Rivian Automotive, Inc. (RIVN) 2026 Q3 法說會逐字稿

Good afternoon, and thank you for joining us for Rivian's third quarter 2026 earnings call. Today, I'm joined by RJ Scaringe, our Founder and CEO; Claire McDonough, our Chief Financial Officer; Javier Varela, our Chief Operations Officer; and Derek Mulvey, our Vice President of Finance, who will be named Interim CFO, effective tomorrow.

下午好，感謝各位參加 Rivian 2026 年第三季財報電話會議。今天與我一同出席的有：創辦人暨執行長 RJ Scaringe、財務長 Claire McDonough、營運長 Javier Varela，以及財務副總裁 Derek Mulvey；Derek 將自明日起正式出任代理財務長。

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.

在開始之前，本次電話會議中討論的事項（包括評論及對提問的回應）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、營運及財務表現發表若干聲明，該等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，可能導致實際結果與所述內容出現重大差異。

These risks and uncertainties are described in our SEC filings and the presentation we filed with the SEC today. 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. Just before the earnings call, we posted our earnings presentation, which includes an overview of our progress over the recent months. I encourage you to read it for additional details around some of the items that we will cover on today's call.

上述風險與不確定性已載於我們向 SEC 提交的文件，以及我們今日向 SEC 提交的簡報中。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 財務衡量指標之調節表已提供於我們的財報簡報與新聞稿中。在財報電話會議開始前不久，我們已發布財報簡報，其中包含我們近幾個月進展的概覽。我鼓勵各位閱讀該簡報，以取得我們今天將涵蓋部分議題的更多細節。

Following our prepared remarks, we will be taking questions from sell-side analysts. In the interest of keeping the call to one hour, we would ask these analysts to limit any follow-on questions to one.

在我們的預備發言結束後，我們將接受賣方分析師的提問。為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 thank you for joining us for today's call. We had a great third quarter. We achieved record production volumes in Normal as we continue to ramp R2 manufacturing. We also had record deliveries, with R2 delivering much of that gain.

謝謝你，Chip。各位下午好，感謝大家參加今天的電話會議。我們第三季表現非常出色。隨著我們持續提升 R2 的製造爬坡，Normal 工廠達成了創紀錄的產量。我們的交付量也創下新高，其中多數增量由 R2 貢獻。

In fact, R2 is already our best-selling vehicle by volume, outselling both R1 and EDV in the third quarter. I'm proud of how our team has come together to scale our manufacturing, sales and service operations. We are also advancing our technology road map, and I look forward to showcasing that progress at our Autonomy and AI Day on December 9.

事實上，R2 已經成為我們按銷量計的最暢銷車款，在第三季的銷量超越 R1 與 EDV。我為團隊能齊心協力擴大製造、銷售與服務營運規模而感到自豪。我們也在推進技術路線圖，並期待在 12 月 9 日的自動駕駛與 AI 日展示這些進展。

Since its launch in June, we've seen all types of potential customers take R2 for a drive. The feedback on R2 has been outstanding. In the third quarter, we hosted over 103,000 R1 and R2 demo drives, surpassing the record we set in the second quarter. Reservation conversion rates for the launch edition R2 remained higher in the quarter than our expectations. We are really excited for the launch of additional variants in the coming months.

自 6 月上市以來，我們看到各類潛在客戶都來試駕 R2。市場對 R2 的回饋非常出色。第三季我們共舉辦超過 103,000 次 R1 與 R2 試駕體驗，超越我們在第二季創下的紀錄。R2 首發版的預訂轉換率在本季維持高於我們預期的水準。我們對未來幾個月推出更多車型版本感到非常興奮。

R2 continues to generate rave reviews and awards from media and recently won Top Gear's SUV of the Year Award for 2027, with more awards to come. Amazon continues to expand its fleet of electric delivery vans across North America. Earlier this month, we began delivering new variants that are specifically designed to expand route coverage into more rural networks, including an all-wheel drive configuration as well as a larger battery pack that offers 30% more range.

R2 持續獲得媒體一致好評並斬獲獎項，近期更榮獲《Top Gear》2027 年度 SUV 大獎，後續還會有更多獎項。Amazon 持續在北美擴大其電動配送車隊規模。本月稍早，我們開始交付專為將路線覆蓋擴展至更偏遠地區網路而設計的新版本，包括四輪驅動配置，以及可提供 30% 更長續航里程的更大電池組。

Turning to our manufacturing operations. Our team in Normal continues to ramp R2 production. The second R2 shift has started, and we expect our manufacturing run rate to increase over the coming quarters. In Georgia, construction of our next manufacturing site is progressing well.

接著談談我們的製造營運。Normal 工廠團隊持續提升 R2 產量。R2 的第二個班次已啟動，我們預期未來幾季製造的運行速率將持續提高。在喬治亞州，我們下一座製造基地的建設進展順利。

Regarding our technology road map, Autonomy remains one of the most important areas of investment at Rivian. We continue to see strong momentum in our Autonomy+ offering, available on every R2 and R1 starting with the 2025 model year, with take rates trending ahead of our expectations. Today, every vehicle with Autonomy+ is capable of hands-free driving on millions of miles of roads.

就技術路線圖而言，自動駕駛仍是 Rivian 最重要的投資領域之一。我們在 Autonomy+ 方案上持續看到強勁動能；自 2025 年式起，該方案可於每一輛 R2 與 R1 上選配，採用率趨勢領先我們的預期。目前，每一輛配備 Autonomy+ 的車輛都具備在數百萬英里道路上進行免手持駕駛的能力。

Our next milestone is our Point to Point feature. This means customers can enter an address and their vehicle will follow the route from start to finish, handling city streets, stoplights, highway interchanges and everything in between with driver supervision.

我們下一個里程碑是「Point to Point」功能。這代表客戶可輸入目的地地址，車輛將從起點到終點沿路徑行駛，在駕駛人監督下處理市區道路、紅綠燈、高速公路交流道以及其間所有情境。

A limited rollout of Point to Point is expected to begin later this year with our invitation-only Autonomy Early Access Program, with a general release to all Autonomy+ subscribers in 2027. We believe Point to Point capabilities are going to be an important purchase criteria for customers and is becoming a driver of market share.

Point to Point 預計將於今年稍晚先在僅限受邀的 Autonomy 早期體驗計畫中小規模推出，並於 2027 年向所有 Autonomy+ 訂閱用戶全面發布。我們相信 Point to Point 能力將成為客戶重要的購買考量，並正逐步成為市占率的驅動因素。

We continue to make progress on our partnership with Uber. We remain on track and expect to achieve our next milestone by the end of this year, which is expected to unlock an additional $250 million of equity investment from Uber.

我們與 Uber 的合作夥伴關係持續取得進展。我們仍按計畫推進，並預期在今年底前達成下一個里程碑，屆時可望解鎖 Uber 額外 2.5 億美元的股權投資。

Additionally, last week, we announced the acquisition of Third Dimension AI to support our Autonomy development and our associated closed-loop simulation efforts. With the Rivian Assistant, we have developed a smarter, more customizable AI-defined vehicle experience for all R1 and R2 owners. In our October OTA, we added Gmail integration, Rivian Assistant, and we look forward to sharing more at our upcoming Autonomy and AI Day.

此外，上週我們宣布收購 Third Dimension AI，以支援我們的自動駕駛開發及相關的閉環模擬工作。透過 Rivian Assistant，我們為所有 R1 與 R2 車主打造了更聰明、可高度自訂、由 AI 定義的車輛體驗。在 10 月的 OTA 更新中，我們新增了 Gmail 整合與 Rivian Assistant，並期待在即將到來的自動駕駛與 AI 日分享更多內容。

Dressing up our vehicles for Halloween is a highlight to our customers every year. This October, we collaborated with Sony Pictures and Bill Murray to bring the Ghostbusters universe to life on Rivian vehicles with Halloween Mode. This is a perfect demonstration of how the level of deep vertical integration across hardware and software allows us to release immersive features to our customers at speed.

每年萬聖節，為車輛裝扮對我們的客戶而言都是一大亮點。今年 10 月，我們與 Sony Pictures 及 Bill Murray 合作，透過萬聖節模式將《魔鬼剋星》宇宙帶到 Rivian 車輛上。這完美示範了我們在硬體與軟體之間深度垂直整合的程度，如何讓我們能快速向客戶推出沉浸式功能。

Finally, I want to take a moment to thank Claire for all of her contributions to Rivian over the last six years. On a personal level, Claire has been an incredible partner and friend throughout this journey. I know I speak for the whole team when I say we wish you nothing but the best in your next chapter. I'm also excited to work with Derek as he steps into the interim CFO role.

最後，我想花點時間感謝 Claire 在過去六年對 Rivian 的所有貢獻。就個人而言，在這段旅程中 Claire 一直是非常出色的夥伴與朋友。我相信我代表整個團隊，祝福你在下一段旅程一切順利、只有最好的發展。我也很期待與 Derek 合作，迎接他接任代理財務長的新角色。

In closing, I want to thank our team for their continued execution in the third quarter. We are laying the foundations for a future that we believe will be fully electric, autonomous and AI-defined. I could not be more excited about the opportunity ahead for Rivian.

總結來說，我要感謝團隊在第三季持續展現強勁的執行力。我們正在為一個我們相信將全面電動化、自動化並由 AI 定義的未來奠定基礎。我對 Rivian 眼前的機會感到無比振奮。

With that, I'll turn the call over to Claire to cover our third quarter results.

接下來，我把電話交給 Claire，請她說明我們第三季的業績表現。

Thank you, RJ, and good afternoon, everyone. As many of you saw last month, I decided to step down as Rivian's CFO to head back to the East Coast to be closer to my family and pursue a new opportunity. It has been the highlight of my career to help build Rivian's financial foundation alongside RJ and our teams, and I'm stepping away with complete confidence in this company's trajectory, its mission and the strength of the team that will carry it forward. Turning to the results of the third quarter. Our consolidated revenue was $2.155 billion, a 38% increase over the same quarter last year.

謝謝你，RJ，各位下午好。如同許多人上個月所見，我決定卸任 Rivian 財務長一職，返回美國東岸以便更靠近家人，並追求新的機會。能與 RJ 及我們的團隊一同建立 Rivian 的財務基礎，是我職涯中最重要的亮點；我離任時對公司的發展軌跡、使命，以及將帶領公司前行的團隊實力充滿信心。接著看第三季的業績。我們的合併營收為 21.55 億美元，較去年同期成長 38%。

Consolidated gross profit was $176 million, and our gross profit margin was 8%. Gross profit included $166 million of depreciation and amortization and $28 million of stock-based compensation expense. Adjusted EBITDA losses for the third quarter were $435 million, driven by our $176 million of gross profit and increased adjusted operating expenses as we scale our sales, marketing and service operations to support R2 volumes and invest in our Autonomy road map.

