Rivian Automotive Inc (RIVN) 2022 Q1 法說會逐字稿

Good day, and Thank you for standing by. Welcome to the Rivian First Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

美好的一天，感謝您的支持。歡迎參加 Rivian 2022 年第一季度收益電話會議。 （操作員說明）作為提醒，此電話會議正在錄音中。

I'd now like to turn the call over to Mr. Tim Bei, Vice President of Investor Relations. Please go ahead, sir.

我現在想把電話轉給投資者關係副總裁 Tim Bei 先生。請繼續，先生。

Good afternoon, and thank you for joining us for Rivian's First Quarter 2022 Earnings Call. Joining us on today's call, we have RJ Scaringe, our Founder, Chairman and Chief Executive Officer; and Claire McDonough, our Chief Financial Officer.

下午好，感謝您參加 Rivian 2022 年第一季度財報電話會議。加入我們今天的電話會議的還有我們的創始人、董事長兼首席執行官 RJ Scaringe；和我們的首席財務官 Claire McDonough。

A copy of today's shareholder letter is available on our Investor Relations website.

今天的股東信的副本可在我們的投資者關係網站上找到。

Before we begin, I would like to remind you that during the course of this conference call, our comments and responses to your questions reflect management's views as of today and will include statements related to our business that are forward-looking statements under federal securities laws, including, without limitation, statements regarding our market opportunity; industry's trends; business operations; strategy and goals; our second domestic manufacturing facility; our future products, including R2; and our expectations regarding vehicle deliveries. Actual results may differ materially from those contained in or implied by these forward-looking statements due to risks and uncertainties associated with our business. Except as may be required by law, Rivian does not have any obligation to update or revise such statements if circumstances change.

在開始之前，我想提醒您，在本次電話會議期間，我們對您問題的評論和回復反映了管理層截至今天的觀點，並將包括與我們業務相關的陳述，這些陳述是聯邦證券法下的前瞻性陳述，包括但不限於關於我們的市場機會的陳述；行業趨勢；商業運作;戰略和目標；我們在國內的第二個製造工廠；我們未來的產品，包括 R2；以及我們對車輛交付的期望。由於與我們業務相關的風險和不確定性，實際結果可能與這些前瞻性陳述中包含或暗示的結果存在重大差異。除非法律要求，否則如果情況發生變化，Rivian 沒有任何義務更新或修改此類聲明。

For a discussion of the material risks and other important factors that could impact actual results, please refer to the cautionary statements and risk factors contained in our SEC filings and today's shareholder letter, which can be found on our website at rivian.com/investors.

有關可能影響實際結果的重大風險和其他重要因素的討論，請參閱我們提交給美國證券交易委員會的文件和今天的股東信中包含的警告聲明和風險因素，可在我們的網站 rivian.com/investors 上找到。

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

在本次電話會議中，我們將討論 GAAP 和非 GAAP 財務指標。今天的股東信中提供了 GAAP 與非 GAAP 財務指標的對賬。

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

有了這個，我將把電話轉給 RJ，他將首先發表一些開場白。

We're happy to be here with everyone today and look forward to discussing the progress we've been making.

我們很高興今天與大家在一起，並期待討論我們一直在取得的進展。

Just before the call, we published our shareholder letter, which includes an overview of our progress over the recent months. I encourage you to read it for additional details around some of the items we'll cover on today's call.

就在電話會議之前，我們發布了我們的股東信函，其中概述了我們最近幾個月的進展。我鼓勵您閱讀它以了解有關我們將在今天的電話會議中介紹的一些項目的更多詳細信息。

As of May 9, we have produced approximately 5,000 vehicles since the start of production. We are now producing and delivering the R1T, R1S, and EDV 700, with a slightly narrower and shorter EDV 500 going through final production trials now. And we've done all this in one of the most challenging operating environments in decades.

自投產以來，截至 5 月 9 日，我們已生產了約 5,000 輛汽車。我們現在正在生產和交付 R1T、R1S 和 EDV 700，稍窄和較短的 EDV 500 現在正在進行最終生產試驗。我們已經在幾十年來最具挑戰性的運營環境之一中完成了這一切。

We have $17 billion of cash and believe we have a clear path to launch R2 in Georgia in 2025 with our current cash on hand.

我們有 170 億美元的現金，並相信我們有一條清晰的道路可以在 2025 年在佐治亞州推出 R2，而我們目前手頭有現金。

Our goal is to build and scale a large business that addresses both the consumer and commercial markets. Our launch of the R1 and EDV products positions us to grow rapidly as we fully ramp the 150,000 units of installed capacity in our Normal, Illinois manufacturing facility.

我們的目標是建立和擴展一個面向消費者和商業市場的大型企業。我們推出的 R1 和 EDV 產品使我們能夠快速增長，因為我們在伊利諾伊州 Normal 的製造工廠全面提升了 150,000 台的裝機容量。

We have a lot of work ahead, but the passion and endorsement we have seen from customers and third-parties, such as being named MotorTrend's 2022 Truck of the Year demonstrates the impact our team can drive as we remain laser-focused on ramping production and getting more vehicles on the road.

我們還有很多工作要做，但是我們從客戶和第三方那裡看到的熱情和認可，例如被評為 MotorTrend 的 2022 年度卡車，這證明了我們的團隊可以推動的影響，因為我們仍然專注於提高產量和讓更多的車輛上路。

With regard to our production, we are encouraged by the acceleration of our demonstrated production rate. Our plant is now achieving cycle times 3x higher than the start of the year. These demonstrated production rates, which we expect to continue to increase, coupled with our current supply chain outlook, give us confidence in our ability to hit our targets for 2022. Equally important, demand continues to accelerate. And as of May 9, we had over 90,000 preorders for our R1 products in the U.S. and Canada. All of our orders have been attracted by organic growth and brand awareness and without any paid marketing or media.

關於我們的生產，我們對我們展示的生產率的加速感到鼓舞。我們的工廠現在實現的周期時間是年初的 3 倍。我們預計這些已證明的生產率將繼續提高，再加上我們目前的供應鏈前景，使我們對實現 2022 年目標的能力充滿信心。同樣重要的是，需求繼續加速。截至 5 月 9 日，我們的 R1 產品在美國和加拿大的預訂量已超過 90,000 份。我們所有的訂單都被有機增長和品牌知名度所吸引，沒有任何付費營銷或媒體。

It is worth noting that since our March 1 price increase, we've received over 10,000 R1 preorders for the U.S. and Canadian market with an average price of over $93,000. These orders are in addition to the 100,000 commercial van order from Amazon. As we ramp production and deliveries of EDVs, we are excited about the impact that our close partnership with Amazon will have in the commercial vehicle space.

值得注意的是，自 3 月 1 日提價以來，我們在美國和加拿大市場收到了超過 10,000 份 R1 預訂單，均價超過 93,000 美元。這些訂單是對來自亞馬遜的 100,000 輛商用貨車訂單的補充。隨著我們增加 EDV 的生產和交付，我們對與亞馬遜的密切合作將在商用車領域產生的影響感到興奮。

As we've begun ramping deliveries, the feedback has been tremendous. One of my favorite parts of the week is when I sync with our customer engagement team and hear the feedback they are receiving around the vehicle, process and their interactions with our team. We love seeing photos of our vehicles in the wild, enabling customers' adventures.

當我們開始增加交付時，反饋是巨大的。一周中我最喜歡的部分之一是當我與我們的客戶參與團隊同步並聽取他們收到的關於車輛、流程以及他們與我們團隊的互動的反饋。我們喜歡在野外看到我們車輛的照片，讓客戶能夠進行冒險。

Our core focus as an organization for 2022 is to get more R1s and EDVs on the road. The majority of our time is focused on ensuring our teams are driving towards ramping production and deliveries to customers. Core to this is addressing the supply constraints that we have dealt with thus far. And I'm very confident today in the relationships and associated commitment we have built with our suppliers. As we demonstrate our production ramp, our suppliers are leaning in to help ensure we can achieve our targets.

作為 2022 年的組織，我們的核心重點是讓更多的 R1 和 EDV 上路。我們的大部分時間都集中在確保我們的團隊朝著增加生產和向客戶交付的方向努力。其核心是解決我們迄今為止處理的供應限制。今天，我對我們與供應商建立的關係和相關承諾非常有信心。當我們展示我們的產量增長時，我們的供應商正在努力幫助確保我們能夠實現我們的目標。

Before handing off to Claire, I want to comment on our R2 program, which is being developed and planned for our Georgia facility. We are leveraging the many learnings from our R1 and RCV platforms, and we are working to ensure the R2 sets a high bar in terms of affordability, unit economics, performance and efficiency.

在交給克萊爾之前，我想評論一下我們的 R2 計劃，該計劃正在為我們的喬治亞工廠開發和計劃中。我們正在利用從我們的 R1 和 RCV 平台中學到的許多經驗，我們正在努力確保 R2 在可負擔性、單位經濟性、性能和效率方面設定一個高標準。

This global platform is critical for our long-term growth with a lower price point to further expand our addressable market. R2 will also leverage many of the cross-platform technologies that will be incorporated into R1 and RCV platforms, including our single-motor drive unit, which we call Enduro, and our next-generation network architecture and associated family of ECUs.

這個全球平台對我們的長期增長至關重要，價格更低，可以進一步擴大我們的潛在市場。 R2 還將利用許多將整合到 R1 和 RCV 平台中的跨平台技術，包括我們稱為 Enduro 的單電機驅動單元，以及我們的下一代網絡架構和相關的 ECU 系列。

I couldn't be more excited about the ramp of the R1 and EDV vehicles as well as the products, services and technologies we have in the pipeline.

