Rivian Automotive, Inc. (RIVN) Q2 2023 Earnings Call Transcript

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day and thank you for standing by. Welcome to Rivian's Second Quarter 2023 Earnings Conference Call. At this time all participants are in a listen-only mode. After the speakers' presentation there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to Tim Bei, Vice President of Strategic Financial and Investor Relations. Please go ahead.

Tim Bei

Good afternoon and thank you for joining us for Rivian's second 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 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.

RJ Scaringe

Thanks, Tim. Hello everyone and thanks for joining us today. During our call, I will highlight key developments during the second quarter and provide an update on the progress we're making against our core value drivers. Production continues to ramp, which is translating into improved profitability and capital efficiency.

We are also driving material cost reductions through commercial and engineering design updates, including the integration of our in-house dual motor into the R1 product line. We remain focused on the customer experience as we expand our physical, digital and mobile footprint and took important steps during the quarter to improve our charging experience.

Importantly, prior to getting into the quarter's details, I'd like to thank our employees, customers, partners, suppliers, communities and shareholders for their continued support of our vision. Consistent with our last earnings call, Claire and I will be inviting different leaders to join us each quarter. For this call, I've asked Wassym Bensaid, our Senior Vice President of Software Development to join given the critical role software plays in enabling our business and the ever improving and expanding capabilities and features of our vehicles.