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What is Rivian Automotive's latest dividend and current dividend yield?

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What factors drove the changes in Rivian Automotive's revenue and profit?

- **R2 Launch Momentum**: R2 set to deliver in H1 2026 with $45K entry price, targeting 400,000+ annual units by 2027. Georgia plant construction underway.
- **Tariff Savings Boost**: 2026 COGS reduction of $2.5B+ from tariff policy changes, enabling R2 positive gross margin by end-2026.
- **Strategic Partnerships**: $2.5B from VW JV and $6.6B DOE loan for Georgia plant, supporting 2026+ scale.
- **Autonomy Differentiation**: End-to-end AI approach with 2026 Autonomy Day detailing eyes-off-road capabilities, positioning Rivian for long-term tech leadership.

**【CEO Summary Section】**
- **R2 Launch and Market Strategy**: R2, priced starting at $45,000, targets the mid-sized SUV market, addressing the largest EV opportunity. Production validation builds begin in Q4 2025, with deliveries expected in H1 2026. The Georgia facility will add 400,000 annual units of capacity for R2, R3, and variants.
- **Autonomy and AI Focus**: Upcoming Autonomy and AI Day (Dec 11) will detail end-to-end AI-centric approach, leveraging fleet data for rapid model training. Long-term vision includes vehicles capable of driving eyes-off-road across all roads.
- **Manufacturing Expansion**: Completed 1.1M sq ft R2 Body Shop and 1.2M sq ft Supplier Park in Normal, IL. Georgia plant construction began in Q3 2025, targeting 215,000 units/year by 2027.
- **Strategic Partnerships**: Volkswagen joint venture ID.1 EV launch in 2026, with $2.5B expected from the partnership by 2026. DOE loan for Georgia plant construction.

**【CFO Financial Commentary】**
- **Q3 2025 Results**: Revenue $1.6B, adjusted EBITDA loss $602M, automotive deliveries 13,201 units. Automotive gross profit negative due to R2 plant shutdowns. Software & Services segment revenue $416M, driven by VW joint venture.
- **Tariff Impact**: 2025 Q3 COGS per unit $96,300, with $2.5B+ in annualized tariff savings from 2026 policy changes. 2026 COGS improvement expected from R2 scale and fixed cost absorption.
- **Financial Guidance**: 2025 delivery guidance 41,500-43,500 units, EBITDA loss $2B-$2.25B. 2026 capital expenditures include $6.6B DOE loan for Georgia plant.

**【Q&A Highlights】**
- **Demand Post-Tax Credit**: Q3 2025 saw Q4 demand pull-forward, with softer October sales. R2's $45K price point and performance features expected to drive long-term demand despite near-term EV market volatility.
- **COGS and Unit Economics**: R2 expected to achieve positive gross margin by end-2026. 2025 Q3 COGS improvement due to material cost reductions, with 2026 scale benefits from R2 ramp.
- **Mind Robotics and AI**: $110M seed round for AI robotics focused on industrial applications, including Rivian manufacturing. Potential broader applications in logistics and beyond.
- **Regulatory Credits**: Removed from 2025-2026 forecasts due to policy uncertainty. Focus on software & services revenue growth from VW JV and autonomy IP.

Rivian Automotive, Inc. (RIVN) Q3 2025 Earnings Call Transcript

- **R2 Breakthrough**: 50% lower BOM costs and simplified design enable $45k-$50k price point with strong margins. Suppliers confirm cost reductions are locked in.
- **Policy Headwinds**: $160M regulatory credit loss and $2k/vehicle tariffs reduce 2025 gross profit to breakeven, pushing EBITDA loss to $2B-$2.25B.
- **2027 EBITDA Target**: Achievable via R2 scale (155k+ units/year), software/licensing revenue ($376M Q2), and cost optimization. Autonomy and VW joint venture growth provide upside.
- **Autonomy Leap**: 65MP cameras, radar, LiDAR, and data flywheel enable map-free driving. Q3 2025 will see enhanced highway assist adoption, with eyes-off capability in 2026.
- **Balance Sheet Strength**: $7.5B cash, $1B VW equity, and $6.6B DOE loan provide liquidity for R2 ramp and Georgia plant buildout.