我對 R1 和 EDV 車輛的坡道以及我們正在籌備中的產品、服務和技術感到無比興奮。

With that, I'll hand it over to Claire.

有了這個，我會把它交給克萊爾。

Thanks, RJ. I'll start with a review of our first quarter 2022 results.

謝謝，RJ。我將從回顧我們 2022 年第一季度的業績開始。

In Q1, we produced 2,553 vehicles and delivered 1,227 vehicles, which was the primary driver of the $95 million of revenue generated in the quarter. As we've discussed in the past, the volumes being produced on our manufacturing lines are a small fraction of our current 150,000 units of annual capacity.

在第一季度，我們生產了 2,553 輛汽車並交付了 1,227 輛汽車，這是該季度產生的 9500 萬美元收入的主要驅動力。正如我們過去所討論的，我們生產線上的產量只是我們目前 150,000 台年產能的一小部分。

We generated negative gross profit of $502 million in the quarter. As we ramp production, we expect high fixed costs associated with running our large-scale, highly vertically integrated facility will continue to impact our total gross profit. Our negative gross margin was impacted by inflation and the production of low quantities of vehicles on large-scale production lines as we ramp. This includes the costs associated with expedited shipping expense, labor and depreciation as well as some accounting adjustments such as lower of cost or net realizable value, LCNRV. As discussed on prior calls, the LCNRV adjustment writes down the value of certain inventory to the amount we anticipate receiving upon vehicle sale after considering future costs necessary to ready the inventory for sale.

我們在本季度產生了 5.02 億美元的負毛利潤。隨著我們提高產量，我們預計與運行我們的大規模、高度垂直整合的設施相關的高固定成本將繼續影響我們的總毛利潤。我們的負毛利率受到通貨膨脹和大規模生產線上少量車輛生產的影響。這包括與加急運輸費用、人工和折舊相關的成本，以及一些會計調整，例如成本或可變現淨值較低的 LCNRV。正如之前的電話會議所討論的，在考慮準備好待售庫存所需的未來成本後，LCNRV 調整將某些庫存的價值減記為我們預計在車輛銷售時收到的金額。

As we ramp production, we expect to leverage our labor and other fixed costs to drive improved gross margin per vehicle.

隨著產量的增加，我們希望利用我們的勞動力和其他固定成本來提高每輛車的毛利率。

While our operations teams worked diligently to ramp production of the R1T, R1S and EDV 700, our customer engagement, service and delivery teams are also accelerating efforts to enhance customer experience across the country.

在我們的運營團隊努力提高 R1T、R1S 和 EDV 700 的產量的同時，我們的客戶參與、服務和交付團隊也在加快努力，以提升全國各地的客戶體驗。

Additionally, our engineering and design teams continue to progress on our next-generation in-vehicle technology. Our vertically integrated approach is designed to drive long-term structural cost advantages as we expand our production and product road map.

此外，我們的工程和設計團隊繼續在我們的下一代車載技術方面取得進展。隨著我們擴大生產和產品路線圖，我們的垂直整合方法旨在推動長期結構成本優勢。

Our adjusted EBITDA for the first quarter was negative $1.1 billion. We continue to strategically invest in our plant in Normal, Illinois, lab facilities and service operations. We also expect to begin investing additional capital into our Georgia facility later this year.

我們第一季度調整後的 EBITDA 為負 11 億美元。我們將繼續戰略性地投資於我們在伊利諾伊州Normal 的工廠、實驗室設施和服務運營。我們還預計今年晚些時候將開始向我們的佐治亞工廠投資額外資金。

Our capital expenditures for the first quarter were $418 million. We ended the quarter with $17 billion of cash. While we operate a capital-intensive business, we have a high level of flexibility regarding the cadence of our growth investments.

我們第一季度的資本支出為 4.18 億美元。我們在本季度結束時擁有 170 億美元的現金。雖然我們經營資本密集型業務，但我們在增長投資的節奏方面具有高度的靈活性。

As RJ mentioned, our current priority is ramping the 150,000 units of R1 and EDV capacity to meet the tremendous demand we have for these products. We have optimized our product road map and associated operating expenses and believe we have a clear path to launch R2 in Georgia in 2025 with our current cash on hand.

正如 RJ 所提到的，我們當前的首要任務是增加 150,000 台 R1 和 EDV 的產能，以滿足我們對這些產品的巨大需求。我們已經優化了我們的產品路線圖和相關的運營費用，並相信我們有一條清晰的道路可以在 2025 年在佐治亞州推出 R2，而我們目前手頭有現金。

We are also reaffirming our 2022 full year guidance of 25,000 total vehicles produced. We anticipate a significant acceleration of production throughout the second half of the year as our demonstrated capacity improves and we accelerate the ramp-up of key shops.

我們還重申了 2022 年全年生產 25,000 輛汽車的指導。隨著我們展示的產能提高，我們預計下半年的生產將顯著加速，我們將加快關鍵商店的產能。

In addition, we're reaffirming our 2022 adjusted EBITDA guidance of negative $4.75 billion and capital expenditure guidance of $2.6 billion. Our outlook does not assume a material change in the overall operating environment.

此外，我們重申 2022 年調整後的 EBITDA 指導為負 47.5 億美元，資本支出指導為 26 億美元。我們的展望不假設整體經營環境發生重大變化。

Going forward, we plan to provide production and delivery results shortly after the quarter end. We will no longer be providing intra-quarter production and preorder figures.

展望未來，我們計劃在季度結束後不久提供生產和交付結果。我們將不再提供季度內生產和預購數據。

In closing, I want to thank our team, community, customers and suppliers for another successful quarter. Thanks to our truly differentiated vehicle and technology platform, we're seeing such tremendous feedback and enthusiasm. We have a steep climb ahead of us, but I couldn't be more confident with the plan that we have and the path that we're on.

最後，我要感謝我們的團隊、社區、客戶和供應商，讓我們又一個成功的季度。感謝我們真正與眾不同的車輛和技術平台，我們看到瞭如此巨大的反饋和熱情。我們前面有一段陡峭的攀登，但我對我們的計劃和我們正在走的道路充滿信心。

With that, let me turn the call back to the operator to open the line for Q&A.

有了這個，讓我將電話轉回接線員以打開問答線路。

(Operator Instructions) Your first question comes from the line of John Murphy with Bank of America.

（操作員說明）您的第一個問題來自美國銀行的 John Murphy。

Just a first question around production versus deliveries in the quarter. Production is essentially almost 2x of deliveries. I'm just curious why there was such a gap between the 2 this quarter. Was it just a question of timing of vehicles in transit? Or what's going on there? Because traditionally, because of the lack of the dealer network, we kind of assume they're going to be a lot closer.

只是關於本季度生產與交付的第一個問題。產量基本上是交付量的 2 倍。我只是好奇為什麼本季度兩人之間會有如此大的差距。這只是運輸車輛的時間問題嗎？或者那裡發生了什麼？因為傳統上，由於缺乏經銷商網絡，我們有點假設他們會更接近。

Thanks, John. Yes, as you said in the question, there is a gap between production deliveries, and it was just that the timing effect of vehicles being built and being in transit and essentially prepped for delivery. As you said, given that we have a direct model where we sell vehicles directly to consumers, aligning up those customers, ensuring the delivery, creating a great customer experience, there's always going to be some separation between the total production number and the number of deliveries.

謝謝，約翰。是的，正如您在問題中所說，生產交付之間存在差距，只是車輛正在建造和運輸中以及基本上為交付做好準備的時間效應。正如你所說，鑑於我們有一個直接向消費者銷售車輛的直接模式，調整這些客戶，確保交付，創造良好的客戶體驗，總生產數量和生產數量之間總是會有一些差異。交貨。

Okay. But there was nothing other than simply just processing, RJ? There's not like there's vehicles being held for any kind of quality or post production inspection or anything like that?

好的。但是除了簡單的處理之外什麼都沒有，RJ？好像沒有車輛被扣留進行任何質量或後期生產檢查或類似的事情？

No. In fact, when we talk about production numbers, what we're referring to is vehicles that are factory-gated. So these have gone through a full quality inspection process. This doesn't -- production numbers do not include any partially complete vehicles. These are fully ready-to-deliver-to-customer vehicles.

不。事實上，當我們談論生產數量時，我們指的是工廠門控的車輛。所以這些都經過了完整的質量檢驗過程。這不——生產數量不包括任何部分完整的車輛。這些是完全準備好交付給客戶的車輛。

Super helpful.

超級有幫助。

One point that I would just add on to that question is that because of the rate at which we're ramping production, because we're continuously scaling week over week over week, there always will be that lag effect in regard to vehicles that are ultimately in transit. So it's something that will continue, but won't likely to be the same sort of percentage of ratio of produced vehicles relative to delivery.

我想在這個問題上補充一點是，由於我們提高產量的速度，因為我們每週都在不斷地擴大規模，所以對於那些最終在運輸途中。因此，這將繼續下去，但不太可能是生產車輛相對於交付的百分比。

Got it. And then just a second question on the run rate of production. I mean it seems like there's about 1,800 units that were produced from April 1 to May 9 roughly. And I have to do some dumb guy's math and just double it, that gets you to 3,600, but that doesn't even give you the benefit for the full quarter and the acceleration. So it seems like you're on pace to hit at least, at least in our model, 4,000 units plus in the second quarter. Is that kind of reasoning about correct? And I mean, just given that you're getting a good acceleration in production here. It seems like you might be even ahead of that. Should we think about it that way? And is there any tempering of parts specifically that might gate your ability to get there?

