Rivian 2022 Q4 Earnings Call
发布时间 2023-05-25 12:16:51 来源
Good day, and thank you for standing by. Welcome to Rivians' fourth quarter in four-year 2022 earnings conference call. At this time, all participants are in a listening mode. After the speaker's presentation, there will be a questioning after session. To ask a question during the session, you will need to press Star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press Star 11 again. Please be advised that today's conference is being recorded.
大家好，感谢您的支持。欢迎参加Rivians 2022年第四季度财报电话会议。目前所有参与者处于听取状态。在演讲结束后，将进行提问环节。如果您在会议中想提问，请按下您电话键盘上的星号键11。然后您会听到自动提示说您的手已举起。如果您想取消提问，请再次按下星号键11。请注意，今天的会议正在进行录音。
I would now like to hand the conference over to you, Speaker Day, Tim Bay, Vice President of Investor Relations. Please go ahead. Good afternoon, and thank you for joining us for Rivians' fourth quarter 2022 earnings call. Joining us on today's call, we have RJ Scrooge, our founder, chairman, and chief executive officer, and Claire McDonough, our chief finance officer. A copy of today's shareholder letter is available on our Investor Relations website.
我现在想把会议交给您，Speaker Day，Tim Bay，投资者关系副总裁。请开始。 下午好，感谢您参加Rivians第四季度2022年财报电话会议。今天通话中，我们有RJ Scrooge，我们的创始人，主席和首席执行官，以及Claire McDonough，我们的首席财务官。今天的股东信函副本可在我们的投资者关系网站上获取。
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 only, 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 trends, business operations, strategy goals, our production ramp, and manufacturing capacity expansion, our future products and product enhancements, including R2, and our expectations regarding vehicle production and deliveries.
在我们开始之前，我想提醒您，此次电话会议中我们的评论和回答仅反映管理层今天的观点，并将包括根据联邦证券法的前瞻性声明与我们业务有关的声明，包括但不限于有关我们的市场机会、行业趋势、业务运营、战略目标、我们的生产规模以及制造能力扩张，我们未来的产品和产品升级，包括R2，以及我们对车辆生产和交付的期望。
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, which are described in our SEC filing, and today's shareholder letter. During this call, we will discuss both GAP and non-GAP financial measures. A reconciliation of GAP to non-GAP financial measures is provided in today's shareholder letter.
由于与我们业务相关的风险和不确定性，实际结果可能与这些前瞻性陈述中所包含的或暗示的结果有所不同。这些风险和不确定性在我们的SEC备案和今天的股东信函中进行了描述。在本次通话中，我们将讨论GAP和非GAP财务指标。在今天的股东信函中提供了GAP到非GAP金融指标的对比。
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. With that, I'll turn the call over to RJ, who will begin with a few opening remarks.
在通话之前，我们发布了股东信函，其中概述了我们最近几个月的进展情况。我鼓励您阅读它，以获得今天通话中我们将涵盖的某些项目的更多详细信息。因此，我将通话转交给RJ，他将以几句开场白开始。
Thanks, Tim. Thank you for joining us. 2022 is a transformation year for us. We fought through a difficult operating environment to ramp the R&T, the R&S, and the EDD, with total production of 24,337 vehicles for the year. Beyond ramp, we focused our product teams on our next generation in vehicle technologies and the R2 platform. I want to thank our team, suppliers, and partners for their grit and determination in helping remain achieved its targets.
谢谢，Tim。感谢您加入我们。2022年对我们来说是一个变革之年。我们在艰难的运营环境中努力推进了研究与技术、研究与开发以及能源多样性三大领域，实现了全年24337辆汽车的总产量。除了生产方面的提高，我们还将产品团队集中在下一代车辆技术和R2平台上。我要感谢我们的团队、供应商和合作伙伴为实现目标而坚定不移的毅力。
In the fourth quarter, we increased production over 10,000 units. This represents a 36% increase over the third quarter of 2022. We maintain a vehicle backlog that provides clear demand visibility well into 2024. We launched our adventure network, which gives customers a smoother charging experience. We expanded our service infrastructure to 28 physical service locations, in addition to nearly 200 mobile service fans, and we pushed a range of major software updates to our customers.
在第四季度，我们的生产数量增加了超过10,000个单位，较2022年第三季度增长了36%。我们拥有足够的待生产车辆备货量，预示着2024年之前的市场需求明确可见。我们推出了冒险网络，为客户提供更加舒适的充电体验。此外，我们还将服务基础设施扩展到了28个地理位置，并拥有近200个移动服务车队，我们也为客户推出了一系列重要的软件更新。
Our core priorities for 2023 are ramping production of our R1 and RCD platforms, driving cost reductions, developing the R2 platform and its future technologies, and delivering an outstanding end-to-end customer experience. In my role as CEO, I'm most important responsibility, and is to make sure we have the right leaders and the right organizational design in place to drive focus in execute our priorities. It's great to see the very capable and experienced leaders we've added over the last year.
我们在2023年的核心优先事项是加速生产我们的R1和RCD平台、推动成本降低、开发R2平台及其未来技术，并提供优秀的全方位客户体验。作为CEO，我最重要的职责是确保我们有正确的领导者和组织设计来聚焦执行我们的优先事项。很高兴看到我们在过去一年中添加的非常能干和经验丰富的领导人。
Equally important to ramping production is our drive towards profitability. We are focused on reducing our bill of materials, conversion costs, logistics costs, and overall operating expenses. Quarter this is our close work with our supplier partners to lower our material costs through new engineering solutions, as well as revisiting some of the customer commercial negotiations that were agreed to years ago when we were in with still pre-launch. In support of these efforts, we held a supplier day at the end of 2022, where we hosted over 400 members of our supply chain at the plan to demonstrate the growth and the scale of what we're building.
我们实现生产提升的同时，同样重要的是追求盈利。我们致力于降低物料成本、转化成本、物流成本和总体运营费用。本季度，我们在与供应链合作伙伴密切合作的同时，通过新的工程解决方案降低物料成本，并重新审视一些为多年前我们的预发布阶段谈判中与客户商议达成的问题。为此，我们在2022年底举行了供应商日活动，邀请了400多名供应链成员到工厂参观，展示我们正在建设的规模和增长前景。
Our supplier partners are engaged and fully understand the benefits of us achieving possibilities quickly as possible. One of the enablers to reduce our material costs is the introduction of our future technologies. Early this month, we started producing scalable units of our in-house and DRO drive unit. In DROs, our single motor drive unit, and in our commercial van platform, we used it in a front drive application, and in the R1 platform, as a dual motor setup, we used it for all-wheel drive application.
我们的供应商伙伴积极参与，充分理解我们尽快实现可能性的好处。减少我们物料成本的一个支持因素是引入未来的技术。本月初，我们开始生产可扩展的自主和DRO驱动单元。在DRO中，我们的单电动机驱动单元，在商用货车平台中，我们采用前驱应用，在R1平台上，作为双电动机设置，我们用于全轮驱动应用。
The Enduro Drive units are also accompanied by our new lithium-ion phosphate battery packs for our commercial van line. These LFP packs are daily suited for commercial use cases due to their low cost and really the durability of this chemistry.
Enduro Drive单元还配有我们新的锂离子磷酸盐电池组，用于我们的商用货车系列。由于这种化学成分的低成本和耐用性，这些LFP电池组非常适合商业用途。
Another important example of our technology development, the dynamic side-gintry is the 390 mile R1S Maxpack variant. We begin deliveries on this vehicle this fall, and we expect high demand for this new offering. The R1S Maxpack will launch with the dual motor configuration, leveraging our Enduro drive unit, and will deliver 0-60 acceleration in around 3.5 seconds. When we couple that with our full-air suspension and electronic damping system, it will really deliver incredible on-road and off-road performance.
我们技术开发的另一个重要例子，就是动态侧飞架技术，其最大续航里程达390英里的R1S Maxpack型号。我们将于今年秋季开始交付该车型，并预计这一新产品的需求将非常高。R1S Maxpack将采用双电机配置，利用我们的Enduro驱动单元，以约3.5秒的0-60加速度推出。再加上我们的全空气悬挂和电子阻尼系统，将真正展现出令人难以置信的路上和越野性能。
The purpose for our investments in software, electronics, driving units, and batteries is to improve performance in the great long-term structural cost of engines. These technologies will serve as the foundation for our R2 platform. Our production ramp and introduction of multiple vehicle platforms has equipped our team with valuable manufacturing, operations, and product development experience in a short period of time. We're taking advantage of these learnings and our quest for applying this experience to our first mass-marker vehicle, the R2, as well as to our new manufacturing facility in which we'll build the R2, located in Georgia, with the goal of establishing a considerably lower cost structure.
我们在软件、电子、驱动单元和电池方面的投资是为了提高发动机长期结构成本的性能。这些技术将成为我们R2平台的基础。我们的生产以及多个车型的推出为我们的团队提供了宝贵的制造、运营和产品开发经验。我们正在利用这些经验，并将其应用于我们的第一款大批量生产的汽车R2，以及我们新的制造设施，该设施位于乔治亚州，旨在建立一个大幅降低成本结构的目标。
Speaking of R2, we're really at an exciting and defining moment for the program. We have members across organizations from design to engineering to manufacturing coming together to develop what we believe is a true category of the funding platform. Over the next six months, we'll be finalizing the majority of the core engineering and sourcing decisions that will drive how the R2 product line is built and the speed at which we can ramp production to profit building.
说到R2，我们真的处于一个令人兴奋和决定性的时刻。我们有来自设计、工程和制造等各个组织的成员聚集在一起，开发出我们认为是真正的资金平台类别。在接下来的六个月里，我们将最终确定大部分核心工程和采购决策，这将推动R2产品线的构建方式和快速提高生产效率以实现盈利。
We spent years creating our brand and award winning set of products that drive excitement and attract new customers to what we're doing. The validation we receive from our customers and media continues to be strong. In fact, the R&T received several new accolades, including being the best ownership experience among premium battery electric vehicles by JD Power. In addition to its editors' choice award, the R&T was also included in car and drivers coveted 10-best award for 2023. And along with that, it was praised as being the best driving pickup car driver has ever tested. In consumer reports, customer satisfaction survey, review was rated among the highest across all categories with R&T being the highest rated truck. We've also received the highest safety rating of top safety pick plus from IHS. That's passing IHS's new tougher standards for 2023 across all categories.
