Rivian Automotive, Inc. · NASDAQ:RIVN

Rivian Automotive — Investor Day (June 2024)

121 slides from Rivian Automotive's investor day presentation, Jun 27, 2024

Slide 1: Rivian Investor Day
Rivian Investor Day June 27, 2024 Rivian Investor Day 2024
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation and accompanying statements that are made during our 2024 Investor Day contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation and accompanying statements
Slide 23: Scalable software OS across multiple platforms
Scalable software OS across multiple platforms Vehicles Common Applications & Software Foundations Adapted Features Unique Features Hardware Adaptation Layer Electrical Hardware © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 24: Rivian Cloud Product Operations
Rivian Cloud Product Performance Operations Manufacturing ~500 features added 96% of customers install User Experience Supply Chain Optimization Logistics over 2.5 years a software update Quality Facilities through 30+ OTAs within two weeks Commercial Sales Delivery 30% improvement 20% improvement S
Slide 27: Improving the charging experience with data
Product software Improving the charging experience with data 35% increase in successful charging stops 1 month after introducing Rivian Charging Score © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 40: Electrical Hardware
Electrical Hardware Legacy OEMs Rivian Gen 1 Rivian Gen 2 All Tier 1 ECUs 17 in-house ECUs 7 in-house ECUs © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 41: Rivian in-house developed ECUs
Rivian in-house developed ECUs Infotainment & Autonomy Computer West Zonal Controller NFC & Door Handle East Zonal Controller South Zonal Controller Battery Management System Vehicle Access © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 42: Rivian's end-to-end ECU ownership
Rivian’s end-to-end ECU ownership Platform Needs HW+SW Architecture ECU Design Simulation Build Test & Flash SW Durability Testing System Integration Rapid Design Iteration Scale up © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 43: Zonal Controllers
Zonal Controllers 60% fewer ECUs compared to Gen 1 Seats Accessories 1.6 mi reduction in Closures Lighting harness length 44 lbs weight reduction Chassis Thermal per vehicle © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 44: Autonomy Computer
Autonomy Computer High Speed Interfaces 11 cameras @ 6 Gbps 10 Gbps Ethernet High Precision 16 PCIe Gen4 GNSS & IMUs 11.2 Gbps chip2chip GNSS: 100 nV sensitivity / Sub-10 cm accuracy IMU: dual 6 DOF, high performance 4:1 Consolidated Gen1 ECUs 250 TOPS AI compute capability (10x vs. Gen 1) © 2024 Ri
Slide 45: Deep sensor integration
Deep sensor integration Cameras Radars GNSS IMU 500 ft Integrated on Autonomy Computer (surround) 1,000 ft (front) 3 MP & 8 MP custom cameras Front: imaging radar < 10 cm position accuracy High dynamic range Surround: longer range High spec (<1o/hour drift) IMUs LED flicker mitigation © 2024 Rivian
Slide 46: Infotainment Computer
Infotainment Computer Connectivity Camera Processing WiFi, Bluetooth, 4G 60 fps (HD Video) Power conservation mode 3.3x neural processing vs. Gen1 Visualization 4K HDR 3:1 Consolidated Gen1 ECUs © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 47: Distributed Sensing and Compute
Distributed Sensing and Compute Functional performance achieved is greater than Front Drive Unit (FDU) the sum of parts Resolver WSS WSS Legend Other West Zone Controller (WZC) Autonomy Control Module (ACM) Sensor IMU Primary Localization Function Vehicle State Estimation GNSS Crash Detection Pose E
Slide 48: R1 vs R2 power conversion
R1 vs R2 power conversion R1 R2 5 to 1 module consolidation, high + low voltage 70% reduction of heavy-duty high voltage cables V2H integrated power electronics for more efficient vehicle-to-home solution © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 50: Technology Leadership, Gen 2 Leverage, Lower Cost
Technology Leadership Gen 2 Leverage Lower Cost AI compute, HD sensors, R2 & R3 utilizing increasing integration, retina displays, haptic R1 Gen 2 architecture: and optimizing BOM, scroll wheels, V2H zonal ECUs, sensors, supply chain and digital keys, Dolby Atmos vehicle assembly © 2024 Rivian Inc.
Slide 53: Onboard: Sensors
Onboard Sensors Perception + Prediction Planning 11 Cameras 55 MP of real-time imaging Highest number of megapixels of any US market vehicle State-of-the-art resolution and dynamic range 5 Radars Multi-modal sensing supported by 5 advanced radars 1,000 feet of forward-facing detection range 360° Sen
Slide 57: Extensibility
Extensibility Compute Sensors Early fusion encoder architecture allows for different sensor technologies and arrangements on the same core ML stack Long term independence from specific sensors Prior learning is transferred to new sensors © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 20
Slide 60: Real-world simulations
