Rivian at Deutsche Bank Conference: Strategic EV Insights

On Thursday, 12 June 2025, Rivian Automotive (NASDAQ:RIVN) presented at the Deutsche Bank Global Auto Industry Conference 2025. The company discussed its strategic direction amidst challenging market conditions, highlighting strong brand performance and ambitious future plans. Rivian’s CFO, Sun McDonough, addressed both the company’s achievements and ongoing challenges, emphasizing cost reduction and strategic partnerships.

Key Takeaways

• Rivian’s R1S is the best-selling premium electric SUV, with an 86% repurchase intent.
• The company aims for EBITDA positivity by 2027, contingent on production capacity and software revenue.
• Rivian’s partnership with Volkswagen is expected to generate significant revenue and cost-sharing benefits.
• Battery sourcing strategies are in place to mitigate tariff impacts and reduce reliance on rare earth materials.
• The R2 vehicle project is on track, with production starting in the first half of next year.

Financial Results

• Rivian expects to sell $300 million in regulatory credits in 2024, with over half sold in Q1.
• The Volkswagen partnership generated $167 million in Q1 revenue, with future milestones tied to development and testing.
• Cost of goods sold per unit was reduced by $22,500 year-over-year.

Operational Updates

• The R1 product line has seen cost reductions through engineering improvements and redesigns.
• R2 development is progressing, with design validation builds complete and manufacturing validation underway.
• Rivian is increasing the Normal facility’s capacity to 215,000 units and plans to expand operations in Georgia.

Future Outlook

• R2 production is set to begin in the first half of next year, with a ramp-up on a single shift.
• The company is exploring export opportunities, focusing on the EMEA region.
• Rivian is investing in autonomy, with a focus on in-sourced hardware and data foundation.

Q&A Highlights

• The CFO discussed the VW Scout Program, highlighting testing requirements for two vehicle programs.
• Rivian aligns with U.S. government goals for manufacturing and EV adoption, considering potential partnerships in autonomy.
• The Georgia facility is seen as a strategic advantage for Rivian’s long-term growth.

For a detailed review of Rivian’s presentation, please refer to the full transcript below.

Full transcript - Deutsche Bank Global Auto Industry Conference 2025:

Edison Yu, US Autos Lead, DB Global Autos Conference: Alright. Welcome to the lunch session at the DB Global Autos Conference. My name is Edison Yu. I lead the US Autos for the research. Joining us virtually, is Sun McDonough, the CFO of Rivian.

Great. You just show up on my screen right now. Thank you for joining us. Nothing much to talk about.

Sun McDonough, CFO, Rivian: Thanks for having me.

Edison Yu, US Autos Lead, DB Global Autos Conference: So let’s start off. I think there’s some headlines hitting at the moment, but just more generally, I think EV demand is a topic that is very relevant. And I’m curious, what are you sort of seeing on the ground over the last couple months?

Sun McDonough, CFO, Rivian: Overall, you look at the residents of the R1 product lineup, the R1S continues to be the best selling electric SUV in the premium space out on the market. And we’ve been in a position to through the R1 portfolio really start to build our brand as a whole. And one of the pieces that we’re most proud about as an organization and company is consumers desire and affinity to want to not just have that initial R1, but consumer intent to repurchase. Arabian is 86% as we look at some party survey data conducted in the market and that’s about 13 points ahead of the next player in line within the overall space. As we look at the current environment as a whole, I wouldn’t necessarily point it just to EVs, but there certainly is macroeconomic factors that are weighing on consumer sentiment as a whole right now.

And that’s something that Rivian is closely monitoring and watching.

Edison Yu, US Autos Lead, DB Global Autos Conference: I think Rivian is fairly unique in the brand. The brand has been very strong and to your point, strong loyalty. How do you think about expanding that? I know we can talk about R2 in more detail later. Is it mainly getting the price point lower so it’s more accessible?

Is that the biggest kind of unlock in terms of augmenting the brand’s reach?

Sun McDonough, CFO, Rivian: We’re still not yet a full widely known household name. And so there’s a huge opportunity for Rivian to get more consumers behind the wheel of our products. We often talk about driving as believing. One of my favorite moments was at, we had an event down at South by Southwest earlier this year and conducted what we called electric joy rise. And so we took over in an abandoned lot and filled that lot with recycled concrete to create an off road course that could really demonstrate the features, capability of the products that we have in the market with R1.