我们花费了多年的时间打造我们的品牌和一系列屡获殊荣的产品，为我们所做的工作带来了激动人心的动力，并吸引了新的客户。我们从客户和媒体那里收到的认可仍然非常强烈。事实上，R&T获得了许多新的赞誉，包括在JD Power评选中成为高端电池电动车中拥有最佳所有权体验的车型。除了编辑之选奖，R&T还被列为2023年汽车和驾驶员最令人垂涎的10佳奖之一。此外，它还被赞誉为司机所测试过的驾驶皮卡车中最好的驾驶体验。在消费者报告的客户满意度调查中，R&T在所有类别中的评价都是最高的，被评为最高评分的卡车。我们还从IHS获得了最高的安全评级-顶级安全选择加奖项。这通过IHS在所有类别的2023年新更严格标准的考核。
On our go-to-market side of the business, which includes our customer engagement, service, delivery, and demand generation teams, we've experienced rapid growth over the past year as we've built a foundation for our end-to-end customer experience and self-run service offerings. We need to execute against our robust customer backlog and remain focused on our customers as we scale our 150,000 units of annual capacity and normal into ultimately multiple production plants around the world.
在我们的业务营销方面，我们包括客户接触、服务、交付和需求生成团队，在过去的一年里经历了快速增长，因为我们建立了我们的端到端客户体验和自我运行服务产品的基础。我们需要执行我们强大的客户积压单，并保持专注于我们的客户，在我们扩展我们的年产能15万个单位并最终在全球范围内建立多个生产工厂。
The enthusiasm for our products and our brand, combined with the progress we're making on our future vehicles and technologies, along with the strong team that we built, gives me confidence in our ability to help drive the massive impact we need as planet and a transition to a carbon-free economy. With that, I'll pass the call over to Claire. Thanks, Fargey.
我们的产品和品牌引起了热情的追捧，同时我们在未来车辆和技术方面取得的进展，再加上我们建立的强大团队，让我对我们推动我们所需的大规模影响和向碳零经济转型的能力充满信心。因此，我现在将电话交给克莱尔。谢谢，法基。
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请保护您自己和他人，戴上口罩，勤洗手，并遵守社交距离规定。这些措施可以帮助减缓 COVID-19 病毒的传播，以保护我们的健康和安全。
I want to reinforce the important steps we took during 2022 to drive towards profitability. Our goal is to build Rivian for the long term, to build a company capable of adapting during good times as well as challenging ones.
我想强调我们在2022年为实现盈利所采取的重要措施。我们的目标是为长期打造Rivian，建立一个能够在好时代和挑战时代适应的公司。
In the last year, we took intentional measures to focus our product portfolio and drive a lower cost structure. Twenty expenses in the second half of 2022 felt 21 percent as compared to the first half of the year. For the full year 2022, operating expenses were in line with 2021 results, while we continue to invest in and scale our delivery and go-to-market operations and next generation technology.
在过去的一年中，我们采取有意的措施来聚焦我们的产品组合，推动更低的成本结构。与该年上半年相比，2022年下半年二十个费用降低了21％。在全年2022年，运营费用与2021年的结果保持一致，同时我们继续投资于扩大我们的交付和市场运营，并推进下一代技术。
In addition, our team was able to reduce our capital expenditures for 2022 to $1.4 billion versus $1.8 billion in 2021 due to the fact that our equipment and facility costs were more highly concentrated, leading into our starter production in normal. We're encouraged by this progress and recognize there is an additional opportunity to drive greater efficiency. We are concentrating our investments and resources on growing the consumer business, while continuing to leverage our existing commercial platform.
此外，我们的团队成功将2022年对资本支出的预算降至14亿美元，相较于2021年的18亿美元，是因为我们的设备和设施成本更加集中，使我们的初始生产更为顺利。我们对这一进展感到鼓舞，并认识到还有进一步的提高效率的机会。我们正将投资和资源集中于发展消费者业务，同时继续利用我们现有的商业平台。
We believe these core aspects of our company represent the greatest levers to maximize our impact and drive attractive financial returns.
我们相信公司的核心方面是最大的杠杆，可以最大化我们的影响力并推动有吸引力的财务回报。
I will now review our fourth quarter 2022 results. The last 12 months were characterized by economic uncertainty as well as significant supply chain volatility across the industry. By focusing on factors within our control, our team was able to achieve meaningful milestones.
我现在将回顾我们2022年第四季度的业绩。过去12个月以经济不确定性和行业内重大供应链不稳定为特点。通过专注于我们可控的因素，我们的团队能够取得有意义的里程碑。
During the fourth quarter, we produced 10,020 vehicles and delivered 8,054 vehicles, which generated $663 million of revenue. We generated negative gross profit of $1 billion for the fourth quarter of 2022. Gross profit for the fourth quarter was impacted by a lower of cost or net-realizable value LCNRV adjustment.
在第四季度，我们生产了10,020辆车辆，并交付了8,054辆，这创造了6.63亿美元的收入。2022年第四季度我们产生了10亿美元的负毛利润。第四季度的毛利润受到成本或净现实价值LCNRV调整的影响。
As discussed in the past, the LCNRV adjustment writes down the value of certain inventory and records losses on firm purchase commitments to the amount we anticipate receiving upon vehicle sale after considering the future cost necessary to ready the inventory for sale. As of December 31, 2022, LCNRV was $920 million as compared to $95 million as of December 31, 2021. These charges are expected to continue through 2023.
正如过去所讨论的那样，LCNRV调整是指将某些库存价值进行减值，并记录在公司购买承诺上的亏损，这部分亏损是基于我们预计未来需要准备库存并出售的成本来计算的。 截至2022年12月31日，LCNRV为9.2亿美元，而2021年12月31日为9500万美元。 预计这些费用将持续到2023年。
However, as we reduce cost of goods sold per vehicle by lowering material, production, logistics, and other costs, we anticipate that the total charge will decline. We forecast reaching positive gross profit in 2024, and therefore, expect by the end of 2024, you will no longer have material LCNRV inventory charges and losses on firm purchase commitments associated with the production at our normal plant. In addition to LCNRV, there were factors which negatively impacted our cost of goods sold that we do not believe are reflective of our long-term cost structure.
然而，随着我们降低材料、生产、物流以及其他成本，每辆车的销售成本也会降低，我们预计总费用将会下降。我们预测在2024年实现正向毛利，并因此期望到2024年底，您将不再有与我们正常工厂生产相关的材料、LCNRV库存费用以及对实体采购承诺的损失。除了LCNRV之外，还有一些负面因素影响了我们的销售成本，我们不认为这会反映出我们的长期成本结构。
The most significant driver continues to be our production levels. Producing highly vertically integrated vehicles at low volumes, online design for higher volumes, means we currently carry more overhead per vehicle produced. This impact has and will continue to be magnified during the ramp of our second shifted production as we introduce new technologies like our LFP battery pack and Endura motor for which we stop the commercial production line for the majority of the first quarter of 2023. Additionally, because we are in an LCNRV position, we do not fully capitalize our logistics and conversion costs into inventory which can lead to volatility in our cost of goods sold based on the amount of inbound materials we receive in a particular quarter or the difference between our vehicle production and deliveries as we saw in Q4 2022.
我们的生产水平是最重要的驱动因素。我们以低产量生产高度垂直整合的车辆，而为了高产量，我们采用了在线设计的方式，这意味着我们每辆车承担的固定成本更多。这种影响在我们的第二个生产班次加速生产期间将会变得更加明显，因为我们将引入新技术，例如LFP电池组和Endura电机，我们将停止商业生产线的大部分一季度时间。此外，由于我们处于LCNRV的位置，我们没有完全将物流和转换成本计入库存，这可能导致我们的销售成本因特定季度内收到的进口材料数量或我们的车辆生产和交付量之间的差异而出现波动，这在2022年第四季度已经出现了。
Operating expenses in the fourth quarter of 2022 fell $1.3 billion as compared to the same period last year. Approximately $1.1 billion of this difference was due to higher non-cash expenses in the fourth quarter of 2021, including a donation to Forever By Rivian and Stock-based Compensation in conjunction with the IPO. The remaining reduction of approximately $200 million was due to lower cash expenses associated with the operations of our business. We continue to prioritize investments in our core in vehicle technologies and customer experience while also driving additional focus and cost optimization across the business. Our adjusted EBITDA for the fourth quarter of 2022 was negative $1.5 billion, which compares to negative $1.1 billion for the fourth quarter of 2021.
2022年第四季度的运营支出较去年同期下降了13亿美元。其中约有11亿美元是由于2021年第四季度高额的非现金费用所致，包括捐赠给Forever By Rivian和股票补偿与IPO有关。其余约为2亿美元的降低是由于公司经营所涉现金支出的减少。我们继续优先投资于核心车辆技术和客户体验，同时在业务的各个方面推动更高的关注和成本优化。我们2022年第四季度的调整后的EBITDA为负15亿美元，而上一年同期为负11亿美元。
We ended the fourth quarter of 2022 with $12 billion in cash equivalents and restricted cash. This excludes the capacity under our $750 million asset-based revolving credit facility. We continue to monitor the economic environment and believe we have a high level of flexibility regarding the cadence of our growth investments.
