strong foundation for the years ahead. As an American automotive technology company, we’re building for a future that we believe will be fully electric, autonomous, and AI defined. With our category defining brand, the launch of R2, which is our first mass market vehicle, vertically integrated and extensible technology, and a direct-to-consumer sales model, I couldn’t be more excited about the opportunity ahead for our customers and for our business.

總結來說，本季我們的團隊在多個面向都有效執行，為未來數年奠定了堅實基礎。作為一家美國汽車科技公司，我們正為一個我們相信將全面電動化、自動化，並由 AI 定義的未來而打造。憑藉我們具類別定義性的品牌、R2（我們第一款大眾市場車型）的上市、垂直整合且可延展的技術，以及直面消費者（DTC）的銷售模式，我對於未來為客戶與公司帶來的機會感到無比振奮。

With that, I’ll pass the call over to Claire to discuss our financial results.

接下來，我把電話交給 Claire，請她說明我們的財務結果。

Thanks, RJ. Good afternoon, everyone. As RJ shared, the start of saleable R2 production and initial employee deliveries are a landmark moment for Rivian. By building R2 in Normal, we are strategically leveraging our existing manufacturing footprint in Illinois to drive greater fixed cost absorption across our entire vehicle portfolio.

謝謝你，RJ。各位下午好。如 RJ 所分享，可銷售的 R2 開始生產以及首批員工交付，對 Rivian 而言是具里程碑意義的時刻。透過在諾默爾生產 R2，我們策略性地運用伊利諾州既有的製造據點，以推動整體車款組合更高的固定成本吸收。

As discussed previously, R2 production is starting with a single shift operation, and we expect to scale to two shifts by the end of 2026 as we ramp towards our North Star target of profitably delivering 4,000 vehicles per week in Normal. Delivering a strong 2026 exit rate for R2 production and deliveries is a key focus for our team, as we believe it will directly translate into positive automotive gross profit for the business.

如先前所述，R2 生產將先以單班制運作開始，我們預期在 2026 年底前擴增至兩班制，並朝向我們的「北極星」目標邁進：在諾默爾以可獲利的方式每週交付 4,000 輛車。為 R2 生產與交付在 2026 年底建立強勁的退出速率（exit rate）是我們團隊的重點，因為我們相信這將直接轉化為公司汽車業務的正向毛利。

Turning to the results for the first quarter, as depicted on slide 11 of the earnings presentation, our consolidated revenue in the first quarter was approximately $1.4 billion, an 11% increase over the same quarter last year. Consolidated gross profit was $119 million, and our gross margin was 9%. Gross profit included $122 million of depreciation and $27 million of stock-based compensation expense. Adjusted EBITDA losses for the first quarter were $472 million, driven by our $119 million of gross profit and increased adjusted operating expenses as we prepare to scale R2 and invest in our autonomy roadmap.

接著看第一季的業績，如財報簡報第 11 頁所示，我們第一季合併營收約為 14 億美元，較去年同期成長 11%。合併毛利為 1.19 億美元，毛利率為 9%。毛利包含 1.22 億美元的折舊費用與 2,700 萬美元的股份基礎給付費用。第一季調整後 EBITDA 虧損為 4.72 億美元，主要反映我們 1.19 億美元的毛利，以及在準備擴大 R2 規模並投資自動駕駛路線圖之際，調整後營運費用增加。

In the first quarter, we produced 10,236 vehicles and delivered 10,365 vehicles, which was the primary driver of our $908 million of automotive revenue. Automotive gross profit loss was $62 million compared to $92 million of gross profit for the same quarter last year, primarily driven by the $100 million decrease in sales of automotive regulatory credits and lower production volumes, which resulted in a $45 million increase in depreciation and stock-based compensation expense combined.

在第一季，我們生產了 10,236 輛車並交付了 10,365 輛車，這是我們汽車營收 9.08 億美元的主要驅動因素。汽車毛利為虧損 6,200 萬美元，相較於去年同期該季度 9,200 萬美元的毛利，主要原因是汽車監管信用額度銷售減少 1 億美元，以及較低的產量，導致折舊與以股份為基礎的薪酬費用合計增加 4,500 萬美元。

While current macro and geopolitical factors are creating added complexity, cost, and uncertainty, our team continues to work hard to manage supply chain risks and offset elevated costs. Our software and services segment reported another strong quarter, as depicted on slide 13. During the first quarter, the segment generated $473 million of revenue, a 49% year-over-year increase, and $181 million of gross profit.

儘管目前的總體經濟與地緣政治因素帶來額外的複雜性、成本與不確定性，我們的團隊仍持續努力管理供應鏈風險並抵銷高企成本。我們的軟體與服務部門再度繳出強勁的一季，如第 13 頁投影片所示。第一季該部門創造 4.73 億美元營收，年增 49%，並實現 1.81 億美元毛利。

$282 million, or approximately 60% of software and services revenue, was attributable to our joint venture with Volkswagen Group. We also experienced strong growth from remarketing and parts and service. During the quarter, we also recognized a $506 million gain in other income in our financials related to the Series A capital raise and related deconsolidation of Mind Robotics from our financial statements. We currently own approximately 38% of Mind Robotics on a shares outstanding basis.

其中 2.82 億美元（約占軟體與服務營收的 60%）來自我們與福斯集團的合資企業。我們在再行銷以及零件與維修服務方面也出現強勁成長。本季我們亦在財報中於其他收入認列 5.06 億美元收益，與 A 輪募資及相關將 Mind Robotics 自合併財務報表中除列（deconsolidation）有關。目前以流通在外股份計算，我們持有 Mind Robotics 約 38% 的股權。

Looking at our balance sheet, we ended the quarter with approximately $4.8 billion of cash equivalents, and short-term investments. With regard to our funding roadmap, in 2026, we expect to receive a total of $2.55 billion of capital from our strategic partners.

從資產負債表來看，我們在季末持有約 48 億美元的現金等價物與短期投資。就我們的資金規劃路徑而言，2026 年我們預期將自策略合作夥伴取得合計 25.5 億美元的資金。

Today, we received $1 billion from Volkswagen Group in exchange for equity following successful completion of the winter testing milestone by RV Tech. The testing program spanned several months, utilizing reference vehicles from the Volkswagen, Audi, and Scout brands.

今天，在 RV Tech 成功完成冬季測試里程碑後，我們已自福斯集團收到 10 億美元，以換取股權。該測試計畫歷時數月，使用福斯、奧迪與 Scout 品牌的參考車輛。

Later this quarter, we expect to receive $300 million from Uber in exchange for equity related to the signing of our partnership agreement, subject to certain conditions. And later this year, we expect to receive $1 billion in non-recourse debt from Volkswagen Group and an additional $250 million from Uber in exchange for equity, subject to the completion of certain milestones and conditions related to robotaxi development. As outlined on slide 14, this brings total available liquidity and expected capital in 2026 of nearly $8 billion.

本季稍晚，我們預期將自 Uber 收到 3 億美元，以換取與簽署合作夥伴協議相關的股權，惟須符合若干條件。而在今年稍晚，我們預期將自福斯集團取得 10 億美元的無追索權債務融資，並自 Uber 另外取得 2.5 億美元以換取股權，惟須完成與 robotaxi 開發相關的若干里程碑與條件。如第 14 頁投影片所述，這使得 2026 年可用流動性與預期資金總額接近 80 億美元。

Additionally, we’re very excited to partner with the US Department of Energy to grow our US manufacturing footprint. The up to $4.5 billion DOE loan, which consists of approximately $4 billion of principal and approximately $500 million of capitalized interest, provides low cost financing for our 300,000 unit capacity greenfield expansion in Georgia, bringing Rivian to meaningful scale. We expect the 515,000 total units of capacity between our Illinois and Georgia plants will provide Rivian a path to free cash flow positive once fully ramped. We expect to draw on the loan by early 2027, subject to certain conditions.

此外，我們也非常期待與美國能源部（DOE）合作，擴大我們在美國的製造版圖。最高可達 45 億美元的 DOE 貸款（包含約 40 億美元本金與約 5 億美元資本化利息）為我們在喬治亞州進行年產能 30 萬輛的綠地擴建提供低成本融資，使 Rivian 得以達到具規模的量體。我們預期伊利諾伊州與喬治亞州兩座工廠合計 51.5 萬輛的總產能，在全面爬坡後將為 Rivian 提供邁向自由現金流轉正的路徑。在符合若干條件下，我們預期將於 2027 年初開始動用該筆貸款。

Two weeks ago, our Normal factory sustained damage from a tornado. I’m proud of the way our teams have rallied together to get production back up and running while we repair the damages. Despite the weather impact, our 2026 guidance remains unchanged. We continue to expect full year deliveries of between 62,000 and 67,000 total vehicles across R1, R2, and our commercial vans.

兩週前，我們位於 Normal 的工廠遭龍捲風造成損害。我為團隊齊心協力、在修復損害的同時讓產線恢復運作的表現感到自豪。儘管受到天候影響，我們對 2026 年的指引維持不變。我們仍預期全年交付量介於 62,000 至 67,000 輛，涵蓋 R1、R2 以及我們的商用廂型車。

We also continue to expect to deliver approximately 9,000-11,000 vehicles in Q2 as we expect the ramp of R2 deliveries will be back half weighted. While we continue to believe our gross profit will increase year-over-year, we expect the complexity of a new vehicle launch will negatively impact our automotive gross profit in the second and third quarters before becoming a benefit for our overall operations in the fourth quarter as we ramp production and deliveries.