合併毛利為 1.76 億美元，毛利率為 8%。毛利包含 1.66 億美元的折舊與攤銷，以及 2,800 萬美元的股份基礎給付費用。第三季調整後 EBITDA 虧損為 4.35 億美元，主要受 1.76 億美元毛利以及調整後營運費用增加所影響；隨著我們擴大銷售、行銷與服務營運以支援 R2 交付量，同時投資於自動駕駛路線圖，相關費用亦隨之上升。

In the third quarter, we produced 19,751 vehicles at our plant in Normal, Illinois, and delivered 19,248 vehicles. Production and delivery results for the quarter were in line with our expectations, with R2 becoming our best-selling vehicle by volume in the third quarter.

在第三季，我們在伊利諾州諾默爾（Normal）的工廠生產了 19,751 輛車，並交付了 19,248 輛車。本季的生產與交付結果符合我們的預期，其中 R2 在第三季以銷量計成為我們最暢銷的車款。

Our $1.55 billion of automotive revenue, a 36% increase over the same quarter last year, were primarily driven by a 46% increase in vehicle deliveries and $81 million of regulatory credits, partially offset by a decline in average selling prices from a higher mix of R2 and commercial van deliveries, while R1 average selling prices increased due to mix improvements.

我們的汽車營收為 15.5 億美元，較去年同期成長 36%，主要由車輛交付量增加 46% 以及 8,100 萬美元的法規信用額度所帶動；部分被平均售價下滑所抵銷，平均售價下滑係因 R2 與商用廂型車交付占比提高所致，而 R1 的平均售價則因產品組合改善而上升。

Automotive gross profit loss was $80 million compared to gross profit loss of $130 million in the same quarter last year, a $50 million improvement due primarily to increases in delivery volumes at an improved per unit margin, an increase in revenues related to automotive regulatory credits and an IEEPA tariff refund receivable, partially offset by costs related to the ramp of R2 production.

汽車毛利虧損為 8,000 萬美元，較去年同期毛利虧損 1.3 億美元改善 5,000 萬美元，主要原因為交付量提升且單車毛利改善、與汽車法規信用額度相關的營收增加，以及 IEEPA 關稅退稅應收款帶來的挹注；部分被 R2 產能爬坡相關成本所抵銷。

In the quarter, we recognized approximately $120 million in incremental cost of revenue due to the ramp of R2 production as compared to production at more normalized levels. 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 increasing commodity and memory costs.

本季相較於較為正常化的生產水準，因 R2 產能爬坡，我們確認約 1.2 億美元的額外營收成本。儘管目前的總體環境與地緣政治因素帶來額外的複雜度、成本與不確定性，我們的團隊仍持續努力管理供應鏈風險，以及不斷上升的大宗商品與記憶體成本。

Our Software and Services segment reported another strong quarter. During the third quarter, the segment generated $605 million of revenue, a 45% year-over-year increase, primarily due to increases in vehicle electrical architecture and software development services by the joint venture, vehicle repair and maintenance services and Autonomy+, offset by lower remarketing sales. $354 million, or approximately 60% of Software and Services revenue, was attributable to our joint venture with Volkswagen Group. Software and Services gross profit was $256 million, a 42% margin, due to better-than-expected mix of revenues from more profitable revenue streams.

我們的軟體與服務（Software and Services）部門再度繳出強勁的一季。第三季該部門創造 6.05 億美元營收，年增 45%，主要來自合資企業在車輛電氣架構與軟體開發服務的增加、車輛維修與保養服務增加，以及 Autonomy+ 的成長；部分被二手車再行銷（remarketing）銷售下滑所抵銷。其中 3.54 億美元（約占軟體與服務營收的 60%）來自我們與福斯集團（Volkswagen Group）的合資企業。軟體與服務毛利為 2.56 億美元，毛利率 42%，主要因營收組合優於預期，更多來自毛利較高的收入來源。

With that, I'll hand the call over to Derek to walk through our business outlook and capital road map.

接下來，我把電話交給 Derek，請他說明我們的業務展望與資本規劃路線圖。

Thanks, Claire. It's been a privilege to work alongside you, and I'm excited to step into the interim CFO role and build on the foundation you've established.

謝謝你，Claire。能與你並肩合作是一種榮幸，我也很期待接任臨時 CFO 的角色，並在你建立的基礎上持續推進。

Turning to our liquidity and balance sheet. We ended the third quarter with approximately $5.5 billion in cash, cash equivalents and short-term investments. In addition to this balance, on October 7, we announced the funding of our $1 billion 10-year term loan facility with Volkswagen Group at a fixed interest rate of 6%. To date, we've received $5.3 billion of the $5.8 billion in expected capital commitments associated with the joint venture, with the remaining $460 million anticipated in late 2027.

接著談我們的流動性與資產負債表。第三季末，我們持有約 55 億美元的現金、約當現金與短期投資。除上述餘額外，我們於 10 月 7 日宣布，已完成與福斯集團（Volkswagen Group）之 10 年期 10 億美元定期貸款融資，固定利率為 6%。截至目前，我們已收到與該合資企業相關、預期 58 億美元資本承諾中的 53 億美元，其餘 4.6 億美元預計於 2027 年底到位。

Additionally, we expect to achieve our second milestone under the Uber partnership later this year, which will trigger an additional $250 million equity investment. When factoring in our current liquidity, expected capital from Uber, Volkswagen and our Department of Energy loan, all of which are subject to certain conditions, our total available liquidity and targeted future capital would be approximately $13 billion.

此外，我們預期在今年稍晚達成與 Uber 合作夥伴關係下的第二個里程碑，屆時將觸發額外 2.5 億美元的股權投資。若將我們目前的流動性、預期來自 Uber 與福斯的資金，以及美國能源部（Department of Energy）貸款一併納入考量（皆須符合特定條件），我們可用的總流動性與目標未來資金合計約為 130 億美元。

Turning to our outlook. We are improving our full year delivery guidance from 65,000 to 70,000 units to 67,000 to 70,000 units. In its first full quarter of sales, R2 outsold R1 and our commercial vans. And in the fourth quarter, we expect R2 to represent the majority of our total delivery volume.

接著談展望。我們將全年交付指引由 65,000 至 70,000 輛上調至 67,000 至 70,000 輛。在首個完整銷售季度中，R2 的銷量超越 R1 與我們的商用廂型車。而在第四季，我們預期 R2 將占我們總交付量的大多數。

We are making significant strides to drive down our Automotive cost per unit, and we're already seeing the benefit of introducing R2 into our Normal production facility. While new vehicle launch complexities in addition to rising costs of core components have and we anticipate will continue to impact our profitability, we expect that R2 will help us achieve a positive Automotive gross margin exit rate for the year. This would establish a strong foundation for continued margin expansion as R2 ramps through 2027.

我們在降低汽車單位成本方面取得顯著進展，且已開始看到在諾默爾（Normal）生產基地導入 R2 所帶來的效益。儘管新車上市的複雜性，加上核心零組件成本上升已並且我們預期將持續影響獲利能力，我們仍預期 R2 將協助我們在年末達成汽車業務毛利率轉正的退出水準（exit rate）。這將為 R2 在 2027 年前持續爬坡帶來的毛利擴張奠定堅實基礎。

For full year 2026, we now expect our adjusted EBITDA losses to be between $1.85 billion and $1.75 billion. At the midpoint, this represents a $100 million improvement, driven by favorable regulatory credit revenue, an IEEPA tariff receivable and our expected increased delivery volume.

就 2026 全年而言，我們目前預期調整後 EBITDA 虧損將介於 18.5 億至 17.5 億美元之間。以區間中點計，這代表改善 1 億美元，主要由較有利的法規信用額度收入、IEEPA 關稅應收款，以及我們預期更高的交付量所帶動。

As RJ outlined, we are making rapid progress in our Autonomy road map and are excited to launch our Point to Point feature on a limited basis later this year. We anticipate the pace of our R&D investment in the strategic area to accelerate in the coming years as we advance our Large Driving Model and progress advanced Autonomy development across our consumer vehicles and robotaxi applications. We believe Autonomy is a primary product differentiator, market share driver and long-term value creator.

如 RJ 所述，我們在自動駕駛（Autonomy）路線圖上進展迅速，並很期待在今年稍晚以有限範圍推出我們的 Point to Point 功能。隨著我們推進大型駕駛模型（Large Driving Model），並在消費者車款與 robotaxi 應用上推動更進階的自動駕駛開發，我們預期未來幾年在此策略領域的研發投資步伐將加速。我們相信，自動駕駛是主要的產品差異化因素、市占率驅動力，以及長期價值創造來源。

Finally, we're lowering our 2026 capital expenditure guidance by $300 million at the midpoint due to a shift in timing of certain capital spend. This brings our revised 2026 CapEx range to $1.4 billion to $1.5 billion. Looking ahead to 2027, we expect a meaningful year-over-year step-up in CapEx as construction activity ramps in our Georgia manufacturing facility.

最後，由於部分資本支出時點的調整，我們將 2026 年資本支出指引在中點下調 3 億美元。這使得我們修訂後的 2026 年資本支出（CapEx）區間為 14 億至 15 億美元。展望 2027 年，隨著喬治亞州製造基地的建設活動加速，我們預期資本支出將出現顯著的年增提升。

In closing, I'd like to thank our teams across the company for their execution in the third quarter. We remain confident that R2 and our technology road map will be truly transformative for the growth and profitability of our business.

最後，我要感謝公司各團隊在第三季的執行成果。我們仍然有信心，R2 與我們的技術路線圖將為公司成長與獲利能力帶來真正的變革。

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

接下來，我把電話交回給接線員，開放 Q&A 提問。

(Operator Instructions) George Gianarikas, Canaccord Genuity.

(接線員指示) George Gianarikas，Canaccord Genuity。

I just want to ask first on Autonomy. How leverageable is your platform to the commercial vehicles over time?

我想先問自動駕駛（Autonomy）。隨著時間推進，你們的平台對商用車的可延伸性（leverageable）有多高？

George, the Autonomy platform is being built around what we call our Large Driving Model. And so Large Driving Model is a foundation model. It's a large parameter model that we're training, and it's very adaptable to different vehicle form factors and applications. And so that's inclusive of R1, R2 and of course, our commercial vehicles.