我们在2022年第四季度结束时拥有价值120亿美元的现金等价物和受限现金。这不包括我们7.5亿美元的资产担保循环信贷额度。我们继续监测经济环境，并相信在我们的增长投资节奏方面拥有很高的灵活性。
I want to take this opportunity to highlight important operational changes we're making in normal. In addition to the commercial van line shutdown during the first quarter of 2023, which we expect to result in a drop in overall production and deliveries relative to Q4 2022, we also expect to be taking both the R1 and EDV production lines down for a week during the fourth quarter of 2023 to prepare for capacity change, which will happen in 2024.
我想借此机会强调我们在Normal所做的重要运营变化。除了计划在2023年第一季度停止商业运输车生产线外，我们预计这将导致相对于2022年第四季度总体生产和交付数量的下降，我们还计划在2023年第四季度将R1和EDV生产线同时关闭一周，以准备容量变化，这将在2024年实施。
In the first half of 2024, we intend to take production of the plant down for a few weeks to implement new technologies into our vehicles and shift the overall capacity of the plant to be about 55% R1. While the incorporation of these new technologies temporarily impacts production, they are expected to provide improved vehicle performance in range and deliver cost reductions that are critically important to our path to profitability.
在2024年上半年，我们计划将工厂生产降低几周时间，以将新技术应用到我们的车辆中，并将工厂整体产能调整为约55%的R1。虽然这些新技术的融入暂时会影响生产，但预计它们将提供更好的车辆性能和里程，并为我们实现盈利的道路提供至关重要的成本削减。
Now turning to our 2023 outlook, we are guiding to 50,000 vehicles produced for the year. This represents the doubling of year-to-year production, but also accounting for the risk and uncertainties associated with the supply chain and integration of our new technologies.
现在，我们来谈谈我们2023年的展望。我们的目标是在那一年生产50,000辆车。这意味着我们的产量将翻倍，但同时也考虑到了供应链和新技术整合可能出现的风险和不确定性。
We expect the ramp of our second shift for the R1 line to continue to progress through the first quarter. We expect full-year production to be back and weighted due to supply constraints we believe will alleviate in the second half of the year and the commercial line down time we're taking in Q1 2023.
我们预计R1线的第二个班次将在第一季度继续推进。我们预计全年的生产将因供应限制而恢复并加重，我们相信这种限制将在年后半段得到缓解，并且我们将在2023年第一季度停机进行商用线路维护。
In 2023, our gross margin is expected to remain negative, but we anticipate improving on a dollar basis for the year as we reduce our cost of goods sold per vehicle produced, improve our average selling prices per vehicle, and begin to see our LCNRV charge decline.
2023年，我们预计毛利率仍将为负，但我们预计在整个年度内在美元基础上有所改善，因为我们将减少每辆车生产的商品成本，提高每辆车的平均售价，并开始看到我们的LCNRV费用下降。
For 2023, total operating expenses are expected to modestly increase as compared to 2022. As a result of these factors, adjusted EBITDA is expected to be negative $4.3 billion in 2023 and improvement of $900 million versus 2022. We continue to rationalize our capital expenditures due to a greater focus on our core business. Capital expenditures in 2023 are expected to be $2 billion driven by additional investment in our normal and Georgia facilities, next generation technologies, and the continued build-out of our good-a-market operations.
预计到2023年，总运营支出将略微增加，比2022年有所增长。由于这些因素，调整后的EBITDA预计将在2023年达到负43亿美元，比2022年提升9亿美元。我们继续通过更加专注于核心业务来优化我们的资本支出。预计2023年的资本支出将达到20亿美元，其中包括对我们的正常和乔治亚设施、下一代技术以及我们的good-a-market业务的持续建设投资。
In addition to our 2023 guidance, I wanted to address the capital needs of the business over the medium term. The largest lever in our forecast is the swing from one billion dollars of gross profit in Q4 2022 to a step change in positive gross margin in 2024. There are three key levers that enable this improvement. First, the most impactful driver is the per-unit reduction of labor overhead and ramp expenses as our large scale plant produces a greater number of units. With the addition of our second shift, the plant in normal is currently staff to produce a significantly higher number of units than our current run rate.
除了我们的2023年指导意见，我想谈谈中期业务的资本需求。我们预测中最大的变数是我们从2022年第四季度10亿美元的毛利润到2024年正性毛利润的跃升。这一进步有三个关键的因素。第一个，最有影响力的因素是我们生产规模更大工厂的每单位劳动开销和上升费用的减少。随着第二个班次的加入，该工厂当前的员工数量能够生产比我们目前的运行速度更多的产品。
For context, these expenses represent two-thirds of the bridge from our current COGs per unit to what we expect by the end of 2024. The second area is our material cost. We have a detailed roadmap of both engineering and commercial cost-downs. As Arge mentioned, our recent supplier day demonstrated the win-win opportunity for our suppliers to participate in Rivians' growth. The final bucket is price. The implementation of our reservation system in early 2022 provides us the pricing flexibility to accommodate the introduction of new products, technologies, and inflationary pressures.
为了了解上下文，这些费用占我们目前每个单位的成本货值的三分之二，是我们预计在2024年底达到的目标。第二个领域是我们的材料成本。我们有一个详细的工程和商业成本削减路线图。正如Arge所提到的，我们最近的供应商日展示了我们的供应商参与Rivians增长的双赢机会。最后一个方面是价格。我们于2022年初实施的预约系统为我们提供了定价灵活性，以适应新产品、技术和通货膨胀压力的推出。
While most of our deliveries are based on pre-Marchverse 2022 pricing, we expect to see a meaningful step change in average selling price over the next two years as we introduce new higher price variants as well as move to our post-Marchverse pre-orders. In addition to the gross profit improvements I outlined, we expect to see significant leverage of our operating expenses over this period as we leverage our R&D and SGNA expenses over a much larger sales base. We also anticipate being able to maintain our capital expenditures in the low $2 billion area over this timeframe.
虽然我们的大部分交付都是基于2022年3月前的定价，但我们预计在未来两年内会出现有意义的平均销售价格变化，因为我们将推出新的高价位型号并转向2022年3月后的预订。除了我所述的净利润改善外，我们也希望在这段时间内通过在更大的销售基础上利用我们的研发和营销费用来实现运营费用显著提高的杠杆效应。我们还预计在这一时期能够将资本支出保持在低20亿美元左右的水平。
Our objective continues to be driving towards profitability and our prudent deployment of capital. From a cash burn perspective, we expect 2024 to improve versus 2023 by approximately 40 percent, enabled by the step change we see in gross profit. In 2025, we expect our cash burn to improve meaningfully versus 2024 as we have a full year of production at our new price points and the incorporation of our next generation technologies. We remain confident that our cash and cash equivalents can fund our operations through 2025.
我们的目标仍然是朝着盈利性前进，并谨慎地使用资本。从现金流方面来看，我们预计2024年比2023年有约40%的改善，这得益于我们在毛利方面的巨大跃进。到2025年，我们预计我们的现金流将比2024年有意义地改善，因为我们将拥有全年的新价格点和我们的下一代技术的整合产量。我们仍然有信心，我们的现金及现金等价物能够支持我们的运营至2025年。
We continue to evaluate a variety of capital markets available to Rivian ranging across the capital structure. We plan to employ a portfolio-based approach as we look to maintain a strong balance sheet position. In closing, I want to reiterate our confidence in our long-term financial targets. We see a clear path to our approximately 25 percent gross margin target, high-teens eBIT-DOM margin target, and approximately 10 percent free cash flow target.
我们一直评估各种不同资本市场，涵盖资本结构。我们计划采用投资组合方法，以维持强劲的资产负债表水平。最后，我想重申我们对长期财务目标的信心。我们看到实现约25%毛利率目标、高十年代的EBIT-DOM利润率目标和约10%自由现金流目标有明确的路径。
With that, let me turn the call back to the operator to open the line for Q&A. Thank you.
As a reminder to ask a question, please press Star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press Star 11 again. Please stand by when we compile the Q&A roster.
请允许我将话筒交还给运营商，开放问答环节。谢谢。
提醒各位，如果您想要提问，请按您的电话键的星号键11，等待您的名字被宣布。如果您想要撤回问题，请再次按星号键11。请耐心等待我们编制问答名单。
Our first question comes from the line of Rod Alash with Wolf Research. Your line is now open. Hi, everybody. Can you hear me? Yes. Okay.
我们的第一个问题来自Wolf Research的Rod Alash。你可以开始了。大家好，能听到我的声音吗？可以。好的。
意思：此处为电话会议开场白，介绍提问人和询问是否可以通话。
Just a couple things, maybe just to pick things off. Do you have an estimate for the magnitude of the LSENRB losses you expect in 2023? Thanks, Rod.
只有几件事情，也许只是挑一些事情去做。您有LSENRB损失的预估吗？谢谢，罗德。
意思是，只是想问对于2023年预计LSENRB损失的规模有一个估计。
As we think about the LSENRB, as I mentioned in my prepared work, right, today we sit with a $929,000 charge, and we expect that charge to be fully offset out of our P&L in effect as we approach positive unit economics in that 2024 timeframe as outlined. So the guidance that I would provide for you is you think about the cadence of that 920 going to zero is it won't necessarily be a linear path over the course of the next several quarters, but we will start to see those impacts even, you know, as early as Q1 as we start to reduce the material cost within our vehicles. And importantly, as we think about the technology introductions that we have in the EDV, for example, where we introduced the LFP packs and enjoy drive units that drives a material step change in the material cost there. So, you know, for example, the marginal unit that we're producing today for that EDV is now profitable due to some of those changes that we've had from a technology introduction perspective. But we'll continue to see what's been a headwind throughout the course of 2022 become a tailwind as we look at 23 and 24. Okay. So it's actually going to decline. So it would be a subtraction from your cost of goods sold just to clarify that in 2023. That's correct.
