Rivian Automotive, Inc.

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Rivian's first quarter 2023 earnings conference call. At this time, all participants are on a listen-only mode. After this biggest presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will get an automatic message advising your hand is raised. Please note that today's conference is being recorded. I will now hand the conference over to your speaker host, Tim Bay, Vice President of Investor Relations. Please go ahead.

Good afternoon and thank you for joining us for Rivian's first quarter 2023 earnings call. Before we begin, matters discussed on this call, including comments and responses to questions, reflect management's views as of today. We will also be making statements related to our business, operations, and financial performance that may be considered forward-looking statements under federal securities laws. Such statements involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are described in our SEC filing and 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 our shareholder letter. 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.

Thanks, Tim. Hello, everyone, and thanks for joining us today. I would like to highlight key developments during the first quarter, as well as discuss progress on our key value drivers. We had a strong start to the year as our team delivered on our targets, including continuing to ramp R1 production, integration of the Enduromotor and LFP battery packs, and improved operating efficiency. This quarter, I've asked Frank Klein, our Chief Operations Officer, and Nick Collasion, our Chief Product Development Officer, to join us for Q&A, given the importance of the launch and ramp of our Enduromotor platform. Last week, our R1S was awarded the highest possible safety rating of Top Safety Pick Plus from IIHS, joining our R1T, which earned the award earlier this year. This makes the R1S the only large SUV and the R1T the only electric pickup to achieve this rating in 2023. During the first quarter, we produced 9,395 vehicles, which reflects continued quarter-over-quarter growth in R1 production. As of March 31st, we've now produced nearly 35,000 vehicles since the start of production. Our team drove further improvement in the ramp of our consumer platform while successfully launching new technologies into our commercial van platform. Production during the first quarter was in line with our expectation, and as a result, we are reaffirming our production outlook for the year of 50,000 total units. In addition to production, we made significant progress on our technology and product development roadmaps during the first quarter. As described during our last earnings call, we took the EDV line down for most of the first quarter to implement our in-house Enduro drive units as well as LFP battery packs. Our Enduro production line is our first use of our internally developed plant software platform designed to aid in the rapid bring up of equipment and our robotics. This platform offers greater control over our equipment and visibility into thousands of data points across all parts of the manufacturing process. Enduro's providing cost improvements that will result in a significant reduction in our bill of materials. We expect to start implementing the Enduro motor into our R1 vehicles as a dual motor configuration during the second quarter of 2023. which will contribute to expanding our addressable market by enabling lower priced future R1 variants. As a reference, the introduction of the Enduro and LFP battery pack in EDV enabled us to reduce the EDV bill of materials by approximately 25%. Our core priorities for 2023 are unchanged. The team remains focused on ramping production for our R1 and RCV platforms, driving cost reductions, developing the R2 platform and future technologies, and delivering an outstanding end-to-end customer experience. Growing production volume improves fixed-cost leverage at our large-scale manufacturing plant in Normal, Illinois. This is crucial to realizing the long-term structural cost advantages of our vertically integrated strategy and represents the primary lever on our path to sell each vehicle profitably. While challenges remain, we've become a stronger, more agile company through this process. The duration and magnitude of our impact is directly linked to our ability to produce vehicles profitably. We have a strong sense of urgency in achieving this goal. Driving lower costs will be enabled by integration of new technologies such as Enduro and LFP battery packs, as well as our company-wide program designed to maximize efficiency across key cost elements of material costs, logistics, labor and overhead, indirect costs, and capital expenditures. Beyond our push to drive operational efficiency, innovations that deliver both improved performance and range, as well as simplified production, are core focus of our development teams. Much of the work we are doing on R1, including EnduroDrive units, simplified network architecture, and updated sensor set and compute, directly translates to our R2 platform. We are utilizing R1 to help capture and drive learnings to ensure a smooth ramp of R2. This alignment of technical roadmaps between R1 and R2 will help further drive long-term cost efficiencies. Finally, we continue to progress the purchase process, process and service experience. This year we expect to grow our physical go-to-market infrastructure, including our mobile and physical service footprint, charging for our Rivian Adventure Network and Rivian Spaces. Further, we plan to increase engagement with our pre-order customers and drive additional demand by expanding our demo drive program, offering more opportunities for potential customers to experience a Rivian vehicle. Overall, The priorities we're making against our core value drivers of ramping production, driving costs down, developing new technologies and platforms, and enhancing customer experience positions us well to continue executing our goals for the remainder of the year, as well as into 2024. With that, I'll pass the call over to Claire for more details on our financial and operating performance for Q1. Thanks, RJ.