George，我們的自動駕駛平台是圍繞我們所稱的大型駕駛模型（Large Driving Model）來建構的。大型駕駛模型是一個基礎模型（foundation model）。它是一個我們正在訓練的大參數模型，且能非常靈活地適配不同的車身形式與應用情境。因此它涵蓋 R1、R2，當然也包括我們的商用車。

And so as we think about the Autonomy road map in different ways that we can use this to benefit the business, it, of course, has implications on our consumer business with the big milestone coming up with our Point to Point features, but it also has applications in robotaxi. And of course, this is part of our partnership with Uber with the 2028 launch for that. And then there's a number of applications in the commercial space as part of our vans program.

因此，當我們從不同角度思考自動駕駛路線圖，以及如何運用它來讓業務受益時，它當然會影響我們的消費者業務，近期的重要里程碑就是我們的 Point to Point 功能；但它也可應用於 robotaxi。而且這也是我們與 Uber 合作的一部分，目標是在 2028 年推出。此外，作為我們廂型車計畫的一部分，在商用領域也有多種應用。

And maybe just as a financial follow-up, just to make sure we heard that correctly. You mentioned that -- I think that Auto gross margins should be positive exiting the year. Does that mean we should expect a full quarter of positive Auto gross margins or just sort of a run rate in December?

另外就財務面追問一下，確認我們是否聽得正確。你提到——我想你是說汽車毛利率在年末退出時應該會轉正。這是否表示我們應該預期整個季度的汽車毛利率為正，還是僅僅在 12 月的某種運行水準（run rate）為正？

Thanks, George. The way we phrased it in the prepared remarks was that we intend to exit the quarter at an Automotive gross profit. So I wouldn't expect the full quarter, but it does set us up really well as we continue to ramp R2 and we think about the progression we see through 2027 for the year.

謝謝你，George。我們在事先準備的發言中表述的是，我們打算在季度結束時達到汽車業務毛利為正（Automotive gross profit）的狀態。因此我不會預期整個季度都為正，但這確實能讓我們在持續提升 R2 產能時處於非常有利的位置，並且我們也在思考 2027 年全年所看到的進展軌跡。

Joseph Spak, UBS.

Joseph Spak，瑞銀。

Congratulations to both Claire and Derek. Claire, it's great working with you over the years and Derek, and congrats. First, you mentioned this $120 million of incremental cost of revenues due to the ramp. But that's not really cost of goods, right? So I guess, what I'm wondering if you could help us understand is today's realized pricing and mix, like what is the R2 contribution margin before those launch efficiencies and the fixed cost absorption? Because then, I think you get a better sense of if we add back some of those inefficiencies, what, for lack of a better term, a mature gross margin would be.

恭喜 Claire 與 Derek 兩位。Claire，這些年能與你共事非常愉快；Derek，也恭喜你。首先，你提到因為爬坡而新增了 1.2 億美元的營收成本增量。但那其實不完全是銷貨成本（COGS），對吧？所以我想請你們協助我們理解：以目前已實現的定價與產品組合來看，在尚未計入那些上市初期效率（launch efficiencies）與固定成本吸收（fixed cost absorption）之前，R2 的貢獻毛利率（contribution margin）大概是多少？因為這樣一來，我想我們就能更清楚地掌握：如果把其中一些低效率加回去，用比較通俗的說法，成熟期的毛利率會是什麼樣子。

Yes. Thanks, Joe. So the $120 million we quoted really is comparing where our cost structure is today as we think about our conversion costs, our depreciation in relation to what our two-shift operation should be performing at. And so that's just really the effect of not having a full rate of production at a two-shift operation today. In addition, that $120 million includes some of the things like expedited freight and some other costs that we expect to wind off as we continue to scale.

是的。謝謝你，Joe。我們提到的 1.2 億美元，主要是在比較我們目前的成本結構——就轉換成本（conversion costs）以及折舊（depreciation）而言——相對於我們認為兩班制運作應該達到的表現水準。因此，那基本上就是目前兩班制尚未達到滿產（full rate of production）所造成的影響。此外，這 1.2 億美元也包含一些例如加急運輸（expedited freight）以及其他我們預期會隨著持續擴產而逐步消退的成本。

I think when you look at R2 today, in the second quarter, we saw about a $12,000 per unit step down in cost of goods sold per unit delivered. And I think that is -- the biggest driver of that is introducing R2. One is R2 is a lower-cost product, but two is R2 is benefiting from a scale perspective within Normal.

我認為如果看 R2 目前的情況，在第二季，我們看到每交付一輛車的單位銷貨成本（COGS）大約下降了 12,000 美元。而我認為——其中最大的驅動因素就是導入 R2。第一，R2 本身是成本較低的產品；第二，R2 也在 Normal 工廠的規模效益（scale）方面受益。

As we step back and you look at our total Automotive gross profit, excluding regulatory credits, on a cash basis, that was positive for the quarter, and we expect that momentum to continue as we scale and ramp R2.

退一步看我們整體汽車業務的毛利（Automotive gross profit），若排除法規積分（regulatory credits），以現金基礎（cash basis）計算，本季是正值；而且我們預期隨著擴產並推升 R2 產能，這股動能會持續。

Okay. And I guess just the second question, maybe building off the first one is, since you announced R2 pricing in March earlier this year, there's been a lot of inflation, whether it's memory, PCB, other electronics, steel, copper. I guess aluminum looks pretty flat.

好的。那我想第二個問題，可能是延伸第一個問題：自從你們今年 3 月公布 R2 定價以來，通膨一直很明顯，不管是記憶體、PCB、其他電子零組件、鋼材、銅材。我想鋁價看起來相當持平。

So maybe that matters less today with the launch editions. But I was wondering if you could give us any anecdotes as to sort of how you're looking for or have been able to find engineering or manufacturing efficiencies or other offsets to be able to maintain those targeted gross margins for the new vehicle?

所以也許在目前的首發版（launch editions）上，這點影響比較小。但我想請問，你們能否分享一些例子或觀察：你們如何尋找、或已經找到工程或製造效率，或其他抵銷措施，以維持新車既定的目標毛利率？

Well, thanks, Joe. A big part of our engineering team is working on not only ramping production and achieving all the volume that the Normal facility is capable of, but also looking at what further improvements we can make to the vehicle. Some of those will be captured in the vehicles produced in Stanton Springs in our Georgia facility, but a number of those are going to be flowing into the vehicle over the coming months and quarters.

好的，謝謝你，Joe。我們工程團隊很大一部分的工作，不僅是推進量產爬坡並達成 Normal 工廠所能支撐的所有產量，同時也在檢視我們還能對車輛做哪些進一步改善。其中一些會反映在喬治亞州 Stanton Springs 工廠生產的車輛上，但也有不少會在接下來幾個月與幾個季度逐步導入到車輛之中。

And of course, as you said, with some of the commodity pricing being a lot higher than what we expected, I think memory is a really important call out there. We've really been focused to find other mechanisms to offset that and to enable us to still deliver on the various trims that we've talked about, the base trim starting at $45,000 and the top spec trim being at about $57,000.

當然，正如你所說，部分大宗商品價格遠高於我們原先預期，我認為記憶體是一個非常重要的點。我們一直非常專注於尋找其他機制來抵銷這些成本上升，並讓我們仍能兌現我們談到的各種車型等級（trims）：入門款從 45,000 美元起，最高規格款約在 57,000 美元左右。

And so the team is making great progress in that. And it's really -- in terms of examples, it's across the board. It's how we're -- it's details within the plant, how we're operating the plant. It's looking at improvements in packaging for logistics for moving parts from suppliers to our plant.

因此團隊在這方面進展非常好。而且就——舉例來說，這是全方位的。包括我們如何——在工廠內部的細節、我們如何營運工廠。也包括在物流包裝（packaging）方面的改善，用於將零件從供應商運送到我們工廠。

And then it's down to working really closely with our supplier partners on identifying further cost optimizations in the component level really that don't impact the performance of the capabilities of the vehicle that are -- that often is part consolidation or part elimination through redesign of the components. But the team has really done an outstanding job of hunting for and looking for those opportunities, and we've got a real full court press focused on that.

再往下則是與供應商夥伴非常緊密合作，在零組件層級找出進一步的成本最佳化，且不影響車輛性能或功能表現——這通常是透過零件整併（part consolidation），或透過重新設計零組件來取消某些零件（part elimination）。但團隊在尋找與挖掘這些機會上做得非常出色，我們也正以全力投入（full court press）聚焦在這件事上。

Mark Delaney, Goldman Sachs.

Mark Delaney，高盛。

Claire, thanks for all your help. Wishing you the best going forward. And Derek, congratulations on the expanded responsibilities. I was hoping to better understand what's going on with the R2 ramp. And nice to see the good momentum you just reported and a number of positive comments that you made that you're seeing with that product.

Claire，謝謝你一直以來的協助。祝你未來一切順利。Derek，也恭喜你職責擴大。我希望能更了解 R2 爬坡目前的狀況。也很高興看到你們剛剛提到的良好動能，以及你們對該產品所做的一些正面評論。

Can you share more on what you think are the key factors that will determine the pace of R2 delivery growth in 4Q and '27? And how much is it about converting on those record number of demo drives and positive media reviews into new R2 orders? Or is it more about ramping up the supply chain and manufacturing?

你們能否多分享一下，你們認為哪些關鍵因素會決定第四季與 2027 年 R2 交付成長的速度？其中有多少是把創紀錄的試駕（demo drives）數量與正面的媒體評測，轉化為新的 R2 訂單？又或者更主要是供應鏈與製造端的爬坡？

Of course, launching a vehicle is a lot of moving components. And I think often, the focus and attention is directed at the plant at the manufacturing operations. And of course, that's a huge part of this.

當然，推出一款新車牽涉到很多環節。我想很多時候，焦點與注意力都會放在工廠的製造營運上。而且這當然是其中非常重要的一部分。

But I do want to really call out the importance of also ramping the supply base. And in the case of R2, we have a number of new suppliers. We took an aggressive approach of reducing our supply chain complexity to have a smaller set of Tier 1 suppliers into the business.

但我也確實想強調，同步拉升供應基礎（supply base）的重要性。以 R2 來說，我們有不少新的供應商。我們採取了較為積極的作法，透過縮減供應鏈複雜度，讓導入業務的第一階供應商（Tier 1 suppliers）數量更精簡。

And so we can only ramp as fast as our slowest ramping supplier. And that's not to say there's like an acute challenge with a single supplier, but rather, the ramp-up requires each of the suppliers to ramp, and they need to be highly coordinated.

