Rivian Automotive, Inc. (NASDAQ:RIVN) Q3 2024 Earnings Conference Call November 7, 2024 5:00 PM ET

Company Participants

Tim Bei - VP, IR
RJ Scaringe - Founder and CEO
Claire McDonough - CFO
Javier Varela - Chief Operations Officer

Conference Call Participants

Emmanuel Rosner - Wolfe Research
Adam Jonas - Morgan Stanley
Dan Levy - Barclays
Mark Delaney - Goldman Sachs
Joseph Spak - UBS
George Gianarikas - Canaccord Genuity
Tom Norian - RBC Capital Markets
Alex Potter - Piper Sandler
Mike Shlisky - D.A. Davidson

Operator

Good day. Thank you for standing by. Welcome to Rivian's Third Quarter 2024 Earnings Conference Call. At this time, all participants are on a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [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 Invest Relations. Please go ahead.

Tim Bei

Good afternoon and thank you for joining us for Rivian's Third Quarter 2024 Earnings Call. Today I'm joined by RJ Scaringe, our CEO and Founder; Claire McDonough, our CFO and Javier Varela, our Chief Operations Officer.

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 results 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

Thank you, Tim, and thank you all for joining us today. I'm going to start by talking about the R1 and specifically the Gen 2 ramp up. First, the material costs, progress we've made, as well as the efficiency improvements within the plant, are really important and critical for our long-term profitability as a business. Those changes and a lot of the changes in [Vintage N2] (ph) were focused on cost, but we also introduced hundreds of other design and engineering changes that enhance the performance of the customer experience in the vehicle.