知道了。然後是關於生產運行速度的第二個問題。我的意思是，從 4 月 1 日到 5 月 9 日大概生產了大約 1,800 台。而且我必須做一些愚蠢的數學運算，然後將其翻倍，這會讓你達到 3,600，但這甚至不會給你帶來整個季度和加速的好處。因此，您似乎有望在第二季度至少達到 4,000 台以上，至少在我們的模型中。這樣的推理對嗎？我的意思是，只要你在這裡的生產得到了很好的加速。看起來你甚至可能領先於此。我們應該這樣想嗎？是否有任何專門的零件回火可能會限制您到達那裡的能力？

That's about the right way to look at it. I want to point out a couple of things. We've seen the overall production rate continue to increase. In fact, our cycle time has seen a 3x -- 300% or 3x improvement since the start of the year through the course of Q1, and we continue to see that production rate improvement as we go through quarter 2 here. So you alluded to it, but we are in midst of S curve. So the end of the quarter, we'll be producing at a faster rate than the start of the quarter.

這就是看待它的正確方法。我想指出幾點。我們已經看到整體生產率繼續提高。事實上，自今年年初到第一季度，我們的周期時間已經提高了 3 倍 - 300% 或 3 倍，並且隨著我們進入第二季度，我們繼續看到生產率的提高。所以你提到了它，但我們正處於 S 曲線之中。因此，在本季度末，我們將以比本季度初更快的速度生產。

As we look at this quarter thus far, we've -- the plant has been able to outproduce our supply chain. And what gives us a lot of confidence as we look at the time ahead is the clear line of sight we have around the ramp-up of our supply chain and the close relationships we have with those key suppliers.

到目前為止，當我們查看本季度時，我們已經 - 該工廠能夠超過我們的供應鏈。當我們展望未來時，讓我們充滿信心的是，我們對供應鏈的提升以及我們與這些關鍵供應商的密切關係有著清晰的視野。

Okay. And then just the last question on pricing and the price increases. I mean, obviously, they're result of input cost increases. But is there margin that goes along with these price increases? More specifically, maybe are you raising your prices exactly to what your cost is? Or is it above that, so there's actually some sort of parallel margin that's going along with it on a unit basis?

好的。然後是關於定價和價格上漲的最後一個問題。我的意思是，顯然，它們是投入成本增加的結果。但是這些價格上漲是否有利潤？更具體地說，也許您是否將價格完全提高到您的成本？或者它是否高於此，所以實際上存在某種以單位為基礎的平行邊距？

Right. So the way I would think about the margin opportunity that we have, and you'll really see this kick in from an inflection point as you think about the 2024 margin opportunity that we have, which brings together the combination of us really ramping and accelerating the production volumes within the plant, combined with the move from our sort of pre-March 1 preorder cohorts, your post March 1 cohort. And embedded in that post March 1 cohort, there is a true step change that you'll see in regard to the overall aggregate gross margin that you'll see within the business. And so the growth from a gross profit margin rate over time, it's not linear. It truly is a step change function as you think about us moving to this post March 1 cohort.

對。所以我會考慮我們擁有的保證金機會，當您考慮我們擁有的 2024 年保證金機會時，您會真正從一個拐點看到這一點，這將我們結合在一起，真正加速和加速工廠內的產量，再加上我們從 3 月 1 日之前的預購隊列到 3 月 1 日後的隊列。並且嵌入到 3 月 1 日之後的隊列中，您將看到關於您將在業務中看到的整體總毛利率的真正步驟變化。因此，隨著時間的推移，毛利率的增長並不是線性的。當您考慮將我們轉移到 3 月 1 日之後的隊列時，這確實是一個階梯式的變化功能。

And as we talked about a bit in our shareholder letter as well, we're also now moving towards a reservation system versus the historical preorder system that we've had, which allows us to have the customer configure their vehicle closer to the delivery date, which enables us to understand the dynamics within the inflationary market at that time, but also importantly, ensure that, that customer has all of the core vehicle capabilities that we're introducing in that configuration as well. So we think that the combination of those 2 factors will really help us from an ongoing margin perspective and allow us to really be nimble and dynamic as we evaluate this inflationary backdrop.

正如我們在股東信中談到的那樣，我們現在也正在轉向預訂系統，而不是我們擁有的歷史預訂系統，這使我們能夠讓客戶配置他們的車輛更接近交貨日期，這使我們能夠了解當時通脹市場的動態，但更重要的是，確保該客戶擁有我們在該配置中引入的所有核心車輛功能。因此，我們認為這兩個因素的結合將從持續的利潤率角度真正幫助我們，並讓我們在評估這種通脹背景時真正變得靈活和充滿活力。

Your next question comes from the line of Adam Jonas with Morgan Stanley.

您的下一個問題來自摩根士丹利的亞當喬納斯。

Claire, I just wanted to follow up. You mentioned, if I quote, you have a high level of flexibility in the cadence of your growth investments. So on the topic of cost control, your enterprise value is currently just above $0. And it's sending the message -- the market's sending the message that if you don't get your supply chain costs under control, you might have to significantly dilute shareholders. That's what happens when you see a 0 enterprise value.

克萊爾，我只是想跟進。您提到，如果我引用的話，您在增長投資的節奏上具有高度的靈活性。因此，在成本控制方面，您的企業價值目前略高於 0 美元。它正在傳遞信息——市場傳遞的信息是，如果你不能控制供應鏈成本，你可能不得不大幅稀釋股東。當您看到企業價值為 0 時，就會發生這種情況。

Now you reiterated the 25,000 units delivery target and the $7 billion plus kind of cash burn or EBITDA and CapEx. So my question is, if you had to control cash consumption of the business due to force majeure events outside of your control, and you alluded to flexibility in cadence, but could you elaborate what levers could you pull to slow the burn and give you more runway to execute and restore confidence in Rivian in the capital markets?

現在，您重申了 25,000 單位的交付目標和 70 億美元以上的現金消耗或 EBITDA 和資本支出。所以我的問題是，如果由於不可抗力事件超出您的控制範圍，您必須控制業務的現金消耗，並且您提到了節奏的靈活性，但是您能否詳細說明您可以拉動哪些槓桿來減緩燃燒並為您提供更多跑道在資本市場上執行和恢復對 Rivian 的信心？

Thanks for that question, Adam. As you mentioned, we're clearly in the driver seat with $17 billion of cash on hand. And it's important to also note that we've made foundational investments that have allowed us to rapidly scale the business in both the consumer as well as the commercial market. We have 150,000 units of capacity for our R1 and RCV platforms. And as we've talked about as well, demand remains incredibly strong with over 90,000 R1 preorders and an initial order of 100,000 units from Amazon.

謝謝你的問題，亞當。正如你所提到的，我們顯然處於主導地位，手頭有 170 億美元的現金。還需要注意的是，我們已經進行了基礎性投資，使我們能夠在消費者和商業市場上快速擴展業務。我們的 R1 和 RCV 平台有 150,000 個單位的容量。正如我們已經談到的那樣，需求仍然非常強勁，超過 90,000 個 R1 預購訂單和 100,000 個來自亞馬遜的初始訂單。

And as we just talked a little bit about with John's previous question, right, we do see a significant path forward as we're ramping production and able to ultimately have that step change where we're now harvesting, right, the profitability of all of those foundational investments that we've made in the production capacity that's online and the launch vehicles that we've come to market with. And so this ultimately gives us that flexibility to decide how we're deploying our capital on a go-forward basis.

正如我們剛剛談到約翰之前的問題一樣，我們確實看到了一條重要的前進道路，因為我們正在提高產量並最終能夠在我們現在收穫的地方實現這一步驟的改變，對，所有人的盈利能力我們在在線生產能力和我們進入市場的運載火箭方面所做的基礎性投資。因此，這最終使我們能夠靈活地決定我們如何在前進的基礎上部署我們的資本。

And as you mentioned, with regard to what those key levers are, we have the ability to live within our means as we think about the profitability that Normal itself can deliver for Rivian that will allow us to really pace the ongoing growth of the business and ultimately allows us to have that flexibility on when and how we would raise additional capital on a go-forward basis. And as we talked a little bit about, we do believe we have the cash on hand to launch...

正如您所提到的，關於這些關鍵槓桿是什麼，我們有能力量入為出，因為我們考慮 Normal 本身可以為 Rivian 帶來的盈利能力，這將使我們能夠真正加快業務的持續增長和最終使我們能夠靈活地決定何時以及如何在前進的基礎上籌集更多資金。正如我們談到的那樣，我們確實相信我們手頭有現金可以推出......

I understand. I understand, Claire. Let me just do one follow-up, and I will shut up. For you and RJ, since your IPO, the world has changed dramatically. Investors just don't want to fund negative EBITDA growth -- EBITDA companies in this environment, and the supply chain issues have gotten, to your point, significantly worse in both quantity and input cost. So has anything changed in your team's strategy to adapt to the changes in the environment since the IPO?

我明白。我明白了，克萊爾。讓我做一個跟進，我會閉嘴。對您和 RJ 而言，自從您的 IPO 以來，世界發生了翻天覆地的變化。投資者只是不想為 EBITDA 負增長提供資金——在這種環境下，EBITDA 公司以及供應鏈問題在數量和投入成本方面都明顯惡化。那麼，自 IPO 以來，您的團隊適應環境變化的策略有什麼變化嗎？

Yes, Adam, this has been something we, as a leadership team, have spent a tremendous amount of time on, of course, from a scenario planning point of view, but also just looking at the product road map and how we plan to invest and deploy capital over the coming years. And as Claire said, one of the really important things for us to recognize here is we have $17 billion in cash. We have 150,000 units of capacity with CapEx that's installed. And it positions us well to now harvest and use that to leverage or create a significant amount of growth while we focus investment and focus our dollars on development and preparation for launch of R2.