In showcasing to so many consumers, many of which had never even been in an EV before. The fact that this was an EV that had truly no compromises associated with it, as they thought about what they were looking for in terms of the utility and capability of the vehicles themselves. So I think there’s a huge opportunity as we continue to spread the word. And we’ve done a lot of that as well organically through the community that we’re building with our Ribian owners. And we’re excited to expand that addressable market as we introduce R2 next year and open it much broader from an affordability standpoint with our base price starting at about $45,000 for the R2.

Edison Yu, US Autos Lead, DB Global Autos Conference: Definitely want to come back on R2. And on demand side, commercial van, obviously that’s a big piece. Know the relation obviously the marquee customer is Amazon. Do we see a lot of runway in the mid term, long term on commercial van? You hear about all these e commerce companies, for example, trying to expand even fleets.

What’s the runway look like there?

Sun McDonough, CFO, Rivian: Overall, we still have a lot of confidence in the broader ecosystem of both consumer and commercial vehicles electrifying. However, I will characterize the commercial market as being a little bit slower to fully electrify as a whole. So our team’s equally doing a lot of work with many fleet providers in market to demonstrate the purpose built nature of our electric delivery vans to showcase how they can be more efficient and reduce the total cost of ownership for fleet managers out there. And so there’s certainly more we’re certainly still more in the education phase, I would characterize today versus it’ll take some time to build up more meaningful volume in the commercial van space outside of Amazon.

Edison Yu, US Autos Lead, DB Global Autos Conference: Want to briefly cover a topic that I think has been obviously very prevalent on tariffs. On the last earnings call, you had mentioned kind of a few thousand dollars per impact of impact per vehicle. Is this still is it playing out consistent with that? And is it perhaps even a little bit better because of some of the maybe updates on policy since we got since the earnings call?

Sun McDonough, CFO, Rivian: On the earnings call, we talked about there being a couple thousand dollars of impact for vehicle from a tariff standpoint. Subsequent to our earnings call, we did have the ninety day reprieve on reciprocal tariffs with China, And we did have a number of parts that were not necessarily deemed section two thirty two automotive parts that fell within that reciprocal tariff envelope as a whole. So that was certainly a tailwind. And then subsequent to that, we’ve had some increases as well as it pertains to steel and aluminum tariffs as a whole, net net, I would characterize current state as being more favorable relative to what we had communicated at earnings.

Edison Yu, US Autos Lead, DB Global Autos Conference: And then just more, I guess, structurally, I think a couple of the maybe the longer term lead items, whether it’s an LFP cells, I think you already have kind of a pretty solid plan. Can you remind us what the battery sourcing roadmap looks like?

Sun McDonough, CFO, Rivian: Sure. So today we source 2,170 cell from Samsung SDI for R1 product. And then we have an LFP pack for our commercial bands and an LFP pack for the standard pack for the R1 program as a whole. So the LFP packs that we receive are from China. And as you noted, Edison, we have brought over to The US our battery cells through the end of this year and into next year as well to limit some potential tariff exposure there, and are working very closely with our cell suppliers as we work to mitigate longer term impacts and bring more of our cell supply onshore into The US.

So when we introduce our two next year, we’ll start our two production with a 4,695 cell that we’re sourcing from LG and that cell will start production initially in Korea, but ultimately will be built out of an Arizona facility that’s currently under construction as we sit here.

Edison Yu, US Autos Lead, DB Global Autos Conference: Have come up. I think apparently they’ve been worked out based on what’s happened this week. I guess what are you assuming or hearing on the rare earth situation based on, I guess, the latest policy?

Sun McDonough, CFO, Rivian: We’re working very closely with our supplier partners to navigate the overall trade ramifications of rare earths and ensuring that Rivian has supply to continue production as a whole. And I know RJ has talked a little bit about it in the past, but also looking at engineering driven solutions for the longer term to limit Rivian’s exposure to rare earths as we think about some of our advancements in our drive unit configurations so that we can reduce our reliance on rare earth materials.

Edison Yu, US Autos Lead, DB Global Autos Conference: Switching gears to the cost, is probably, I would guess probably one of the most important things on your radar over the last year. So outside of tariffs, you’ve reduced cost tremendously on R1 switching from generations. What are the biggest drivers of that? And how much do you see how much is there left to go on getting those costs right sized?