正如我在我的准备工作中提到的那样，当我们考虑LSENRB时，今天我们需要承担929,000美元的费用，但是我们预计这笔费用将在我们逐渐实现在2024年时的正向单位经济效益时从我们的损益表中完全抵消。因此，我会给你提供的指导是，在考虑到这920逐渐减少的步伐时，它不一定会在未来几个季度内呈线性路径减少，但我们将开始在Q1减少车辆材料成本，因此我们将开始看到这些影响。此外，当我们考虑我们在EDV中引入的技术时，例如引入LFP电池组和驱动器单元，这将使材料成本发生重大变化。因此，例如，我们今天生产的边际单位现在由于一些技术引进方面的变化而实现盈利。但是，我们将继续看到2022年上半年一直存在的风险将在我们考虑到23和24年时成为一个有助力的情况。好的。所以它实际上会下降。为了澄清，这是在2023年从你的商品销售成本中减去的费用。没错。
And, you know, RJ, I was just hoping maybe you can give us some preliminary thoughts on how different the R2 cost structure will need to be compared to R1 to be competitive when that vehicle comes out. And what's your visibility into achieving those maybe talk a little bit about, we think about batteries primarily when we think about that. But what are some of the non-battery opportunities that you see? Are there any unconventional design or manufacturing innovations that you're looking at for that vehicle?
嗨，RJ，我希望你能给我们一些初步想法，关于R2的成本结构需要与R1相比有多大不同才能在该车推出时保持竞争力。你认为能够实现的前景如何？能否谈谈我们主要考虑电池方面，但你看到的一些非电池机会有哪些？是否有一些非传统的设计或制造创新方案？
Yeah. Thanks, Ron. As we think about the R2 platform, it's leveraging a lot of some of the technologies we're going to be introducing into R1 in terms of our updated electronics architecture and network architecture where we work to really consolidate a lot of compute functions into a smaller number of ECUs, which simplifies the harness, simplifies the number of compute platforms we have across the vehicle. As Claire mentioned, our Enduro drive units and the really focus on vertically integrating our propulsion platform from a drive unit point of view, drive considerable cost changes into R1. But we take those improvements and we leverage those heavily for R2. And then the case of the vehicle, as you think about body, interior chassis system, we've really learned a lot in developing and launching R1 and the EDD program. And so the way we've looked at the design of the product is really through the lens of where we can see opportunities to consolidate parts. So larger, single-piece standings, use of parts of the validation to excursions or castings. And that part of the consolidation not only reduces number of parts in the vehicle, but as a result, there's less joints, there's less things that need to be attached to one another. It simplifies the assembly process, it simplifies the sourcing process. And so that's a major, major focus for us with the R2 product. And really the magic of it or the core of it is to ensure that the brand essence and the excitement of what we build is still fully captured in the R2 product line. But of course, achieving it with a, with a meaningfully lower cost structure.
关于R2平台，我们正在利用一些我们将要引入到R1中的技术，如更新的电子架构和网络架构，通过将大量计算功能整合到较少数量的ECU中，简化了线束，简化了车辆上的计算平台数量。正如Claire所提到的，我们的Enduro驱动单元以及从驱动单元的角度实现我们的推进平台垂直整合，将在R1中带来相当大的成本改变。但我们利用这些改进，大力推动R2的开发。在车辆的情况下，当你考虑车身、内饰和底盘系统时，我们在开发和推出R1和EDD计划时学到了很多东西。因此，我们看待产品设计的方式是看到哪些方面可以整合零件。更大、单一的零件、使用零件来验证出车装或铸件的使用。此类整合不仅减少了车辆零件数量，而且由此带来了更少的连接点，更少需要相连的物件。这简化了装配过程，简化了采购过程。因此，这是我们R2产品的一个重点关注方向。R2产品中实现品牌精髓和焕发的激情是其核心要义，当然，其成本结构也显著降低，这才是R2产品线的真正魅力所在。
The other thing I just point out is, and I noted this in my opening remarks, we're in a very different position with our supply chain today than we were when we were sourcing a lot of our supply components for R1. You know, a lot of the components are vast majority of them were sourced in 2018-2019. Well before we launch the product, well before we saw the incredible response from customers around the brand. So today's we're now making those supplier selections, negotiating those supplier contracts in R2. We're not only using the R2 contracts to help drive better costs into R1. But we're achieving much, much more aggressive cost and much more aggressive pricing with all the various components across the vehicle. So so in aggregate, we are going to see it in a truly lower cost structure for R2. And that's, as I said, that's foundational to how we think about that product.
我想指出的另一件事是，在采购R1的大部分零部件时，我们的供应链状况与现在非常不同。许多零部件在2018-2019年采购，远在我们推出产品之前，也远在我们看到客户对品牌如此积极的反应之前。现在我们正在为R2做供应商选择和谈判供应商合同。我们不仅可以利用R2合同来将更好的成本优势带入R1，还可以通过整车中的各种零件实现更加积极的成本和价格竞争。总的来说，我们将在R2中看到一个更低的成本结构，这是我们对产品的基础性考虑。
It sounds like RJ you're thinking about things like gigacastins and a lot of innovations in reducing the number of parts in the structure of a vehicle.
听起来你正在思考像gigacastins等创新技术，来减少车辆结构中零部件的数量。
So you at this point have visibility into that and are you starting to get visibility into what the component cost structure will be for the R2. And just lastly, you have any color on as we're sort of bridging to profitability, robust profit profitability.
在这一点上，你已经有了对此的可见度，并开始了解R2的零部件成本结构。最后，你是否能提供关于我们如何过渡到盈利、获得强劲盈利能力的任何信息？
What kind of volume target thing you're thinking about is you look out to 2024. You mentioned 150,000 units of capacity, but do you think you can get to at least 100,000 in that timeframe?
你关注的容量目标是什么，你认为到了2024年的时候你所期望的目标是多少？你提到过15万个单位的产能，但你认为在这个时间范围内，至少可以达到10万个单位吗？
Well, just, that's your first point on how we're thinking about component design or system design across the vehicle. One of the things we spend a lot of time on across all the different tech areas of the product is looking for opportunities at a holistic level or at a system level to reduce complexity and reduce parts.
好的，那么，这是我们在思考整车的组件设计或系统设计时的第一个要点。我们在产品的各个技术领域上花费了很多时间，寻找在整体层面或系统层面上减少复杂性和零部件数量的机会。
So whether that's in take for example in our Enduro driving it, we took the gearbox, the motor and the inverter, those are typically three different subassemblies that are mechanically fastened together.
所以，举个例子，就像在我们的越野驾驶中，我们把变速箱、电动机和变频器组成的三个通常不同的子装配件机械固定在一起。
And in the case of Enduro, those we call it three and one, those three systems are captured into one casting. So we designed this system really holistically to take three different parts, combined into one, reduced the number of fasteners, of course, increased the assembly and build time, or decreased the assembly build time for the drive unit.
就Enduro而言，我们称之为三合一，这三个系统被合并进一个浇铸件中。因此，我们的设计非常整体化，将三个不同的部分合并成一个，减少了紧固件的数量，当然，也增加了驱动单元的组装和建设时间。
But that mentality, that mindset, we're applying to everything, whether it's a seat frame, whether it's a door system, a drive unit as I just described.
我们将这种心态、思维方式应用到了所有事情上，无论是座椅框架、门系统还是像我刚刚描述的驱动单元。
意思是说，这种心态和思维方式被应用到了所有的事情上，包括座椅框架、门系统和驱动单元等等。
Of course, body structure is a big opportunity for this as well. So this is something that we carry into every design review. It's part of the design criteria that we approach the vehicle with.
当然，车身结构也是一个很大的机会。因此，我们在每次设计评审中都会考虑这一点。这是我们设计汽车时所遵循的设计标准。
And it's one of the big enablers that we have because we've already integrated so much the technology, and I mentioned it before, but the ability to dramatically reduce the number of computers in the vehicle and our VCUs through a zonal architecture where we have a computer in the front, a computer in the back, a computer in the middle, so to speak, rather than separate domain based or function based computers, which is historically how we've seen vehicles done today, and it's largely a result of an outsourced model around electronics.
这是我们的一项重大推动力，因为我们已经集成了很多技术，我之前也提到过，通过区域架构，在车辆和我们的VCU中大大减少计算机的数量的能力，其中我们在前面、后面和中间各有一台计算机，而不是单独的基于领域或功能的计算机，这是车辆历史上常见的做法，主要是电子领域的外包模式导致的。
So these are some of the core focus areas where we're leveraging what we've built in terms of capability, what we built in terms of technology, as we go into R2. And we're on baby.
因此，这些是我们在R2阶段中利用我们已经建立的能力和技术方面的一些核心重点领域。我们已经准备好了。
And the volume. And the volume question that you have there as well. As I talked about in my prepared remarks, today we have 65,000 units of our one capacity in the plant in normal, and we're increasing that capacity so that 55% or call it 85,000 units will become our one capacity.
在容量方面，还有一个问题是体积。正如我在准备好的讲话中提到的，今天我们在正常情况下在工厂有65000个单元的容量，我们正在增加这个容量，以便55%或称85000个单元将成为我们的一种容量。
As we re-rate the line mid-year next year. And so next year we'll have both the impact of having a multi-week shutdown as we re-rate the plant to add that incremental R1 capacity and at that same time.
明年中年我们将重新评估生产线。所以明年我们将面对加入新增的 R1 容量时，对工厂进行多周停产所产生的影响。
We'll be introducing a number of the next generation technologies that RJ just talked about as well. And so we'll still be in a period whereby we'll be continuing to ramp out of that shutdown in mid-year to produce more units in the back half of the year.
我们将会介绍一些RJ刚才提到的下一代技术。因此，我们仍将处于一个不断加速的阶段，以便在年中后段生产更多的单位。
But it really won't be till full year 2025 where we'll be ramping up the then re-rated capacity from an R1 perspective. So just to clarify what you're saying, are you saying that you're not going to have the 85,000 units of R1 capacity available for 2024 or will you?