我們也仍預期第二季交付約 9,000–11,000 輛，因為我們預期 R2 交付爬坡將偏向下半年。雖然我們仍相信毛利將年增，但我們預期新車上市的複雜性將在第二與第三季對汽車毛利造成負面影響；待第四季隨著產量與交付爬坡，將轉而對整體營運帶來助益。

As a reminder, we believe this is a transition year for the automotive segment’s path towards long-term profitability as we scale R2. For 2026, we continue to expect an Adjusted EBITDA loss of between $2.1 billion to $1.8 billion. While economic and geopolitical conditions, including supply chain and international conflicts, pose risks, we remain steadfast in our plans to invest behind key growth drivers. We continue to progress our autonomy roadmap and the expansion of our sales and service footprint as we scale with R2. We believe these strategic investments will deliver long-term value to our shareholders.

提醒一下，我們認為今年是汽車部門在擴大 R2 規模、邁向長期獲利能力過程中的過渡年。對於 2026 年，我們仍預期調整後 EBITDA 虧損介於 21 億至 18 億美元。儘管經濟與地緣政治情勢（包括供應鏈與國際衝突）帶來風險，我們仍堅定依計畫投入關鍵成長驅動因素。我們持續推進自動駕駛路線圖，並在隨 R2 擴張之際擴大銷售與服務據點。我們相信這些策略性投資將為股東帶來長期價值。

Finally, for 2026, we are maintaining our capital expenditure guidance of $1.95 billion to $2.05 billion. Our CapEx spend primarily relates to finalizing construction and tooling for R2 in Normal, the continued build out of our sales, service, and charging infrastructure, and kicking off construction of our greenfield plant in Georgia.

最後，針對 2026 年，我們維持資本支出指引在 19.5 億至 20.5 億美元。我們的資本支出主要用於完成 Normal 廠 R2 的建設與工裝（tooling）、持續擴建銷售、服務與充電基礎設施，以及啟動喬治亞州綠地工廠的建設。

In closing, I’d like to congratulate our teams again for the successful start of salable R2 production and the strong execution in the first quarter. We continue to believe that R2 and our technology roadmap will be truly transformative for the growth and profitability of our business.

總結來說，我想再次祝賀我們的團隊成功啟動可銷售的 R2 量產，並在第一季展現強勁的執行力。我們仍相信 R2 與我們的技術路線圖將真正為公司成長與獲利能力帶來變革性的影響。

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

我想把電話交回給接線員，開放 Q&A。

(Operator Instructions)

（接線員指示）

Shreyas Patil, Wolfe Research.

Wolfe Research 的 Shreyas Patil。

Maybe first, just picking up on a comment that you made earlier, Claire. If you could help give us some more color on some of the actions you’re taking to mitigate the increase in commodity costs and some of the metals prices that we’ve seen increase recently. What’s been the magnitude of increase, if you could help frame that?

也許先接續你先前的評論，Claire。你能否再多提供一些細節，說明你們正在採取哪些行動，以緩解大宗商品成本上升，以及我們近期看到部分金屬價格上漲所帶來的影響？如果可以的話，這波上漲的幅度大概有多大，能否也幫我們框定一下？

Well, thanks, Shreyas, for the question. Yeah, we’re spending a lot of time, of course, focused on all the changes that are happening from a supply chain point of view. In terms of raw materials and some of the cost of metals, specifically aluminum, this has been a big focus for us.

謝謝你的提問，Shreyas。是的，當然我們花了很多時間聚焦在供應鏈角度正在發生的各種變化。就原物料與部分金屬成本而言，特別是鋁，這一直是我們的重點關注項目。

Fortunately, We’ve grown our sourcing team and evolved our sourcing team over the last handful of years, where supply chain continues to be an area where there’s a lot of unknowns, there’s a lot of variability, and a lot of a need for us to be very hands-on and very proactive. And so we’ve been proactive in both our relationship with existing suppliers, but also in making sure we have, particularly in some of these key commodities, alternative sources of supply.

所幸的是，過去幾年我們擴編並強化了採購團隊；供應鏈仍是一個充滿未知、變動性很大、且需要我們非常深入參與並主動因應的領域。因此，我們不僅在與既有供應商的合作關係上採取主動作為，也確保在一些關鍵大宗商品上，特別是這些品項，我們擁有替代供應來源。

Okay, great. And then maybe, Claire, just to clarify, I think you had made a comment about how -- when Normal and the Georgia facility are fully ramped, you’d be getting to free cash flow positive. I just want to make sure if I understood that correctly.

好的，很棒。接著也許，Claire，我想確認一下，我記得你提到——當 Normal 與喬治亞州的設施都完全爬坡後，你們將能達到自由現金流轉正。我只是想確認我是否理解正確。

And if that’s the case, that could be quite a while from now. Maybe just help us understand sort of the trajectory of CapEx, maybe near term, but then also as you kind of think ahead and you start to kind of put more in the ground at Georgia.

如果是這樣，那可能還要相當一段時間。也許請你協助我們理解資本支出的軌跡：短期可能會如何變化，以及當你往前看、開始在喬治亞州投入更多建設時，資本支出會如何演進。

Sure. Shreyas, the comment that I made on the Rivian’s ramp of its Normal facility plus Georgia facility is what takes Rivian to free cash flow positive in the future. As we talked a little bit about in our prepared remarks, importantly, we have the $4.5 billion of capital from the Department of Energy loan, which provides up to 80% loan to value against the build-out of our future Georgia facility.

當然。Shreyas，我先前提到 Rivian 在 Normal 廠與喬治亞廠的產能爬坡，正是讓 Rivian 未來能達到自由現金流轉正的關鍵。如同我們在事先準備的發言中稍微談到的，重要的是，我們有來自美國能源部（DOE）貸款的 45 億美元資金，該貸款可就我們未來喬治亞廠的建置提供最高達 80% 的貸款成數（loan-to-value）。

While we certainly will see an anticipated increase in our capital expenditures as we approach the start of production in Georgia, we do have significant offsets from a capital roadmap, and the $4.5 billion is just one component of the full $13.6 billion of total liquidity and expected capital through both the cash that we have on hand on our balance sheet, the added availability of our ABL facility, and then the expected capital from our partners, with both Volkswagen and Uber, that we expect to receive over the coming years as well.

雖然隨著我們接近喬治亞廠投產時點，資本支出確實預期會增加，但我們也有資本路線圖所帶來的顯著抵銷；而這 45 億美元只是我們總流動性與預期資金（合計 136 億美元）中的一個組成部分，來源包括：資產負債表上現有現金、我們 ABL 額度的新增可用性，以及我們預期在未來幾年也將從合作夥伴（Volkswagen 與 Uber）取得的資金。

Maybe just one quick clarification. The DOE loan, has there been any change to that? I think the original amount was $6.6 billion that was available. Just curious if there any change there.

也許我快速釐清一下。DOE 貸款有任何變動嗎？我記得原本可用的金額是 66 億美元。只是想確認那邊是否有任何變化。

Yeah. Included within our financial release today, we provided an update on the Department of Energy loan. We’ll now have $4.5 billion of loan capacity that will go towards the build-out of our first phase of capacity expansion in Georgia. We’ve also increased the capacity of the Georgia site, the initial capacity from 200,000 units to 300,000 units. And so the comment that I made in my prepared remarks is really the importance of the funding roadmap, especially as we think about the Georgia site specifically taking Rivian to meaningful scale in the future.

有的。在我們今天的財務新聞稿中，我們提供了能源部貸款的最新進展。我們現在將有 45 億美元的貸款額度，用於喬治亞廠第一期產能擴建的建置。我們也提高了喬治亞基地的產能，初始產能由 20 萬輛提升至 30 萬輛。因此，我在事先準備的發言中所強調的，主要是資金路線圖的重要性，尤其是當我們思考喬治亞基地在未來如何把 Rivian 帶到具規模的量產水準。

Joe Spak, UBS.

Joe Spak，UBS。

Claire, just to maybe pick up on the DOE loan part, and to clarify, like, obviously this first phase is an increase from that 200,000 to 300,000. Again, admittedly just being able to skim the document, it does seem like maybe the total project scope is now capped at 300,000 versus before it was supposed to be 200,000 in phase one, 200,000 phase two for 400,000. I want to make sure I understand that and then if that you could still see an opportunity over time to grow further in Georgia.

Claire，我想接續 DOE 貸款的部分並釐清一下：顯然第一期是從 20 萬提升到 30 萬。我承認我只是快速瀏覽文件，但看起來整體專案範疇現在可能上限就是 30 萬；而先前的規劃似乎是第一期 20 萬、第二期 20 萬、合計 40 萬。我想確認我是否理解正確，以及你們是否仍可能隨時間在喬治亞進一步擴張。

The strategic decision that we took was to increase the initial phase of production capacity to the 300,000 units. On our Georgia site, the full initial capacity will be put on the upper pad at the site. We have the lower pad, which is still going to be entirely untouched greenfield for future expansion.