Real-world simulations Every event encountered in our fleets can be replayed and evaluated through simulation 5.6M+ < 1 day Gen 2 simulations from real world to sim © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 66: R1 Gen 2 Battery Pack: front crossmember
R1 Gen 2 Battery Pack Reduced cost of front crossmember by 47%, replacing 17 pieces with high-pressure die casting Generation 1 Generation 2 © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 67: R1 Gen 2 Battery Pack: skid plate
R1 Gen 2 Battery Pack Reduced cost of skid plate by 54% with minimal mass increase and no impact to capability Generation 1 Generation 2 © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 69: Rivian Drive Units
Rivian Drive Units Origin Enduro Ascent Two motors per axle One motor per axle Two motors per axle Rivian inverter and gearbox with 100% Rivian 100% Rivian supplier rotor/stator assembly No longer in production In production In production © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2
Slide 71: Ascent Drive Unit
Ascent Drive Unit Redesigned inverter 75% higher volumetric density All high-voltage joints are welded for improved manufacturing (fewer fastening stations on the line) and lower joint resistance 25% lower cost for the same performance © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 72: Ascent Drive Unit
Ascent Drive Unit Integrated housing mounts Part consolidation Improved stiffness Dual isolated bushings improve NVH © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 73: Ascent Drive Unit
Ascent Drive Unit Hairpin windings Higher power density Lower cost Improved manufacturability with only 3 unique pin shapes and only 6 conductors per slot © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 74: Ascent Drive Unit
Ascent Drive Unit Direct oil cooling to stator and rotor Improved thermal performance Continuous power output © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 75: Dramatic cost and performance improvement with Ascent & Enduro
Rivian Drive Units Dramatic cost and performance improvement with Ascent & Enduro Total Cost of Drive Units No longer in production In production © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 76: Maximus (Enduro Gen 2 – R2/R3 Drive Unit)
Maximus (Enduro Gen 2 – R2/R3 Drive Unit) Optimized packaging with integrated side-mounted inverter ~30% piece cost savings ~30% reduction in direct 11% reduction in 32% reduction in compared to Gen 1 labor per unit engineered parts drive unit fasteners R1 (Enduro) R2 + R3 (Maximus) © 2024 Rivian In
Slide 78: R1 Gen 2 Body
R1 Gen 2 Body Reengineered to optimize costs R1T Generation 2 65 parts eliminated 15 parts converted to steel 30% JPH improvement 1,471 connection points in body shop reduced © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 79: R1S Gen 2 vs R2 rear doors
R1S Gen 2 vs R2 rear doors 54% savings from design optimizations R1S R2 65% part count reduction 62% increase in JPH for interior trim © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 80: R1S Gen 2 vs R2 rear underbody structure
R1S Gen 2 vs R2 rear underbody structure Utilizing large high-pressure die casting R1S R2 96% fewer parts 32% piece cost reduction © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 81: R1 vs R2 front suspension
R1 vs R2 front suspension Expected 72% BOM savings R1 R2 Double wishbone McPherson Strut Air suspension(with 150mm of height adjustment) Passive coil Electro-hydraulic adjustable damping Passive anti-roll bar damping Aluminum structural components Steel structural parts © 2024 Rivian Inc. All rights
Slide 82: R2 and R3 Floor-to-Pack Design
R2 and R3 Floor-to-Pack Design Identical assembly fixtures, fore-aft alignment and common datum features R2 R3 © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 83: R2 Sourcing Leverage
R2 Sourcing Leverage -47% Front Displays -58% Cross Beam Bar -71% Center Console -40% Brake Calipers -28% 3 MP Cameras -22% Steering Rack © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 87: We are bringing people into electric vehicles
We are bringing people into electric vehicles Replaced vehicle by fuel type (when R1 replaced a vehicle in household) ~76% of vehicles R1 replaces are non-EV ICE includes Gas/Diesel/HEV and PHEV © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 88: Customers buy Rivian vehicles for design, performance & technology
Customers buy Rivian vehicles for design, performance & technology Top 3 Reasons for Buying a Rivian Exterior Design Driving Innovative & Styling Performance Technology Source: 30-day customer survey, YTD 2024 © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 89: Rivian ranks #1 in owner satisfaction
Rivian ranks #1 in owner satisfaction % of owners who would buy from the same brand again Rivian 86% of Rivian owners would buy from Rivian again Source: Consumer Reports © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 93: One digital destination simplifies purchase flow
