Rivian Automotive Inc at Deutsche Bank Global Auto Industry Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Edison Yu - Deutsche Bank - Analyst : 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 do you sort of seeing on the ground, over the last, couple of months?

Question: Edison Yu - Deutsche Bank - Analyst : 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 it the biggest kind of unlock in terms of augmenting the brand's reach. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 12, 2025 / 4:00PM, RIVN.OQ - Rivian Automotive Inc at Deutsche Bank Global Auto Industry Conference

Question: Edison Yu - Deutsche Bank - Analyst : Definitely want to come back on R2 and on the demand side, commercial van, obviously, that's a big piece. I know the relation, obviously, the marquee customer is Amazon, do we see a lot of runway in the midterm, 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?

Question: Edison Yu - Deutsche Bank - Analyst : I want to briefly cover a topic I think has been obviously very prevalent tariffs on the last earnings call. You had mentioned, you've 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.

Question: Edison Yu - Deutsche Bank - Analyst : And then just more, I guess, structurally, I think a couple of the -- maybe the longer-term lead items, whether it's on LFP sales, I think you already have kind of a pretty solid plan. Can you remind us what the battery sourcing road map looks like? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 12, 2025 / 4:00PM, RIVN.OQ - Rivian Automotive Inc at Deutsche Bank Global Auto Industry Conference

Question: Edison Yu - Deutsche Bank - Analyst : Rare earth as 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 in the rare earth situation based on, I guess, the latest policy?

Question: Edison Yu - Deutsche Bank - Analyst : Switching gears to cost, which 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?

Question: Edison Yu - Deutsche Bank - Analyst : Going forward, where 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 that you can really squeeze out a lot of costs from.

Question: Edison Yu - Deutsche Bank - Analyst : Outside of auto, regulatory credits, so the cadence this year seems a bit different, I think, maybe for some technical reasons. How should we think about, I guess, regulatory credits for the rest of the year and also going forward?

Question: Edison Yu - Deutsche Bank - Analyst : I want to switch to the VW partnership, which obviously was a very big development, and you can see it flowing through the P&L. So can you just remind us the revenue streams that are flowing through now in service line and also the margin profile of that revenue because there seems to be kind of different things coming in at the same time.

Question: Edison Yu - Deutsche Bank - Analyst : Are there any -- I think are there any -- what are the next milestones, key milestones in 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?

Question: Edison Yu - Deutsche Bank - Analyst : 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?

Question: Edison Yu - Deutsche Bank - Analyst : And then on the -- just on the offering, it's up on the technology that's being developed I think you may have hinted in the past that it would be -- you would be open to potentially selling that to others. Is that still a possibility going forward? And so when will you start kind of making that decision?

Question: Edison Yu - Deutsche Bank - Analyst : Any -- I guess any potential to leverage the architecture of technology on a commercial side, a commercial vehicle?

Question: Edison Yu - Deutsche Bank - Analyst : I 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?

Question: Edison Yu - Deutsche Bank - Analyst : And in terms of what's -- what are the major things still left to do supply chain, obviously, maybe a little bit more volatile given the policy changes we've had. Are you comfortable with, I guess, the status of kind of those things, whether it's supply chain related and sourcing stuff like that?

Question: Edison Yu - Deutsche Bank - Analyst : Assuming the -- well, actually, before I say that, I think there's some downtime in the second 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? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 12, 2025 / 4:00PM, RIVN.OQ - Rivian Automotive Inc at Deutsche Bank Global Auto Industry Conference

Question: Edison Yu - Deutsche Bank - Analyst : Longer term, can exports be a meaningful business at some point?

Question: Edison Yu - Deutsche Bank - Analyst : I want to pause just for a moment. I think I have some questions in the audience. I think from upfront. One second, mic issue. Unidentified participant Hi Claire, thank you so much again for participating today. Two quick questions for me. The first 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? Then I have a follow up.

Question: Edison Yu - Deutsche Bank - Analyst : Maybe I'll just follow up on a few topics that we just raised. On -- 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?

Question: Edison Yu - Deutsche Bank - Analyst : And then on autonomy, I think you could -- 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?

Question: Edison Yu - Deutsche Bank - Analyst : 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 a 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?

Question: Edison Yu - Deutsche Bank - Analyst : Fantastic. I think we will go around the room one more time. By the way, I think we have one more. Unidentified participant 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.

Question: Edison Yu - Deutsche Bank - Analyst : Fantastic. With that, thank you very much, Claire. I'll tell you, as a note, one person on the team does have an order in for R2, I can't say who, but someone does, and we look forward hopefully taking delivery of that next year.

Question: Edison Yu - Deutsche Bank - Analyst : Thank you.