我們做出的策略性決策，是把第一期的初始投產產能提高到 30 萬輛。在喬治亞基地，完整的初始產能將建置在基地的上方平台（upper pad）。我們仍保留下方平台（lower pad），目前將完全維持未開發的綠地（greenfield），以供未來擴建。

Okay. That might be funded more organically in the future, not necessarily with the loan or it’s TBD, I guess. But the loan is really only up for the 300,000, correct?

了解。那未來可能會以更偏向自我造血的方式來資助，而不一定透過這筆貸款，或目前仍待定。但這筆貸款基本上只涵蓋 30 萬的部分，對嗎？

The loan is for the initial phase. The important piece is we’ve increased the loan size associated with the initial phase. As we’ve also scaled the production volume as well.

這筆貸款是用於第一期。重點在於，我們提高了與第一期相關的貸款規模。同時我們也把產量規模一併拉高。

Okay. And then just -- I appreciate the comments on input costs and I guess the other thing that I was wondering about was with tariffs, and this is sort of common bullet with a lot of companies thus far. Can you remind us, like, what you’ve paid in IEPA roundabout over the past year, and have you filed for any reimbursement, and was anything booked in the quarter, related to any potential reimbursements?

了解。另外——我很感謝你們對投入成本的說明；我還想問的是關於關稅，這也是目前很多公司都會提到的共同議題。能否提醒我們，過去一年你們大約支付了多少 IEPA 關稅？你們是否已申請任何退還？以及本季是否有就任何可能的退還進行入帳？

We did not book anything this quarter associated with IEPA tariffs, we do believe that we the recovery of those IEPA tariffs is possible in the future. I contextualize the sizing to be in the tens of millions of dollars in future benefits.

本季我們沒有就 IEPA 關稅入帳任何金額；但我們認為未來有可能回收這些 IEPA 關稅。就規模而言，我會把未來可能帶來的利益描述為「數千萬美元」等級。

Okay. Is that considered at all in your, kind of, area of Outlook or that would be outside? I guess it’s not significant.

了解。這有納入你們的展望區間之中嗎？還是會在展望之外？我猜它並不算重大。

I would characterize it as considered within our current outlook.

我會把它描述為已納入我們目前的展望之中。

Okay. Then just lastly, like I know you talked with Uber, you talked about pulling forward raising R&D in '27. Does any of that work start to seep into to '26 and is there a change to the R&D outlook for this year or it’s really more of a '27 factor?

了解。最後一個問題：我知道你們談到與 Uber 的合作，也提到把 2027 年的研發投入提前。這些工作是否會開始滲透到 2026 年？今年的研發展望是否有變化？還是主要仍是 2027 年的因素？

You’ll see the pace of acceleration increase in terms of the spend towards autonomy in '27, but we’ll certainly see acceleration throughout the course of this year as well. If you look at Q1, our cash R&D expense increased about 22% this year for that quarter. You could directionally think about that as being more of a year-over-year type run rate as we look out over the remainder of the year.

你會看到在 2027 年我們在自動駕駛方面的支出加速幅度更大，但今年的過程中我們也確實會看到加速。如果看第一季，我們的現金研發費用在該季度年增約 22%。就方向性而言，你可以把這視為我們在今年剩餘期間所呈現的較接近年對年（YoY）的運行水準（run rate）。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Just first, going back to the Georgia capacity optimization. Curious if it has any impact on your previous long-term financial targets of 25% gross margin. Maybe on that as well, if you can maybe share your initial kind of takeaways on kind of R2 demand generation since you kind of launched the trims.

首先回到喬治亞產能最佳化。想了解這是否會影響你們先前的長期財務目標——25% 的毛利率。另外，也想請你們分享一下，自從你們推出各個車型版本（trims）後，對 R2 需求帶動（demand generation）的初步觀察。

Thanks, Itay. I think obviously the decision to increase the capacity of the first phase in Georgia coincides with the or I should say, reflects a level of confidence in our products and our business. I think most importantly, we’ve just started production on R2 out of our existing Normal, Illinois, facility, and we’ve had early media events and early customer events, and the level of enthusiasm for the product has just been outstanding.

謝謝你，Itay。我想很明顯地，提高喬治亞第一期產能的決策，與——或者我應該說——反映了我們對產品與業務的信心。最重要的是，我們已經開始在伊利諾州 Normal 的既有工廠生產 R2，也已舉辦了早期媒體活動與早期客戶活動，市場對產品的熱情非常出色。

Everything from the packaging of the vehicle to the way that it drives to the integration of technology, the overall response has been overwhelmingly positive. That bodes extremely well for the ramp-up happening over the course of this year and into next year. But it also sets up a wonderful foundation for us as we think about further capacity on this platform, both for R2, as well as R3 and variants of those vehicles out of the Georgia facility.

從車輛的空間與配置（packaging）、到駕駛感受、到科技整合，整體回饋都極為正面。這對今年以及明年的產能爬坡非常有利。同時，當我們思考在這個平台上進一步擴充產能時——不論是 R2、R3，或是由喬治亞工廠生產的這些車款變體——也為我們奠定了非常好的基礎。

Terrific. Maybe as a follow-up, on the Uber announcement. I’m curious whether the robotaxis themselves that will go into the Uber network will have the kind of exact same hardware set as the personal vehicles. I ask because if you’re going to launch in 2028 in complex domains like San Francisco and Miami, would that not also imply a pretty wide ODD for the personal vehicles if they’re both operating on the same hardware?

太好了。我想追問 Uber 的公告。我很好奇，將投入 Uber 網路的 robotaxi，本身是否會與個人用車採用完全相同的硬體配置。我之所以這麼問，是因為如果你們要在 2028 年於舊金山與邁阿密這類複雜場域上線，若兩者使用相同硬體，是否也意味著個人用車的 ODD（操作設計域）會相當廣？

Yeah, we talked about this during our Autonomy Day late last year. I think it’s important to recognize there’s going to be a whole series of steps we make in terms of progressing towards Level 4. In that series of steps, the first later this year on our consumer vehicles is launching our point-to-point capability. That’s the ability for the vehicle to drive entirely on its own to an address.

是的，我們在去年稍晚的 Autonomy Day 已談過這點。我認為重要的是要理解，我們在邁向 Level 4 的過程中會有一整系列的步驟。在這一系列步驟中，第一個是在今年稍晚於消費者車款上推出我們的點到點（point-to-point）能力。也就是車輛能夠完全自行駕駛到某個地址的能力。

I just -- this week had lots of regular rides internally, and I had a great ride with James and the team, and it’s so exciting to see how much it’s progressed and our technology’s progressed even since our Autonomy Day late last year. We’re very encouraged by this. But that first step of making point-to-point available to customers is going to be a really important step for our consumer vehicles.

我只是——這週在內部做了很多例行試乘，我也和 James 以及團隊一起試乘了一次非常棒的行程，看到它的進展幅度，以及我們的技術甚至自去年年底的 Autonomy Day 以來又進步了多少，真的令人振奮。我們對此非常受到鼓舞。但第一步，也就是讓點對點功能對客戶開放，將會是我們消費者車輛非常重要的一步。

As we continue to go into 2027, we’ll be allowing in specific areas, eyes off, it’s hands-off, eyes off. That’s a Level 3 capability. And then as we go into 2028, as you said, that’s when we’ll have our first deployments of a Level 4 capability in a robotaxi. And in the robotaxi variant, there will be some additional sensing on the vehicle, so it will be different than the pure consumer vehicle. But we are planning to have a personal version of Level 4 as well. We’ve talked about that quite a bit.

隨著我們持續邁入 2027 年，我們將在特定區域允許「視線可離開」，也就是免手控、視線可離開。那是 Level 3 的能力。接著進入 2028 年，如你所說，那時我們將在 robotaxi 上首次部署 Level 4 的能力。而在 robotaxi 版本上，車輛會有一些額外的感測配置，因此會不同於純消費者車輛。但我們也計畫推出個人版本的 Level 4。我們已經談過不少次了。

We think the market for a vehicle that you own being able to completely drive itself, do things like drop you at the airport go to the grocery store, get groceries for you, pick up kids from a sports event. These are really high value, creating activities for the Level 4 capability, and we see them on both robotaxi applications and on personally owned applications.

我們認為，擁有一台你自己擁有、能夠完全自動駕駛的車輛的市場很大——例如把你送到機場後自己去雜貨店、替你買好雜貨、到運動賽事接小孩。這些都是 Level 4 能力非常高價值、能創造價值的活動，我們在 robotaxi 應用與個人擁有的應用上都看得到這些需求。

Dan Levy, Barclays.

Dan Levy，巴克萊（Barclays）。

Wanted to first start with R2 and the path to getting to a positive gross margin, which I think you said would be by the end of the year. Maybe you could just walk through the gating factors. Even with the roadmaps, do you still have the confidence you have the right BOM to achieve this? And what milestones do we need to see to make sure that the production ramp is still on track? What are the sort of most limiting factors that you still have to address on this ramp?