One digital destination simplifies purchase flow and increases data capture 2.9M average website visitors per month © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 94: Rivian Shop features popular configurations
Rivian Shop features popular configurations for faster delivery Pre-Owned coming soon © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 96: Rivian Spaces
Rivian Spaces 85,000+ average visitors per month 60% more traffic compared to leading lifestyle brands in similar area © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 97: Opening Spaces accelerates orders
Opening Spaces accelerates orders Atlanta orders Represents seasonally adjusted increase in orders © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 98: Leveraging Service Center network for product education
We have begun leveraging our Service Center network for product education and customer engagement © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 103: Rivian Service
Rivian Service 49% smaller physical footprint needed due to mobile service capacity 70% of work orders are completed via mobile service © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 106: Fastest U.S. company to $5B in LTM Revenue
Fastest U.S. company to $5B in LTM Revenue 1 Deliveries Revenue ($B) 1 Defined as of the start of revenue generation © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024 2 Q1’22 LTM includes Q3’21-Q1’22
Slide 107: Reaffirming guidance of 57,000 units produced in 2024
Reaffirming our guidance of 57,000 units expected to be produced in 2024 Q2'24E YTD Q2'24E © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 108: Gen 2 expected to reduce material cost by ~20%
Gen 2 introduction, combined with commercial cost downs and commodity tail winds, is expected to reduce material cost by ~20% ~20% material cost reduction © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 109: Reaffirming path to positive Q4 '24E gross profit
Reaffirming path to positive Q4 ‘24E gross profit Gross profit drivers Gross profit per unit delivered Variable Cost Material cost Fixed Cost Depreciation Labor and overhead LCNRV1 Revenue per unit delivered Regulatory credits Remarketing 1 LCNRV and Firm Purchase Commitments © 2024 Rivian Inc. All
Slide 110: We continue to scale while holding expenses flat
We continue to scale while holding expenses flat Revenue Adj. OpEx (non-GAAP)1 1 A reconciliation of non-GAAP financial measures to the most comparable GAAP measure is provided in the appendix of these materials © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 111: Planned $2.5B+ of capital expenditure reductions
Planned $2.5B+ of capital expenditure reductions (2023–2025E) 1 Total 2024E–2025E CapEx: ~$2.7B 1 References reduction in 2023 and 2024 CapEx guidance and incremental CapEx savings from moving R2 production to Normal © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 112: Balance sheet expected to strengthen through Volkswagen Group partnership
Rivian’s balance sheet expected to strengthen through partnership with Volkswagen Group Estimated Timing Estimated Amount Q1 ’24 ending cash balance1 $7.9B Total contributions from Volkswagen Group2 +$5.0B Convertible Note 2024E +$1.0B Payment to Rivian at inception of JV 2024E +$1.0B Equity Investm
Slide 114: Optimizing cost structure from R1 to R2
Optimizing cost structure from R1 to R2 ~45% material cost reduction expected from R1 Gen 2 to R2 © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 115: R1 profitability driven by fixed cost leverage and material cost reduction
R1 profitability primarily driven by fixed cost leverage and material cost reduction Revenue per unit 1 Fixed cost per unit2 Variable costs per unit 1 Excludes regulatory credits 2 Excludes LCNRV © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 116: Rivian's path to positive adj. EBITDA in 2027
Rivian’s path to positive adj. EBITDA in 2027 Gross Profit SG&A R&D Continued focus Adj. SG&A growth expected Expected reduction in on cost optimization as we expand our sales Adj. R&D as we leverage and ramp of R2 and service infrastructure previously invested in to support R2 technologies and plat
Slide 117: Strong balance sheet, R2 launching 2026, path to profitability
Strong balance sheet Poised for growth with Path to long-term and capital roadmap R2 launching in 2026 profitability © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 118: Long-term financial targets
Long-term financial targets ~25% High-teens ~10% GAAP gross margin Adj. EBITDA margin Free cash flow margin © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024
Slide 121: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 2022 2023 Adjusted Operating Expenses Total operating expenses $3,733 $3,709 R&D depreciation and amortization expenses (95) (138) R&D stock-based compensation expenses (437) (408) SG&A depreciation and amortization expenses (82) (138) SG&A stock-based compensation ex

