2024 Investor Day

Sharing a look at our progress and the path ahead

By Rivian

June 28^th, 2024

On Thursday, June 27, we hosted Investor Day from our plant in Normal, Illinois.

The day gave investors a chance to learn more about recent advancements in our R1 platform and our drive towards positive gross profit by Q4 2024. Below, you’ll find key highlights from the day. The full Investor Day session can be watched here.

Opening Remarks from Rivian Founder and CEO, RJ Scaringe

Rivian started over a decade ago with the mission to “keep the world adventurous forever.” We aim to achieve this mission by building a profitable company that offers customers exciting products that accelerate widespread EV adoption.

Thanks to the ingenuity of our teams, we continue to elevate the experience of owning a Rivian while reducing costs and focusing on scale.

The scale of our impact is intrinsically tied to our profitability:

We expect to see a 20% reduction in material cost through the introduction of our second-generation R1, combined with commercial cost downs and commodity tailwinds.
Moving forward, we are optimizing cost structure from R1 to R2, and expect a 45% material cost reduction from our second generation R1 vehicles to R2. This includes reductions across electrical, propulsion, body and chassis.

Optimizing vehicle cost structure (R1 Gen 1 >> R1 Gen 2 >> R2)

These cost efficiencies translate into a better driving experience, even greater performance, significant technological advancements, and expanded driving range in our Gen 2 R1 vehicles and beyond through innovation in electrical architecture, software, autonomy capabilities, and engineering.

Watch RJ's opening comments

Rivian Software

Chief Software Officer Wassym Bensaid reaffirmed the advantages of having full control over Rivian’s software and hardware stack, which allows us to move with speed, scale, and adaptability across multiple vehicle platforms.

Our software underpins everything we do, from managing our commercial products, our customer relationships, service, and even our supply chain. This has enabled:

~500 features added over 2.5 years through 30+ over-the-air updates (OTA).
A 20% improvement in service lead time.
A 35% increase in successful charging stops one month after introducing Rivian Charger Scores.

Our platform serves customers, operations and Rivian service, allowing us to more quickly diagnose and address issues when they occur. Over-the-air updates allow us to reduce service appointments — helping Rivian to make life easier for our customers while reducing cost.

Watch Wassym's Presentation

Rivian Electrical Hardware

Our Senior Vice President for Electrical Hardware, Vidya Rajagopalan, demonstrated how we are able to bring new products and features to market more quickly than legacy automakers by developing our hardware in-house.

Rivian in-house developed ECUs

Rivian introduced a zonal architecture for its electrical hardware with the release of our second generation R1 vehicles in June 2024. This allowed Rivian to reduce the number of electrical control units (ECUs) on its second-generation R1 vehicle from 17 to just 7 and to remove 1.6 miles of wiring from each vehicle. In addition, the new platform has 11 cameras with a total of 55 megapixels for real-time imaging and triple the AI compute power on the infotainment computer.

Platform developed for scale

This architecture is scalable across multiple vehicle platforms, paving the way for our R2 platform.

Watch VidYa's Presentation

Rivian Autonomy

James Philbin, Vice President for Autonomy and AI, showcased Rivian’s multi-modal input, which includes advanced radar that detect objects in low-visibility conditions like darkness and fog, where cameras and even human eyes struggle. Our system’s overlapping sensors add redundancy for improved detection. Rivian’s Autonomy Compute Module achieves over 250 trillion operations per second—making it approximately 10 times more powerful than the previous system.

This autonomy platform allows us to elevate the experience for our customers, lower our costs and build scalable technology platforms that are constantly improving. Using large, deep machine learning models, we’re able to use our high-quality fleet data to rapidly iterate to improve performance and add features.

Watch James'S Presentation

Product Development

RJ highlighted several of the engineering improvements made to our vehicles resulting in a reduction in cost and an improvement in performance and range. RJ also discussed our future Enduro Gen 2 drive unit, which will create around a 30% cost saving from the Gen 1 unit.

Total Cost of Drive Units

Watch RJ's Presentation

Rivian Commercial Operations

Chief Commercial Officer Kjell Gruner highlighted Rivian’s high level of owner satisfaction. Our direct-to-consumer model allows us to provide a seamless customer journey with one data ecosystem designed for consistency and efficiency.

We are excited to announce the expansion of our retail Rivian Spaces from 12 to more than 40 by the end of 2025, as well as more than 100 new Service Centers in addition to our 59 active centers today. Our strategy and brand are helping to bring our mission to life.

Watch Kjell's Presentation

Rivian Financials

Claire McDonough, our Chief Financial Officer, demonstrated the speed and energy of our climb as progress continues to build across production and deliveries.

By the fourth quarter of this year, we expect to see gross profit by driving down material cost, reducing our fixed costs and increasing our revenue per unit.

We reaffirmed our production guidance of 57,000 units in 2024, and expect to be gross profit positive in Q4 2024, driven by reducing our variable costs and fixed costs, as well as increasing revenue per unit delivered. We continue to scale, increasing our revenue by $2.8 billion from 2022 to 2023, while holding expenses flat.

Reaffirming our guidance of 57,000 units expected to be produced in 2024

Our balance sheet is expected to strengthen through our planned partnership with Volkswagen Group to create industry-leading software-defined technology. As part of this joint venture, Volkswagen Group will invest an initial $1 billion in Rivian, with an additional $4 billion in planned additional investment, subject to the formation of the joint venture, Rivian and Volkswagen Group executing definitive agreements, the achievement of certain milestones, and the receipts of regulatory approvals.

Despite the incremental visibility in our capital roadmap, we remain focused on driving cost efficiency and building the business for scalable growth.

Watch Claire's Presentation

Closing

RJ closed out the day reiterating our excitement for the road ahead. We believe that we have the products that will take us to scale, the financial health to succeed, and a clear path to profitability on the horizon.

The new R1S starts at $75,900. R1T starts at $69,900. Dual-Motor configurations are available immediately, with Tri-Max expected late summer and Quad-Max to follow.