我想先從 R2 以及達到正毛利率的路徑談起，我記得你說會在今年年底前達成。也許你可以帶我們走一遍其中的關鍵門檻因素（gating factors）。即使依照這些路線圖，你仍然有信心目前的 BOM（物料清單）是正確的、足以達成這個目標嗎？另外，我們需要看到哪些里程碑，才能確保產能爬坡仍在軌道上？在這次爬坡過程中，你們仍需要解決的最限制性的因素是哪些？

Yeah. We’ve talked a lot about the cost structure of a vehicle, and a huge component of this is, of course, the bill of materials. The bill of materials, different than the non-bill of materials cost is contractual. These are these are negotiations that happen across hundreds of suppliers, and get very different than when we sourced R1. We went into the R2 sourcing with a lot of momentum and much better supplier leverage. Just the level of confidence and readiness of business and the level of excitement around R2 helped us put together a set of suppliers that are both very enthusiastic but that’s demonstrated through attractive commercial terms.

是的。我們談過很多車輛的成本結構，其中很大一部分當然是物料清單（BOM）。BOM 不同於非 BOM 成本，它是合約性的。這些是與數百家供應商進行的談判，而且與我們當初為 R1 進行採購時非常不同。我們在 R2 採購上帶著很強的動能進場，且對供應商的議價能力也強得多。對 R2 的信心與業務就緒程度，以及市場的興奮度，幫助我們組建了一套供應商組合：他們不僅非常投入，且也透過具吸引力的商業條款展現出來。

As it stands, the bill of materials for R2 is about half that of R1. There’s of course things we can’t predict, like raw material changes and DRAM shortages, but the vast majority of the BOM is very stable and we have a lot of confidence in being able to achieve that the target BOM, which supports the very healthy gross margins we’ve talked about in the past. With regards to the plant, I would like Javier just to comment on some of the progress that’s happening in terms of ramping up over the course of the next several months.

就目前而言，R2 的 BOM 大約是 R1 的一半。當然也有一些我們無法預測的事情，例如原物料變動與 DRAM 缺貨，但絕大多數的 BOM 非常穩定，我們對達成目標 BOM 很有信心，而這也支撐了我們過去談到的非常健康的毛利率。至於工廠方面，我想請 Javier 補充一下未來幾個月在產能爬坡上的一些進展。

Yeah. Thank you, RJ. Indeed, as you explained some minutes ago, we had last week the celebration of the first sellable builds and delivers to customers this week. Very proud of the situation we are achieving now.

好的。謝謝你，RJ。確實，如你幾分鐘前所說，我們上週慶祝了第一批可銷售的整車下線，而本週開始交付給客戶。我們對目前達成的狀態感到非常自豪。

The industrial process is ready. The people is ready as well. We have been through the right training and build cycles. I would say plan is prepared, process are defined, and we are very confident in our capability to deliver.

工業化製程已經就緒。人員也已就緒。我們已完成適當的訓練與試製循環。我會說，計畫已準備好、流程已定義，我們對交付能力非常有信心。

I feel confident as well regarding what is our team in place. We have brought in a group of seasoned leaders that they have done launches back in the past and big experience on that area. We are, on the other hand, managing the supply chain, making sure every supplier scales with us. We have boots on the ground supporting some key suppliers. We are doing this with our mindset in supplier relationship of transparency and collaboration. Resilient, supply chain, agility, and intelligence are key factors for success.

我對我們已到位的團隊也很有信心。我們引進了一批資深領導者，他們過去做過多次產品上市（launch），在這個領域有很深的經驗。另一方面，我們也在管理供應鏈，確保每一家供應商都能與我們一起擴產。我們在一些關鍵供應商現場派駐人員提供支援。我們以透明與協作的供應商關係心態來推進這件事。具韌性的供應鏈、敏捷性與智慧化是成功的關鍵因素。

As a follow-up, RJ, I wanted to double-click on the point you gave in the prior question from Itay Michaeli about getting to L4. You’ll have point-to-point at the end of this year, and you’ll only have the vehicles with the LiDAR end of this year, beginning of next year.

RJ，作為追問，我想更深入釐清你在前一題回覆 Itay Michaeli、關於達到 L4 的那個重點。你們會在今年年底推出點對點，而配備 LiDAR 的車款則會在今年年底到明年年初才會有。

It does seem like there’s probably a lot of testing that has to happen between when you get those cars with the LiDAR out to the point where you have a launch. Just help us understand what the testing curve looks like, what you need to do from when you have the cars with the LiDAR to being able to unlock L4 because it does seem like there’s a lot of miles that have to be driven on that new vehicle?

看起來從那些配備 LiDAR 的車開始上路，到真正能夠正式發佈（launch）之間，可能需要做大量測試。請幫我們理解測試曲線大概長什麼樣子：從你們拿到配備 LiDAR 的車開始，到能解鎖 L4 需要做哪些事情？因為看起來在那台新車上必須累積非常多的行駛里程？

Yeah. I think a really important point to make here is just the way the self-driving system is architected. This is the platform that we’ve launched actually on our Gen 2 R1 vehicles is designed around an end-to-end approach, where we’re building really a, what we call a large driving model, but think of it as a neural net or a foundation model for driving.

是的。我認為這裡一個非常重要的點，是自動駕駛系統的架構方式。我們其實已在第二代 R1 車型上推出的平台，是以端到端（end-to-end）的方法設計；我們正在打造我們所稱的「大型駕駛模型」（large driving model），你可以把它想成用於駕駛的神經網路或基礎模型（foundation model）。

That model is being fed with all of our Gen 2 R1 vehicles and of course, our launch R2 vehicles, and ultimately, as you said, our R2 vehicles that include a LiDAR. Very different than previous architectures around self-driving, where they were rules based and more classically controlled. As you add more perception and as you add more compute, the capability of the model only grows.

這個模型會由我們所有第二代 R1 車輛提供資料餵養，當然也包括我們首發的 R2 車輛，最終也會包括如你所說、配備 LiDAR 的 R2 車輛。這與以往的自動駕駛架構非常不同；過去多是以規則為基礎（rules-based）且較傳統的控制方式。當你加入更多感知能力、加入更多運算能力，模型的能力只會持續成長。

You don’t lose the previous knowledge embedded in the model. In fact, I often sort of compare it to imagine if you learned to drive without vision, and then I handed you a pair of glasses. You wouldn’t forget your knowledge as a driver. You’d just suddenly be able to see and perceive things that you may have missed previously, so you become a better driver.

你不會失去模型中先前已內嵌的知識。事實上，我常用一個比喻：想像你在沒有視覺的情況下學會開車，然後我再給你一副眼鏡。你不會忘記你作為駕駛者的知識。你只是突然能看見並感知到以前可能錯過的事物，因此你會成為更好的駕駛者。

And then imagine we could hand you a 10x multiplier to your compute capability, effectively makes your brain 10 times smarter. Again, you wouldn’t forget what you knew before, but suddenly you’d start to notice new patterns and more nuance in ways that you hadn’t in the past.

再想像我們能把你的運算能力提升 10 倍，等於讓你的大腦變得聰明 10 倍。同樣地，你不會忘記你以前知道的事情，但你會突然開始注意到新的模式，以及過去未曾察覺的更多細微差異。

And so it’s very important to recognize there’s a very fundamental difference in how the model is built today and what we’re creating versus the more AV 1.0 stack, where they were, as I described it, very rules-based and very classically controlled. And so because of that, the data accumulation that’s happened already on R1, and that will continue with the growth in our car park with R2, all feeds into our overall LDM, into this large driving model.

因此，非常重要的是要認知到：今天模型的建構方式與我們正在打造的東西，和較早期的 AV 1.0 堆疊有非常根本的差異；如我所描述的，那些系統非常依賴規則、也非常傳統地以控制為主。也正因如此，R1 上已累積的資料，以及隨著 R2 車隊規模成長而持續累積的資料，都會回饋到我們整體的 LDM，也就是這個大型駕駛模型。

Even as we think about introducing new sensors, things like our LiDAR, this is not as if it’s first on the vehicle when it’s delivered to customers. We have lots of prototypes today that are running with those. If you’re in the Bay Area and happen to be anywhere around Palo Alto, you’ll probably see lots of Rivians with a lot of additional sensors. That’s part of our ground truth fleet that again, is feeding into this large driving model to accelerate the speed at which that model is learning. Think of it as the brain or the speed at which we’re teaching it to drive.

即使我們在思考導入新的感測器，例如我們的 LiDAR，這也不是說車輛交付給客戶時就會是首次搭載。我們目前有許多原型車正在使用這些配置運行。如果你在灣區，剛好在帕羅奧圖附近任何地方，你很可能會看到許多配有大量額外感測器的 Rivian 車輛。那是我們的地面真值車隊的一部分，同樣會把資料回饋到這個大型駕駛模型中，以加速該模型的學習速度。你可以把它想像成大腦，或是我們教它開車的速度。

The work that will go into ultimately launching a customer-facing version of point to point, which today as I said, I was in one of our cars driving around both point to point earlier this week. It’s really exciting. We want to have when it launches to customer, have it be extremely robust. All that work is accretive to what ultimately will be going into our Level 4 platform.