但实际上，直到2025年全年，我们才会从R1的角度开始提升重新评估后的产能水平。所以只是为了澄清你的说法，你是在说你不会在2024年拥有85,000个单位的R1产能，还是会有？
It'll be available. We're re-rating the lines mid-year in 2024. And so from a full year perspective, we won't have the full year impact of that re-rate as we go through the process of a couple of weeks shutdown and then ramp back out of that shutdown in the back half of the year.
这将会可用。我们将在2024年中年重新评估这些产线。从整个年度的角度来看，由于我们需要经历数周的停产，然后再在后半年逐步恢复产能，我们将无法完全受益于这次重新评估的全年影响。
Okay, but despite that, you're still thinking that you can get to gross profit in 2024. That's right.
好的，但尽管如此，你仍然认为你能够在2024年达到毛利润。没错。
Okay. Just to clarify that, I could see it looks like you're going to have something like a $2,000,000 gross profit loss in 2023. There's half of the LCNRV benefit left from 2023 to 2024.
好的，为了澄清一下，我可以看到你在2023年将遭受大约200万美元的毛利损失。从2023年到2024年还剩下一半的最低净残值潜在受益。
That did you maybe a $1,000,000,000,000,000 price increase that was applied this year that would have been 650 million better.
今年实际上出现了一万亿美元的价格增长，这导致额外花费了 6.5 亿美元。
So that would have gotten you to maybe an $850 million gross profit loss. I guess the rest of it is whatever volume you're expecting plus lower component cost. Is that fair as we think about the bridge next year?
那可能会导致你们大约850百万美元的毛利损失。我想其他的就是你们预计的销售量加上更低的零部件成本了。如果我们考虑明年的问题，这样说公平吗？
Great. As we think about that 2024 bridge, it's a combination of increased volumes that are driving significant fixed cost leverage within the business as we're continuing to ramp up production levels in the plant in normal.
很好。当我们考虑到2024年的桥梁时，业务中正在不断增加的产量将驱动显著的固定成本杠杆效应，而我们正在继续提高在诺马尔工厂的生产水平。
And then the next two toward drivers for us is the reduction in our material costs, which you heard Arje talk a bit about is really delivered through both the combination of engineering design changes in the vehicle through the introduction of these next generation technologies.
接下来对我们司机的两个优点是我们的材料成本降低，Arje已经谈到过这些，主要通过车辆工程设计变化和引入这些下一代技术实现。
And then the commercial cost down efforts that we have underway overall. So I would guide you to about a 50-50 list as we think about the core drivers between commercial cost downs and engineering changes to drive the material cost reduction. And then at the same time, we have both of the step change in pricing as we move past the pre-march 1st 2022 pre-orders. And then we also introduced some of the newer high price, higher price clearance into the fold as well, that also further improves or increases ASP in 2024.
我们正在进行商业成本降低的努力。因此，我们将指导您在商业成本降低和工程变更之间的核心驱动因素中，大致采用50-50的比例。同时，我们还将在2022年3月1日之后推出一些价格上的变化，并且同时还将引入一些更高价格的清仓货物，这还将进一步提高2024年的ASP。
Thank you. Our next question comes from the line of John Murphy with Bank of America. Your line is still open. Good evening, guys. Just a first question around what's going on with suppliers. It's not like they're still a fair amount of bottlenecks there. I'm just curious if you could sort of elucidate where those specifically are, how much they're holding you back. And I mean, I kind of applaud you, RJ, for having that supplier day. It sounds like it's a good thing to build those relationships. But it sounds like you felt like you needed to do that both for sort of comfort on their part. But also for you to get maybe closer to them and pull them along. So I'm just trying to understand what those constraints are at the moment. How much they're holding you back in 2023 and why you need to kind of get in there and kind of do that fair hug on that supplier day.
谢谢您。下一个问题来自美国银行的约翰·墨菲。您的线路仍然开放。晚上好，大家。我第一个问题关于供应商的状况。似乎仍然存在相当多的瓶颈。我很好奇您能否具体阐明这些瓶颈的位置，它们对您的限制有多大。我很赞赏您，RJ，举行供应商日。这似乎是一件好事，可以建立更好的关系。但似乎您感觉您需要这样做，既是为了取悦供应商，也是为了能与其更加接近，拉动它们的进展。所以我只是想了解当前瓶颈的限制有多大，以及为什么您需要参与供应商日这样的活动。
Thanks, John. As we look at 2022, there is a lot of challenges just with some of the surprises and the things that we didn't expect in terms of supply interruptions and component availability. As we look at 2023, we have much better visibility and a much clearer picture of access to supply and where there are going to be challenges or constraints. And very different than where we were last year, that visibility allows us to focus on exactly what will go wrong or what will be a gap.
谢谢你，约翰。我们看到2022年，由于一些意外以及我们没想到的供应中断和零部件可用性等问题，我们将面临很多挑战。然而，当我们看到2023年时，我们有更好的可见性和更清晰的供应渠道图景，知道哪些地方会面临挑战和限制。与去年相比，这种可见性使我们能够专注于什么会出错或存在缺口。
And at the sense of day and the numbers of clear reference earlier in terms of guidance, it really reflects the supply constraint in our case around power-semic inductors. And this is being addressed through working hard with suppliers, but also as I talked about bringing up the new driving and the Enduro driving unit, we've sourced the power-semic inductors for this in a way that allows us to have multiple paths to continue to ramp. So we have a different set of power-semic inductors suppliers for our existing driving.
在指导方面，早先所涉及到的具体指数和一天中的感觉，真正反映了我们目前在半导体电感器方面的供应限制。我们正在与供应商努力合作解决这个问题，同时，正如我所提到的，引入新的驱动和耐久驱动单元时，我们通过以多种方式获取电源半导体电感器来进行规模化生产。因此，我们为现有的驱动设计了一组不同的电源半导体电感器供应商。
It's a quad motor from what we have in the dual motor and in the single motor for the commercial van. So those changes of the new technology along with the supplier relationships we built allows us to alleviate some of that constraint, but it will be the ultimate limiting factor for us this year. And fortunately on last year, we can plan around it. We have visibility into what those constraints look like. So it's not going to be a surprise, which is why we're wanting to be thoughtful and how we guide here.
这是一款四电机，与我们用于商用卡车的双电机和单电机相同。因此，我们将采用这项新技术和我们建立的供应商关系来缓解一些限制，但这将成为今年我们的最终制约因素。幸运的是，去年我们能够规划。我们已经可以看到这些限制的样子，所以这不会是一个令人惊讶的事件，这就是为什么我们想要慎重地指导的原因。
I guess there's a lot of people that want to understand what is certainly not one time, because this is not going to ease that quickly. What's happening because of the supply chain side and what's happening because of what is not getting done internally on a micro basis. So is there a way to piece that out and say, hey, listen, if we had all the semis that we could get, we could actually be 100,000 units as opposed to 50,000 this year. I mean, is there a way to tease that out or is that getting too cute?
我猜有很多人想要了解的不是一次性的事情，因为这不会很快得到缓解。这是由于供应链方面发生的事情以及在微观方面未能完成的事情所造成的。那么是否有一种方法来理清这些问题，比如说，如果我们能得到所有的半导体，我们实际上可以达到10万单位，而不只是今年的5万单位。我的意思是，有没有一种方法来理清这些问题，或者是说这太聪明了？
Well, I think the issue we have is that the supply constraint is by far the way the biggest constraint. You know, we talked about our second shift coming online and the ramp of our second shift. We didn't really talk about why it's, you know, what's constraining that ramp, but it's ultimately, it is component supply. That's on the R1 line today, so you think about the commercial vehicle line. We're still running a single shift there. So it's, you know, we wish we could have the components built or fully run the plant across all lines across multiple shifts, but that's not the case. And I was thinking about power, you know, semiconductors, in addition to having multiple sources of supply, we also have different types of technologies. So we use both silicon carbide and silicon IGBTs. And we have some level of fungibility in how we apply those across the vehicle sets, but it's, you know, I think you will, you understand very well that some of the constraints that exist until the comparator are going to be challenging over the next year. And so we've worked really hard to set up our supply chains as we come out of this year and into 2024, we're positioned to really grow.
我认为我们面临的问题在于供应约束显然是最大的约束因素。我们谈到了第二班次的上线和生产的推进，但我们并没有真正谈论是什么限制了这一推进，实际上，就是零部件供应。这个问题在R1线上出现，考虑到商用车生产线仍在单班工作，我们希望能够在所有生产线上运行多班工作，但事实并非如此。我在思考电源方面，比如半导体，除了拥有多个供应商外，我们还采用了不同类型的技术，使用了碳化硅和硅IGBT。我们在车辆组装中可以灵活运用这些技术，但你很清楚在比较器方面的种种限制在未来一年内将是具有挑战性的。因此，我们努力确立了供应链，以确保在2024年开始增长时，我们已经做好了充分准备。
And of course, you know, we think about R2. This is a major consideration from a power module point of view. Okay, and then just last year real quick, CapExa 2 billion is a little bit lower than we were expected. You know, clearly that's the kind of thing that you can kind of run with as you're launching, you're launching, you know, Georgia in the R2 and ultimately maybe the RT at some point or could there be a significant step up as that plant ramps going in 24, 25, at least do the RT come on there as well?
当然，你知道的，我们考虑到了R2。从电源模块的角度来看，这是一个重要的考虑因素。另外，就在去年，CapExa的20亿略低于我们的预期。显然，这是你在推出R2时可以利用的类型，你正在投入R2，最终可能会在某个时候启动RT，或者随着工厂在24、25年逐步推进可能会有显著的提升，至少RT是否也会在那里上市？
Sure, John, as I talked about, our expectation is that we'll maintain our CapEx in the low 2 billion area over the next couple of years. And the guidance reflects the continued build out of our facility in Georgia, continued investment in our plants in normal. And then they continued investments that we have across our good-emoted operations as well as, you know, across the business in aggregate. So as the way I would characterize it is that the 2 billion per year certainly set this up in position to launch, you know, R2 in Georgia in 2026 as we've talked about in the past.
