Rivian Automotive, Inc. (NASDAQ:RIVN) Q2 2024 Earnings Call Transcript August 6, 2024 5:00 PM ET

Company Participants

Tim Bei - VP, IR
RJ Scaringe - Founder and CEO
Claire McDonough - CFO
Wassym Bensaid - Chief Software Officer

Conference Call Participants

George Gianarikas - Canaccord Genuity
Mark Delaney - Goldman Sachs
Philippe Houchois - Jefferies
Dan Levy - Barclays
Joseph Spak - UBS
Alex Potter - Piper Sandler
Ben Kallo - Baird
Shreyas Patil - Wolfe Research
Ron Jewsikow - Guggenheim Securities
Stephen Gengaro - Stifel

Operator

Good day, and thank you for standing by. Welcome to the Rivian Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your speaker today, Tim Bei, Vice President, Investor Relations.

Tim Bei

Good afternoon and thank you for joining us for Rivian's second quarter 2024 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 in the second quarter and provide an update on the progress we're making against our value drivers. Prior to discussing quarterly details, I want to reinforce the key messages conveyed in depth during our recent Investor Day. To achieve the full potential of our vision, we need to aggressively drive towards profitability. The fundamental levers underpinning this goal include the recent transition to our second generation R1 and the subsequent introduction of our mid-sized platform, which underpins R2. I am encouraged by the progress ramping up our second generation R1 vehicles as well as developing R2, which we expect to launch in the first half of 2026.