至於最終推出面向客戶的點到點版本所需投入的工作——如我今天所說，我本週稍早就在我們其中一輛車上實際駕駛並體驗了點到點功能。這真的令人振奮。我們希望在對客戶推出時，它能夠極其穩健。所有這些工作都會累積並貢獻到最終納入我們 Level 4 平台的內容。

Andrew Percoco, Morgan Stanley.

Andrew Percoco，摩根士丹利。

Maybe just to start on the commercial side of your business, it looks like Amazon made up almost 50% of your auto revenue in the quarter. A little bit above historical run rates. Can you just maybe talk to what you’re seeing with that relationship and maybe even outside of Amazon, the level of maybe interest you’re seeing in the commercial product since you launched that extended range version of the commercial vehicle?

也許先從你們業務的商用端開始，本季看起來亞馬遜幾乎占了你們汽車營收的 50%。略高於歷史水準。你能否談談你們在這段合作關係中看到的情況？另外，除了亞馬遜之外，自從你們推出商用車的長續航版本後，你們在商用產品上看到的興趣程度如何？

Yeah, our relationship with Amazon continues to be something that we’re very proud of. We’ve spent a lot of time on this program, from its initial kickoff, quite some time ago in 2019 through its initial launch and now ramping, deploying. That’s everything from not only building the vehicles, but on the Amazon side, getting their operations and their infrastructure ready to ingest a lot of EVs.

是的，我們與亞馬遜的合作關係仍然是我們非常引以為傲的一件事。我們在這個專案上投入了大量時間，從 2019 年相當早期的啟動、到初次上市、到現在的爬坡與部署。這不僅包括打造車輛本身，也包括亞馬遜端為了接納大量電動車而讓其營運與基礎設施做好準備。

What we’re now seeing is a reflection of all that work, all the cumulative work that’s happened to date that’s allowing deployment for our van program, within Amazon to grow, as you pointed out, pretty meaningfully. We expect that increased demand for our vans to continue. It’s super rewarding to see. It’s fun to see all the vans on the road. That’s going to continue to ramp up with Amazon.

我們現在看到的，是所有這些工作的反映——截至目前累積的所有努力，使得我們的廂型車專案在亞馬遜內部的部署能如你所指出的那樣，顯著成長。我們預期對我們廂型車的需求增加將會持續。看到這一點非常有成就感。看到路上有這麼多廂型車也很有趣。與亞馬遜的合作將會持續爬坡。

In terms of other customers and other applications, of course, Amazon’s by a few things, agree the largest operator. They’re the ideal lead customer, if you will. There are lots of other opportunities we see. In the immediate term, our focus remains on Amazon and ramping to support them.

就其他客戶與其他應用而言，當然，亞馬遜在幾個面向上都是規模最大的營運商。如果你願意這麼說，他們是理想的首要客戶。我們也看到許多其他機會。短期內，我們的重點仍然放在亞馬遜，以及提升產能以支援他們。

Okay. That makes sense. Maybe just, I just want to ask one more question on the DOE revised loan piece here. I understand that the movement in phase one and upsizing that. I’m curious why you might not want to use the DOE funding for the eventual phase two. Is this something initiated on your end, or did maybe they approach you in terms of revising that? Just kind of curious the thought process around why not tap that low cost funding for the eventual phase two, whenever that comes about.

好的。這很合理。我想再問一個關於 DOE 修訂貸款的問題。我理解第一階段的推進以及規模上調。我好奇的是，為什麼你們可能不想在最終的第二階段使用 DOE 的資金？這是由你們這邊主動提出的，還是他們主動找你們來修訂？只是想了解一下，為什麼不在未來第二階段（無論何時發生）動用那筆低成本資金的思考脈絡。

As I mentioned in my prepared remarks, we’re really excited to partner with the Department of Energy on Rivian’s $4.5 billion loan, which enables thousands of American jobs and helps us establish the US’s strength in technology and manufacturing leadership. The DOE loan is uniquely a very cost efficient form of capital as we spent a little bit of time walking through Rivian’s broader roadmap.

如我在事先準備的發言中提到的，我們非常期待與美國能源部（DOE）就 Rivian 的 45 億美元貸款展開合作，這將創造數以千計的美國就業機會，並協助我們建立美國在科技與製造領導力方面的優勢。DOE 貸款是一種獨特且成本效率非常高的資本形式，我們也花了一些時間說明 Rivian 更廣泛的路線圖。

But specifically, the importance of this $4.5 billion is the funding of Rivian’s scaling its operation up to 515,000 units of overall capacity and the opportunity with that installed capacity base to be free cash flow positive in the future. We’ll continue to be opportunistic as it pertains to our capital roadmap, beyond the components that I have outlined in the existing $13.6 billion of liquidity and total expected capital that we’ve outlined today.

但具體而言，這筆 45 億美元的重要性在於，為 Rivian 將營運規模擴張至總產能 515,000 輛提供資金，並且在這個已安裝的產能基礎上，讓我們未來有機會達到自由現金流轉正。就資本路線圖而言，除了我今天已概述、包含現有 136 億美元流動性以及我們所說明的預期總資本之外，我們仍會保持機會主義、視情況靈活運用。

George Gianarikas, Canaccord.

George Gianarikas，Canaccord。

I know it’s early days, but I was wondering if you could please give us any color on R2 order trends and maybe some color on the conversion ratios relative to previous orders.

我知道現在還很早期，但想請問你是否能提供一些關於 R2 訂單趨勢的資訊，以及相較於先前訂單，轉換率方面的一些說明？

Yeah, George, as you said, it is early days for deliveries the signals I’d be looking at are just the reception around the product and how -- whether it’s expert journalists, automotive journalists or lifestyle journalists or customers that are getting to experience the vehicle.

是的，George，正如你所說，現在談交付還很早期；我會關注的訊號主要是市場對產品的反應，以及——不論是專業記者、汽車媒體記者、生活風格媒體記者，或是能夠實際體驗這台車的客戶——他們的感受如何。

The overall excitement around what we’ve been able to put together in terms of content, features, packaging, just the overall value proposition is really resonating. I’m really pleased with having spent a very large amount of time in the car and it’s my daily driver. I couldn’t be more pleased with the result. The work that the teams did to make something that’s truly remarkable. We had a few journalists say this might be the best vehicle ever made. That’s wonderful for the teams to hear, and it’s really encouraging for us as we get ready to ramp the vehicle.

整體而言，大家對我們在內容、功能、包裝配置，以及整體價值主張上所打造出的成果感到非常興奮，這點確實引起共鳴。我自己花了非常多時間在車上，它也是我的日常用車。我對成果再滿意不過。團隊所做的工作，打造出真正卓越的產品。我們有幾位記者說，這可能是史上製造得最好的車。這對團隊來說是很棒的回饋，也在我們準備讓車型進入爬坡量產之際，給了我們很大的鼓舞。

Maybe just as a follow-up, I just wanted to confirm that the Gen 3 sensor suite was going to be available later this year on the R2?

也許再追問一下，我只是想確認，第三代感測器套件會在今年稍晚於 R2 上提供嗎？

That’s correct. Yeah. The Gen 3 autonomy hardware suite, which is both our in-house RAP1 platform, this is our in-house inference platform, 800 tops per chip. We have two of those chips in the vehicle, it’s extremely powerful. It’s a big increase, roughly a 4X increase relative to the NVIDIA-based platform. The inclusion of LiDAR, as was referenced before, along with some other enhancements across the rest of the perception stack.

沒錯。是的。第三代自動駕駛硬體套件，同時包含我們自研的 RAP1 平台，也就是我們自研的推論平台，每顆晶片 800 TOPS。車上有兩顆這樣的晶片，算力非常強。相較於以 NVIDIA 為基礎的平台，這是一次很大的提升，大約提升 4 倍。也會納入前面提到的 LiDAR，以及在其餘感知堆疊上的一些其他強化。

Mark Delaney, Goldman Sachs.

Mark Delaney，高盛。

Starting on autonomy, I’m hoping you can provide more details on the monetization of Autonomy+ so far and any data points you can share on that, and what that might mean for growth in the software and services business more generally, including if you still think you can grow that segment revenue by about 60% this year?

先從自動駕駛開始，我希望你能提供更多關於 Autonomy+ 目前變現情況的細節，以及你能分享的任何數據點；另外，這對軟體與服務業務更廣泛的成長意味著什麼——包括你是否仍認為今年該分部營收可成長約 60%？

We’re encouraged by what we’re seeing in the as you noted at the start of having paid Autonomy+ and it’s exceeding our own models on this. The take rate’s higher than what we expected. That bodes really well for us as we’re going to be growing the feature set quite significantly over the course of this year. And then the introduction of point-to-point, we think is a major value driver for customers. To be clear, this is as I said, you can put the address for the location you’re going to into the car, and the car will fully drive you there.

我們對目前看到的情況感到鼓舞——如你一開始提到的，付費 Autonomy+ 的表現超出我們自身模型的預期。採用率高於我們原先預估。這對我們非常有利，因為今年我們將大幅擴充功能集合。接著我們認為點到點的導入，對客戶而言是重要的價值驅動因素。說清楚一點，就像我說的，你可以把要去的目的地地址輸入車內，車子就會全程自動把你開到那裡。

Following that, allowing you to go eyes off in highway conditions and ultimately everywhere, that means you get your time back. We’re very bullish on the long-term trajectory to monetize our autonomy on the consumer side. That’s for both hands-off, eyes on, hands-off, eyes off, and then ultimately, Level 4 for personal consumption we see as a really key driver of value in the long term. Now in terms of what that does for our software and services growth, that is going to start to be something we’ll see, but it’s not something that we’re going to be breaking out separately.

