Folks on the side, if you guys can just move over a little bit, it's gonna be a little bit loud. There we go. Great. Thank you, everybody. Next up, we're very happy to have Rivian. If you've driven an R1, you might be excited about the company. Certainly excited about the stock, especially given where it is at the moment. Rivian IPO'd in 2021. It's got, as I mentioned, a great product around the R1T, the R1S, the EDV, and a lot that's coming on the R2 side. The R2 platform is scheduled to be launched in 2026 in the Georgia plant. As I mentioned, you know, the product really is amazing. I think one of the things that we keep pushing them on, and we're gonna push Claire a little bit on this today, is the potential for pricing. Because I do think there's a real opportunity because the product is so strong. Not only do they have great product, they have great services. They understand something that we have long looked for in the industry, it's sort of the lifetime revenue stream. There's a great understanding, not just on the commercial side of FleetOS, but there's also a great understanding of generating profit and revenue or revenue and profit off the after-sale of the vehicle. Whether it be the second or third owner, and that sale process or subscription services or updates to the vehicle, which really opens up the iceberg of opportunity that we think a lot of automakers are missing at the moment. It's really interesting to see a company in its early stages really understand that. Today we're very happy to have Claire McDonough, who's the Chief Financial Officer, and we've spent a lot of time with, you know, over the last two years and probably more than Claire would like to, with us. We appreciate her actually coming here and helping us out and understand what Rivian's all about. Really first to kinda kick off. You know, the start of production or the ramp of production, I should say, is sort of top of everybody's mind in understanding what's happening here. There's been some, sort of downgrades of expectations. A lot of that has to do with what's going on on the supply chain side, right? You can only make what you get, right, or you can only put together what you actually get from the supply chain. Maybe you could just, you know, talk to us about, you know, how that is progressing, how you're thinking about this year. You know, the 50,000 units this year, you know, has been rumored to be too low and there might be some upside over time. You know, maybe talk about sort of what your actual capacity could be if suddenly everything, you know, that you were dealing with on the supply chain side actually got worked out and you had a flood of parts, and actually started running full throttle on production. Sounds great. Well, first, maybe I'll start with Q1 production levels that we've seen at our plant in Normal, Illinois. Throughout the course of Q1, we continued the build-out and production of our R1 product line, which houses our R1T, our truck, and our SUV, the R1S. We saw meaningful growth in the production quarter-over-quarter as we think about really the rate of growth that we've experienced throughout the course of Q1. As we also experienced in Q1, we took some downtime with our EDV or electric delivery van line as well. We took that downtime to integrate two new key technologies into the vehicle. The first is our LFP battery pack, and the second is our in-house Enduro drive unit. While production levels were low and expected to be low in that Q1 timeframe, I would say that the great bright spot is the fact that our Enduro drive unit launched on time and is ramping according to schedule and plan. Back to the second part of your question, as you think about what unlocks incremental volume for Rivian throughout the course of 2023, one of the biggest unlocks for us is related to the supply chain. In our Q4 earnings call, we spoke at length about, you know, power semiconductors being that gating factor from an overall supply perspective. One of the key mitigation tools that we have at our disposal is the introduction and the ramp of the Enduro drive unit this year, which unlocks a new secondary supply base of our power semiconductors within the plant. Also as we think about the fact that we're building today, Quad-Motors on the R1 line, and now we'll be introducing Dual-Motor configurations, right? We need half of the power semiconductors per vehicle as you think about the introduction of the Dual-Motors into the R1 line as well. As we talked about the 50,000 units of guidance that we provided for 2023, the gating factor that we talked about was supply. Our ability to continue to, you know, ramp and execute against the growth of that Enduro drive unit, which today is feeding the EDV line. In the second half of this year, we'll move to more of a surplus position whereby, we're building excess Enduro drive units that can also, you know, fulfill our R1 volumes as well. That's really where the upside opportunity relies from an overall, you know, ramp and production perspective. If we were to think out outside the semiconductor issue on the power supply side, what would the rest of the lines be able to on the R1 and the EDV roughly be able to run on? We're looking at 150,000 units or that's the final capacity, right, of Normal. The final capacity is 150,000 units. The R1 capacity is 65,000 units today. Mm-hmm. As we think about