Rivian Automotive, Inc.

Good day and thank you for your standby. Welcome to the Rivian First Quarter 2022 Earnings Conference Call. At this time, all participants are in the listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. If you require any further assistance, please press star 0. As a reminder, this conference call is being recorded. I would like to turn the call over to Mr. Tim Bay, Vice President of Investor Relations. Please go ahead, sir.

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 Skurringe, our founder, chairman, and chief executive officer, and Claire McDonough, our chief financial officer. A copy of today's shareholder letter is available on our investor relations website. 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 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. 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 forward slash investors. During this call, we will discuss both GAAP and non-GAAP financial measures, a reconciliation of GAAP to non-GAAP financial measures. It's provided in today's shareholder letter. With that, I'll turn the call over to RJ, who will begin with a few opening remarks.

We're happy to be here with everyone today and look forward to discussing the progress we've been making. 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. As of May 9th, we've produced approximately 5,000 vehicles since the start of production. We are now producing and delivering the R1T, R1S, and EDV700, with the slightly narrower and shorter EDV500 going through final production trials now. And we've done all this in one of the most challenging operating environments in decades. We have $17 billion of cash invested and believe we have a clear path to launch R2 in Georgia in 2025 with our current cash on hand. Our goal is to build and scale a large business that addresses both the consumer and commercial markets. Our launch of the R1 at Need to Be Products positions us to grow rapidly as we fully ramp the 150,000 units of installed capacity in our normal Illinois manufacturing facility. We have a lot of work ahead, but the passion and endorsement we have seen from customers and third parties such as being named Motor Trends 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. With regard to our production, we are encouraged by the acceleration of our demonstrated production rate. Our plant is now achieving cycle times three times 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 9th, we had over 90,000 pre-orders 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. It is worth noting that since our March 1 price increase, we've received over 10,000 R1 pre-orders 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. 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're receiving around the vehicle, process, and the interactions with our team. We love seeing photos of our vehicles in the wild enabling customers' adventures. Our core focus as an organization for 2022 is to get more R1s and EDBs 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. 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. 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 VCUs. 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. With that, I'll hand it over to Claire.