在那之後，讓你在高速公路情境下可以把視線移開，並最終在任何地方都能如此，這代表你把時間拿回來了。我們對於在消費者端將自動駕駛能力變現的長期軌跡非常看多。這涵蓋了雙手離開但視線仍在路上、雙手離開且視線也可移開，並且最終達到用於個人使用的 Level 4；我們認為這在長期將是非常關鍵的價值驅動因素。至於這對我們軟體與服務成長的影響，這會開始成為我們會看到的東西，但我們不會把它單獨拆分揭露。

Thanks for that, RJ. My other question was on demand for the R1. I’m curious if Rivian has seen any improvement in order rates for R1, maybe in response to the recent increase in gasoline prices and what that might all mean for R1 volumes this year. I think the company had assumed R1 would decline. Is that still your expectation?

謝謝你，RJ。我另一個問題是關於 R1 的需求。我想了解 Rivian 是否看到 R1 的訂單率有任何改善，可能是回應近期汽油價格上漲，以及這對今年 R1 交付量可能意味著什麼。我記得公司原先假設 R1 會下滑。這仍然是你們的預期嗎？

We’re encouraged by the continued enthusiasm for R1. It continues to be one of the market share leaders in the premium category. In a number of states, it’s the best, not just the one of the best-selling premium electric cars, but the one of the best-selling premium SUVs, electric or non-electric. That’s true in a handful of states. We’ve talked about that in the past.

我們對 R1 持續的熱度感到鼓舞。它仍然是高端（premium）類別的市占領先者之一。在多個州，它不只是最暢銷的高端電動車之一，更是最暢銷的高端 SUV 之一，不論是電動或非電動。在少數幾個州確實如此。我們過去也談過這點。

I think it’s hard to say ultimately what’s going to happen around demand with the impact of gas prices going up. Of course, it’s a consideration, and we do see that manifest in what people are trading in. We’re seeing more trades of gasoline vehicles or vehicles that are less efficient than what we’re building. And so we do see that on the rise, but and I think a lot of folks are wondering how long fuel prices are going to stay high like this.

我認為很難最終判斷油價上漲對需求會造成什麼影響。當然，這是一個考量因素，我們也看到它反映在消費者拿來汰換（trade-in）的車款上。我們看到更多以汽油車或效率較差的車款來換購我們所打造的車。所以我們確實看到這個趨勢在上升，但我想很多人也在想，燃油價格像這樣維持高檔會持續多久。

Andres Sheppard, Cantor Fitzgerald.

Andres Sheppard，Cantor Fitzgerald。

Thank you for taking our questions and congratulations on the quarter and all the great progress. I think a lot of our questions have been asked. RJ, I want to go back to a topic I know you’re very passionate about, which is autonomy. I guess with R2 beginning customer deliveries over the coming weeks and with the Autonomy+ now having started this month, just curious on kind of your vision and how you are thinking about that autonomy customer adoption. What type of autonomy penetration rate do you expect for your customer-owned vehicles? Do you expect customers will prefer the monthly subscription or the one-time purchase? Just any color here on your overall vision and customer penetration adoption that you might be expecting.

謝謝讓我們提問，也恭喜本季表現以及所有重大進展。我想我們很多問題都已經被問到了。RJ，我想回到一個我知道你非常熱衷的主題，也就是自動駕駛。我想，隨著 R2 在接下來幾週開始交付給客戶，以及 Autonomy+ 也在本月啟動，我很好奇你對自動駕駛在客戶端採用的願景，以及你如何看待客戶對自動駕駛的採用。你預期在客戶自有車輛上，自動駕駛的滲透率會是多少？你預期客戶會偏好月費訂閱，還是一次性購買？想請你分享一些你整體願景，以及你預期的客戶滲透與採用情況。

Yeah, well, Andres, we’re very -- we’re extremely bullish on the importance of autonomy for customers over the next, call it, five years. The rate at which we see customers adopting and selecting Autonomy+, ultimately, as the feature set grows and the capability grows, that adoption rate growing with it. But I think that there’s an even bigger question, just from a society point of view. We’ve been on a journey of when we think about autonomy, where Level 2 is where your eyes are still on the road, but you’re still responsible for driving the vehicle.

好的，Andres，我們非常——我們對於未來大約五年內，自動駕駛對客戶的重要性極度看多。我們看到客戶採用並選擇 Autonomy+ 的速度，最終會隨著功能組合擴充、能力提升而同步提高採用率。但我認為，從社會角度來看，還有一個更大的問題。我們一直在思考自動駕駛的演進旅程：Level 2 是你的視線仍在路上，但你仍需對駕駛車輛負責。

That’s like a small appetizer for what you can actually achieve when you get to higher levels of autonomy, where you can take your eyes off the road and truly get your time back. Get your time back without the car dinging you to say, hey, look back at the road, or pay attention, or put your hands on the wheel. As that starts to occur, and as people start to experience what it’s like to truly have your time back, so take a 40-minute commute and the idea of getting those 40 minutes back in both directions, we think it’s going to be a very sticky experience. It’s going to be something that once you experience it, even if it’s indirect, let’s say in a friend’s car, it’s going to become a very important purchase criteria.

那就像是一道小小的開胃菜，真正能達成的是更高等級的自動化：你可以把視線移開，真正把時間拿回來。把時間拿回來，而且車子不會一直提醒你說，嘿，看回路面、注意、把手放回方向盤。當這開始發生、當人們開始體驗到真正把時間拿回來是什麼感覺時——例如 40 分鐘通勤，來回都把那 40 分鐘拿回來——我們認為這會是一種非常黏著（sticky）的體驗。一旦你體驗過，即使是間接地、比如在朋友的車上體驗，它也會成為非常重要的購車評估標準。

The reason I call this out is we really believe over the next 5 years, the rate of progress of what we’re going to achieve with autonomy will look very, very different. I’m talking here at an industry level versus what we’ve achieved over the last 5 years, means that the topology of customer expectations and therefore, the way that the vehicle purchases are made and the criteria that are being used to make those vehicles is going to look very, very different in 2030, 2031 than it does today, where autonomy will be a very critical criteria, where customers are willing to pay for it because they want their time back. They want to not have to be paying attention. They want to be able to be on their phone, reading a book taking a nap, truly getting time back while you’re in the car.

我之所以特別提出這點，是因為我們真的相信在未來 5 年內，我們在自動駕駛上能達成的進展速度，會看起來非常、非常不同。我這裡談的是產業層級，相較於過去 5 年的成果；這意味著客戶期待的樣貌（topology），以及因此車輛購買的方式與用來做決策的標準，在 2030、2031 年會與今天非常不同——自動駕駛將成為非常關鍵的評估標準，客戶也願意為此付費，因為他們想把時間拿回來。他們希望不必一直注意路況。他們希望能在車上用手機、看書、打個盹，真正地在車內把時間拿回來。

As a result, as you’ve heard a few times, throughout this call, this is an enormous focus area for us as a business. We’re very much, deploying a lot of our R&D dollars towards this category, and we’ve made long-term investments in the hardware, and in the vehicles to support that.

因此，正如你在這通電話中已多次聽到的，這對我們的業務而言是一個巨大的重點領域。我們確實把大量研發資金投入到這個類別，並且在硬體以及車輛端做了長期投資，以支援這些能力。

Got it. That’s super helpful. I really appreciate all that color. Maybe just as a quick follow-up, one for Claire. Just regarding your delivery guidance for this year, which is unchanged. I know in the past you’ve given us some cadence for deliveries in Q2. I think you reaffirmed that on the call just now.

了解。這非常有幫助。我很感謝你提供的所有補充說明。也許再快速追問一下，有一題想問 Claire。關於你們今年的交付指引，維持不變。我知道過去你們曾給我們一些 Q2 交付的節奏。我想你剛剛在電話中也再次確認了。

Can you just remind us what kind of unit mix we should be expecting for the year across R2, R1 and EDVs? I think in the past you might have mentioned R1 and EDV is relatively flat, so the delta should be the R2. I guess with the R2, the $45,000 price range, right? That’s on track for next year. Just curious if you can maybe remind us how we should think about unit mix for the rest of this year.

你能否提醒我們，今年在 R2、R1 與 EDV 之間，我們應該預期怎樣的交付組合（unit mix）？我記得過去你們可能提到 R1 與 EDV 大致持平，所以差額應該來自 R2。我想 R2 是 45,000 美元的價格帶，對吧？那是明年才會如期推出。只是想請你再提醒我們，今年剩餘時間我們應該如何看待交付組合。

Sure. As you reiterated, as you think about the composition of the 62,000 to 67,000 deliveries, we anticipate R1 combined with the commercial vans to be roughly flat relative to our 2025 delivery results. Then the remainder being comprised of the introduction and ramp of R2, which as implied by the 9,000 to 11,000 of Q2 deliveries, suggests more of a back half weighted ramp associated with R2, which is implied within our outlook and guidance.