是的，亞當，這是我們作為領導團隊花費大量時間的事情，當然，從場景規劃的角度來看，但也只是查看產品路線圖以及我們計劃如何投資並在未來幾年部署資本。正如克萊爾所說，我們在這裡認識到的真正重要的事情之一是我們擁有 170 億美元的現金。我們有 150,000 個單位的容量，其中安裝了資本支出。它使我們能夠很好地收穫並利用它來利用或創造大量增長，同時我們將重點放在投資上，並將我們的資金集中在開發和準備推出 R2 上。

So what we've really done is and what we've been working hard on is to channel and focus our capital on a really important program from us in terms of trust and in terms of scaling, which is the R2 program, but of course, maintaining laser focus on ramping up the existing capacity that we have, such that we can fully, as Claire said, harvest the revenue associated with it.

因此，我們真正所做的是並且我們一直在努力的是將我們的資金引導並集中在我們的一個非常重要的計劃上，即信任和擴展方面，這就是 R2 計劃，但當然，保持激光專注於提高我們現有的產能，這樣我們就可以像克萊爾所說的那樣充分收穫與之相關的收入。

Your next question comes from the line of Joseph Spak with RBC Capital.

您的下一個問題來自 RBC Capital 的 Joseph Spak。

RJ, you alluded to some better visibility with your suppliers. I was wondering if you could provide a little bit more color and detail on some of those conversations with those suppliers that you mentioned had some bottlenecks last quarter that gives you that level of confidence.

RJ，您提到與您的供應商有更好的知名度。我想知道您是否可以在與您提到的那些供應商的對話中提供更多的色彩和細節，這些供應商在上個季度遇到了一些瓶頸，這給了您這種信心。

Sure. So we previously talked in our last call around some of the challenges we've had, inclusive of semiconductors as well as some other components. And where we stand today, a lot of those other challenges have been resolved. We've worked with those suppliers to ramp their production. We have clear line of sight to them being able to keep up with our continued ramp in our facility. As we noted in our opening statements, just the importance of us shifting to -- or moving to a 2-shift operation mid this year and of course, the suppliers seem to be capable of supporting that.

當然。因此，我們之前在上次電話會議中談到了我們遇到的一些挑戰，包括半導體以及其他一些組件。在我們今天所處的位置，許多其他挑戰已經得到解決。我們與這些供應商合作以提高他們的產量。我們清楚地看到他們能夠跟上我們設施中持續的坡道。正如我們在開幕詞中指出的那樣，我們在今年年中轉向或轉向兩班制運營的重要性，當然，供應商似乎有能力支持這一點。

With that said, we also have very tight relationships with the semiconductor suppliers, and we've seen some -- we believe we've seen really the worst of it or sort of the valley, if you will, of these supply constraints. And the suppliers are leaned in. We have very high levels of visibility into what the allocations will be on a go-forward basis. And that gives us the confidence of what the ramp will look like as we look out through the remainder of this year.

話雖如此，我們與半導體供應商的關係也非常密切，而且我們已經看到了一些——我們相信我們已經看到了這些供應限制中最糟糕的情況或類似的低谷。並且供應商被傾斜。我們對未來的分配情況有很高的了解。這讓我們對今年餘下的時間裡斜坡會是什麼樣子充滿信心。

Okay. And then just maybe to follow up on Adam's point about scenario planning and changing the strategy. Your answer made it seem like you're being prudent about how you spend for next-generation platforms. I guess what I'm wondering is your plan involved doing a lot of things on your own or in-sourced and then throughout really the entire value chain. Has this experience and the change in capital markets led you to reevaluate whether you might rely on other partners or any sort of a bow face in terms of what you want to do versus you might let others do for you as you want to -- as you go and sort of execute upon your longer-term plan?

好的。然後也許只是跟進亞當關於情景規劃和改變戰略的觀點。您的回答使您看起來對如何在下一代平台上花費持謹慎態度。我想我想知道的是您的計劃涉及自己或內部做很多事情，然後貫穿整個價值鏈。這種經驗和資本市場的變化是否讓你重新評估你是否可以依賴其他合作夥伴或任何形式的低頭來做你想做的事情，而不是你可以讓別人為你做你想做的事——如你去執行你的長期計劃嗎？

There's a few things to think about here, Joe. So first is our original plan had a number of additional variants, both of the R1 product as well as even propulsion platforms that were planned for the future pipeline. And what we've done is we've really looked at the incredible level of demand that we have for the R1 products as they are and recognize that there's some big technology development efforts to further advance those products, but we've aligned those very nicely with the R2 program. So our, what we call Enduro, this is the single-motor drive unit that's used in the EDV platform in a front-drive application and in the R1 platform in a dual-motor or all-wheel drive application, our next-generation network architecture and associated family of ECUs, and of course, our LFP battery pack, which is going to be launching in the EDV later this year. All those technologies, we're able to share those, not only across the R1 and RSV platforms, but a number of them really lined up nicely with the R2 program.

喬，這裡有幾件事要考慮。首先是我們最初的計劃有許多額外的變體，包括 R1 產品以及為未來管道計劃的推進平台。我們所做的是，我們確實看到了我們對 R1 產品的驚人需求水平，並認識到有一些重大的技術開發工作來進一步推進這些產品，但我們已經調整了這些非常很好地與 R2 程序。因此，我們稱之為 Enduro，這是用於 EDV 平台的前輪驅動應用和 R1 平台的雙電機或全輪驅動應用的單電機驅動單元，我們的下一代網絡架構和相關的 ECU 系列，當然還有我們的 LFP 電池組，該電池組將於今年晚些時候在 EDV 中推出。所有這些技術，我們都能夠共享，不僅在 R1 和 RSV 平台上，而且其中一些技術與 R2 程序非常吻合。

And so what we've been focused on is simplifying the product plan and the product portfolio as much as possible. But we haven't, in any way at all, shifted our focus on the need to vertically integrate our software stack, vertically integrate around our electronics and ECU topology and of course, vertically integrate around our propulsion stack. So we do believe those are really important from both a structural cost point of view, but also from a product attribute and feature point of view, but we have simplified the overall product set. And we've done that in a way that, as you've heard us talk about here, it puts us in the driver seat, so to speak, in terms of controlling our need for additional capital and ensures that we're able to launch R2 with the capital that we have.

因此，我們一直關注的是盡可能簡化產品計劃和產品組合。但我們並沒有以任何方式將重點轉移到垂直集成我們的軟件堆棧、圍繞我們的電子設備和 ECU 拓撲垂直集成，當然還有圍繞我們的推進堆棧垂直集成的需求上。因此，我們確實認為，無論從結構成本的角度來看，還是從產品屬性和功能的角度來看，這些都非常重要，但我們已經簡化了整個產品集。我們已經做到了，正如你在這裡聽到我們所說的那樣，它讓我們處於主導地位，可以說，在控制我們對額外資金的需求方面，並確保我們能夠用我們擁有的資金啟動 R2。

Your next question comes from the line of Emmanuel Rosner with Deutsche Bank.

您的下一個問題來自德意志銀行的 Emmanuel Rosner。

First one super quick point of clarification. You mentioned your reservation having received 10,000 reservations since the price changes, but then obviously, the latest update at 90,000 is only up 7,000 or so versus the last update. So what are you exactly netting out of this? Is it the cancellation or the deliveries that you've already done?

第一個超級快速的澄清點。您提到您的預訂自價格變化以來已收到 10,000 個預訂，但顯然，最新的 90,000 更新僅比上次更新增加了 7,000 左右。那麼你到底是從這個中得到什麼？是取消還是您已經完成的交付？

So the net is both of those things. So our -- when we report net preorders, every delivered vehicle that we have comes out of that base of preorders. And so it is the netting effect of the delivered vehicles that we've had throughout both last quarter as well as the quarter-to-date period as well as any embedded churn within the preorder base.

所以網就是這兩樣東西。因此，當我們報告淨預訂量時，我們所交付的每輛交付車輛都來自該預訂量。因此，這是我們在整個上個季度以及本季度至今的交付車輛以及預購基礎中的任何嵌入式流失的淨效應。

Okay. That's very helpful. Then your target to launch R2 in 2025 with current cash on hand is obviously very encouraging. How do you plan on accomplishing this? Are you modifying the CapEx trajectory? Are you -- have you identified areas where you need to spend less capital? Do you anticipate lower operational cash burn than previously anticipated? I guess, how will you do that?

好的。這很有幫助。那麼你的目標是在 2025 年以現有現金推出 R2，這顯然是非常令人鼓舞的。您打算如何實現這一目標？您是否正在修改資本支出軌跡？您是否 - 您是否確定了需要減少資本支出的領域？您是否預計運營現金消耗會低於之前的預期？我想，你會怎麼做？

Sure. As we mentioned, one of the core catalysts that enable this path forward to launch R2 in Georgia with our cash on hand is both the profitability that we're going to begin to deliver with the installed -- 150,000 units of installed capacity that we have in Normal. It's also important to note, as we think about Georgia, we're building Georgia in a modular fashion. And so the first phase of Georgia will be an R2 line with 200,000 units, and that first 200,000 units will be what comes online in 2025. And so instead of building the full 400,000 units at once, that is certainly an embedded CapEx savings within the plan and forecast that we're thinking about.

當然。正如我們所提到的，使這條道路能夠在我們手頭的現金下在佐治亞州推出 R2 的核心催化劑之一是我們將開始交付的盈利能力——我們擁有 150,000 單位的裝機容量在正常。同樣重要的是要注意，當我們考慮喬治亞州時，我們正在以模塊化的方式構建喬治亞州。因此，佐治亞州的第一階段將是一條擁有 200,000 個單位的 R2 生產線，而前 200,000 個單位將在 2025 年上線。因此，與其一次性建造全部 400,000 個單位，這肯定是嵌入式資本支出的節省。我們正在考慮的計劃和預測。

And additionally, as you heard from RJ, a number of the strategic decisions we've made to really focus and prioritize our product development road map also come with embedded CapEx savings as well as we think about the CapEx forecast over the next handful of years.