**【CEO Summary Section】**
- **R2 Progress and Cost Reduction**: R2's bill of materials (BOM) costs are 50% lower than R1, with contracts already in place with suppliers. Conversion costs (manufacturing expenses) are projected to be less than half of R1's. R2's design focuses on simplicity, ease of assembly, and shared components with future variants.
- **Policy Challenges**: Changes in EV tax credits, tariffs (e.g., $2,000+ per vehicle impact in 2025), and regulatory credit programs will affect cash flow. Despite challenges, R2's lower cost structure and U.S. manufacturing focus remain strategic priorities.
- **Autonomy and AI Leadership**: Rivian's sensor suite (65MP cameras, radar, LiDAR) and data flywheel enable rapid model training. Enhanced highway assist adoption is strong, and a December AI day will showcase progress. Autonomy is seen as a competitive differentiator and future revenue stream.
- **R1 Momentum**: R1 remains the best-selling premium SUV in key markets, with strong demand for the new Quad-Motor variant. Q3 is expected to be the peak delivery quarter of 2025.

**【CFO Financial Commentary】**
- **Q2 2025 Results**: 
  - Automotive revenue: $927M (down 42% YoY due to lower production of 5,979 vehicles vs. 14,172 in Q1)
  - Software & Services revenue: $376M (50% from VW joint venture)
  - Gross profit loss: $206M (including $137M fixed costs)
  - Adjusted EBITDA loss: $667M (up $100M QoQ due to R2 development costs)
- **Policy Impact**: Regulatory credit sales reduced to $160M for 2025 (vs. prior $300M guidance). Tariffs add ~$2,000/vehicle in 2025. Full-year gross profit now expected to breakeven.
- **Balance Sheet Strength**: $7.5B cash, $1B equity investment from VW at 33% premium, and $1.25B green bonds issued. Up to $2.5B from VW joint venture and $6.6B DOE loan for Georgia plant.
- **2025 Guidance**: 
  - Deliveries: 40,000-46,000 vehicles
  - CapEx: $1.8B-$1.9B
  - Adjusted EBITDA loss: $2B-$2.25B (up from prior $1.8B-$2B)

**【Q&A Key Highlights】**
- **R2 Cost Validation**: 100% of R2 components are sourced, confirming 50% BOM reduction. Javier Varela emphasized supplier confidence and early production readiness.
- **EBITDA Breakeven Path**: 2027 target remains, driven by R2 scale, software/licensing revenue (VW joint venture), and cost optimization. Tariffs and regulatory credits reduce near-term margins but not long-term viability.
- **Tariff Mitigation**: Studying Section 232 automotive tariff offsets and alternative supply chains. DOE loan for Georgia plant (cost-effective at 10%) will be utilized as construction begins in early 2026.
- **Autonomy Commercialization**: R2 will launch with advanced autonomy features, including map-free highway driving. Commercial van autonomy applications are under evaluation.
- **Georgia Plant Timing**: 3-week Normal plant shutdown in Q3 for R2 production prep. Georgia facility construction starts early 2026, targeting 200k+ annual capacity by late 2020s.

Rivian Automotive, Inc. (RIVN) Q2 2025 Earnings Call Transcript

- **$206M Gross Profit Milestone**: Unlocks $1B Volkswagen funding, marking second consecutive quarter of profitability.
- **R2 Launch Readiness**: Validation builds underway; Georgia plant to add 400,000 units annually.
- **Autonomy Leap**: Hands-free, eyes-on driving launched; R2 features 65MP cameras and imaging radar for accelerated AI training.
- **Tariff Resilience**: $2,000+ per vehicle cost headwind offset by U.S. manufacturing shift (LG cells to Arizona by 2027).
- **Cash Strength**: $7.2B liquidity with $3.5B Volkswagen capital and $6.6B DOE loan secured.