當然。如你所重申，當你思考 62,000 到 67,000 輛交付的組成時，我們預期 R1 加上商用廂型車（commercial vans）的交付量，將相對於我們 2025 年的交付結果大致持平。其餘部分則由 R2 的導入與爬坡所構成；如同 Q2 交付 9,000 到 11,000 輛所暗示的，R2 的爬坡會更偏向下半年加速，這也已反映在我們的展望與指引之中。

Edison Yu, Deutsche Bank.

Edison Yu，德意志銀行。

Wanted to come back on robotaxi. Are there any sort of KPIs that you’re sort of tracking or that you need to hit for some of the milestones with Uber? I think in the past, the industry has kind of turned to disengagements or miles between intervention. Any flavor on tha would be great.

想再回到 robotaxi 的問題。你們是否有在追蹤任何類型的 KPI，或是為了與 Uber 合作的一些里程碑需要達成的指標？我想過去業界常用的衡量方式是「接管次數」或「每次介入之間的行駛里程」。如果能分享一些方向會很有幫助。

On the path to deploying in 2028 there are a number of milestones, and some of those tie to the investment unlocks with Uber. The first of those is later this year, we’ll be deploying vehicles in both San Francisco and Miami with a safety driver. So the vehicles will be running, but with the benefit of a safety driver in the vehicle with them.

在邁向 2028 年部署的路徑上有多個里程碑，其中有些與 Uber 的投資解鎖條件相連。第一個里程碑是在今年稍晚，我們會在舊金山與邁阿密兩地部署車輛，並配備安全駕駛員。因此車輛會上路運行，但車內會有安全駕駛員隨車。

There’s a handful of additional milestones ramping up to ultimately having the vehicles operate fully on their own as part of a service in 2028. As we get closer and closer to that date, there will be there’ll be lots of proof points, if you will, of the progress that’s being made that’ll manifest on the road. That you’ll actually see them, not only being tested, but you’ll see them as part of some of these deployed fleets.

接下來還有幾個額外的里程碑，逐步推進，最終在 2028 年讓車輛作為服務的一部分完全自主運行。隨著我們越來越接近那個時間點，會有很多「證據點」（proof points），也就是進展的具體展現，會在道路上呈現出來。你會實際看到它們，不只是被測試，你也會看到它們成為某些已部署車隊的一部分。

Understood. Just a kind of separate question on more autonomy more broadly. I think there was some reports that you guys were looking to potentially license some tech to other OEMs. Just wondering anything you can say about that. Is that something that we could potentially expect this year? Anything that would be great. Thanks.

了解。另外一個比較獨立的問題，關於更廣義的自動駕駛。我想之前有一些報導提到你們可能在評估把部分技術授權給其他 OEM。想請問你們對此有沒有什麼可以分享的？這會是我們今年可能看到的事情嗎？任何資訊都很有幫助。謝謝。

I think there’s two broad categories of technology we think, that as I referenced earlier, that will be very, very important for growing or maintaining market share in the next several years. The first of those is shifting away from a domain-based network architecture where you have a very large number of suppliers for ECUs that are -- think of them as little islands of code on little small computers where you might have, depending on the car, anywhere from 50 to 150 of those little ECUs, those little computers, that are in aggregate providing the software for the vehicle.

我認為有兩大類技術，如我先前提到的，在未來幾年對於擴大或維持市占率會非常、非常重要。第一類是從以「域」（domain）為基礎的網路架構轉移；在那種架構下，你會有非常多 ECU 供應商——可以把它們想成是許多小型電腦上的一座座「程式碼孤島」。依車款不同，可能會有 50 到 150 個這樣的小 ECU、小電腦，合在一起提供整台車的軟體功能。

Architecture is incredibly hard to do updates on. It’s very, very difficult to do cross-platform or cross-domain integrations. It makes the idea of integrating in a deep way AI into the vehicle and the vehicle experience, very difficult borderline impossible, to do it well.

那種架構非常難做更新。要做跨平台或跨域整合也非常、非常困難。這使得把 AI 以深度方式整合進車輛與車內體驗變得非常困難，幾乎是不可能把它做好。

Our view is every vehicle on the road will need to shift to a much more centralized compute where you have more of a zonal architecture. Essentially think of it as a large consolidation of all those little computers into a single or a very small number of large computers that runs a common operating system, and for which the code base that’s running on the vehicle can be very easily updated without coordinating among among, let’s say, 50 to 150 suppliers.

我們的看法是，道路上的每一台車都需要轉向更集中式的運算，也就是更偏「分區」（zonal）的架構。基本上可以把它想成把那些小電腦大幅整併成一台或少數幾台大型電腦，運行共同的作業系統；而車上運行的程式碼基礎也能非常容易更新，不需要在 50 到 150 家供應商之間協調。

That architecture I just described is of course what’s in a Rivian vehicle today. It’s also the basis of our relationship that we forged with Volkswagen Group to deploy that technology. The first application of that technology being deployed outside of Rivian as part of our partnership with Volkswagen Group is going to be in the ID.1, which is a -- it’s a EV that’ll be launched in Europe with a price point of just over $20,000.

我剛描述的那種架構，當然就是 Rivian 現在車款所採用的。這也是我們與福斯集團建立合作關係、用以部署該技術的基礎。這項技術首次在 Rivian 之外落地、並透過我們與福斯集團的合作部署，將會用在 ID.1 上；那是一款——它是一款電動車，將在歐洲上市，定價略高於 20,000 美元。

I can’t wait for people to buy this car. I’m sure lots of people will buy it and take it apart and tear it down. I’m certain they’ll be blown away with the elegance of how we’ve executed the ECU or the, I should say, the network architecture and the compute stack topology.

我等不及讓大家去買這台車了。我相信會有很多人買來拆解、做拆車分析（tear down）。我很確定他們會對我們在 ECU——或者我應該說，在網路架構與運算堆疊拓樸（compute stack topology）上的執行之精巧程度感到驚艷。

That’s one technology category or one area that we think has a lot of opportunity to be deployed in other manufacturers. Of course, the proof point that we’re successfully deploying this into a very large, established manufacturer within Volkswagen Group, across multiple brands, across multiple price points, different form factors, different geographies is the proof point or the existence proof that the technology is scalable and that we’re capable of supporting these types of complex deployments.

這是一個技術類別或領域，我們認為有很大機會能部署到其他車廠。當然，我們已成功把這套技術部署到福斯集團這樣規模龐大、根基深厚的車廠，且能跨多個品牌、跨多個價位帶、不同車身形式、不同地理市場；這就是一個證明點（proof point），或說是存在性證明（existence proof），證明這項技術具備可擴展性，也證明我們有能力支援這類複雜的部署。

With that said, the other large category of technology that we see opportunities to have licensing deals, is in the autonomy realm. Here it’s in a similar way. It’s not just hardware, it’s not just software, it’s the two of them together. It’s the combination of our compute platform that we’ve developed, this RAP1 in-house inference platform I talked about, and the associated computing platform we’ve designed around that, along with our perception platform.

話雖如此，我們看到另一個有機會進行授權交易的大類技術，是在自動駕駛領域。在這裡也是類似的概念。不只是硬體，也不只是軟體，而是兩者的結合。也就是我們所開發的運算平台——我提到的 RAP1 自研推論平台——以及我們圍繞它所設計的相關運算平台，再加上我們的感知平台。

It’s the cameras, radar, LiDAR that exists. Very importantly, the large driving model. There’s this foundation model, this neural net that we’ve created, that defines and what driving or how to drive a vehicle. That’s as hopefully I made it clear before, is a much more flexible architecture to deploy into different vehicle embodiments. We’re doing that already within Rivian. We’ll be deploying that across R1T, R1S, R2, ultimately on our commercial vans, robotaxi applications. We do see this as a very scalable technology that can be deployed in many ways.

包含攝影機、雷達、LiDAR 等感測器。非常重要的是大型駕駛模型。我們建立了一個基礎模型（foundation model），也就是一個神經網路，用來定義什麼是駕駛、以及如何駕駛一台車。如我希望先前已說清楚的，這是一種更具彈性的架構，能部署到不同的車輛載體（vehicle embodiments）上。我們已經在 Rivian 內部這麼做了。我們會把它部署到 R1T、R1S、R2，最終也會用在我們的商用廂型車、robotaxi 應用上。我們確實認為這是一項非常可擴展的技術，能以多種方式部署。

Alex Perry, Bank of America.

Alex Perry，美國銀行。

Just one, I guess a little bit further on the robotaxi strategy. You had the Uber deal announcement. I guess, is the plan to pursue a partnership model for now? Does the deal with Uber have sort of any exclusivity? How else will you sort of look to tap into this important market?

我想再追問一點 robotaxi 策略。你們已宣布與 Uber 的合作。我想問，目前的計畫是先採取合作夥伴模式嗎？與 Uber 的協議是否帶有某種排他性？另外你們會如何切入這個重要市場？

When you think about the robotaxi space as a business, putting aside the technology for a moment, and I should say, and putting aside and recognizing that the technology for Level 4 in a robotaxi or in a personally owned vehicle is the same. Meaning, a personally owned Level 4 vehicle, can’t drive or should not drive worse than a robotaxi Level 4 vehicle. They’re both very capable of managing the same levels of complexity and the same types of driving situations.