因此，我們的爬坡速度只能跟得上爬坡最慢的供應商。這並不是說某一家供應商有特別急迫的問題；而是爬坡需要每一家供應商都同步爬坡，而且必須高度協同。

So that's something we're very focused on. Javier is joining us on the call; I'm going to invite him to have some comments here as well. But our supply chain team, our overall logistics team has been working very closely together to make sure that this ramp is smooth.

所以這是我們非常聚焦的重點。Javier 也有加入這通電話；我也想請他在這裡補充一些看法。不過我們的供應鏈團隊與整體物流團隊一直非常緊密合作，以確保這次爬坡能夠順利進行。

Yes, indeed, RJ, I've been involved in many launches across all my career. And supply chain is always a complex part of the launch as we already flagged from day 1, bringing up hundreds of suppliers. And their Tier 2 and the Tier 3 is an immense task. What we are always doing is identifying whether the suppliers need some support, and we have special teams to help them to support our scale. That's the focus area, scaling our supply chain.

是的，RJ，確實如此。我在職涯中參與過許多次新車上市。而供應鏈一向是上市中很複雜的一環，正如我們從第一天就已經指出的：要帶動數百家供應商。以及他們的第二階（Tier 2）與第三階（Tier 3）供應商，這是一項非常龐大的任務。我們一直在做的是辨識供應商是否需要一些支援，並且我們有專門團隊協助他們，以支撐我們的擴張規模。這就是重點領域：擴大我們的供應鏈規模。

My other question was on Autonomy+ and better understanding the impact it may be having on the business. Maybe you can give a bit more color on how impactful Autonomy+ was in that 45% year-over-year growth in the Software, Services and Other segment? And when you talk to people who are buying Rivian vehicles, are they telling you that Autonomy+ is one of the key reasons that they're making that decision?

我另一個問題是關於 Autonomy+，想更了解它可能對業務造成的影響。也許你們可以多補充一些細節：Autonomy+ 對「軟體、服務及其他」（Software, Services and Other）部門年增 45% 的成長，貢獻度有多大？以及當你們與購買 Rivian 車輛的消費者交流時，他們是否表示 Autonomy+ 是他們做出購買決策的關鍵原因之一？

Yes. As we said in the opening remarks, Autonomy+, the take rate on Autonomy+ has exceeded our expectations, and we're quite encouraged by it. As has been said, Autonomy+, the core feature within it is what we call Universal Hands-Free, which is a hands-free driving capability that can be used on millions of miles across the United States.

是的。如同我們在開場致詞中所說，Autonomy+ 的採用率（take rate）超出我們的預期，我們對此相當受到鼓舞。如先前所述，Autonomy+ 的核心功能是我們稱為「通用免手持」（Universal Hands-Free）的功能，也就是一種免手持駕駛能力，可在美國境內數百萬英里的路段上使用。

What's coming has us even more excited, and that's our Point to Point capability. And that's where in addition to being hands-free, the vehicle can navigate entirely to their destinations. So you plug the address in, and you can navigate through four-way stops through complex interchanges, highway on- and off-ramps. And we think that will start to really create new levels of demand and new levels of interest.

接下來要推出的功能讓我們更加興奮，那就是我們的「點到點」（Point to Point）能力。在這個能力下，除了可免手操作之外，車輛還能完全自行導航到目的地。也就是說，你只要輸入地址，就能穿越四向停（四向停車路口）、複雜的交流道，以及高速公路的上、下匝道。我們認為這將真正帶來新的需求層級與新的關注度。

And today, in the market, there's really only one other product that has that, of course, with Tesla's FSD. And so this for us is an important capability. We think it becomes even more important over the coming quarters, and I would say, years as more and more customers get exposed to this and really think of it as a core purchase criteria for the vehicle.

而在目前市場上，真正具備這種能力的產品其實只有另一個，當然就是特斯拉的 FSD。因此，對我們而言，這是一項重要能力。我們認為在接下來幾個季度，甚至我會說未來幾年，隨著越來越多客戶接觸到這項功能，並真正把它視為購車的核心評估標準之一，它的重要性會更高。

Dan Levy, Barclays.

Dan Levy，巴克萊（Barclays）。

I wanted to ask -- first of all, Claire, congratulations. And Derek, congratulations to both of you on your new roles. Wanted to ask about EDV. You had another quarterly record in terms of Amazon revenue. If you could just, again, help us unpack the upside there?

我想請教——首先，Claire，恭喜你。Derek，也恭喜你們兩位在新職務上就任。我想問一下 EDV。你們在亞馬遜營收方面又創下單季新高。你能否再一次協助我們拆解一下這裡的上行空間（upside）？

But maybe you could also talk about some of the upside we're seeing potentially with other customers. And you've probably seen, there's some images that went around of an EDV wrapped with another company out there, Walmart. Just maybe, you could talk about the potential for uptake with other companies on EDV and if Amazon is finally driving this?

另外，也許你也可以談談我們在其他客戶方面可能看到的一些上行空間。你們可能也看到了，有一些照片在外流傳，是一台貼了另一家公司包膜的 EDV——沃爾瑪（Walmart）。也許你可以談談 EDV 在其他公司採用（uptake）的潛力，以及亞馬遜是否終於在推動這件事？

Thanks, Dan. The EDV product, it's exciting to watch. It's something we've really optimized around enabling and really driving an advantaged cost structure. And so we've seen Amazon as they've ramped from the early years of this program up through this year where they've now had a large fleet deployed. They have lots of data on how the vehicle is performing.

謝謝你，Dan。EDV 產品的表現很令人振奮，也很值得觀察。我們在設計上做了大量優化，目標是讓它能夠支撐並真正驅動具優勢的成本結構。因此，我們看到亞馬遜從這個專案早期逐步爬坡，一直到今年，他們已部署了一支規模很大的車隊。他們也累積了大量關於車輛表現的數據。

And it's creating like true and very real structural cost advantages that are leading into -- leading Amazon to double down to continue to buy more vehicles.

而這正在形成真正且非常實質的結構性成本優勢，進而促使——促使亞馬遜加碼投入，持續購買更多車輛。

And so as you've heard from us in previous calls, this year, we have seen a significant step-up in the level of demand from Amazon. And that's a direct reflection of the advantages that our EDV platform provides to commercial operators. And so with that said, we do see other commercial operators as they start to really look at ways to drive more efficiency into the business start to look at the EDV. We're excited for those potential future customers on this program as well.

因此，如同你在我們先前的電話會議中聽到的，今年我們看到亞馬遜的需求水準出現顯著的躍升。這直接反映了我們 EDV 平台為商用營運商所帶來的優勢。在此基礎上，我們也看到其他商用營運商，當他們開始真正尋求把更多效率導入其業務時，也開始關注 EDV。我們也對這個專案未來可能的其他客戶感到興奮。

Great. As a follow-up, I wanted to ask about the JV with Volkswagen on network architecture and the potential to expand that to others. Maybe you could just talk about how that JV is progressing? And just as the technology goes into your vehicle and their vehicles, what are you potentially going to hear from other automakers that might want to adopt this?

很好。作為追問，我想問一下你們與福斯（Volkswagen）在網路架構方面的合資公司（JV），以及將其擴展到其他對象的可能性。也許你可以談談這個 JV 的進展如何？另外，當這項技術導入你們的車款以及他們的車款時，你們可能會從其他也想採用這套方案的車廠那裡聽到什麼樣的回饋？

Well, the first real output from the joint venture is going to be launching next year. So this is the Volkswagen ID.1 product. This is a roughly EUR 20,000 EV that Volkswagen is producing for Europe. And so we're really excited about that. It's a wonderful way to demonstrate the capabilities of our technology outside of Rivian brand and outside the US market.

嗯，這個合資公司的第一個實質成果將會在明年推出。也就是福斯的 ID.1 產品。這是一款約 20,000 歐元的電動車（EV），由福斯為歐洲市場生產。我們對此非常期待。這也是一個很好的方式，能在 Rivian 品牌之外、以及美國市場之外，展示我們技術的能力。

Importantly, this is -- being in Europe, this is a vehicle that is going to be competing directly against not only European manufacturers, but also Chinese manufacturers. And we're very confident in the capability of the technology and the efficiency or the cost efficiency of being able to deliver a really broad set and impressive set of features in a vehicle at that price point.

重要的是——由於在歐洲，這款車將直接與不僅是歐洲製造商、也包括中國製造商競爭。我們對這項技術的能力，以及在該價位帶能夠提供一套非常廣泛且令人印象深刻功能的效率——或成本效率——非常有信心。

And so I've said this before, but we think of that vehicle as really a billboard for the capability. It really demonstrates what can be done. And so the technology we've developed, we certainly think about this as having applications not only beyond Rivian, but also beyond this existing joint venture and into other applications with other manufacturers. But our focus to date has been heads down on both the Rivian programs as well as the Volkswagen Group programs, the first of which, as I said, is the ID.1.

因此我之前也說過，我們把那款車視為展示能力的一個大型看板（billboard）。它能非常清楚地展示可以做到什麼程度。因此，我們所開發的技術，我們確實認為它不僅能應用在 Rivian 之外，也能超越目前這個既有合資案，延伸到與其他製造商的其他應用。但截至目前，我們的重點仍是全力投入在 Rivian 的各項專案，以及福斯集團的專案上；其中第一個，如我所說，就是 ID.1。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Claire, Derek, congrats to you both, and best wishes. Maybe a first question, going back to Autonomy+. And it's becoming a driver -- a major driver of demand for you. I'm curious whether you think consumers are sort of coming to purchase the vehicles with a Point to Point feature in the future in mind? Or do you think that when you launch Point to Point, could that be another step function improvement in demand and maybe similarly for the Gen 3 hardware when that's launched as well?

Claire、Derek，恭喜你們兩位，也祝一切順利。第一個問題想回到 Autonomy+。它正逐漸成為——成為你們需求的重要驅動因素。我想了解你們是否認為，消費者目前購車時，已經在心裡把未來會有「點到點」功能納入考量？或者你們認為，當你們推出點到點時，需求會不會再出現一次階躍式（step function）的提升？另外，當第三代硬體（Gen 3 hardware）推出時，是否也可能帶來類似的效果？

I think in a very broad sense, to date, Autonomy has not been a major driver for most customers in the United States. That's sort of evidenced by most of the vehicles that are being sold today do not have very much autonomous capability. I do think that we're at the base of a very significant inflection point, though, where we're going to start to see a much broader set of customers start to really look for advanced capabilities.