此外，正如您從 RJ 那裡聽到的那樣，我們為真正關注和優先考慮我們的產品開發路線圖而做出的一些戰略決策也伴隨著嵌入式資本支出的節省，以及我們對未來幾年資本支出的預測.

Understood. Very finally, how is the ramp-up of the Amazon van deliveries going? And out of the 25,000 target for the full year, how many of those would be on the commercial vehicle side?

明白了。最後，亞馬遜麵包車交付的增長情況如何？在全年的 25,000 輛目標中，有多少是商用車？

Yes. We're excited to be producing and delivering the EDVs. As I said earlier, we've launched the EDV 700 in terms of what's being delivered to Amazon. And so this is the roughly 700 cubic foot version of the van. We're in the production trial stage of the EDV 500. But with regards to EDV 700, this involved, as we talked about in the previous call, a heavy amount of iteration and refinement with Amazon in terms of how it fits into their digital ecosystem and getting a tremendous amount of driver feedback through a series of trials and a series of feedback loops with drivers.

是的。我們很高興能夠生產和交付 EDV。正如我之前所說，我們已經推出了 EDV 700 交付給亞馬遜的產品。所以這是大約 700 立方英尺的貨車版本。我們正處於 EDV 500 的生產試用階段。但是對於 EDV 700，正如我們在之前的電話會議中談到的，這涉及到與亞馬遜在如何融入他們的數字化方面進行大量的迭代和改進生態系統，並通過一系列試驗和一系列與駕駛員的反饋循環獲得大量駕駛員反饋。

So we're excited to have been through that, have made a whole host of improvements over the course of really the last year such that the deliveries that are now happening are going to start to ramp up, and you're going to start to see a lot more of them, hopefully, coming into all of our neighborhoods delivering packages. But with that said, we haven't provided guidance on the exact split between the R1 and the EDV product line. But broadly speaking, we would look to say well over a majority will be in the R1 with EVs making up on the order of 1/3 of total production.

因此，我們很高興能夠度過難關，在過去一年中進行了大量改進，因此現在正在發生的交付量將開始增加，而您將開始希望看到更多他們進入我們所有的社區提供包裹。但話雖如此，我們還沒有就 R1 和 EDV 產品線之間的確切劃分提供指導。但從廣義上講，我們會說，R1 中的大多數將是電動汽車佔總產量的 1/3。

Your next question comes from the line of Alex Potter with Piper Sandler.

您的下一個問題來自 Alex Potter 和 Piper Sandler 的台詞。

Okay. Great. I had a follow-up question on vertical integration and software. Your strategy, obviously, is very clear. It's differentiated. I mean you're trying to layer in your own in-house software on top of your own in-house electronics, including some of the sort of "boring" firmware, middleware and other things that customers maybe never get a chance to see. And obviously, there's another school of thought that suggests that it's redundant for auto brands to go so deeply into some of that behind-the-scenes software and that everybody should standardize around kind of a base level third-party system and then only differentiate at the customer-facing end of the software stack. So I guess my question for you, first of all, I want to make sure I'm articulating all that correctly. But then secondly, why do you think your strategy is right and the other ones are wrong?

好的。偉大的。我有一個關於垂直整合和軟件的後續問題。顯然，您的策略非常明確。是有區別的。我的意思是你試圖在你自己的內部電子設備之上加入你自己的內部軟件，包括一些“無聊”的固件、中間件和其他客戶可能永遠沒有機會看到的東西。顯然，還有另一種觀點認為，汽車品牌深入研究一些幕後軟件是多餘的，每個人都應該圍繞某種基礎級第三方系統進行標準化，然後只在軟件堆棧面向客戶的一端。所以我想我的問題要問你，首先，我想確保我正確地表達了所有這些。但其次，為什麼你認為你的策略是對的，而其他的策略是錯的？

Yes. Thanks, Alex. It's a great question. When you look at a product as complex as a vehicle and in particular vehicle that's connected with the host of sensors between cameras, radar, ultrasonics, with a whole bunch of actuators, so this is suspension, braking, motors, the traditional model is to buy, as you said, a number of compute platforms, ECUs from different Tier 1 suppliers and to put all those different ECUs together. And then the OEM essentially does some part of -- at least prescribes how it should be done at the application layer.

是的。謝謝，亞歷克斯。這是一個很好的問題。當您查看像車輛一樣複雜的產品時，特別是與攝像頭、雷達、超聲波之間的傳感器主機連接的車輛，以及一大堆執行器，所以這是懸架、制動、電機，傳統模型是正如你所說，購買許多計算平台，來自不同一級供應商的 ECU，並將所有這些不同的 ECU 放在一起。然後 OEM 基本上做了一些部分——至少規定了它應該如何在應用層完成。

From our perspective, to create a really unique customer experience, experience in which we can fully leverage all the sensors, all the hardware in the vehicle and continually improve the vehicle over time, truly improve it, more than just putting a new color on the screen, but actually going deep into the performance of the vehicle, whether that's referring to self-driving, whether that's referring to performance attributes or whether that's digital characteristics or digital capabilities of the vehicle. We feel really strongly that it's important to both develop and control the full stack.

從我們的角度來看，要創造真正獨特的客戶體驗，我們可以充分利用車輛中的所有傳感器、所有硬件並隨著時間的推移不斷改進車輛，真正改進它，而不僅僅是在車輛上添加新顏色。屏幕，但實際上是深入到車輛的性能，無論是指自動駕駛，還是指性能屬性，或者是車輛的數字特徵或數字能力。我們非常強烈地認為開發和控制整個堆棧都很重要。

So that's designing and developing the compute platforms across the vehicles. So that's all the electronics. Of course, by doing that, being able to design a very efficient network architecture. And then, of course, within that, building all the layers of software from the low-level operating systems all the way up to the application layer. And what's exciting to see is the beginnings of, from a customer-facing point of view, why that matters.

這就是設計和開發跨車輛的計算平台。這就是所有的電子產品。當然，通過這樣做，能夠設計出非常高效的網絡架構。然後，當然，在其中構建從低級操作系統一直到應用程序層的所有軟件層。令人興奮的是，從面向客戶的角度來看，為什麼這很重要。

And so we've done a number of OTAs, over-the-air updates, already with customers, and these are just an early sampling of what's to come. So adding features like a garage door opener to the vehicle, adding enhanced self-driving features, adding additional drive modes, adding additional diagnostics platforms. So there's a host of things we can go very deep into the vehicle across platforms because all those platforms are controlled internally.

因此，我們已經與客戶進行了許多 OTA、無線更新，而這些只是即將發生的事情的早期樣本。因此，為車輛添加車庫門開啟器等功能，添加增強的自動駕駛功能，添加額外的駕駛模式，添加額外的診斷平台。因此，我們可以跨平台深入研究車輛，因為所有這些平台都是內部控制的。

And this is important, not just on the consumer side. This is also, we feel, really important on the commercial side, where it really underpins a lot of the core capabilities we embed in our FleetOS product where we can predictively analyze the need for maintenance, we can predictively manage the health of the life cycle of a vehicle. So there's a number of characteristics that are useful as well on the commercial side.

這很重要，不僅僅是在消費者方面。我們認為，這在商業方面也非常重要，它真正支持了我們嵌入 FleetOS 產品的許多核心功能，我們可以預測性分析維護需求，我們可以預測性地管理生命週期的健康狀況的車輛。因此，在商業方面也有許多有用的特性。

Okay. Great. And then the second question, I guess, on Georgia and the R2. How close are you to finalizing I guess, maybe the exact bill of materials for the R2, the exact design and the layout for Georgia? It sounds like you're working on a modular plan. I guess, anything in that regard, especially related to things like single-piece castings or any of the sort of new manufacturing techniques that we're hearing about. How close are you to finalizing all of that in Georgia?

好的。偉大的。然後是第二個問題，我猜是關於喬治亞州和 R2 的。我猜你離最終確定還有多遠，也許是 R2 的確切材料清單，喬治亞州的確切設計和佈局？聽起來您正在製定模塊化計劃。我想，這方面的任何事情，尤其是與單件鑄件或我們聽到的任何一種新的製造技術有關的事情。您離在佐治亞州完成所有這些工作還有多遠？

Well, Georgia's process is a really interesting and exciting opportunity because it's going to leverage the learnings we have from going through ramping all of our production operations in Normal. And in Normal, you can really think of it as 2 plants housed in 1 site. So we have the R1 production line. And then that was sort of our Gen 1 line, if you will. And then we have our RCV platform, Rivian commercial van platform. And with that separate body shop, separate general assembly. And so a number of learnings were already embedded into that second set of lines we built in Normal. And as we now look at Georgia, the opportunities to learn from a production line layout point of view as well as the product itself and pull all those together to create really a world-class product in terms of affordability, world-class product in terms of CapEx efficiency, that's been -- that is the major focus from a development point of view for the product teams and for the plant design teams.