**【CEO Summary Section】**
- **Positive Gross Profit Milestone**: Achieved $206 million gross profit in Q1, unlocking $1 billion funding from Volkswagen Group.
- **Autonomy Platform Advancements**: Launched hands-free, eyes-on driving for Gen 2 vehicles; R2 features enhanced sensor suite (65MP cameras, imaging radar) and end-to-end AI training pipeline.
- **R2 Launch Preparation**: Validation builds underway, Normal plant expansion (1.1M sq ft) nearing completion, Georgia facility to add 400,000 annual units.
- **Trade Policy Resilience**: 100% U.S. vehicle manufacturing; LG 4695 cells for R2 to shift to Arizona by 2027.

**【CFO Financial Commentary】**
- **Q1 Financial Highlights**: 
  - Automotive revenue: $922M (14,611 produced, 8,640 delivered)
  - Software/services revenue: $318M (68% YoY growth)
  - Gross profit: $206M (highest quarterly level)
  - Adjusted EBITDA: -$329M (driven by R2 development costs)
- **Cash Position**: $7.2B as of Q1; $3.5B incremental capital from Volkswagen, $6.6B DOE loan for Georgia plant.
- **Tariff Impact**: $2,000+ per vehicle cost headwind in 2025, partially offset by strategic sourcing and mix optimization.
- **Guidance Update**: 
  - Deliveries: 40,000-46,000 units (down from prior 45,000-50,000)
  - CapEx: $1.8B-$1.9B (up from $1.5B-$1.7B)
  - Full-year gross profit: modest positive (unchanged)

**【Q&A Key Themes】**
1. **Battery Supply Chain**: 
   - R1 cells (2170/LFP) sourced globally; exploring U.S. manufacturing for 2026+.
   - R2 4695 cells to be fully U.S.-made by 2027.
   - Enough cell inventory to cover 2025-2026 production despite tariffs.
2. **Autonomy Strategy**: 
   - Vertical integration of sensor stack and data flywheel for rapid model training.
   - Eyes-off functionality targeting 2026; urban autonomy in later stages.
3. **R2 Cost Structure**: 
   - Zonal network architecture and software reuse driving $45,000 price point.
   - Shared Normal plant with R1 to lower fixed costs per unit.
4. **Tariff Mitigation**: 
   - Strategic sourcing, U.S. supplier park, and mix optimization to offset $2,000+ per vehicle impact.
5. **Rare Earth Metals**: 
   - Exploring heavy rare earth-free motors and rotor assemblies for long-term sustainability.


Rivian Automotive (RIVN)-6 May 25-2025 Q1 Earnings call transcript

- **Q4 Financial Breakthrough**: First positive automotive gross profit ($110M) with 7% margin, driven by $31,000 COGS reduction per vehicle.
- **R2 Game Changer**: 95% BOM secured, targeting $45k price with <50% R1 COGS. Launching H1 2026 with advanced autonomy features.
- **Autonomy Leap**: 10x compute power, end-to-end AI training pipeline. Hands-free driving launching Q1 2025, eyes-off in 2026.
- **Software Growth**: 2025 software/services revenue >$1B, 28% margin. $2B+ from Volkswagen JV over 4 years.
- **2025 Outlook**: 46-51k deliveries, modest gross profit, $1.7B EBITDA loss. $1.6B capex for R2/R3 expansion.

**【CEO Key Highlights】**
- **Q4 Gross Profit Milestone**: Achieved $110M automotive gross profit with 7% margin, driven by $31,000 COGS reduction per vehicle and higher ASPs from Tri-Motor launch.
- **R2 Development Progress**: 95% BOM sourced, targeting $45k starting price with COGS <50% of R1. Launching in H1 2026 with hands-off, eyes-off autonomy features.
- **Autonomy Platform Upgrade**: 10x compute power, 55MP cameras, and end-to-end AI training pipeline. Hands-free feature launching Q1 2025, eyes-off in 2026.
- **Brand Strength**: 2nd consecutive year as highest-rated EV brand for customer satisfaction. R1T/R1S awarded IIHS Top Safety Pick+.