我認為從非常宏觀的角度來看，截至目前，自動駕駛並不是美國大多數客戶的主要購買驅動因素。這也可從一個現象看出：今天賣出的多數車輛，其實並沒有太多自動駕駛能力。不過我確實認為，我們正處在一個非常重要拐點的起點，接下來會看到更廣泛的客群開始真正尋求更先進的能力。

And with that, I think Point to Point is really, in many ways, the unlock for that where it really becomes, in some ways, like a magical experience where you get into the vehicle and the cognitive load to have to operate the vehicle and navigate the vehicle is dramatically reduced because you simply have to put in your destination, and the vehicle can handle what happens in between.

在這樣的背景下，我認為「點到點」在很多方面確實是解鎖關鍵：它會在某種程度上帶來近乎「魔法般」的體驗——你上車後，因為你只需要輸入目的地，車輛就能處理中間發生的一切，所以你在操作與導航車輛上的認知負荷會大幅降低。

And so this has been -- as we've talked on previous calls, this has been a major focus for us, a major -- and when I say that that's a major focus of resources, both dollars on the R&D side as well as people. We've designed our architecture inclusive of the sensor set, our compute topology, the way we're developing a system around this neural net-based foundation model and the whole business to really support both progress around the timing, but specifically progress towards some of these key milestones or key steps, with Point to Point being the first of multiple key steps that ultimately lead to the Level 4 capability that we're planning for 2028.

因此，正如我們在先前的電話會議中談到的，這一直是我們的重大重點——而我所說的重大重點，是指資源投入的重大重點：包括研發端的資金投入，以及人力投入。我們在架構設計上——包含感測器組合、運算拓撲，以及我們如何圍繞這個以神經網路為基礎的基礎模型（foundation model）來開發整個系統，乃至整個業務——都是為了支援進度推進：一方面是時程上的推進，另一方面更是朝向一些關鍵里程碑或關鍵步驟的推進；其中「點到點」是多個關鍵步驟中的第一步，最終將導向我們規劃在 2028 年達成的 Level 4 能力。

Terrific. Okay. And a quick follow-up. Maybe touch upon just the acquisition of Third Dimension. Does that kind of help you get to Level 4? Does it maybe expand the scope of ODD? Just curious a bit on what this does post the acquisition.

非常好。好的，再快速追問一下。也許談談你們收購 Third Dimension 這件事。這是否有助於你們達到 Level 4？是否可能擴大 ODD（操作設計域）的範圍？我想了解一下，收購完成後這件事帶來了什麼影響。

Yes. It's an exciting addition to the team. We're really pleased to have completed this acquisition. And when we look at development of these higher levels of autonomy and really building them around a model-based approach, so an AI-based approach versus the Autonomy 1.0 approach of using a more deterministic rules-based approach, a key part of that is what we call the eval process, how we're evaluating the model. And you can do that in an open-loop way by putting it on vehicles and driving those vehicles.

是的。這對團隊來說是一個令人振奮的補強。我們很高興完成了這項收購。當我們看待更高等級自動駕駛的開發，並真正以模型為核心的方法來建構——也就是以 AI 為核心的方法，而不是 Autonomy 1.0 那種較偏確定性、以規則為主的方法——其中一個關鍵部分就是我們所稱的評估流程（eval process），也就是我們如何評估模型。你可以用開環（open-loop）的方式來做，也就是把它放到車上，讓車輛上路行駛。

And it's obviously proven. We've seen that -- Rivian has done that and many other companies use that approach, and it will continue to be used. But in addition, we want to create closed-loop mechanisms whereby we can test the model in real-life conditions or simulated conditions and then make lots and lots and lots of iterations on those conditions to do fault injection, to do unique circumstance injection into the simulations.

而且這點顯然已被證明。我們已經看到——Rivian 就是這麼做的，還有許多其他公司也採用這種方法，而且未來也會持續使用。但除此之外，我們也希望建立閉環機制，讓我們能在真實世界或模擬條件下測試模型，然後在這些條件上進行大量、非常大量的迭代，進行故障注入，並在模擬中注入各種獨特情境。

And so the acquisition of Third Dimension is supporting the simulation work that we've been building on within the company and the ability to have more rapid closed-loop simulations that allow us to deploy models more rapidly and then, of course, make progress in advancing the models more rapidly.

因此，收購 Third Dimension 是在支持我們公司內部一直在建構的模擬工作，以及更快速的閉環模擬能力，讓我們能更快部署模型，當然也能更快推進模型的演進。

Alex Perry, BofA.

Alex Perry，美國銀行（BofA）。

I definitely want to echo the congrats to Claire and Derek as well. I guess, maybe just following up on Point to Point. With the Autonomy Early Access Program beginning in December, what do you need to see from that group before moving to a broader 2027 release? Is this to gather data and validate the incident profile here? Would love to just get your thoughts on what you need to see there.

我也想再次向 Claire 和 Derek 表達祝賀。我想，可能接著追問一下 Point to Point。隨著自動駕駛早期體驗計畫在 12 月開始，在推進到 2027 年更廣泛的發布之前，你們需要從那個群體看到什麼？這是為了蒐集資料並驗證這裡的事件（incident）特徵嗎？很想聽聽你們對於需要看到哪些結果的想法。

I think the Early Access Program is -- it's a very common approach for newer technologies to get feedback from a broad spectrum of users. And that's everything from the functionality features to the interface and how the features deploy, how they're actualized, what the UI looks like. And so this Early Access Program allows us to do that. It gives us the opportunity to get really rich and diverse feedback from a broad set of customers in different driving environments and different geographies.

我認為早期體驗計畫——這是一種非常常見的做法，用於較新的技術，以便從廣泛的使用者族群取得回饋。回饋涵蓋從功能特性到介面，以及功能如何部署、如何落地實現、UI 長什麼樣子。因此，這個早期體驗計畫讓我們能做到這些。它讓我們有機會從不同駕駛環境、不同地理區域的廣大客戶群中，取得非常豐富且多元的回饋。

So that was how it's designed. And of course, as you said, that sets us up to then have the full broad release across all Autonomy+ subscribers in the 2027 time frame.

所以它就是這樣設計的。當然，正如你所說，這也讓我們能在 2027 年的時間框架內，面向所有 Autonomy+ 訂閱用戶進行全面、廣泛的發布。

Perfect. And then I guess, I wanted to ask about how the edge cases that you're trying to solve for here at first. We've heard about pickup/drop-off being a little bit of an edge case that's tougher to solve. But I would love to just get your -- when you're first launching Point to Point, what will the functionality sort of really entail? And then how do you expect it to progress over time?

完美。接著我想問一下，你們一開始要解決的那些邊緣案例（edge cases）是哪些。我們聽說接送（pickup/drop-off）算是一個比較難解的邊緣案例。但我很想了解——你們首次推出 Point to Point 時，功能範圍實際上會包含哪些內容？然後你們預期它會如何隨時間推進演進？

Yes. I mean, there's -- I guess when you think about edge cases, there's a broad spectrum of types of edge cases. The pickup/drop-off is particularly important for robotaxi or Level 4 applications. That's beyond what we're -- I'd say even more important when we start to look at deployment of our Uber partnership in 2028. And I'm sure many have experienced this, the challenges of, let's say, dropping someone off or picking someone up in a highly urban environment where there's no place for the vehicle to pull off.

是的。我的意思是——我想當你想到邊緣案例時，其實有非常廣泛的類型光譜。接送（pickup/drop-off）對於機器人計程車或 L4（Level 4）應用特別重要。那超出了我們目前——我會說，當我們開始看 2028 年與 Uber 合作的部署時，這甚至更重要。我相信很多人都經歷過這種挑戰：例如在高度都市化的環境中要讓人下車或上車，但車輛沒有地方可以靠邊停。

So you're sort of stopping in lane on the road. Those are challenging situations and challenging as we even deploy vehicles today.

所以你可能就得在車道上停在路中間。這些都是具挑戰性的情境，即使我們今天在部署車輛時也同樣具有挑戰。

But as it pertains to the consumer vehicles and Point to Point, some of those are solved simply through this being a supervised product. So if it's a very complex pickup or drop-off situation, you have the benefit of someone in the driver's seat. And this is where really being thoughtful on the UI in that situation is important, so what does the vehicle do when it gets to destination and how does it indicate to the person in the driver's seat. And we're working really hard to make sure all those -- the UI and the thinking about what that interface feels like and experiencing the product is really seamless and easy to use and understand.

但就消費者車輛與 Point to Point 而言，其中一些問題可以透過它是一個「需監督」（supervised）的產品來簡化解決。所以如果遇到非常複雜的接送情境，你仍有駕駛座上的人可以介入。而這也凸顯在那種情境下對 UI 的周全設計很重要：車輛到達目的地時會做什麼、以及它如何向駕駛座上的人提示。我們正非常努力確保所有這些——UI 以及對介面體驗的思考、產品使用體驗——都能非常順暢、易用且易於理解。

Shreyas Patil, Wolfe Research.

Shreyas Patil，Wolfe Research。

Curious on R&D, I think it was up 7% year-over-year, excluding stock comp. I know that's an important cost item. I know an important element there is the cost for leasing AI compute capacity for training. And I'm curious, what you're seeing in terms of pricing and available capacity? We are seeing industry-wide token prices move higher, but just curious, what you're seeing on the ground?

我想了解一下研發（R&D），我記得在排除股票薪酬後，同比大約成長 7%。我知道這是一個重要的成本項目。其中一個重要元素是租用用於訓練的 AI 算力（compute capacity）的成本。我很好奇，你們看到的價格與可用容量情況如何？我們看到全產業 token 價格在上升，但想了解你們在第一線看到的是什麼？

Yes. Thanks. We are seeing some increased pricing as we think about leasing compute. With that said, as we think about the -- looking at Q3 this year to Q4, we do expect a low double-digit growth rate in R&D. And as you look at next year, we do expect our R&D line to grow more significantly in '27 than it did in '26.

是的，謝謝。我們在租用算力方面確實看到一些價格上升。不過，當我們看今年第三季到第四季，我們預期研發將呈現低雙位數的成長率。而展望明年，我們也預期 2027 年的研發費用增幅會比 2026 年更顯著。

This is really all driven by our strategic investments in Autonomy software, Autonomy hardware and some vehicle technologies. And so we continue to be efficient in our uses of compute, but I think we expect to continue to expand that as we think about next year and the progress we're making on our Large Driving Model.