好吧，佐治亞州的流程是一個非常有趣且令人興奮的機會，因為它將利用我們通過在 Normal 中擴大所有生產運營所獲得的經驗。而在 Normal 中，您真的可以將其視為 2 個植物安置在 1 個站點中。所以我們有了R1生產線。如果你願意的話，那就是我們的第一代產品線。然後我們有我們的 RCV 平台，Rivian 商用貨車平台。並與那個單獨的車身車間，單獨的大會。因此，我們在 Normal 中構建的第二組線路中已經嵌入了許多學習內容。正如我們現在看到的格魯吉亞，有機會從生產線佈局的角度以及產品本身學習，並將所有這些結合在一起，創造出真正世界級的產品，在可負擔性方面，世界級的產品資本支出效率，從開發的角度來看，這是產品團隊和工廠設計團隊的主要關注點。

And so what's also important to note is that, that product coming to market in 2025 will have the time to even further encapsulate more learnings as we continue to go through ramp. And as the vast majority of our organization continues to be focused on ramping up in our Normal facility between the R1T, the R1S, the EDV 700 and the EDV 500. But those learnings are certainly flowing into how we think about R2 and part simplification, part consolidation, like you mentioned with usage of castings. We certainly use castings in the R1 and RCV programs. But the opportunity to consolidate even more parts is something we're excited about and driving those manufacturing and cost efficiencies into that product is going to be critical.

因此，還需要注意的是，隨著我們繼續爬坡，該產品將於 2025 年上市，將有時間進一步總結更多的學習成果。隨著我們組織的絕大多數成員繼續專注於在 R1T、R1S、EDV 700 和 EDV 500 之間增加我們的 Normal 設施。但是這些學習肯定會流入我們對 R2 和部分簡化的看法，部分合併，就像你提到的鑄件的使用一樣。我們當然在 R1 和 RCV 程序中使用鑄件。但是整合更多零件的機會是我們感到興奮的事情，並且將這些製造和成本效率推動到該產品中將是至關重要的。

Your next question comes from the line of George Gianarikas with Baird.

您的下一個問題來自 George Gianarikas 與 Baird 的對話。

RJ, you recently ranged the alarm bell in an interview around EV materials, and several of your competitors are signing direct deals with miners of lithium and other minerals. I wonder if you can articulate your strategy and how deep their relationships go that you're developing in that field.

RJ，您最近在一次圍繞電動汽車材料的採訪中敲響了警鐘，您的一些競爭對手正在與鋰和其他礦物的礦商簽署直接交易。我想知道您是否可以闡明您的策略以及您在該領域發展的關係有多深。

Thanks, George. Yes, in a recent interview, I was discussing some of the longer-term strategic challenges we're going to face as an industry as we go from less than 10 million units being produced a year, electric vehicles being produced a year to every vehicle being produced globally becoming electric. And as we think about that, we do believe there's going to be material constraints as we get to the sort of near the end of this decade.

謝謝，喬治。是的，在最近的一次採訪中，我討論了我們作為一個行業將面臨的一些長期戰略挑戰，因為我們從每年生產不到 1000 萬輛電動汽車到每年生產每輛汽車在全球範圍內生產成為電動。當我們考慮到這一點時，我們確實相信隨著我們接近這個十年的結束，將會有物質限制。

I want to be clear, though, that as we look out over the next 5 years, we do not see any battery cell supply constraints or material risks. And the way we've approached our battery cell strategy as well as our far upstream raw material precursor material strategy is to make sure that we have a diversified approach. So what we've launched with between the R1 products and the RCV-based platform products has been a high nickel cell. It's a cylindrical form factor. But later this year, as I mentioned, we introduced an LFP chemistry, lithium iron phosphate chemistry, which, of course, is a hedge on nickel pricing, also just inherently a lower-cost chemistry and fits beautifully as a base model configuration and certainly for a commercial vehicle fits really, really nicely.

不過，我想明確一點，在我們展望未來 5 年時，我們沒有看到任何電池供應限製或重大風險。我們處理電池戰略以及我們遠上游原材料前體材料戰略的方式是確保我們擁有多元化的方法。因此，我們在 R1 產品和基於 RCV 的平台產品之間推出的是高鎳電池。它是圓柱形的。但今年晚些時候，正如我所提到的，我們推出了 LFP 化學，磷酸鐵鋰化學，當然，它是對鎳價格的對沖，也是一種固有的低成本化學，非常適合作為基本模型配置，當然對於商用車來說，非常非常適合。

As we look at diversification, it's not just looking at high nickel or iron-based chemistries, but also making sure that we have the right selection of cell-supplier partners, and we're very happy with the relationships that we have and continue to grow those relationships.

當我們著眼於多元化時，不僅著眼於高鎳或鐵基化學品，還確保我們選擇了正確的電池供應商合作夥伴，我們對現有的關係感到非常滿意，並將繼續發展這些關係。

Now to your question, though, to be very specific around raw material, and I think specifically here, lithium carbonate in the case of lithium iron phosphate battery cells and lithium hydroxide in the case of high nickel cells, these are really key areas, I believe, for anyone serious about achieving significant scale, multimillion vehicle per year scale to have secured supply chains around. And we're working very hard to build those relationships and put together the right types of deals to secure these really critical precursor materials.

現在問你的問題，但是，要非常具體地圍繞原材料，我認為在這裡，磷酸鐵鋰電池中的碳酸鋰和高鎳電池中的氫氧化鋰，這些確實是關鍵領域，我相信，對於任何認真實現大規模生產的人來說，每年數百萬輛汽車的規模都可以確保供應鏈的安全。我們正在努力建立這些關係，並製定正確的交易類型，以確保這些真正關鍵的前體材料。

I think everybody on this line can appreciate the risks around the material cost. We've seen the price of lithium hydroxide go up quite considerably over the last several months, and that's affected everyone. So making sure that we have confidence on supply as we look out in the latter part of this decade and where we see risk of scarcity for those key precursor materials, that's something we're very focused on. And at a future time, we'll be able to make some announcements around that.

我認為這條線上的每個人都可以意識到圍繞材料成本的風險。在過去的幾個月裡，我們看到氫氧化鋰的價格大幅上漲，這影響了每個人。因此，當我們展望本十年的後半部分時，確保我們對供應有信心，並且我們看到這些關鍵前體材料存在稀缺風險，這是我們非常關注的事情。在未來的某個時間，我們將能夠圍繞這一點發布一些公告。

And if I may take it to the complete other side of the spectrum and ask you about your autonomous offering, and any update there, any new learnings? And how that offering is driving future product decisions?

如果我可以把它帶到光譜的另一端，問你關於你的自主產品，以及那裡的任何更新，任何新的學習？該產品如何推動未來的產品決策？

Sure. So in our launch products, we have a feature we call Driver+. And sort of the core of that feature is a highway feature where essentially the vehicle is capable of driving itself. But today, that's geo-fenced really to highways. And we've developed that platform in-house. And as we look out over time, that capability is going to continue to grow. So we'll do that with over-the-air updates where for the existing vehicles that are already delivered to customers as well as future vehicles, that feature will extend into more roads.

當然。因此，在我們的發布產品中，我們有一個稱為 Driver+ 的功能。該功能的核心是高速公路功能，基本上車輛能夠自行駕駛。但是今天，這對高速公路來說真的是地理圍欄。我們已經在內部開發了該平台。隨著時間的推移，我們會發現，這種能力將繼續增長。因此，我們將通過無線更新來做到這一點，對於已經交付給客戶的現有車輛以及未來的車輛，該功能將擴展到更多道路。

And along with that development, which is software based, we're also upgrading and improving the hardware set. So what we call it -- what we've talked about in terms of our next-generation network architecture, this also includes with it additional compute as well as updated cameras as well as a few other sensors on the vehicle to support continued progress above and beyond the Level 2 features set that we have today.

隨著基於軟件的開發，我們也在升級和改進硬件集。所以我們稱之為——我們已經討論過的下一代網絡架構，這還包括額外的計算以及更新的攝像頭以及車輛上的一些其他傳感器，以支持上述持續進展以及我們今天擁有的 2 級功能集。

And Claire talked about this in the context of how we'll be taking orders and moving to a reservation-based process. One of the reasons for that is with our demand backlog being so large, the products we'll be building in 2 years will be different than the products we're building today. And when I say different, I should say these products will be improved. We'll have different hardware that's part of some of these improvements we're going to be making from a compute point of view, from a perception stack point of view and of course, along with that, the improved network architecture that will be going into these future-state products.

克萊爾在我們將如何接受訂單並轉向基於預訂的流程的背景下談到了這一點。原因之一是我們的需求積壓如此之大，我們將在 2 年內構建的產品將與我們今天構建的產品不同。而當我說不同時，我應該說這些產品會有所改進。我們將擁有不同的硬件，這是我們將從計算的角度、感知堆棧的角度進行的一些改進的一部分，當然，隨之而來的是改進的網絡架構進入這些未來狀態的產品。

Your next question comes from the line of Charles Coldicott with Redburn.

您的下一個問題來自與 Redburn 的 Charles Coldicott。

Firstly, on production. The shareholder letter mentions that one reason why the weekly rate of production slowed to about 250 units, I believe, per week in the last 5 weeks from 350 in March or at the end of March was that you lost 25% of your planned production due to additional stoppages. Can you just clarify what was it that forced the longer period of stoppage than you had anticipated in April? Is that now over? And is May's production rate now back to what it was in March or even above that?

首先，關於生產。股東信中提到，我認為過去 5 週內每週產量從 3 月或 3 月底的 350 輛放緩至約 250 輛的原因之一是，您因計劃產量損失了 25%到額外的停工。您能否澄清一下是什麼導致停工時間比您在 4 月份的預期更長？現在結束了嗎？ 5 月份的生產率現在是否回到了 3 月份甚至更高的水平？

Thanks, Charles. I do want to clarify some things. So -- while the rate that you've calculated here, the systemic slowdown in March, the actual production lines themselves both in terms of their stability as well as their production rate has continued to improve. The challenge is, as those lines have continued to improve, we've had supply constraints that haven't allowed us to actually fully utilize them. So as we said, of the single-shift operation that we're on today, we lost a little more than 25% of the time. So the number of vehicles we produced to date this quarter is almost exactly equal to the number of semiconductors we have to support all the components that go in the vehicle.

