Rivian Automotive(RIVN) Q2 2022 Results - Earnings Call Transcript

For the period ending June 30, 2022

August 11, 2022 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day and thank you for standing by and welcome to Rivian’s Second Quarter 2022 Earnings Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Tim Bei, Vice President of Investor Relations and Strategic Finance. Please go ahead.

Tim Bei

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 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 which are described in our SEC filings 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 today’s shareholder letter.

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

RJ Scaringe

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 will 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.