Rivian Automotive(RIVN) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2022

May 9, 2023 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

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 in a listen-only mode. [Operator Instructions] Please note that today’s conference is being recorded.

I will now hand the conference over to your speaker host, Tim Bei, Vice President of Investor Relations. Please go ahead.

Tim Bei

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 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 has 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.

RJ Scaringe

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 Enduro motor and LFP battery packs and improved operating efficiency.

This quarter, I’ve asked Frank Klein, our Chief Operations Officer; and Nick Kalayjian, our Chief Product Development Officer, to join us for Q&A, given the importance of the launch and ramp of our Enduro motor platform.

Last week, our R1S was awarded the highest possible safety rating of TOP SAFETY PICK+ 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.