**【CFO Financial Breakdown】**
- **Q4 Revenue**: $1.5B (auto) + $214M (software/services) = $1.7B total. Auto gross margin 7%, services 28%.
- **Regulatory Credits**: $300M Q4, $300M annualized in 2025. Software/services segment to exceed $1B in 2025.
- **JV Contributions**: $2B+ over 4 years from Volkswagen joint venture, including $1.3B received in Q4.
- **Cash Position**: $7.7B as of Dec 2024, up $1B from Q3. 2025 capex $1.6-1.7B for R2/R3 expansion.

**【Q&A Key Takeaways】**
- **Policy Risks**: 2025 guidance includes $100M+ EBITDA impact from potential regulatory changes. 2025 deliveries 46-51k, Q1 8k due to shutdowns and demand headwinds.
- **R2 Cost Efficiency**: Non-BOM COGS >50% below R1. 65% part reduction in R2 body structure. 2025 gross profit to be modestly positive.
- **Autonomy Investment**: GPU access via creative financing, not CapEx. Software subscription ARPU targeting $100s/vehicle.
- **DOE Loan Update**: $6.6B DOE loan closing expected H1 2025, supporting R2/R3 scale to 400k units by late 2030s.

Rivian Automotive, Inc. (RIVN) Q4 2024 Earnings Call Transcript

Rivian Automotive (RIVN)-7 Nov 24-2024 Q3 Earnings call transcript

Rivian Automotive Inc - Ordinary Shares (RIVN)-6 Aug 24-2024 Q2 Earnings call transcript

Rivian Automotive Inc - Ordinary Shares (RIVN)-7 May 24-2024 Q1 Earnings call transcript

- **Cost Efficiency Initiative**: 10% salaried workforce reduction and $5,000/vehicle cost savings via Q2 2024 shutdown.
- **R2 Launch**: March 7, targeting mid-SUV segment with vertically integrated tech and 2024 production ramp.
- **Financial Targets**: 2024 gross profit breakeven, EBITDA -$2.7 billion, and 57,000 vehicle production.
- **Demand Strategy**: Standard pack variant launch driving awareness and orders for higher ASP configurations.
- **CapEx Optimization**: $1.75 billion for R2 and service network, down from prior guidance.

**【Management Opening Remarks】**
- CEO Robert Scaringe announced a 10% reduction in salaried employees to drive cost efficiency, emphasizing the industry's long-term electrification trend.
- CFO Claire McDonough highlighted Q4 2023 production of 17,541 vehicles and deliveries of 13,972, with a focus on 2024 gross profit improvement through material cost reductions and production efficiency.

**【CEO Commentary】**
- 2023 production doubled to 57,232 vehicles, exceeding initial guidance by 7,000 units, despite supply chain challenges.
- R2 launch scheduled for March 7, targeting the mid-sized SUV segment with vertically integrated propulsion and software.
- Q2 2024 shutdown to implement $5,000 per vehicle cost savings via ECU consolidation and supplier negotiations.
- Gross profit per vehicle improved by $81,000 YoY, with 2024 gross profit breakeven driven by variable cost reductions and non-vehicle revenue streams.

**【CFO Financial Commentary】**
- Q4 2023 revenue $39 million from regulatory credits, with adjusted operating expenses $706 million, up 2.5% YoY despite doubled production.
- 2024 EBITDA guidance of -$2.7 billion, with capital expenditures $1.75 billion focused on production facilities and R2 development.
- 2024 deliveries expected to grow low single digits, balancing backlog and new orders, with Q1 deliveries 10-15% below Q4 2023 due to supply chain changes.

**【Q&A Highlights】**
- Analysts questioned the impact of workforce reduction on R&D efficiency, with Scaringe emphasizing vertical integration in ECUs and high-voltage architecture.
- Discussion on demand elasticity revealed Standard pack variant launch driving awareness and orders for higher-priced configurations.
- 2024 CapEx reduction to $1.75 billion reflects operational efficiency gains, with focus on R2 production ramp and service network expansion.

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