這主要是由我們在自動駕駛軟體、自動駕駛硬體以及部分車輛技術上的策略性投資所驅動。因此，我們會持續有效率地使用算力，但我認為，隨著我們展望明年以及我們在大型駕駛模型（Large Driving Model）上的進展，我們也預期會持續擴大這方面投入。

Okay. And then maybe on input costs, I think you alluded to that as being a headwind. I'm just curious, in terms of some of the -- if you can drill down more specifically on some of the actions you're taking to try and mitigate that, whether it's coming from higher steel or freight and logistics, DRAM? Maybe if you could just provide a little more color.

了解。那再談談投入成本（input costs），我想你們提到這會是一個逆風。我想更具體地了解，你們正在採取哪些行動來嘗試緩解這些影響——不論是來自鋼材、運費與物流、DRAM 等成本上升？如果可以的話，能否再多提供一些細節？

Yes, there are so many components that go into a vehicle. And so the big, big categories, of course, bill of materials, then you have conversion costs, cost to build the vehicle in the plant, and you have logistics costs. And so across each of those categories, we have organized teams of people that are working to identify opportunities.

是的，一輛車由非常多的零組件構成。所以大的類別當然包括物料清單（BOM），接著是轉換成本（conversion costs），也就是在工廠把車造出來的成本，還有物流成本。因此，在每一個類別中，我們都組織了團隊在努力找出機會點。

And the opportunities we're identifying, as I described before, range from things that we can deploy in the very near term. So these are ideas that can be deployed within weeks to then ideas that require years of time, meaning like significant redesign or selection of new suppliers.

而我們正在識別的機會，如我先前所描述，範圍從可以在非常短期內部署的事項開始。也就是幾週內就能落地的想法，到需要數年時間的想法——例如重大的重新設計或選擇新的供應商。

And so this is something in any scenario, we'd be fighting and pushing for. But I think to the point of your question, this is of even more importance given some of the headwinds that have emerged around raw material costs and memory costs. But we continue to make progress on that.

因此，無論在任何情境下，這都是我們會持續努力、持續推動的事情。但回到你問題的重點，鑑於原物料成本與記憶體成本出現的一些逆風，這件事就更為重要。不過我們仍在持續取得進展。

I think the most important very near-term thing that we're doing is the ramp is focusing on getting better fixed cost absorption through getting more output from the plant that's been installed and from the team that's working those lines. And so that's everything from getting our suppliers ramped, as you heard from Derek and I earlier, Derek and Javier earlier, and then making sure that we can very efficiently convert all those components from suppliers into our vehicles in the plant.

我認為我們在非常短期內最重要的一件事，是在爬坡（ramp）過程中，專注於透過提高已安裝產線的產出、以及提升在產線上作業團隊的產出，來改善固定成本吸收（fixed cost absorption）。這涵蓋從讓供應商順利爬坡——如你先前從 Derek 和我、Derek 和 Javier 那裡聽到的——到確保我們能在工廠內非常有效率地把供應商的所有零組件轉換並組裝成整車。

Okay. And maybe if I could just squeeze a last quick one. And I apologize if you had mentioned it previously, but the reduction in CapEx for this year, now $1.4 billion to $1.5 billion, just what's driving that?

了解。最後如果我可以再塞一個很快的問題。如果你們之前已經提過我先道歉，但今年資本支出（CapEx）下調到 14 億到 15 億美元，主要是什麼因素驅動的？

Yes, Shreyas. The reduction in CapEx is mostly driven by timing, just some timing shift. As we look at our spend related to our Georgia facility, at the moment, it's a very lumpy sequencing of spend as you think about large equipment purchases and large contracts. And so as those move from an invoice or payment perspective or timing perspective by a few weeks, it shifts between quarters. So I characterize the move, the lowering of the CapEx strictly from a timing perspective.

是的，Shreyas。資本支出（CapEx）的下調主要是由時點因素所驅動，就是一些時程上的挪移。當我們看喬治亞工廠相關的支出時，目前支出的節奏非常不均勻，因為會涉及大型設備採購與大型合約。因此，當這些支出在發票或付款的角度、或時點角度上延後或提前幾週，就會在季度之間移動。所以我會把這次資本支出下調的變動，完全歸因於時點因素。

Edison Yu, Deutsche Bank.

Edison Yu，德意志銀行。

Great. And congrats, Claire and Derek. First question, we saw some media reporting lately about basically one of your vehicles badged with Walmart on it. Curious if you can comment at all if this is a testing phase or part of some type of enterprise deal?

很好。也恭喜 Claire 和 Derek。第一個問題，我們最近看到一些媒體報導，基本上有一輛你們的車貼有 Walmart 的標誌。想請問你們是否能評論一下：這是測試階段，還是某種企業合作協議的一部分？

Yes. As I mentioned earlier, we -- the commercial van program, we continue to have discussions with customers outside of Amazon. Of course, our partnership with Amazon continues to progress and advance in extremely positive ways. This year represented a big step-up in volume with them. And it is really a reflection of the performance and cost advantages enabled by this platform. And so we do continue to look for and work with other potential partners as we go forward.

是的。如我先前提到的，我們——商用廂型車計畫——持續與 Amazon 以外的客戶進行討論。當然，我們與 Amazon 的合作夥伴關係仍在以非常正面的方式持續推進與深化。今年與他們的出貨量有顯著提升。這確實反映了這個平台所帶來的性能與成本優勢。因此，展望未來，我們也會持續尋找並與其他潛在合作夥伴合作。

Understood. Follow-up, I wanted to ask about Third Dimension. I think my crude understanding is that it sort of turns video, kind of regular video into like a 3D copy of the world of sorts. Is that kind of a very simplistic understanding of what it does? And then following up on that, are there any kind of capabilities out there in addition to this that you think you need to kind of complete the autonomy stack?

了解。追問一下，我想問 Third Dimension。我粗略的理解是，它有點像把一般影片、普通影片轉成某種世界的 3D 複製品。這樣理解是否過於簡化？另外，基於這點，你們是否認為除了這項能力之外，還需要其他能力來把自動駕駛技術堆疊（autonomy stack）補齊？

Sure. I talked about a little bit before, but the Third Dimension acquisition is something we're really excited about. It bolsters our simulation efforts within the business and helps us create efficient closed-loop mechanisms by which we can validate and improve on our models. And these are efforts that, of course, are underway within the business already. This is a great way for us to help accelerate some of that work.

當然。我之前稍微提過，但我們對收購 Third Dimension 這件事非常興奮。它強化了我們在業務內的模擬（simulation）工作，並幫助我們建立高效率的閉環機制，以便驗證並改進我們的模型。而這些工作當然在公司內部本來就已經在進行。這是一個很好的方式，能幫助我們加速其中一部分工作。

And as you think about simulation and the importance of simulation, this becomes an even -- using simulation for validation becomes an even more important element for rapidly iterating on the model architecture and model design.

而當你思考模擬以及模擬的重要性時，使用模擬來做驗證，會成為一個更——更重要的要素，能讓我們快速迭代模型架構與模型設計。

Tobias Beith, Rothschild & Co Redburn.

Tobias Beith，Rothschild & Co Redburn。

I have just one question, please. Over the next two to three years, what are your priorities for increasing brand awareness or brand equity? And how will you measure whether those efforts are translating into customer acquisition and revenue growth?

我只有一個問題，謝謝。在未來兩到三年，你們提升品牌知名度或品牌資產（brand equity）的優先事項是什麼？你們會如何衡量這些努力是否正在轉化為客戶獲取與營收成長？

Well, that's a great question, Tobey. We're really excited with the launch of R2 to have a product now that has a much broader and wider aperture for customers. Whereas, of course, R1 was our handshake with the world. It is a great product to introduce the Rivian brand to consumers. But by virtue of its price point, by virtue of being our flagship product, its price made it not something that many customers would be considering.

嗯，這是個很好的問題，Tobey。我們對 R2 的推出感到非常興奮，因為我們現在有一款產品，能以更廣、更大的範圍觸及客戶。當然，R1 是我們與世界握手的第一步。它是一款很棒的產品，用來向消費者介紹 Rivian 品牌。但由於它的定價、以及它作為我們旗艦產品的定位，它的價格使得許多客戶不會把它納入考量。

And so with the R2, the price starting at $45,000 and going up through mid- to high $50,000s puts it right back sort of overlapping with the average price of a new car in the United States in the most popular segment, the midsized crossover and SUV segment. And so that on its own is going to lead to more vehicles on the road, which, of course, will create more awareness.

因此，R2 的起售價為 45,000 美元，並一路到 5 萬美元中段到高段，這讓它回到——某種程度上與美國新車平均價格重疊——而且是在最受歡迎的級距：中型跨界車與 SUV 級距。因此，光是這一點就會讓路上出現更多車輛，當然也會帶來更多的品牌認知。

But bolstering not just the vehicle and its increased presence on the roads is we're doing a bunch of really creative ways of getting the brand out there. Maybe the most recent one is a good demonstration of this was what we did for Halloween this year. Of course, we've been doing Halloween Mode since we launched the company. And each year, we think of really creative ways to do fun things to bring a lot of excitement to customers.

但除了強化車輛本身、以及它在道路上的能見度提升之外，我們也用很多非常有創意的方式把品牌推向市場。也許最近最能展現這點的例子，是我們今年萬聖節所做的活動。當然，自公司成立以來我們就一直有萬聖節模式（Halloween Mode）。而每一年，我們都會想出非常有創意的方式，做一些有趣的事情，為客戶帶來很多興奮感。

But this year, we partnered with Sony and created a Halloween Mode where we had Ghostbusters integrated to the vehicle. Of course, working close with Bill Murray to do this was a lot of fun. But these are ways we can really cut across culture, cut across a wide spread of demographics and create awareness of the brand, as you noted.

但今年，我們與 Sony 合作，打造了一個萬聖節模式，把《魔鬼剋星》（Ghostbusters）整合進車輛。當然，能與 Bill Murray 密切合作完成這件事非常有趣。但正如你所說，這些都是我們能真正跨越文化、跨越廣泛人口族群，並創造品牌認知的方法。

Rajat Gupta, JPMorgan. Next question comes from Chris Pierce, Needham.