Sun McDonough, CFO, Rivian: In the last quarter, we reduced our cost of goods sold per unit delivered in the automotive segment by $22,500 year over year. And the primary driver of that reduction was through the introduction of our generation R1 product, which we launched last year in April. And with that introduction, we made a number of engineering driven changes. The largest cost savings opportunity for us was through some of the savings of a redesign of our battery structure and pack itself. And that drove considerable savings into the business.

Beyond that, we also migrated from domain based electrical architecture to a zonal electrical architecture and took out 1.6 miles of harness as part of that transition through a much more efficient overall design. And that core electrical architecture that’s now as part of our Gen two offering, And that’s really the foundation as we think about the work that’s happening in our joint venture with Volkswagen Group, where the vehicle out of the joint venture will be focused on R2. And so as you think about the efficiency from a wire harness perspective, we’ve actually taken that even further and now have reduced that gen two harness by another two miles of wiring. As we think about the continued evolution in regards to Rivian’s efficiency initiatives as a whole. So those are a couple of examples.

We also had significant commercial cost savings as well as we renegotiated many of our early contracts with our supplier partners. And that sets us up in a great position as we now think about the opportunity to introduce the R2 product into the normal plant and drive meaningful fixed cost leverage across the normal facility, not just enabling strong profitability for R2, but also improving the profitability of R1 in the commercial van, given the volumes that will now be ramping up and scaling once we’re at our 215,000 units of installed capacity in the normal plant over the longer term.

Edison Yu, US Autos Lead, DB Global Autos Conference: Going forward, what do you see the biggest levers outside of volume? Obviously, you just mentioned the scale will help on the fixed cost side. Are there other big elements of that, especially with R2 they can really squeeze out a lot of costs from?

Sun McDonough, CFO, Rivian: The ongoing evolution of our vertically integrated technology is a key enabler for us to reduce the cost structure from a material standpoint in R2 to be roughly half of an R1. And then beyond that, the intentional design for manufacturability and moves that we’ve made with R2 also enable all of our non bill of material cost of goods sold to be even lower sort of a fraction. So less than half of what we have on R1 as well. So those are key innovations that Rivian has that are not just reducing costs, but also in many cases, improving performance and utility and capability and the efficiency of what we’re bringing to market. And so whether that’s our new Maximus drive units, which are adding efficiency and density in terms of the power going through those drive units at a much, much lower cost, or whether it’s our structural battery pack that’s also going to be the floor of the R2 product.

There’s so many ways in which we’re driving significant reductions in the cost of the product itself, but also ensuring that it’s a feature rich product that’s going to not be half of the car that you’ll see with an R1 as well.

Edison Yu, US Autos Lead, DB Global Autos Conference: Outside of auto regulatory credits, so the cadence this year seems a bit different, think maybe for some tactical reasons. How should we think about, I guess, regulatory credits for the rest of the nation and also going forward?

Sun McDonough, CFO, Rivian: Sure. We expect to sell roughly about $300,000,000 of regulatory credits this year. We sold just over half of that in the first quarter. So another, just under 150,000,000 left to go as a whole. And as we’ve communicated in the past, did reduce or eliminate the expectations in that outlook of some of our California related credits as a whole.

So given the dynamic policy environment, certainly focused on watching that carefully as we’re seeing ongoing drafts of new legislation centered around the regulatory credit regime.

Edison Yu, US Autos Lead, DB Global Autos Conference: I wanted to switch to the VW partnership, which obviously was a very big development and you can see it flowing through the the P and L. So can you can you just remind us the the revenue streams that that are flowing through now in in in the service line and also the the margin profile of that revenue stream because there seems to be kind of different things coming in at the same time.

Sun McDonough, CFO, Rivian: I’ll use Q1 as an example. In the first quarter, we had 167,000,000 of revenue associated with the joint venture, which was about half of the revenue that we had in our software and services segment as a whole. And then as we look at the JV revenues, roughly half of that revenue was associated with recognition of the background IP and equity premiums that Rivian will realize over the duration of its development services to Volkswagen Group. So we’ll recognize that revenue till the early part of twenty twenty eight. And then beyond that, the half the revenue is associated with the development services for Volkswagen Group.

So that would be all of the engineering work and some of the overheads associated with the electrical architecture programs that we’re developing and software that we’re developing for Volkswagen’s future EV portfolio as a whole. As a reminder, the way that we share the cost associated with the ongoing development, If it’s associated with shared development work, Volkswagen Group pays 75% of it and Rivian pays 25% of those costs through the end of twenty twenty eight. And then we’ll flip to fifty-fifty in 2029. But Volkswagen will start to pay Rivian $100,000,000 a year as an offset to our expenses.