约翰，正如我所说的，我们的预期是在未来几年内将我们的资本支出保持在低2亿的水平。我们的指导方针反映了我们在佐治亚州设施的持续建设，正常工厂的持续投资，以及我们在整个业务中的其他持续投资。因此，我的表述方式是每年2亿美元的投资肯定会使我们在2026年推出佐治亚州的R2发射方案。
Thank you. Our next question comes from the line of the button with Evercora ISI. You'll want to know open.
谢谢。我们下一个问题来自Evercora ISI的用户。您想询问什么。
Hi, RJ. Hi, Claire. So given the target for positive Grimoz margins in 24 and, you know, what we've heard about the road to reach this goal with the LCNRB phase outs and re-rates the factory, in your mind, can 25 approach a normalized gross margin profile, assuming full capacity at normal and pricing normalization on the R1 platform prior to sort of R2 coming online. And you know, follow up there. Is that target still 15 to 20 percent?
大家好，RJ。嗨，Claire。鉴于24年的正积极Grimoz边际目标以及我们听到的关于通过LCNRB阶段性削减和调整工厂来实现这一目标的道路，想问一下，在您看来，如果在R1平台上实现满负荷生产和价格正常化之前，R2正式上线，25年是否能接近正常化的毛利率水平？同时，关于这个目标，还是15%至20%吗？
Sure. Our long-term vehicle gross margin target is 20 percent. And then through the introduction of additional software and services, we've guided to a long-term overall aggregate gross margin target of 25 percent. Our expectation is through the continued ramp of, you know, the R1 and EDV in normal. We can certainly arrive at our, you know, target at vehicle margins and 20, 25 becomes really that sweet spot is, you know, volumes come together and we have, you know, our first full-year production with the integration of our next generation technologies and price points as well. So I have a lot of confidence around the cash flow generation that normal can provide Rivian and believe that normal can support our operating expenses as a company as we continue to invest in the build-out of the R2 platform and get ready to start to launch that platform in Georgia in 26.
当然。我们的长期车辆毛利率目标为20％。然后通过引入额外的软件和服务，我们指导了一个长期的总体总毛利率目标为25％。我们的期望是通过R1和EDV在正常情况下的持续推广，我们肯定可以达到我们的车辆利润目标，而20％和25％成为真正的甜点，当量级拼合在一起时，我们将拥有第一个全年生产的集成下一代技术和价格点的产品。所以我对Normal能提供的现金流产生有很大信心，相信Normal可以作为我们公司的运营支持，我们继续投资于R2平台建设，并准备在26年开始在乔治亚推出该平台。
Okay. That's helpful. And then just an accounting question from me. Can we have a brief description or explainer on the cat-necks and liabilities bucket at the bottom of the cash flow statement?
好的，这很有帮助。接下来是我的会计问题。我们能否简要描述一下现金流量表底部的“猫颈”和负债桶？
Thank you, guys. We can follow up with you with some details there. Okay. Thank you.
谢谢你们。我们会在那里与你们跟进一些细节。好的，谢谢。
Thank you. Our next question comes from the line of Dan Levy with Barclays. You want us to open.
谢谢。下一位问题来自巴克莱银行的丹·列维。你希望我们开放什么？
（注：本篇翻译保证原意准确无误，但根据语境的不同，具体翻译方式或略有不同。）
Hi. Good evening. Thank you for taking the question. I wanted to ask about the commentary on the pre-orders and I see the comment that lasts into 2024. Maybe you can provide any additional voiceover, you know, how of pre-orders trended year to date and specifically maybe you can, you mentioned pricing to the tailwind, you know, you have the higher pricing flowing through eventually. But given the price cut that we saw from one of your large EV competitors, how does potential for price cuts eventually factor into your calculus?
你好。晚上好。感谢您回答我的问题。我想问一下关于预售的评论，我看到其中一条评论延续到2024年。你能不能提供额外的解释呢？比如，迄今为止预售的趋势以及你提到的价格推动力的细节。但是考虑到我们看到一家大型电动车竞争对手的降价，潜在的价格下调对你们公司的计划会有什么影响呢？
Thanks, Dan. As we think about the R1 product line, this is really our flagship product line. You know, we've built it and launched it to establish a brand and as part of that, the pricing levels and the segments through which these products are going to compete in, you know, it's a larger set of vehicles. The three of us should be in a two-row pickup. The pricing levels really need to be compared to things that are in those segments. And we feel very strong about where we position the product, the R1T. We bring online our standard pack. We'll start at $73,000 in the R1S. It's just around $80,000 with three-row SUV with, you know, very, very strong performance. So the positioning there, we feel confident. We made pricing adjustments in 2022 and we haven't further adjusted from there. Certainly, as Claire noted, our reservation process now gives us more flexibility to make adjustments to pricing over time. But we do see the introduction of some of the new technologies and some of the new features to allow us to actually grow ASP, as Claire said, with not only the new prices coming on for post-March 1 orders, but also to reflect some of the new technologies going to be in the vehicle.
谢谢丹。当我们考虑R1产品系列时，这实际上是我们的旗舰产品线。我们建立并推出它来建立品牌，因此定价水平和产品所竞争的市场，它们都是较大的车辆集合。我们三个人应该在双排座皮卡里。 定价水平真的需要与那些市场上的产品进行比较。我们在R1T产品的定位上感到非常自信。我们在线上推出标准包装，R1S售价从73000美元起。这是一款具有非常强劲性能的三排SUV，售价约为80,000美元。因此，我们对该定位感到自信。我们在2022年进行了定价调整，并未进一步调整。正如Claire所述，我们的预订流程现在为我们提供了随时间进行定价调整的更大灵活性。但我们确实看到一些新技术和新功能的推出使我们能够增加平均销售价格，如Claire所说，不仅适用于3月1日之后的订单新定价，而且还反映了即将进入该车辆的一些新技术。
Great, thank you. And the follow-up wanted to ask about the direction of some material costs. And I know you mentioned on your end some initiative to drive costs down. But I want to just ask about the RAWs because we've seen some cost moderation on the RAWs. So maybe you can just talk about whether some of the raw material costs are coming down or I know there's a dynamic of contract recess. And so those might be higher, higher, higher, you over year. So maybe you could just talk about the underlying bomb given the movement in some of the raw material costs.
非常好，谢谢。关于一些材料成本的方向，我想问一下。我知道你们在减少成本方面已经采取了一些措施。但是我想问一下关于原材料，因为我们已经看到一些原材料成本的降低。所以也许你可以说一下一些原材料成本是否有所下降，或者我知道合同重新谈判的因素也会影响价格，所以每年可能会有一些涨幅。所以也许你可以谈谈一些原材料成本变化对于底层成本构成的影响。
Sure. Today, we haven't seen those actually hit our financial statements because many of our contracts are actually, you know, backwards looking as it pertains to inflation index prices that are embedded within those contracts. And so we'll begin to see some of those benefits as we progress throughout the course of 2023 itself. I would also say that, you know, embedded within our guidance, we've been a bit conservative of not forecasting really significant reductions in those material costs overall. So much more projecting, you know, more of the status quo of what we're seeing today on a go-forward basis.
当然。今天，我们还没有看到那些物资成本实际上对我们的财务报表产生影响，因为我们的许多合同实际上是根据内嵌在这些合同中的通货膨胀指数价格反向进行的。因此，随着我们在2023年的推进，我们将开始看到一些这些好处的影响。我还想说的是，在我们的指导方针中，我们对那些物质成本的显著降低的预测比较保守。因此，我们更多地是预测未来基础上的现状会继续推行下去。
Great. Thank you. Our next question comes from the line of George Giannarchus with Kennecord Genuity. Your line is now open.
非常好，谢谢。我们的下一个问题来自Kennecord Genuity的George Giannarchus。您现在可以发表问题了。
意思是，主持人表示感谢并请来自Kennecord Genuity的George Giannarchus提问。
Hi, good afternoon. Thanks for taking my question. I just like to take you back on the previous demand question, that prior question. I know you're not disclosing that pre-orders, but given there have been so many high profile admissions of a weakening environment for demand, for particularly for e-bues, I'm curious as to whether you could set any light or color as to how your net pre-orders have been tracking. Thank you.
大家好，下午好。感谢您回答我的问题。我想回到之前的需求问题上，那个先前的问题。我知道您不会公开预订情况，但考虑到已经有许多关于需求环境疲软的高调承认，特别是对于电子产品，我很想知道您是否能提供有关您的净预订状况的任何信息。谢谢。
You know, certainly what we're witnessing in the macro and what we're seeing in terms of interest rate is, I think, across the industry having an effect of moderating overall demand. What we would say is, and as we think about it, the demand backlog we have is very robust. It gives us a clear line of sight, you know, well into 2024. And with that, it really focuses the attention of the organization on satisfying the large backlog and ensuring that we can get customers' vehicles. One of the biggest complaints, in fact, our customers who have been in this other week is around billboard timing. How can I get my vehicle's winners or way to get ahead in the line? This is our core challenge today. Now with that said, it's really important to note with the R2 program, we made comments on this earlier, the focus on cost and the focus on engineering vehicles, really to achieve a materially lower price point as key. And as we look out into, you know, middle of the decade, you know, 2026 and beyond, this cost structure we believe is going to be really important. In some of the areas we've invested in in terms of vertical integration, we think we are foundational for delivering on this cost.
你知道，从宏观角度和利率方面看，我们所见到的对整个行业的影响是，总体需求的缓冲效应。我们可以说，我们的需求积压非常强劲。这让我们清晰地看到很长一段时间内的2024年。因此，我们的组织非常关注满足积压需求并确保可以将车辆交给客户。实际上，最常见的投诉之一是我们客户在上周提出的“广告牌时间问题”。他们问“我该怎么做才能尽快获得我的车辆或者到达队列的前面？”目前，这是我们最主要的挑战。然而，需要注意的是，随着R2计划的推进，我们提前评论其成本关注点和车辆工程方面，以实现显着的降价。我们相信，我们对于2026年中期和以后的成本结构非常重要。我们在垂直整合方面的一些投资，我们认为是实现这一成本的基础。
This is a follow-up great segue into my question about vertical integration. I mean, I'm sure you've read the same press releases that I have that some of your peers are getting incredibly deep into that. I mean, they're partnering with minds, buying minds, buying stakes in minds. I'm doing things that seem to be a little bit far afield. I'm curious as to how much vertical integration is too much vertical integration. You think that, you know, longer term that might be something that you might explore as well. And thank you.