Rajat Gupta，摩根大通。下一個問題來自 Chris Pierce，Needham。

Just a quick one too. Can you just talk to the LiDAR variant of the R2? I believe originally, it was supposed to be coming out to consumers this year. I think the term delay might be a bit harsh, but now it's employee-only for testing or for purchase. I just kind of want to understand if there was some component delay or just sort of the initial launch variant was better than expected? I'm just curious, what drove that decision?

我也快速問一個。你能談談 R2 的 LiDAR 版本嗎？我記得原本是預計今年面向消費者推出。我覺得用「延遲」這個詞可能有點嚴厲，但現在它是僅限員工用於測試或購買。我想了解這背後是某個零組件延遲，還是初期推出的版本表現比預期更好？我只是好奇，是什麼驅動了這個決定？

Well, thanks, Chris. On our Autonomy platform, I mentioned before the Large Driving Model. And so Large Driving Model is something that's going to be deployed across all of our R2 vehicles, including, of course, launch edition and then model 2025 R1s with model 2025 or newer. And so importantly, that means Point to Point is going to be available in all those vehicles and the capabilities that, that entails, we think, are quite exciting.

好的，謝謝你，Chris。在我們的自動駕駛平台上，我之前提到大型駕駛模型（Large Driving Model）。因此，大型駕駛模型將會部署在我們所有的 R2 車輛上，當然也包括首發版（launch edition），以及 2025 年式的 R1（2025 年式或更新）。而重要的是，這代表點到點（Point to Point）功能會在所有這些車輛上提供，而其所涵蓋的能力，我們認為相當令人振奮。

The next hardware generation, which includes our RAP1 processor, which is, for each processor, 800 TOPS, we have two of those for 1,600 TOPS in the vehicle. We marry that with an enhanced perception platform that includes camera, radar and as you pointed out, a LiDAR sensor. That, as you said, is going through employee -- like an employee program late this year and validation builds and validation process this year.

下一代硬體包含我們的 RAP1 處理器，每顆處理器為 800 TOPS，車上有兩顆，合計 1,600 TOPS。我們把它與強化的感知平台結合，該平台包含攝影機、雷達，以及如你所指出的 LiDAR 感測器。如你所說，這套配置會在今年稍晚透過員工——像是員工方案——以及今年的驗證車（validation builds）與驗證流程來進行。

And then into 2027, that vehicle will be available. But we're really excited about what LDM, the Large Driving Model, represents and what that can bring to everything from, as I said, model year 2025 R1, existing R2 and then future R2.

然後到 2027 年，該車款將會對外提供。但我們對 LDM（大型駕駛模型）所代表的意義，以及它能為從我剛提到的 2025 年式 R1、現有 R2 到未來 R2 帶來的能力，感到非常興奮。

Okay. Perfect. And then you talked about order book to purchase conversion, I think, just kind of using conversion broadly. Can you talk about test drives to order book conversion, given how test drives are up so much sequentially with the launch of the R2? Like what's -- is it that -- I guess, just what are you seeing there? And is the long way -- maybe long is not the right word, but are people converting from test drives to the order book at what kind of rate versus the R1? Or just any color you can share there?

好的。完美。另外你談到訂單簿到購買的轉換率，我想你是用比較廣義的「轉換」來說。能否談談試駕到訂單簿的轉換率？因為隨著 R2 的推出，試駕量在環比上大幅上升。也就是說——我想問的是——你們在那裡看到什麼趨勢？以及，這個過程是否很長——也許「長」不是最貼切的詞——但人們從試駕轉為進入訂單簿的比例，與 R1 相比大概是什麼水準？或是你能分享任何補充資訊嗎？

I mean, the most interesting is we launched with the launch variant. And so that's our premium performance trim. And we had certain assumptions around what the conversion for that would be, recognizing it's the most expensive R2. And the conversion to date has exceeded our expectations, which is really encouraging. That doesn't take away from how excited we are for the other trims to also come in. But it's outstanding to see so many folks excited just to get into an R2 and also be in the launch configuration.

我的意思是，最有意思的是我們是以發售版車型推出的。因此那是我們的高階性能版本。我們對該版本的轉換率原本有一些假設，畢竟它是最昂貴的 R2。而截至目前的轉換率已超出我們的預期，這非常令人鼓舞。這並不會減損我們對其他版本陸續推出的期待。但看到這麼多人光是想入手一台 R2、而且還選擇發售版配置，就令人印象深刻。

With regards to test drives, I'm glad you called it out. This is an important metric for us, and we did see a significant step-up in test drives really as a result of having R2 available and the level of excitement from folks to get in and experience the vehicle.

關於試駕，我很高興你提到這點。這對我們來說是一個重要指標；而我們確實看到試駕量有顯著提升，主要是因為 R2 已可供試駕，以及大家想坐進車內親身體驗的熱度。

Tom Narayan, RBC.

Tom Narayan，RBC。

Good luck, Claire. Congrats, Derek. First question is on the R2. You've been selling the kind of higher-end trims. But then next year, you're going to have the kind of lower-end trims with -- in the lower battery range.

祝你好運，Claire。恭喜你，Derek。第一個問題是關於 R2。你們一直在銷售較高階的版本。但明年你們將推出較入門的版本——電池續航里程較低的那種。

Just curious, what you think about consumer demand for those products with the lower battery range, especially in light of, I guess, what Model Y's battery range is relative to price? And then also the impact on margins for that lower end -- lower trim R2? And then I have a follow-up.

想請教你對於這些較低續航里程產品的消費者需求有何看法，特別是考量到我想，Model Y 的續航里程相對於價格的定位？另外，對於較入門——較低配的 R2，其毛利率會有什麼影響？我還有一個追問。

Yes. As I said, we're excited about all the different trims. There's sort of two big variables to think about in the different configurations. So we have a premium trim and then a standard trim. That's the -- that's like the interior appointments, the rear drop glass that links to that, a few other features within the vehicle.

是的。如我所說，我們對所有不同版本都很期待。在不同配置上，大致有兩個主要變數需要考量。我們有高階版本以及標準版本。這主要是——像是內裝配備、與之相關的後窗下掀玻璃（rear drop glass），以及車內其他一些功能。

And then there's a propulsion variation. So we have all-wheel drive performance, we have all-wheel drive base, and then we have a rear-wheel drive variant. And then within the rear-wheel drive variant, we have a larger pack and a smaller pack.

另外還有動力系統的差異。我們有四輪驅動性能版、四輪驅動基礎版，以及後輪驅動版本。而在後輪驅動版本中，我們又有大電池包與小電池包。

And so really, the reason we create all those variants is because we want to make sure we cover the demand curve. So cover -- give customers enough choices across performance, range, price point, content, such that we can capture customers from that $45,000 price point all the way up to the $57,000 price point.

我們之所以打造所有這些版本，主要是因為我們希望能覆蓋整條需求曲線。也就是——在性能、續航、價格帶、配備內容等方面，提供足夠的選擇，讓我們能從 45,000 美元的價位一路到 57,000 美元的價位都能吸引到客戶。

And from a unit economics point of view, I think we have to recognize that when we launch, as Derek described earlier, the lack of volume and the ramp-up just because the nature of ramping on a single shift ramping suppliers means that our ability to absorb fixed costs, that's depreciation and that's the labor cost within the plant is more limited. And as we grow volume, the actual cost structure of the vehicle comes down quite considerably because those fixed elements of costs get absorbed by a lot more volume.

從單位經濟（unit economics）的角度來看，我認為我們必須認知到，在上市初期，如 Derek 先前所描述的，由於產量不足以及爬坡期——尤其是單班制爬坡、供應商同步爬坡的特性——我們吸收固定成本的能力會比較有限；固定成本包括折舊，以及廠內的人力成本。而隨著產量提升，車輛的實際成本結構會顯著下降，因為這些固定成本要素會被更大的產量所分攤吸收。

And so we've been able to very intentionally sequence the nature of launching with a high-price variant and then bringing in these other trims as our volume grows, such that in the end, it supports a healthy, positive gross margin for the R2 business. And of course, given its volume, that really drives the financial performance of Rivian overall.

因此，我們能非常有策略地安排上市節奏：先以高售價版本推出，接著在產量成長的同時導入其他版本；如此一來，最終能支撐 R2 業務維持健康、正向的毛利率。當然，考量到其銷量規模，這也將實質帶動 Rivian 整體的財務表現。

Got it. And then my follow-up is on Autonomy. I think you said the take rates for hands-free are better than what you've expected. I mean, can you give us a sense of what those take rates could be? I mean, we know Tesla FSD is around 75%.

了解。那我的追問是關於自動駕駛（Autonomy）。我想你提到免持（hands-free）的採用率（take rate）比你們預期更好。你能否讓我們大概了解一下這個採用率可能是多少？我們知道 Tesla 的 FSD 大約是 75%。

I mean, is it in that order of magnitude? And then do you see Point to Point with higher pricing than your current Autonomy product? Tesla FSD is around $99 a month, which suggests that consumers are willing to pay more for autonomy, at least at that quality.

你們的量級也差不多在那個範圍嗎？另外，你們是否認為 Point to Point 的定價會高於你們目前的 Autonomy 產品？Tesla 的 FSD 大約是每月 99 美元，這似乎顯示消費者願意為自動駕駛付更多錢，至少在那樣的品質水準下。

Well, I said this earlier, and I do think it's an important to call out. We really think of Point to Point as being almost an inflection point in terms of the type of experience you can have with autonomy. Hands-free as it is today is you can use any road -- effectively any road that has lines, any marked road. So it's millions of miles of roads today, but it's not navigating you off exits, on to urban environments, through stoplights and through four-way stops and those sorts of things.

嗯，我先前提過，我也認為這點很重要，值得特別說明。我們確實把 Point to Point 視為在自動駕駛體驗層面的一個近乎「拐點」（inflection point）。目前的免持功能是：你可以在任何道路上使用——基本上任何有車道線、任何有標線的道路都可以。所以今天可用的道路里程是數百萬英里，但它不會帶你下匝道、進入都會環境、穿越紅綠燈、通過四向停等這類情境。

But Point to Point does do that. And with Point to Point, it creates this much easier experience where it takes the cognitive load of having to figure out what you're going to do, navigating, thinking, paying attention to which road you're supposed to turn, all those things sort of fade away. And there's a really nice experience. I mean, I'm driving it every day. It's wonderful on my commute in and out of the office.