謝謝，查爾斯。我確實想澄清一些事情。所以 - 雖然你在這裡計算的速度，3 月份的系統性放緩，但實際生產線本身的穩定性和生產率都在繼續提高。挑戰在於，隨著這些生產線的不斷改進，我們遇到了供應限制，無法真正充分利用它們。所以正如我們所說，在我們今天進行的單班制操作中，我們損失了 25% 以上的時間。因此，本季度迄今為止我們生產的車輛數量幾乎完全等於我們必須支持車輛中所有組件的半導體數量。

So what's encouraging for us looking forward here is those areas we've had shortages around, we've been working very closely with the suppliers. We've demonstrated to those semi suppliers continued progress week-over-week in terms of rate, and they're very leaned in on making sure that the constraints and line-down situations we've dealt with over the last several weeks, we're going to put those behind us as we look at ramping into the remainder of this quarter and of course, through the rest of the year.

因此，令我們期待的是，我們一直在與供應商密切合作的那些領域存在短缺。我們已經向這些半成品供應商展示了在速度方面每週持續進步，他們非常傾向於確保我們在過去幾周處理的限制和生產線情況，我們當我們考慮進入本季度剩餘時間，當然還有今年剩餘時間時，將把這些放在我們身後。

And it doesn't -- a day doesn't go by where I'm not talking to the CEO or senior team of one of those key constrained suppliers. And I can say with confidence that certainly if they're listening in, we appreciate their support. But I can say here with confidence that they are as leaned in as we'd hoped for. And I'd say it's a materially different situation than we had at the start of the year where the suppliers were still trying to figure out whether or not we as a company were capable of producing and ramping. We've made it very clear through our performance that the plant is capable of running. And as I said, we hope to be running a plant on 2 shifts starting midyear. And with that, of course, building line of sight around component allocation.

而且它沒有 - 我沒有與那些關鍵受限供應商之一的首席執行官或高級團隊交談的日子不會過去。我可以自信地說，如果他們在傾聽，我們肯定會感謝他們的支持。但我可以在這裡自信地說，他們像我們所希望的那樣傾心。我想說，這與我們在今年年初的情況大不相同，當時供應商仍在試圖弄清楚我們作為一家公司是否有能力生產和擴大產能。我們通過我們的表現非常清楚地表明該工廠能夠運行。正如我所說，我們希望從年中開始實行兩班倒運行工廠。當然，隨之而來的是圍繞組件分配建立視線。

Okay. And then on the 10,000 orders you've received since the price change in March at an ASP of $93,000, that seems a very rich mix. I guess it means that the vast majority is quad-motor max pack R1Ts or large pack R1S-es given that price point. Were you surprised by that? Does it match the mix of the rest of the order book, albeit obviously at the older lower prices? And do you expect to sustain that type of mix for future orders?

好的。自 3 月份價格變動以來，您收到的 10,000 份訂單的平均售價為 93,000 美元，這似乎是一個非常豐富的組合。我想這意味著考慮到這個價位，絕大多數是四電機最大包裝 R1Ts 或大包裝 R1S-es。你對此感到驚訝嗎？它是否與訂單簿的其餘部分相匹配，儘管顯然價格較低？您是否希望為未來的訂單維持這種類型的組合？

We see -- just to clarify, there's definitely -- the high ASPs indicate a preference for the dual motor, as you called out, but also -- I'm sorry, a preference for the quad motor. But also just to clarify, the large pack, our middle-sized pack makes up a vast majority of the configurations. So what we see is customers have a very high willingness to spend, and there's a lot of pricing power that these vehicles have and what we've built as a brand has. And that gives us a lot of confidence as we go into the next 6, 12 months understanding the inflationary environment that we're in, that there is significant pricing capability on these vehicles.

我們看到 - 只是為了澄清，肯定有 - 正如你所說的那樣，高 ASP 表明偏好雙電機，而且 - 對不起，偏好四電機。但也只是澄清一下，大包裝，我們的中型包裝構成了絕大多數配置。所以我們看到的是客戶有非常高的消費意願，這些車輛有很多定價權，我們已經建立了一個品牌。當我們進入未來 6、12 個月了解我們所處的通貨膨脹環境時，這給了我們很大的信心，這些車輛有很大的定價能力。

Your next question comes from the line of Mark Delaney with Goldman Sachs.

你的下一個問題來自高盛的馬克德萊尼。

The company is working on several new vehicle technologies. You spoke about LFP batteries, the Enduro motor, also the new network architecture and you commented on how it's an important part of your long-term profitability objectives. Can you elaborate a bit more on how the development is going for some of these key technologies? And do you expect them to still happen on time?

該公司正在研究幾種新的車輛技術。您談到了 LFP 電池、Enduro 電機以及新的網絡架構，並評論了它是您長期盈利目標的重要組成部分。您能否詳細說明其中一些關鍵技術的發展情況？您是否希望它們仍能按時發生？

Sure. I mentioned before, Mark, we've -- on our LFP pack, it first goes into our commercial vans later this year. Along with that, the Enduro motor's first application is in the vans as well later this year. Both of those are well underway. In the case of the Enduro drive unit, we're putting that plant and that line in as we speak. So there's the lines being built, the plants being -- the additions going into our facility, and it is on track. We're pushing very hard. We're very excited to get that into our vehicles late this year.

當然。我之前提到過，馬克，我們已經 - 在我們的 LFP 包裝上，它在今年晚些時候首次進入我們的商用貨車。除此之外，Enduro 電機的首次應用也在今年晚些時候在貨車上。這兩項工作進展順利。在 Enduro 驅動單元的情況下，我們正在將工廠和生產線放入其中。所以有正在建造的生產線，正在建造的工廠——我們的設施正在增加，而且它正在走上正軌。我們正在非常努力地推動。我們很高興能在今年晚些時候將其應用到我們的車輛中。

And then following introduction in the commercial van, both the LFP pack as well as our Enduro drive unit, as I said, with Enduro being used in a dual-motor setup, one in the front, one in the back, it also makes its way into the R1 product line.

然後在商用貨車中進行介紹，LFP 包和我們的 Enduro 驅動單元，正如我所說，Enduro 用於雙電機設置，一個在前面，一個在後面，它也使它進入 R1 產品線。

That's helpful. For my second question, wanting to better understand the opportunity in software and services, and it's an important part of your long-term opportunity. And I think a really interesting business opportunity for the industry. Can you speak more on how that's progressing with some of the early R1 owners? And what kind of adoption you've seen on some of your offerings such as your insurance product?

這很有幫助。對於我的第二個問題，想要更好地了解軟件和服務中的機會，這是您長期機會的重要組成部分。我認為這對行業來說是一個非常有趣的商機。您能否詳細談談一些早期 R1 所有者的進展情況？您在某些產品（例如保險產品）中看到了什麼樣的採用？

We have seen strong take rates, especially around our offering from a financing as well as insurance perspective. And those are, as we know, we've had some questions as well around level of vertical integration. Those are 2 great examples of opportunities where we have partnered with strong third-parties, in the case of Chase on the financing side and then Nationwide on the insurance side that allows us to build a very robust data-driven insights into the business. And importantly, through some of these data-driven insights allows us to continue to evolve the relationship that we have with our customer.

我們看到了強勁的利率，特別是從融資和保險的角度來看我們的產品。正如我們所知，我們也對垂直整合的水平提出了一些問題。這是我們與強大的第三方合作的兩個很好的機會示例，例如融資方面的 Chase 和保險方面的 Nationwide，這使我們能夠對業務建立非常強大的數據驅動的洞察力。重要的是，通過其中一些數據驅動的洞察力，我們可以繼續發展我們與客戶的關係。

And beyond financing and insurance, are really excited to also offer a whole host of software-enabled services and the FleetOS solution that we have with Amazon, there is a great benchmark as we think about the capabilities that we're bringing to bear to help them manage that end-to-end fleet solution.

除了融資和保險之外，我們真的很高興能夠提供一整套軟件支持的服務和我們與亞馬遜合作的 FleetOS 解決方案，當我們考慮我們正在提供幫助的能力時，這是一個很好的基準他們管理端到端的車隊解決方案。

And in the case of FleetOS, we're also able to ultimately leverage a number of the core digital commerce investments that we've made as a company from the commercial side of the house and use those to think about, right, our consumer experience as truly how do you manage a fleet of one. And so we're really leveraging that digital infrastructure and digital backbone within the business across both the consumer as well as the commercial side of the house.

就 FleetOS 而言，我們還能夠最終利用我們作為一家公司從商業方面進行的一些核心數字商務投資，並利用這些投資來思考我們的消費者體驗真的，你如何管理一支艦隊。因此，我們確實在消費者和商業方面都在利用業務中的數字基礎設施和數字骨幹。

And as we've talked about in the past, the 65% long-term gross margin opportunity that our software and services side of the business delivers allows us to ultimately drive and increase margins rapidly over time as we think about the compounding effects that, that can deliver from our growing car part.

正如我們過去談到的那樣，我們的軟件和服務業務提供的 65% 的長期毛利率機會使我們最終能夠隨著時間的推移迅速推動和增加利潤率，因為我們考慮了複合效應，這可以從我們不斷增長的汽車部件中實現。

And your next question comes from the line of Ryan Brinkman with JPMorgan.