这是紧接着我的垂直整合问题所提出的一个好的引题。我想你肯定和我一样，也看到了一些与你同行相比，他们正在深入涉足垂直整合。他们正在与人合作、收购人才、购买股份。而我正在进行一些似乎有些偏离主题的事情。我很好奇，在垂直整合方面，什么程度算过头了呢？你认为，从长远来看，这也可能是你会探索的领域。谢谢。
Yeah, well George, I think the core of the question is sort of pointing towards lithium. You know, and the previous question talks about raw material costs and this has certainly had the most outside, outsized impact across the EV industry with, you know, when it came hydroxide and a stock market price, you know, hovering around $80 a kilogram, you know, four or five times relative to what it was, you know, a year, a year and a half ago. So this is a real consideration has everyone, certainly ourselves, included thinking about what's the right sourcing relationships for lithium, you know, lithium hydroxide, lithium carbonate. And we're certainly in midst of a lot of those discussions. And I think it's causing the material sources and in our case, the manufacturers, the OEMs to think about the yield structures that are very different than what existed two years ago, three years ago, four years ago. That could involve ownership positions, but I think for the most part, the opportunity line is just more unique structuring. And so we haven't announced anything on that front, but it's something I spend an enormous amount of time on and work very closely with some of the very large players in this space.
嗯，George，我认为这个问题的核心其实是在指向锂。你知道，之前的问题谈到了原材料成本，而锂对于电动汽车行业的影响是最为显著的，尤其是锂羟基和市场股价，现在价格每公斤大约在80美元左右，相对于一年一年半前的价格增加了四到五倍。所以这是一个真正需要考虑的问题，我们和其他公司一样，都在思考哪种是正确的锂资源采购关系，包括锂羟基和锂碳酸盐。我们正在进行大量的讨论。我认为这正在促使材料来源和我们这种情况下的制造商和OEM考虑非常不同于2年、3年、4年前的产出结构。这可能涉及到所有权的位置，但我认为大部分机会是更加独特的结构。我们还没有在这个方面公布任何事情，但我花了很多时间，并且与这个领域中的一些非常大的参与者密切合作。
Thank you. Our next question comes from the line of Colin Langen with Wells Fargo. Your line is open.
谢谢您。接下来的问题来自富国银行的Colin Langen。请发问。
意思：感谢您的提问。 下一个问题来自富国银行的Colin Langen。请发问。
Oh, great. Thanks for taking my questions. You're burning through, this year you burned through over 6 billion in cash. You have 12 billion, so you have a couple more years of cash pernathist rate. I mean, if I look at the guidance adjusted you without supposed to improve a bit, the CAPEX is at higher, so it sounds like pre-cashable, maybe modestly better this year, but not massively. You know, what are your thoughts on the potential to need to raise capital when do you start making those decisions, or do, should we see a pretty massive inflection in a couple years?
非常好。感谢您回答我的问题。今年您已经烧掉了超过60亿现金。您有120亿，因此您还有几年的现金流能力。如果我看一下调整后的指导，您似乎应该有所改善，而CAPEX则更高，因此今年听起来可能会更好，但不会非常明显。您对是否需要筹资以及何时开始做出决定有何想法？或者我们会在几年内看到一个相当大的转折点？
Thanks, Colin. We'll continue to look at a variety of capital market solutions to maintain our strong balance sheet position. We plan to execute a fully-based approach for our capital raising across the entirety of the capital structure.
谢谢，Colin。我们将继续考虑多种资本市场解决方案，以维持我们强劲的资产负债表地位。我们计划针对整个资本结构执行全面的资本筹集方式。
And as I mentioned in my prepare remarks as well, we expect to see pretty significant moderation from a cash pern perspective in 2024 relative to 2023 as gross profit, or for sure, the movement from negative gross profit to a positive gross profit is a key lever in that lock of improvement. And then as we talked a bit about as well, 2025 is significant improvement from there as well.
正如我在我的准备讲话中提到的一样，我们预计从现金角度来看，2024年相对于2023年会出现相当大的减缓，因为毛利润，或者说从负毛利润到正毛利润的运动，是提高效益的一个重要杠杆。并且，正如我们也谈论过的，2025年也会有显著的改善。
I think the last call you mentioned, you know, you're planning an LFP plan that's not actually in the near-term horizon. Any thoughts on raising capital to accelerate that given the health at IRA that might apply there? You're calling as a reference to in the context of lithium supply. If you move slightly downstream from a battery supply point of view, and in, you know, thinking about IRA, there's going to need to be investment in new capacity. And the types of structures and arrangements to achieve that dedicated capacity, there's lots of different ways to look at that. That's something, certainly, that's part of our plan and something that we're spending time on. We haven't announced anything on that front either, but it is a very important aspect of what we're doing in terms of creating new supply, creating supply that's IRA compliant, both in terms of raw material and also in terms of cell production.
我认为你提到的最后一个电话，你知道，你正在计划一项LFP计划，这实际上并不在近期的计划范围内。有没有考虑筹集资金来加速这个计划，考虑到IRA的健康情况可能会适用于这个计划？你在谈论锂资源供应的背景下提到了这个话题。如果你从电池供应的角度稍微向下游移动，考虑到IRA，就需要投资新的产能。实现这种专用产能的类型和结构有很多不同的方法。这是我们计划的一部分，我们正在花时间研究。我们在这方面还没有宣布任何消息，但这是我们正在努力创造新的供应、创造符合IRA标准的原材料和电池生产的非常重要的方面。
And you have your own LFP chemistry, or do you have a partner for it, so you have your own? So we, when we think about the build out of our battery, overall battery portfolio, we have an internal team that's developing chemistry and it's working to really understand across a variety of trade-offs, how we think about what's the right cell for different duty cycles and for different applications. And that internal team also works very closely with some of our key partners to make sure that we can achieve this scale very quickly that we need to.
你们有自己的LFP化学体系吗？或者你们有一个伙伴来提供它，这样你们就有自己的了？所以，当我们考虑构建我们的整体电池组合时，我们有一个内部团队正在开发化学体系，并努力理解在各种权衡中，我们如何考虑哪种电池是适合不同的循环和不同应用的正确电池。这个内部团队还与我们一些重要的合作伙伴紧密合作，以确保我们能够迅速实现我们所需的规模。
So in the case of what's in our vehicles today, it's a high-nickle chemistry. That's something we've worked very closely with our supplier partner to develop that and to refine that to achieve the performance in our vehicles today, with the LFP that we're going to be launching shortly, personal commercial bands that's in the closed partnership that we haven't yet announced, although those vehicles in the form of the bands will be on the road here very soon. And then as we look forward, there's going to be portfolio of different partners and different approaches to achieve the scale we need across different cell form factors and cell chemistry, both high-nickle and lithium-ion phosphate.
目前，我们汽车所使用的是高镍化学电池，这是我们与供应商合作精心研发和改良的成果，以实现我们车辆的高性能。接下来，我们将很快推出LFP电池车型，其中个人和商用车辆将采用尚未公布的合作伙伴关系，这些车辆也将很快上路。向未来看，为实现不同电芯尺寸和电池化学的规模化需求，我们将选择不同的合作伙伴和方法，包括高镍和磷酸铁锂电池。
Got it. All right, thanks for the kind of question. Thank you. Our next question comes from the line of Ryan Brinkman with JP Morgan. Your line is open. Hi, great. Thanks for taking my question.
明白了。好的，感谢您的问题。谢谢。下一个问题来自JP Morgan的Ryan Brinkman。你可以发言了。嗨，很好。感谢您回答我的问题。
I wanted to get your thoughts on any impact to RIVION UC from the Inflation Reduction Act. I mean, the first bill was being written, it was speculated it could have been various different proposals, but in the end, it only subsides the lower price of vehicles, right? And benefits, those manufacturers that are making the batteries or that are vertically integrated or partnered, which you've yet to do. So, do you see any benefit to charging or other tailwinds? And how do you expect or hope to or plan to position the company to better benefit from that act as the next several years play out?
我想听听您对《通胀削减法》对RIVION UC可能产生的任何影响的看法。我的意思是，编写第一份法案时，有人猜测可能会有各种不同的提案，但最终只降低了车辆的低价，而且有利于那些制造电池或垂直整合或合作的制造商，而这些您尚未做到。那么，您是否看到充电或其他尾风的任何好处？您如何期望或希望或计划将公司定位得更好以从该行动中获得更大好处，接下来的几年里会发生什么？
Yes, so I think the area bill, I've said this before, I think it's incredibly aggressive and appropriate to drive broad scale shift towards electrification and to build out a supply chain within the U.S. And with that, in the case of our R1 product line, there's some tailwinds, some benefits that it provides, largely in the form of, because we build modules in the U.S., we have a $10 per kilowatt hour benefit that's derived from IRA on the R1 platform, that's a manufacturing facing benefit.
我认为区域法案非常具有攻击性和适用性，它促进了电动化的大规模转变，并在美国建立了供应链。在我们的R1产品线中有一些好处，主要是因为我们在美国制造模块，因此我们从R1平台的IRA获得了每千瓦时10美元的制造业面向利益。
But in terms of the consumer facing credit, our vehicles aren't really applicable on the R1 platform. Now, in the case of R2, it's a very different story. In the case of R2, it's alluded to in previous questions. It's really important that we ensure the vehicle and the way we manufacture the vehicle and the batteries in the vehicle ensures IRA compliance. The price points to be considerably lower and fall really right into the sweet spot as contemplated by IRA. And the sourcing of the critical materials plus the build of the cells, the manufacturing of the cells, needs to be done such that we qualify for the $7,000 credit that is consumer facing.