但 Point to Point 可以做到這些。而有了 Point to Point，它會帶來更輕鬆的體驗：你不必再承擔需要自己判斷要怎麼走、導航、思考、留意該轉哪條路等認知負荷，這些事情會逐漸淡出。整體體驗非常好。我的意思是，我每天都在開。在我上下班通勤往返辦公室時，它非常棒。

And so our view is that that is going to become a big driver of demand. And I think it's unclear how quickly the whole, call it, the whole US market and the whole automotive market starts to shift to really wanting this and this being a major purchase criteria. But certainly, we're at the front end of an inflection point whereas more and more people are exposed to what this can do, we think it's going to become very important.

因此我們的看法是，這將成為需求的一個重要驅動因素。至於整個——姑且稱之為——整個美國市場以及整個汽車市場，會多快開始轉向真正想要這種功能、並把它視為主要購車準則之一，這點目前仍不明朗。但可以確定的是，我們正處在一個拐點的前端；隨著越來越多人接觸到它能做到什麼，我們認為它會變得非常重要。

And it's precisely because of that, that for the last few years, we've been investing heavily in building this capability, going back to kicking off an in-house silicon program which ultimately is embodied in our RAP1, to vertically integrating the whole platform. So that's all the perception platform feeding in and running this, what we call this LDM, our Large Driving Model.

也正因如此，過去幾年我們一直大力投資打造這項能力，從啟動自研晶片（in-house silicon）計畫開始——最終體現在我們的 RAP1 上——到將整個平台做垂直整合。因此，這涵蓋了整套感知平台的輸入與運行，我們稱之為 LDM，也就是我們的大型駕駛模型（Large Driving Model）。

So we're extremely excited about this. We do think it's a really big driver in the long term for market share for us. We think it's going to be important that customers have some choices. As I said, with FSD being out there and soon, our Point to Point being out there, we think that's great. And we're looking forward to getting it in the hands of our Autonomy+ customers, and we think certainly that, that will drive an increase -- a further increase, I should say, in the take rate on Autonomy+.

所以我們對此非常興奮。我們確實認為，長期來看這會是我們市占率的一個非常重要的驅動因素。我們也認為讓客戶有一些選擇會很重要。如我所說，市場上已有 FSD，而不久之後我們的 Point to Point 也會推出，我們認為這很好。我們也期待把它交到 Autonomy+ 客戶手上；我們相信這肯定會推動 Autonomy+ 的採用率進一步提升——我應該說，是進一步增加。

Okay. Just to clarify, I mean, I guess are you guys not giving us the attach rate for your Autonomy product? Is it close to the Tesla level? Or --

好的。只是想確認一下，我的意思是，你們是不打算提供你們 Autonomy 產品的加購率（attach rate）嗎？它接近 Tesla 的水準嗎？或者——

We're not giving the attach rate. Maybe someday we will, but we're not giving it here.

我們不會提供加購率。也許有一天會，但這裡我們不提供。

And the pricing, could it be -- could you guys raise it for Point to Point, you think?

那定價方面，你們認為 Point to Point 會——你們會提高它的價格嗎？

Well, I do think -- this is an interesting question. But in the fullness of time, of course, we think this is -- over the coming years, we do see opportunities for this to continue to grow. But I think the dynamics around this are going to depend on ultimately how the market is behaving overall. This is something today that's purchased as a separate subscription. You could imagine models where this gets embedded into the price of the vehicle.

嗯，我確實認為——這是個有意思的問題。但從長期來看，當然，我們認為這在——未來幾年確實有持續成長的機會。不過我認為，相關的動態最終會取決於整體市場的表現。目前這是一項以獨立訂閱方式購買的服務。你也可以想像一些模式：它可能會被內嵌到車輛售價之中。

So there's a lot of different ways this is going to be priced. I do -- I called out as an inflection point, I would just say Autonomy represents a big, big shift in the overall topology of the auto industry. I think it's going to be a big driver of market share, and it could drive huge changes in market share shifting between different companies. I think the models by which we charge for it, monthly subscription upfront, embedded in vehicle price, there's a whole host of really exciting and interesting opportunities.

因此，這將有很多不同的定價方式。我確實——我把它稱為一個拐點；我會說，自動駕駛（Autonomy）代表汽車產業整體版圖的一個非常、非常重大的轉變。我認為它將成為市占率的重要驅動因素，並且可能推動不同公司之間市占率轉移的巨大變化。我認為我們對它收費的模式——按月訂閱、一次性預付、內嵌在車價中——有一整套非常令人興奮且有趣的機會。

But like any marketplace, it's going to be market-driven. And so we're watching it very closely. But I'd say if I were to guide on one thing, I'd say it's going to be dynamic. It's not going to be the same for 10 years. It's going to change as the market evolves.

但就像任何市場一樣，最終會由市場驅動。因此我們正非常密切地觀察。但如果要我就一件事給出指引，我會說它將是動態的。它不會在 10 年內都一成不變。它會隨著市場演進而改變。

Andrew Percoco, Morgan Stanley.

Andrew Percoco，摩根士丹利。

I'll just reiterate all my peers' comments. Claire, it's been great working with you, and I know you've got a good opportunity in front of you, so best of luck. And Derek, looking forward to working more with you going forward.

我就重申一下我所有同業的評論。Claire，和你共事很愉快，我知道你面前有個很好的機會，祝你一切順利。Derek，也期待未來能和你有更多合作。

Maybe just one follow-up question for me around the R1. It seems like just based on what you guys have disclosed, the R2 volumes were, I guess, close to nearly double R1. And it's clear it's outselling the R1, which I would assume was the intention with the vehicle. But I'm curious, how you're thinking about positioning the R1 over time? I know you've gotten asked about this before. And obviously, there's clear value in having that vehicle in the portfolio.

我這邊可能就針對 R1 再追問一個問題。看起來根據你們披露的資訊，R2 的銷量我想幾乎接近 R1 的兩倍。而且很明顯它的銷售表現優於 R1，我猜這也是這款車原本的設計意圖。但我好奇的是，你們如何看待 R1 隨時間的定位？我知道你們之前也被問過這個問題。而且顯然，在產品組合中保留那款車是有明確價值的。

But from a pricing perspective, do you think that there's an opportunity over time to maybe lower the price point as you start to leverage some of the scale and supply chain benefits from the R2 to make the R1 maybe a little bit more in line with some of the other three-row SUVs we see in the market from a pricing standpoint? Just curious, medium, long-term view on how you're thinking about positioning the product from a pricing standpoint to maybe leverage some scale and get some incremental volume on the R1 over time?

但從定價角度來看，你們是否認為，隨著你們開始利用 R2 帶來的一些規模效益與供應鏈效益，未來有機會把價格帶往下調一些，讓 R1 在定價上更貼近我們在市場上看到的其他三排 SUV？只是想了解一下，你們在中期、長期如何思考 R1 的產品定價定位，是否能藉由規模效益來爭取一些增量銷量，讓 R1 的量能隨時間提升？

Thanks, Andrew. Derek referenced it in his opening remarks. But just to state and to make sure it's clear, we actually expect the R1 pricing to go up a bit. And so -- and not the pricing, let's just say the average selling price to go up. And it's really strategic. We removed what we call our standard trim for R1 and have intentionally moved the product a bit upmarket and really doing that because of where R2 sits in terms of pricing.

謝謝你，Andrew。Derek 在開場致詞中有提到。但我想再說一次、並確保大家清楚：我們其實預期 R1 的定價會小幅上調。所以——嚴格來說不是「定價」，我們就說平均售價（ASP）會上升。而這是非常策略性的。我們移除了 R1 所謂的標準配備等級（standard trim），並且刻意把產品往更高端的市場定位移動，主要是因為 R2 在定價上的位置。

And as we think about how it sits within the portfolio, this is a flagship product. So it's the highest spec trim. It's got over 1,000 horsepower. It's extremely capable on road, extremely capable off-road. The tri-motor is also incredibly capable.

當我們思考它在產品組合中的位置時，這是一款旗艦產品。因此它是最高規格的車型等級。它擁有超過 1,000 匹馬力。它在公路上極具能力，在越野方面也極具能力。三馬達版本同樣也非常強悍。

It's more than 800 horsepower, extremely capable. And so by virtue of the quad, the tri and the performance dual that we have on that, we very thoughtfully have moved it upmarket to really fill that place as a flagship product. And so that was intentional. And we're now seeing the results of that, and Derek referenced it in terms of -- when you look at revenue per unit for the quarter.

它有超過 800 匹馬力，能力非常出色。因此，憑藉我們在該車系提供的四馬達、三馬達以及高性能雙馬達版本，我們非常審慎地把它往更高端市場移動，讓它真正扮演旗艦產品的定位。這是刻意為之。而我們現在也看到這樣做的成果；Derek 也提到——當你看本季的單車收入（revenue per unit）時就能看出來。

Now with that, its objective is not to be a high-volume product. It's not trying to compete in the -- in like the low-priced or lower-priced segment of two or three-row vehicles. It's working to be much more of a premium vehicle. And as I described it, the capabilities and features are set up as such.

在這樣的前提下，它的目標並不是成為高銷量產品。它並不是要在兩排或三排車款的低價或較低價位區間競爭。它的定位是更偏向高端、精品化的車款。正如我所描述的，它的能力與功能配置就是為此而設計。

Understood. I'll leave it there.

了解。我就先到這裡。

Okay. Well, great, everybody, for joining us on this call, and appreciate the time. We're -- hopefully, as you can see, we're really excited about what's in front of us. We're excited about the continued ramp-up of R2 and looking at the additional volume we'll be building in Q4 and then into next year.

好的。那麼，非常感謝各位參加這通電話會議，也感謝大家撥冗。我們——希望各位看得出來——對於接下來的發展感到非常興奮。我們也對 R2 持續爬坡增產感到振奮，並且關注我們在第四季將會生產的額外量能，以及延伸到明年。

I think along with that, really excited for what's to come with Autonomy. We spent a lot of time today talking about it. I'm encouraged by the level of interest that there is around our Point to Point capability. And looking forward to showing a lot more about that and talking about that, as well as other aspects of our technology portfolio at our upcoming Autonomy and AI Day.

我想除此之外，我們也對自動駕駛（Autonomy）接下來的發展非常期待。我們今天花了很多時間談這件事。看到市場對我們的 Point to Point 能力有這麼高的興趣，我感到很受鼓舞。我也期待能展示更多相關內容並進一步討論，同時也會在即將到來的 Autonomy 與 AI Day 上，介紹我們技術產品組合的其他面向。

So with that, thank you all for joining us, and look forward to our next call.

那麼，感謝各位今天的參與，也期待我們下一次的電話會議。