Edison Yu, US Autos Lead, DB Global Autos Conference: Are there any shouldn’t say, are there any what are the next milestones key milestones relation to you unlocked one in 1Q with the gross profit? Are there any other big ones coming up for the rest of the year that we should be mindful

Sun McDonough, CFO, Rivian: The gross profit milestone that we unlocked in Q1 was the big one for 2025. In 2026, we expect to receive $2,000,000,000 from Volkswagen Group, 1,000,000,000 associated with successful winter testing for two of the Volkswagen Group vehicle programs. And then the piece, the billion dollars doesn’t have a milestone associated with it, but we would expect to receive that billion dollars of non recourse debt in October of next year.

Edison Yu, US Autos Lead, DB Global Autos Conference: Operationally, obviously there’s a lot of collaboration going on. When do you expect or when does VW expect to start really ramping up, I guess, production of cars with the EE technology on it?

Sun McDonough, CFO, Rivian: What we’ve communicated externally is that we anticipate there’s the last milestone payments. So there’s another half a billion dollars of capital that would come to Rivian. That is at the earlier of the Volkswagen Group vehicles coming online from a commercial standpoint or at January of twenty twenty eight. To give you a broader framework of directionally when we would expect some of those vehicles to be on the roads.

Edison Yu, US Autos Lead, DB Global Autos Conference: And then just on the offering, it’s up on the technology that’s being developed. I I think you may have hinted in the past that, you know, it it would be you would be open to potentially selling that to others. Is is that still a possibility going forward? And if so, when would you start kind of making that decision?

Sun McDonough, CFO, Rivian: Our top priority today, as you can imagine, is ensuring we have successful launch and roadmap with a very large portfolio of brands as part of the Volkswagen Group’s product assortment. And if you think about what we’re building, it’s very extensible in nature. So by virtue of being able to service the full range of entry level vehicles to Porsches and Lamborghinis, you have the opportunity to then translate that framework to other potential OEMs as well. So right now our focus is on strong execution for the Volkswagen Group, but there certainly is meaningful opportunity to leverage this core technology stack and the scale that this JV will have with other OEMs as well beyond Volkswagen Group.

Edison Yu, US Autos Lead, DB Global Autos Conference: Any potential to leverage the architecture technology on a commercial side, a commercial vehicle?

Sun McDonough, CFO, Rivian: There’s also, I mean, our electrical architecture today is in our commercial van. So there certainly is opportunity as well on the commercial side of the business.

Edison Yu, US Autos Lead, DB Global Autos Conference: Wanted to talk about maybe probably the topic everyone is most interested in R2. It’s obviously super important from both a volume and cost perspective. I think I’ve seen some stuff on social media also recently about some of the progress. What do you think are the next big operational or technical points that we should be on the lookout for?

Sun McDonough, CFO, Rivian: We’ve had a very successful round of design validation builds in our pilot line down in Southern California. I was there yesterday and the progress is phenomenal. We also have a much higher degree of production tool parts that are going on the vehicles that enables us to have a higher level of program maturities as we transition later this year from design validation builds into manufacturing validation builds to not focus on the product itself, but the manufacturing process design as we work towards serial production and our start of official saleable production in the first half of next year.

Edison Yu, US Autos Lead, DB Global Autos Conference: And in terms of what are the major things still left to do? Supply chain, obviously, maybe a little bit maybe a little bit more volatile given the policy changes we’ve had. Are are you comfortable with, I guess, the status of of kind of those things, whether it’s supply chain related and sourcing, stuff like that?

Sun McDonough, CFO, Rivian: The product is 99% sourced, nearly 100% at this stage. So a lot of work has happened on the supply chain side. We’re certainly working very closely with our supply chain partners to ensure they’re ready on their side and prepared to scale and ramp volumes and labor force and equipment to support Rivian’s launch. Equally, we’re focused on over the course of this summer, we’ll be onshoring and bringing over a lot of our manufacturing equipment, which will be going through additional validation testing for and commissioning over the course of the next handful of months as well. So that’s another key milestone, but the building itself is complete in normal.

So amazing work from our facilities team to keep that on track from a production standpoint. So we’re eagerly awaiting our equipment installs and then ultimately being able to start to build some prototypes on the line.