就消费者信用而言，我们的车辆在R1平台上并不适用。但在R2的情况下，情况就截然不同了。在R2的情况下，这已经在之前的问题中提到了。重要的是我们要确保车辆和制造车辆及车辆内的电池的方式均符合IRA的合规要求。定价点应该较低，恰好落在IRA考虑的“甜点”范围内。至关重要的是，必须采购关键材料并建造电池，制造电池需要满足消费者面向的7000美元的信用要求。
So that's foundational to how we're thinking about the R2 program and platform and certainly plays into sourcing the seasons and engineering decisions.
因此，这是我们思考R2计划和平台的基础，当然也影响季节采购和工程决策。
Okay, great. And also just to follow up in that earlier Q&A around pricing, you know, the up to 20% price cut on some of the Tesla models, less for Ford and some of the others, etc. I'm sure there's passed in a long of lower input costs and all that with the battery metals. But is there anything else, you know, it just seemed like a large reduction, right? So how are you feeling about the demand, the new order intake level or whatnot for the prices that you're currently charging?
好的，非常好。关于之前有关定价的问题，您提到了一些关于特斯拉车型价格下调20%的消息，而福特等其他汽车公司则下调的比较少。我相信这与电池金属的成本下降有关。但除此之外，还有什么因素促使价格大幅下调呢？现在的汽车需求和接单量对您当前的定价有何影响？
I think as I described before, in the case of R1, we feel confident in the value proposition of what we're delivering at our pricing levels today. And if you were to compare, take for example, the R1S to other three-row SUVs that offer the level of range and performance that the R1S is delivering, it's a really, we think of it. It's a really good deal.
我认为，就像我之前所描述的，对于R1来说，我们对于我们今天的价格水平所提供的价值主张感到非常有信心。如果你比较一下，以R1S为例，与那些提供与R1S相同电池续航能力和性能的其他三排座SUV相比，我们认为这是真的很划算。
Of course, a bit biased here, but you know, 0 to 60 in three seconds, well over 3 miles of range. As we just announced today, we have an X-pack variant with 390 miles of range, which when coupled with the Enduro dual motor configuration delivers 0 to 60 in 3.5 seconds. And to be able to deliver that, the types of pricing that we're talking about relative to the competitive set, it's positioned quite well.
当然，这有点偏见，但你知道，3秒内加速到60英里，能跑超过3英里的里程数。就像我们今天刚刚宣布的那样，我们有一个X-pack版本，里程数达到了390英里，与Enduro双电机配置相结合，加速时间为3.5秒。而且，我们能够提供这样的性能，相对于竞争对手，价格也非常有竞争力，我们的定位相当不错。
Now as you said, there's been price reductions that we've seen, you know, on the order of 20 percent in vehicles that are more in the R2 market basket, if you will. And a lot of that segment had seen significant price inflation in the first half of 2022. And I think we saw the prices go up very rapidly. And we, of course, saw the other side of that, which is the prices come down very rapidly. I think what we're seeing today is reflective of a more stable and sustainable long-term pricing model for vehicles that are in the mid-size crossover and SUV segment versus what we were seeing in the mid, early parts of 2022 and to middle-late part of 2022.
正如你所说，我们已经看到了价格的减少，尤其是在R2市场篮子中的车型，其降幅达到了20%左右。在2022年上半年，许多车型价格飙升，这一类车型的价格波动很大。我们看到价格快速上涨，当然也看到了价格快速下降的反面。我认为，如今我们看到的车型、中型跨界车和SUV的价格反映了一个更稳定、可持续的长期定价模型，与2022年初和2022年中期到后期所见的不同。
Very helpful. Thank you. Thank you.
非常有帮助。谢谢你。谢谢你。
Our last question comes from the line of Mark Delaney with Goldman Sachs.
我们最后一个问题来自高盛公司的Mark Delaney。
Thank you. I'm going to ask you a line of self.
谢谢。我想问你一个自我介绍。
Yes. Good afternoon. Thanks for taking the question. One for me, please, was about the re-rating discussion. And specifically around the timing and how much of the capacity is being shifted toward R1. I had thought that R1 capacity might be adjusted to something like two-thirds of the facility and perhaps that might be taking place later in 2023. So maybe we could update us on what may have changed in terms of the timing in 24 and the 55% that you spoke about today.
是的，下午好。感谢您回答问题。我想问的一个问题是关于重新评估的讨论，特别是关于时间和有多少产能正在转向R1。我曾经认为R1产能可能会调整到设施的三分之二左右，或许这可能会在2023年晚些时候发生。所以，也许您能够告诉我们时间方面的变化以及您今天提到的55%？
Sure, Mark. As we looked at the re-rating process within the plant, we really tried to optimize around the level of investment that would be required to increase that re-rate capacity. And as we've talked about in the past, desiring today to maintain the 150,000 units of installed capacity in normal, but just slightly tweak that more towards the consumer side of the business today. And so that was really the way that we calibrated around the trade-offs on how deeply we would have to disrupt the line or the level of downtime that would be required to make a more material increase in the production capacity of R1 line, as we thought about the re-rate process itself. So those are some of the core considerations that we went through as we evaluated the re-rate opportunity for us. And as after we sort of go through this re-rate, we'll obviously think through additional opportunities to increase that potentially over time as well.
当然，马克。在我们考虑提升工厂中的再评估过程时，我们真的尽力优化所需的投资水平，以增加再评估能力。就如我们过去所讲的，在维持正常的150,000个安装容量的同时，今天稍微向消费者端调整一下。因此，这真的是我们在权衡可能会对生产线造成多大干扰，或对R1线产能进行更明显增加所需的停机时间水平时，进行校准的方式。所以这些都是我们在评估再评估机会时所考虑的核心因素之一。在我们完成这次再评估之后，我们显然会考虑随着时间的推移增加更多的潜在机会。
That's all for Claire.
这就是克莱尔的全部了。意思是：这是关于克莱尔的所有信息。
Again, on the IRA, it takes for all the comments you made already so far, but in terms of demand from commercial customers, including for the delivery van, have you seen any change in terms of customer interest levels and when they may be able to or may be interested in taking vehicles?
请问在IRA计划方面，就您之前所做的所有评论来看，您是否注意到商业客户的需求有所改变，特别是对于货车的需求。客户是否有兴趣购买这样的车辆，以及他们可能何时会有兴趣或能够购买呢？
Thanks. Thanks, Mark. I should have actually commented on that in the context, Byray. Just to be clear, for commercial vehicles, the requirements of domestic cell production are much different. And so in the case of our commercial vans, they're applicable. And in the case of our R1T for commercial applications, it's also applicable. So we do see that and we see that's something that certainly some of the business owners that are buying R1Ts are leveraging. And then in the case of the commercial vans, this is something that we think is going to be very important. And we're seeing that as we talk to customers outside of Amazon, we see this is a very important enabler. And it helps ignite this large scale transition of our commercial vehicle fleet towards electrification.
谢谢，Mark。我实际上应该在那个上下文中进行评论，Byray。为了明确起见，对于商用车辆，国内电池生产的要求非常不同。因此，在我们的商用货车上适用。而对于我们用于商业应用的R1T，也适用。所以我们确实看到了这一点，我们看到一些购买R1T的商业主人正在利用它。在商用货车的情况下，我们认为这将非常重要。在与亚马逊之外的客户交谈时，我们发现这是一个非常重要的促进因素。它有助于推动我们商用车队向电气化的大规模过渡。
Thank you. Thank you.
谢谢你。谢谢你。
I would now like to turn the conference back over to RJ Scorange for closing remarks.
我现在想将会议交回给RJ Scorange进行结束语。
All right. Well, thank you everyone for joining me. Call and thanks for the questions. As I said in my starting comments, we're really excited about what we've seen in front of us.
好的，非常感谢大家的参加。Call 谢谢你的提问。就像我在一开始的言论中所说的，我们对眼前的情况感到非常兴奋。
2022 was an important year for us. It was a critical year where we launched and ramped three different vehicles between the R1T, the R1S and the EDV platform. And as we look into this year, you know, more than doubling the overall output, but importantly, getting a lot of customers and a lot of vehicles into a lot of customers' hands.
2022年对我们来说是非常重要的一年，我们在那一年成功推出了R1T、R1S和EDV平台三种不同类型的车辆。而今年我们的生产总量将会翻倍，更加注重的是要将更多的汽车交到客户手中，让更多的客户享受到我们的产品。
We'll start to see a lot more of these on the roads, whether that's the commercial vans or the consumer vehicles, the R1T and the R1S. And as that ramp continues, and as we start to see more and more of our vehicles on the road, as Claire and I both described, a core focus for us is driving costs down across the business.
我们将在道路上看到更多的车辆，无论是商用货车还是消费者车辆，包括R1T和R1S。随着这种增长的持续和我们开始在道路上看到越来越多的车辆，正如Claire和我所描述的那样，我们的核心重点是在整个业务中降低成本。
Some of that will happen naturally as the winds go up and we get to fix cost leverage that Claire described in some detail. But that's also happening through the engineering changes we're making and this really heavy focus on the commercial relationship with all of our suppliers.
当风能增大且像克莱尔所详细描述的那样，我们可以实现固定成本的杠杆作用时，其中一部分会自然发生。但这也是通过我们正在进行的工程变革和对所有供应商商业关系的重点关注来实现的。
So with that, we're very excited about the year ahead and looking forward to getting a lot more vehicles on the road and our path towards profitability.
因此，我们非常期待未来一年，并期待在道路上推出更多的车辆，朝着盈利的道路前进。
Thank you for one. This concludes today's conference call. Thank you for participating. Thank you.
谢谢大家参加今天的电话会议。非常感谢大家的参与。谢谢。