當你把 robotaxi 領域當作一門生意來看，先暫時把技術放一邊——我也要說，同時要認知到：robotaxi 的 Level 4 技術與個人擁有車輛的 Level 4 技術其實是相同的。也就是說，一台個人擁有的 Level 4 車輛，不能、也不應該比一台 Level 4 robotaxi 開得更差。兩者都必須能處理同等程度的複雜性，以及同類型的駕駛情境。

It’s the same tech stack. When you think of it through the lens of a business model, the benefit of working to deploy this first with Uber is you have very large density of choice. If you’re deploying entirely on your own, you have to build enough vehicles to have in the fleet or in the car park such that if you’re a user, when you say, I want to have a vehicle available, it’s immediately available, or it’s available in a matter of minutes. And so the scale of Uber’s platform and the success they’ve had in creating a really healthy marketplace, it really makes them an ideal partner for us as we think about launching this technology in R2 to deploy into providing robotaxi services.

它們使用的是同一套技術堆疊（tech stack）。若從商業模式的角度來看，先與 Uber 合作部署的好處在於，你能獲得非常高的選擇密度。如果完全靠自己部署，你必須打造足夠規模的車隊或停放車輛數量，才能讓使用者在說「我想要一台車」時，能立刻有車，或在幾分鐘內就有車可用。因此，Uber 平台的規模，以及他們在建立一個非常健康的市場方面所取得的成功，讓他們成為我們理想的合作夥伴；當我們思考在 R2 上推出這項技術、並用於提供 robotaxi 服務時尤其如此。

As you’ve heard me say a couple times, and we’ve talked about this in the past, that technology is going to also underpin a consumer personally owned variant as well. I think we have to recognize that there’s going to be lots of innovation around business model that start to emerge as we have Level 4. And so If you think of it in a very simple sense, the two bookends in terms of business model are pure ownership or the vehicles dedicated entirely to your household. And the other end of the spectrum is purely mobility as a service, where you don’t own the vehicle, you’re not using the same vehicle every time, but you ask for a vehicle on a purely variable basis, and it shows up.

正如你們已經聽我說過幾次、而且我們過去也談過的，科技也將支撐一種由消費者個人擁有的變體。我認為我們必須認知到，隨著我們進入 Level 4，圍繞商業模式將會出現大量創新並開始浮現。所以如果用非常簡單的方式來看，就商業模式而言的兩個端點，一端是純粹的擁有權，或是車輛完全專屬於你的家庭。而光譜的另一端則是純粹的「移動即服務」，你不擁有車輛、每次也不一定使用同一輛車，而是以完全可變的方式叫車，車就會出現。

There will be things that emerge in the middle, and not to be exhaustive here in the types of things, but you can imagine different forms of sharing vehicles amongst families or within neighborhoods or within apartment buildings. But there’s going to be a very exciting time of innovation in terms of how we think about consuming mobility or consuming transportation.

中間還會出現一些模式；我不打算在此把所有類型都列舉完，但你可以想像，例如在家庭之間、在社區內、或在公寓大樓內以不同形式共享車輛。不過，在我們如何思考「消費移動」或「消費運輸」這件事上，將會是一段非常令人振奮的創新時期。

With all that said, just recognizing the trillions of miles that are driven today, the vast majority of those are driven in personally owned vehicles. And so robotaxi represents a portion of those, but we think, there will be lots of new models that start to make up the topology of those trillions of miles that are driven.

話雖如此，只要認知到今天行駛的里程達到數兆英里，其中絕大多數是由個人擁有的車輛所行駛。因此，robotaxi 只代表其中的一部分；但我們認為，將會有許多新模式開始出現，並構成這些數兆英里行駛里程的整體樣貌。

James Picariello, BNP Paribas.

James Picariello，法國巴黎銀行（BNP Paribas）。

I want to ask about the Uber partnership. Can you share any color on the milestones that are associated with the four tranches of funding, right? Regarding the $950 million in additional additive liquidity. It does appear, right, that one of the tranches is already expected to hit this year, $250 million?

我想問一下與 Uber 的合作夥伴關係。你能否分享一下與四個分期資金（tranches）相關的里程碑是什麼？關於額外 9.5 億美元的增量流動性。看起來，其中一個分期似乎預計今年就會到位，2.5 億美元？

Yes. As RJ had just mentioned, there are a handful of milestones. The milestone that we more specifically expect to be in position to unlock the initial $250 million this year will be the operation of some Rivian vehicles in San Francisco and Miami with safety drivers later this year. And then as you think about the subsequent years, you can think about the ongoing trajectory towards full deployment in a couple of cities in 2028 and then 25 cities by 2031 that would fully unlock the remaining $700 million of capital from Uber.

是的。正如 RJ 剛才提到的，確實有少數幾個里程碑。我們更具體預期能在今年具備條件以解鎖首筆 2.5 億美元的里程碑，將是今年稍晚在舊金山與邁阿密以安全駕駛員（safety drivers）運行部分 Rivian 車輛。接著展望後續年度，你可以把它視為持續朝向在 2028 年於幾個城市全面部署、並在 2031 年擴展到 25 個城市的軌跡；屆時將可完全解鎖 Uber 提供的剩餘 7 億美元資金。

Excellent. No, that’s great color. Thank you. And then just to maybe level set expectations on automotive gross margins for the second and third quarters. Like, this quarter was yet again another strong showcasing, right, of the company’s momentum toward positive auto gross profit, right? This is the last quarter before the R2. Like, is there anything you could share for these next two quarters regarding the temporary order of magnitude impact we can expect auto profitability?

太好了。不，這些資訊很有幫助。謝謝。另外，想請你協助釐清一下第二季與第三季汽車業務毛利率的預期。像本季又再次展現公司朝向汽車毛利轉正的強勁動能，對吧？這是 R2 之前的最後一季。那麼，對於接下來兩季，你能否分享一下我們可以預期汽車獲利能力會受到多大幅度的暫時性影響？

Sure. As we think about the subsequent quarters of Q2 and Q3, we’ll see the introduction and turn on of both all of the depreciation expense, the new manufacturing team that is established that will be producing the vehicles. As they’re in the process of ramping up the first shift of operation, we’ll see some of the complexity associated with lower volumes on the new R2 line.

當然。就接下來的第二季與第三季而言，我們會看到折舊費用的全面導入與啟動，以及新成立、將負責生產車輛的新製造團隊。在他們逐步拉升第一班次產能的過程中，我們也會看到新 R2 產線在較低產量下所帶來的一些複雜性。

As a result of those attributes, we do anticipate seeing an impact to our automotive gross profit over Q2 and Q3 before we start to see the overall benefits of the ramp, not just on the R2’s unit economic profile, but also importantly the fixed cost leverage that we’ll see across the R1 program and EDV program, overall.

基於上述因素，我們預期在第二季與第三季，汽車毛利會受到一定影響；之後才會開始看到整體爬坡帶來的效益，不僅是 R2 的單位經濟性（unit economic profile），也同樣重要的是，我們將在整體上看到 R1 計畫與 EDV 計畫的固定成本槓桿效益。

In total, we still anticipate that we’ll exit 2026 with a trajectory of positive automotive gross profit, with that being both R2 as well as total Rivian automotive gross profit being positive, which is important for us as we go into 2027 and really fully ramp up the R2 capacity in normal.

整體而言，我們仍預期在 2026 年底時，將呈現汽車毛利轉正的趨勢；其中包括 R2 以及 Rivian 整體汽車毛利皆為正，這對我們在進入 2027 年、並在 Normal 全面拉升 R2 產能時非常重要。

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

謝謝。問答環節到此結束。接下來我想把電話交回 RJ Scaringe 作結語。

Thanks, everybody, for joining us today. Hopefully, you can tell we’re really looking forward to getting R2s into customer hands. We’re very pleased and excited with the product that we’ve developed and proud of the team for all the great work that went into creating such a special vehicle.

謝謝各位今天加入我們。希望你們能感受到，我們非常期待把 R2 交到客戶手中。我們對所開發的產品感到非常滿意與興奮，也為團隊投入大量心力打造這樣一款特別的車而感到自豪。

Along with that, we are very much focused on the development of our autonomy platform. With that, we’ll be starting to see some of the fruit of that significant effort, as I said, first with our point-to-point capabilities later this year, then adding more functionality, more capabilities over the course of 2027 and '28.

此外，我們也非常專注於自動駕駛平台的開發。隨著這項投入，我們將開始看到這些重大努力的成果；如我所說，首先會在今年稍晚推出點到點（point-to-point）能力，接著在 2027 年與 2028 年期間逐步加入更多功能與更多能力。

Again, thank you, everybody, for joining this call. We’re excited for all of you to hopefully experience an R2 and see them on the roads here very soon.

再次感謝各位加入這通電話會議。我們也很期待各位能夠體驗 R2，並在不久的將來看到它們行駛在道路上。

This concludes today’s call. Thank you for joining us.

今天的電話會議到此結束。感謝各位參與。