您的下一個問題來自摩根大通的 Ryan Brinkman。

Relative to the 17% to 21% vehicle price increases implemented on March 1, I'm curious how much of the higher pricing was meant to offset higher -- obviously, higher battery metals costs or higher general inflation beyond your control versus maybe higher other more company-specific costs such as product development expense, et cetera. And what has been the trend in cost, both within and outside your control since the time that you revised pricing just prior to the last earnings call. And you discussed flexibility in your spending plans, and I appreciate your plentiful cash position, too. But have there been any examples yet of reined in budget increases or anything like that?

相對於 3 月 1 日實施的 17% 至 21% 的汽車價格上漲，我很好奇更高的定價有多少是為了抵消更高的價格——顯然，更高的電池金屬成本或更高的總體通脹超出了你的控制，而其他可能更高更多特定於公司的成本，例如產品開發費用等。自您在上次財報電話會議之前修改定價以來，成本的趨勢是什麼，無論是在您的控制範圍內還是在您的控制範圍之外。你討論了你的支出計劃的靈活性，我也很欣賞你充裕的現金頭寸。但是有沒有任何例子可以控制預算增加或類似的事情？

Sure. So to address the first question, as we thought about the decision to increase prices, we both looked across the broader inflationary backdrop that we're seeing across our raw material costs and beyond raw material costs, just looking at how inflation was playing, whether that was the cost of freight that we're seeing across the broader market and industry backdrop as well as other increases that you're seeing more broadly from an inflationary perspective.

當然。因此，為了解決第一個問題，當我們考慮提高價格的決定時，我們都審視了我們在原材料成本和原材料成本之外看到的更廣泛的通脹背景，只是看看通脹是如何發揮作用的，是否這是我們在更廣泛的市場和行業背景下看到的運費成本，以及從通貨膨脹的角度更廣泛地看到的其他增長。

In addition to looking at each of those factors, we also importantly benchmarked, right, the value proposition that we're bringing to market and the core capabilities that our vehicles represented to ensure we were truly bringing a compelling value proposition even at the higher prices that we were charging. And I think the momentum and acceleration of preorders that we've seen post that March 1 mark certainly emphasizes right that, that equation is certainly still intact.

除了考慮這些因素之外，我們還重要地對我們正在推向市場的價值主張和我們的車輛所代表的核心能力進行了基準測試，以確保即使在更高的價格下我們也能真正帶來令人信服的價值主張我們正在充電。而且我認為我們在 3 月 1 日之後看到的預購的勢頭和加速肯定強調了這一點，這個等式肯定仍然完好無損。

And it's been amazing to see a lot of the network effects that we've seen were in markets where we've been delivering more vehicles. We've also continued to see an acceleration of preorders because truly, our customers are best salespeople out there in the market, giving their own test drives and in some cases, actually reaching out to our customer experience center to ask them for how best to address their own friend's questions as they're educating and really empowering and educating others about what the Rivian brand is and importantly, what that driving experience feels like within the market.

看到我們看到的許多網絡效應出現在我們一直在交付更多車輛的市場中，這真是令人驚訝。我們還繼續看到預購的加速，因為確實，我們的客戶是市場上最好的銷售人員，他們提供自己的試駕，在某些情況下，實際上是聯繫我們的客戶體驗中心詢問他們如何最好地解決他們自己朋友的問題，因為他們正在教育並真正授權和教育他人了解 Rivian 品牌是什麼，重要的是，這種駕駛體驗在市場中的感覺如何。

So those are our key enablers for us. Importantly, we're also not standing still as we think about the priorities that we have in regard to our own cost attack initiatives as we think about our own cost of goods sold and both the commercial opportunities that we have as an organization as well as a number of the engineering development that, again, will ultimately be reducing the overall BOM cost. And as RJ mentioned, create a lot of those foundational systems that will power R2, which is, as you know, is a more affordably priced midsized SUV that will be coming out as well. And we'll also benefit for all of these horizontal technology investments that will be coming to market with over the next 2 years.

所以這些是我們的關鍵推動力。重要的是，當我們考慮我們自己的成本攻擊計劃的優先事項時，我們也不會停滯不前，因為我們考慮的是我們自己的銷售成本以及我們作為一個組織所擁有的商業機會以及許多工程開發最終將降低總體 BOM 成本。正如 RJ 所提到的，創建許多將為 R2 提供動力的基礎系統，如您所知，R2 是一款價格更實惠的中型 SUV，也將問世。我們還將受益於所有這些將在未來 2 年內上市的橫向技術投資。

Your next question comes from the line of Vijay Rakesh with Mizuho.

您的下一個問題來自瑞穗的 Vijay Rakesh。

You maintained the full year guide on production. So it looks like to hit that, you probably had to double your production -- double or triple your production run rate from here. And based on the fact that it looks like you'll be adding a second shift midyear, does that imply that you're assuming all the supply constraint should get resolved by midyear, by June, as you add the second shift there?

您維護了全年的生產指南。所以看起來，你可能不得不將你的產量翻倍——從這裡開始，你的生產運行率翻倍或三倍。並且基於看起來您將在年中添加第二班的事實，這是否意味著您假設所有的供應限制都應該在年中，到 6 月得到解決，因為您在那裡添加了第二班？

Yes. Our production lines are capable of producing at a significantly higher rate than what our supply chain is able to support today, as you said. But the guidance we provided fully encapsulates our expectations and confidence around the supply chain.

是的。正如您所說，我們的生產線能夠以比我們今天的供應鏈能夠支持的速度高得多的速度生產。但我們提供的指導充分體現了我們對供應鏈的期望和信心。

I said this in the last call, and I want to make sure I say it again here, we are pushing our suppliers as hard as possible to do more than that. We would really like to unlock the full production capability of our plant such that we can get more cars and more -- or I should say, more vehicles to our customers given the significant demand backlog and given the excitement we have on both the consumer and the commercial side.

我在上次電話會議中說過，我想確保我在這裡再說一遍，我們正在盡可能努力地推動我們的供應商做更多的事情。我們真的很想釋放我們工廠的全部生產能力，這樣我們就可以得到更多的汽車——或者我應該說，鑑於大量的需求積壓以及我們對消費者和商業方面。

And on the Amazon EDVs, I guess on the consumer side, you're able to adjust pricing based on the cost inflation there. Do you have the flexibility on the EDVs as well in terms of some flexibility with respect to commercial EV pricing, et cetera?

在亞馬遜 EDV 上，我想在消費者方面，你可以根據那裡的成本通脹調整定價。在商業電動汽車定價等方面，您是否對 EDV 也有一定的靈活性？

Sure. So as you think about the Amazon contract, it's a cost-plus agreement. And so that embeds, right, some of those overall inflationary metrics embedded in within that contract. It's also important to note that as we think about the introduction of our LFP pack as well as the introduction of our Enduro motors in the commercial van, those are key enablers for significant cost-down opportunities for Amazon. And so that gives us a lot of confidence in regard to the ongoing margins that we can earn from that contract.

當然。因此，當您考慮亞馬遜合同時，它是一項成本加成協議。這樣就嵌入了，對，嵌入在該合同中的一些總體通脹指標。同樣重要的是要注意，當我們考慮引入 LFP 包以及在商用貨車中引入 Enduro 電機時，這些都是亞馬遜大幅降低成本機會的關鍵推動因素。因此，這讓我們對我們可以從該合同中獲得的持續利潤充滿信心。

And it's important to note that, as Claire said, while it's a cost-plus contract, we do also have it structured such that we keep a portion of all the savings that we accomplished with things like our LFP pack as well as the Enduro drive unit.

重要的是要注意，正如克萊爾所說，雖然這是一份成本加成合同，但我們也確實有它的結構，以便我們保留我們通過 LFP 包和 Enduro 驅動器等實現的所有節省的一部分單元。

And that concludes our question-and-answer session for today. I will now turn the call back over to Mr. RJ Scaringe for closing remarks.

今天的問答環節到此結束。現在，我將把電話轉回給 RJ Scaringe 先生以作結束髮言。

All right. Well, thank you, everyone, for joining the call. Enjoyed the discussion here, and I appreciate the questions from everyone that came in.

好的。好吧，謝謝大家加入電話會議。很喜歡這裡的討論，我很感謝大家提出的問題。

Just in ending, I want to repeat a few things that came out through the course of the discussion. We couldn't be more confident in the path that lies ahead. And we, as a leadership team, are very focused on making sure we take the $17 billion in cash that we have, the 150,000 units of installed capacity and the incredible demand we have from consumers, both on the -- our customers, both on the consumer side as well as with our partner, Amazon, and taking all those core elements and ensuring we're positioning ourselves for significant growth over the coming years, but also focusing our capital deployment on ensuring that we launch R2 in 2025 and can do that with the cash that we have on hand. So as Claire said and as I said, so that we are in the driver's seat in terms of our future growth.

最後，我想重複一些在討論過程中出現的事情。我們對未來的道路充滿信心。作為一個領導團隊，我們非常專注於確保我們擁有 170 億美元的現金、150,000 單位的裝機容量以及來自消費者的令人難以置信的需求，無論是在我們的客戶還是在消費者方面以及我們的合作夥伴亞馬遜，並利用所有這些核心要素，確保我們為未來幾年的顯著增長做好準備，同時將我們的資本部署集中在確保我們在 2025 年推出 R2 並且能夠做到用我們手頭的現金。正如克萊爾所說和我所說的那樣，就我們未來的增長而言，我們處於主導地位。

With that, we look forward to future discussions here and reporting continued progress as we work towards those goals. Thank you again, everyone, for joining.

有了這個，我們期待著在這裡進行未來的討論，並在我們朝著這些目標努力的過程中報告持續的進展。再次感謝大家的加入。

And this concludes today's conference call. Thank you all for participating. You may now disconnect.

今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開連接。