Rivian Automotive — Investor Day (June 2024) on 6ix

Rivian Automotive — Investor Day (June 2024)

Slide 1: Rivian Investor Day

Slide 2: Forward-Looking Statements

Slide 3: RJ Scaringe, Founder & CEO

Slide 4: © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024

Slide 5: © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024

Slide 6: © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024

Slide 7: © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024

Slide 8: © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024

Slide 9: © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024

Slide 10: © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024

Slide 11: © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024

Slide 12: © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024

Slide 13: © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024

Slide 14: © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024

Slide 15: © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024

Slide 16: © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024

Slide 17: Presenters

Slide 18: Software

Slide 19: © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024

Slide 20: © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024

Slide 21: © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024

Slide 22: Rivian Cloud and Rivian OS

Slide 23: Scalable software OS across multiple platforms

Slide 24: Rivian Cloud Product Operations

Slide 25: Product

Slide 26: © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024

Slide 27: Improving the charging experience with data

Slide 28: © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024

Slide 29: Operations

Slide 30: © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024

Slide 31: Commercial

Slide 32: Commercial software: Automating service with AI

Slide 33: End-to-end Software Platform

Slide 34: © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024

Slide 35: Electrical Hardware

Slide 36: Four key focus areas

Slide 37: Electrical Hardware

Slide 38: Electrical Hardware

Slide 39: Electrical Hardware

Slide 40: Electrical Hardware

Slide 41: Rivian in-house developed ECUs

Slide 42: Rivian's end-to-end ECU ownership

Slide 43: Zonal Controllers

Slide 44: Autonomy Computer

Slide 45: Deep sensor integration

Slide 46: Infotainment Computer

Slide 47: Distributed Sensing and Compute

Slide 48: R1 vs R2 power conversion

Slide 49: Platform developed for scale

Slide 50: Technology Leadership, Gen 2 Leverage, Lower Cost

Slide 51: Autonomy & AI

Slide 52: Rivian Autonomy Platform

Slide 53: Onboard: Sensors

Slide 54: Onboard

Slide 55: Onboard

Slide 56: Compute

Slide 57: Extensibility

Slide 58: Data Loop: Always Improving

Slide 59: © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024

Slide 60: Real-world simulations

Slide 61: Strategic advantage

Slide 62: Product Development

Slide 63: © 2024 Rivian Inc. All rights reserved. Rivian Investor Day 2024

Slide 64: Optimizing vehicle cost structure

Slide 65: R1 Gen 2 Battery Pack

Slide 66: R1 Gen 2 Battery Pack: front crossmember

Slide 67: R1 Gen 2 Battery Pack: skid plate

Slide 68: R2 4695 Structural Pack

Slide 69: Rivian Drive Units

Slide 70: Ascent Drive Unit

Slide 71: Ascent Drive Unit

Slide 72: Ascent Drive Unit

Slide 73: Ascent Drive Unit

Slide 74: Ascent Drive Unit

Slide 75: Dramatic cost and performance improvement with Ascent & Enduro

Slide 76: Maximus (Enduro Gen 2 – R2/R3 Drive Unit)

Slide 77: Heat Pump System

Slide 78: R1 Gen 2 Body

Slide 79: R1S Gen 2 vs R2 rear doors