Rivian Automotive, Inc.

Good day, and thank you for standing by. And welcome to Brevin's second quarter 2022 earning conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you'll need to press star 11 on your telephone. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Tim Bay, Vice President of Investor Relations and Strategic Finance. Please go ahead.

Good afternoon, and thank you for joining us for Rivian's second 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. 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 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 and goals, our second domestic manufacturing facility, our future products, including our two, 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 which are described in our SEC filings in today's shareholder letter. 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. With that, I'll turn the call over to RJ, who will begin with a few opening remarks.

Thanks, Tim. Hello, everyone, and thanks for joining us today. 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. The Rivian team delivered strong second quarter results despite the challenging supply chain environment. We produced and delivered over 4,400 vehicles across the R1T, R1S, and EDV 700. We have also recently started production validation builds of our EDV 500, which is a narrower and shorter version of the EDV and well positioned for markets and applications where smaller form factors are needed. Our key focus remains ramping our normal facility to its full 150,000 units of installed capacity. While we continue to manage supply chain constraints, we are encouraged by the progress we are making, which is important for us to be able to add a second shift for General Assembly towards the end of this quarter. Equally as important is the continued strong demand for our products. As of June 30th, we had about 98,000 net pre-orders and reservations for our R1 vehicles. Our daily pre-order rate accelerated in the second quarter compared to the first quarter, And as a reminder, these orders are for the United States and Canada only and are net of deliveries and cancellations. In June, we hosted a media event to showcase the capabilities of our R1S in both on and off-road settings. It has been great to see the feedback from various media sources and customers as more of our R1S vehicles get out on the road. Regarding our commercial business, in July, we hosted an event in partnership with Amazon to announce the formal rollout of EDVs to locations across the country. Since early 2021, we've been operating pilot deployments to capture direct feedback from drivers. This partnership was critical to the refinement of the EDV products over the last 18 months. In addition to the set of unique features of the van, we've developed a comprehensive fleet management system, which we call FleetOS, that provides end-to-end centralized fleet management, including vehicle distribution, service, telematics, charging, connectivity management, and lifecycle management. As previously discussed, every vehicle delivered to Amazon comes with a FleetOS subscription, which represents a monthly recurring revenue stream for us. We are now ramping the build out of our DC fast charging network, the Rivian Adventure Network. We believe it is critical for our brand to ensure our customers have a seamless charging experience that enables freedom to go anywhere without concern around charging access. In June, we launched our first locations using our DC chargers, which we manufacture in Normal, Illinois. These chargers have been developed from a clean sheet to operate at up to 900 volts, which is important for our future product roadmap. With a number of key sites underway, we are working to rapidly expand our network along popular routes, targeted destination areas, and major highways initially across the U.S. and Canada. We believe this will be an important point of differentiation for us. We've also started pre-production of validation units for our single motor enduro drive unit. Two of these enduro drive units will be used in a dual motor configuration in the R1 platform, and a single enduro drive unit will be used for the commercial vans. This is the first of a family of drive units we are developing that will deliver greater efficiency and performance while creating meaningful cost savings. I'm very excited for the dual motor R1. Having spent a lot of time driving this, I can say as a base configuration with over 600 horsepower, it's a very exciting package. I also want to comment on the Inflation Reduction Act. This just recently passed the Senate and is likely to be signed into law over the next week. We're incredibly happy to see policy that helps drive more rapid adoption of electric vehicles, as well as the important investments in building domestic battery cell production. For the world to quickly shift towards a carbon-free economy, this type of legislation creates the needed tailwinds for both consumers and industry. The commercial segment in particular will benefit from the strong incentives for fleet operators to electrify, and our RCV platform has been developed for a wide range of applications. While many of our R1 configurations won't meet the bill's pricing requirements, our R2 product line and associated cell roadmap are being developed to allow our customers to capture the value of these incentives. We have plenty of work ahead of us, but I couldn't be more excited about the work our teams are doing for the ramp of the R1 EDV vehicles, as well as the products, services, and technologies we have in the pipeline. I wanted to thank our dedicated team members, suppliers, and importantly, our customers and communities for the tremendous support you continue to show us. With that, I'll pass the call over to Claire.