Edison Yu, US Autos Lead, DB Global Autos Conference: Assuming the, well actually before I answer that, I think there’s some downtime in the half that you’ve scheduled. Just can you confirm kind of the rough timing on that? And then also assuming that goes according to plan, how would you envision the ramp happening next year, roughly speaking?

Sun McDonough, CFO, Rivian: Sure, we’re going to take it about a month of downtime in the half of this year. It’s predominantly to do some additional work on our paint shop, and we’re increasing the line speed in the paint shop to increase the overall output of the normal plant to 215,000 units of overall capacity as a whole. That is progressing to plan, so we’re certainly doing a lot of work each and every weekend, for example, today to do as much advanced planning and work within the normal site to ensure that that downtime is as limited as possible. And then for the overall ramp, we do expect to build most of the year in 2026 on a single shift, but we anticipate being in position to add a shift of operations towards the end of the year.

Edison Yu, US Autos Lead, DB Global Autos Conference: Longer term, can exports be a meaningful business at some point?

Sun McDonough, CFO, Rivian: We’re still watching to see what the overall tariff situation looks like for exports into Europe or other parts of the world for domestic US manufactured products. But we would look to export vehicles out of our normal facility and in the future, our Georgia facility as well to the broader EMEA region as a whole to begin to build the Rivian brand internationally.

Edison Yu, US Autos Lead, DB Global Autos Conference: I want to pause just for a moment. I think we have some questions in the audience. I think about what upfront. One second. Sorry.

One mic issue.

Claire, Unidentified speaker: Hi, Claire. Thank you so much again for participating today. Two quick questions for me. The is on the JV payments from VW. Relatively recently VW Scout brand announced that they’re going to be using your zonal architecture designed through the JV.

Can you share if those two vehicles in development would be qualified for that testing requirement this upcoming winter? Or should that be viewed as something separate? And then I have a follow-up.

Sun McDonough, CFO, Rivian: I can’t comment specifically on Volkswagen Group programs, but as was laid out in our JV agreements, we had set the testing requirements based off of two specific vehicle programs. One, you could imagine more in the premium space, one more in the entry level domain for Volkswagen’s products.

Claire, Unidentified speaker: Okay, thank you. That’s helpful. on the Department of Energy loan, with the sort of political environment that we’re currently experiencing, are there any concerns that you won’t be able to draw upon that when construction does start on the Georgia facility in ’26? Or for now, that seem like you have relative line of sight on that funding line?

Sun McDonough, CFO, Rivian: Overall, Rivian is very much aligned with the administration around its goals of bringing more manufacturing jobs to The U. S. So whether that’s the expansion of our normal facility where we’re expanding it 2,000,000 square feet today to build out the R2 product and also localize more of our supply base in Central Illinois, or whether that’s the expansion and the creation of 7,500 jobs in Georgia associated with the build out of our plant there. There’s a lot of strong alignment as we think about this focus and growth of US manufacturing industry. The other area of strong alignment is the role that Rivian is playing and can continue to play in helping to accelerate EV adoption and electrification through our advanced technologies.

We’ve talked a lot today about the joint venture with Volkswagen Group, but beyond the JV with Volkswagen Group, there’s also significant opportunity for Rivian through potential partnerships in the autonomy space as well for us to monetize and help accelerate autonomous driving capabilities across other OEMs as well. And so as we take a step back, there’s, I would characterize a broader alignment than may meet the eye or based off of your question as we think about the opportunity set that Rivian has to help the administration in some of these key initiatives.

Edison Yu, US Autos Lead, DB Global Autos Conference: Maybe I’ll just follow-up on a few topics that were just raised. I guess on Georgia, there’s obviously potential for a lot of capacity to be built. Would you consider potentially sharing that capacity in some way, given it seems many automakers may have to move production into The US? Is that something that you’re contemplating?

Sun McDonough, CFO, Rivian: We’re really focused and excited about the opportunity to build on our site in Georgia. We see the Georgia site as a competitive advantage for Rivian. It is fully graded pad ready logistics, power, all ready to go on-site. And we’re looking forward to being able to start going vertical on the site in 2026 as well. So today we see that as a significant opportunity for Rivian’s long term growth and scaling opportunity as a whole.

Edison Yu, US Autos Lead, DB Global Autos Conference: And then on autonomy, I think it’s very easy to spend a lot of money on autonomy, as I’m sure you can imagine. What are the priorities for you there right now, given your ambitions to do it internally?

Sun McDonough, CFO, Rivian: The overall priorities for us are the build out of our core foundation. So that foundation includes both the opportunity for Rivian to have in sourced a number of the electrical hardware that goes as part of our autonomy stack. So whether that’s the next generation cameras or sensors or radar that you see on our Gen two R1 product, We’re making further advancements as we think about the launch of R2 as well. And then that’s giving Rivian the opportunity to truly create an end to end neural net framework for us to create that foundation model for Rivian’s roadmap for future autonomous innovations and the expansion of our capabilities and the performance of our vehicles as well. So with every month of over year update that we’re offering on our R1 product, we’re also equally making advancements in terms of our autonomy feature set as a whole on the products.

And that just gives consumers so much runway as they think about the capabilities and performance of the vehicles that continue to improve over time. We’ve also invested significantly in building a data foundation for Rivian to extract data from our fleet vehicles in addition to our ground truth fleet that our autonomy team operates and manages as a whole, so that we can continue to pull some of those edge cases. And so to your prior point, Edison, we don’t necessarily need to pull, there’s so much data as you can imagine that these vehicles are able to provide, But focusing on what are the edge cases that we need to train on, what is the data that we’re actually going to pull in and analyze and work through. That’s another area of significant focus for Rivian and knowing that we are doing this in a very cost conscious way, while we’re continuing to grow the number of GPUs that we have available to us from a training capacity standpoint as well.

Edison Yu, US Autos Lead, DB Global Autos Conference: Well, lastly, touch on some of the financial targets. I know you put out 2027 in the past. How do you think about breakeven, not only on EBITDA basis, but also on a cash flow basis? It’s obviously historically very CapEx intensive industry. You have a lot of areas to invest in.

I think investors are very curious on how that trajectory looks and how much volume you really need to achieve those milestones, those targets?

Sun McDonough, CFO, Rivian: Sure, our 2027 target centered around being EBITDA positive, that does require us to not necessarily have fully ramped up our normal facility, but start to approaching the capacity of our normal facility as a whole. In ’27, we’ll also have meaningful revenue and gross profit contribution from the sales of our software and services side of the business as well. So that’s a meaningful contributor as you think about the building blocks for Rivian to achieve positive EBITDA. As you look at the longer term horizon, sort of normal steady state beginning in ’27 can support more of the baseline business. But as you start to say, what would it take for Rivian to support the longer term growth CapEx as we build out the Georgia facility and look to continue to expand our capacity over the longer term, that does require the scale of at least the 200,000 units of Georgia as a whole.

So very focused on the build out the Georgia facility, given it’s so central to Rivian’s longer term scale and profitability opportunities as we sit here.

Edison Yu, US Autos Lead, DB Global Autos Conference: Fantastic. I think we’ll go around the room one more time. But otherwise, I think we have one more.

Unidentified speaker, Unidentified speaker: Hi, thank you. I think you’re recently doing some testing with very small individual fleets on the EDD side. I’m just curious what you’re seeing in terms of demand there. And then can you give us a status update of how much more is left for the Amazon delivery side and what you might be doing with other bigger customers like Amazon? Thank you.

Sun McDonough, CFO, Rivian: Sure. Amazon has made a commitment to purchase 100,000 vehicles by 02/1930. To date, what’s in the public domain is we’ve been in position to sell them. They have over 20,000 of our electric commercial vans in their existing fleet operations as a whole and are continuing to have robust sales with Amazon at large as we continue to help them transition their fleet over to electric. As we think about other commercial applications, as I mentioned previously, I would say that the sales cycle is fairly long in nature.

And at this point, given some of the macroeconomic uncertainty, a lot of the larger fleets are not necessarily, I would say today accelerating their transition to EVs, but we’re certainly working on demonstrating some of the features characteristics of our commercial van and how they can help improve operations for, especially within the last mile delivery space as a whole, given they were so purpose built for this specific application.

Edison Yu, US Autos Lead, DB Global Autos Conference: Fantastic. With that, thank you very much, Claire. I’ll tell you as a side note, one person on the team does have a order in for the R2. I can’t say who, but someone does, and we look forward hopefully taking delivery of that next year.

Sun McDonough, CFO, Rivian: Excellent. Well, product is just fantastic. We’re so excited to show more about what’s coming next with R2 in the near future.

Edison Yu, US Autos Lead, DB Global Autos Conference: Thank you. Thanks.

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