the overall growth rate in our production cadence throughout the course of 2023, you'll see as we build up that Enduro, you know, volume and unlock and alleviate some of those supply constraints, we have the ability to produce, you know, at the installed capacity rate in that R1 line, overall. The EDV line is a little bit, you know, different dynamic for us, as today we're just producing, vans for the Amazon program. Today, the overall, we're just running that in a single shift operation, whereby on the R1 line, we're operating it on a dual shift, two shift operation. Got it. The EDV is somewhat gated by the demand side of what is the... From the pool from the Amazon side at this point, or is that not the case? Amazon is equally working on building out their own infrastructure to support the integration of the electric delivery vans across all of their, you know, DSPs across the country. They started with a fairly dispersed approach across, you know, over 500 different, you know, end markets that are being deployed with EDVs today. We're building towards greater volumes with them as we look, you know, in the years ahead, and building on the growth rate that we had in 2022. Got it. Okay. When we think about the next leg of capacity that comes on in Georgia, I think it's 2026, what is the install capacity in the first leg or even, you know, in total? Are we looking at that being completely R2s? I think in the past there was a little bit of R1T that was gonna come into the Georgia plant, but I think that's been pushed out, and we're looking at R2s at the moment. What's the potential capacity there? The total capacity will be 400,000 units in Georgia. We'll build it out in a modular fashion, so with 200,000 units coming online first in the 2026 timeframes. R2 is a platform the same way that the R1, you know, vehicle is a platform with an R1T and an R1S. You could think about there certainly being, you know, different variants over time that will, you know, sit on that R2 platform as well. Got it. The second 200,000 tranche, have you guys given us a timeframe on that or the first is 2026? The second we haven't gotten any. We haven't given specifics on when that second 200,000 units come online. Okay. If we think about the R1 and the R2, one of the very pleasant surprises I think you found as costs inflated to some degree, is that you had some obviously upward price adjustments. It's not something we hear in the auto industry, although actually we're hearing more of it these days than we have it in the past. You know, what is your opportunity to potentially take more price on the R1? I mean, is it as orders are... I mean, functionally, like, as you, as you slip these in, you obviously don't wanna raise price on people in the backlog. I mean, when is... What is your opportunity to take price over time in response to just market dynamics, or potentially higher input costs? We see the bigger opportunity as being there to really stretch and extend the top end of the portfolio, whether that's the addition of new, you know, technologies in the vehicle. How we think about taking what's already a phenomenal product today and making that even better, right? Quicker, you know, longer ranges over the long term, or incremental, you know, trim packages as well that help us, you know, extend up ASP as well. We've talked a bit about in the past the fact that within our pre-order base of configured orders, we've seen a strong orientation towards our more premium offerings as well. That gives us confidence to continue to invest in the product development roadmap for the R1, you know, product in particular. The opportunities that we have is to leverage many of those technologies as we think about the cross-platform investments that will become the foundation for R2 as well. We're getting a strong return on those investments as well. Got it. Okay. Then when you think about the R2, I mean, it's gonna come in at a, sort of a more semi mass market price point. We're only talking about 200,000 units of capacity. Theoretically that could be a somewhat of a premium product. I mean, you're talking about the R2 as opening up the market for you, so I understand that, like, over time, it might go down in price point. I mean, when it's first launched, I mean, there's going to be tremendous demand for the product if it's anything like the R1, even just a, you know, slightly scaled-down version. I mean, how are you thinking about pricing on that to kick off? Maybe not even if you give us a dollar value, that'd be great, but how you would position that. How you're gonna position that in the market? Sure. One of the important pieces is really looking at the portfolio overlaps and pricing. As you think about the R1, you know, base price today of an R1T starts at $73,000. We think about, right, how does the most premium, you know, R2, stretch up towards, you know, that level? Ensuring that we're leaving the R1 platform as our true flagship platform in the market that will maintain, you know, strong, overall ASPs for us. That's largely, you know, how we think about it. I would say one of the important pieces that we've continued to look out and evaluate, especially given some of the broader changes in price over the course of the last year or so within the EV space, is to always ensure that we were building the unit economic model of R2 with a more normalized pricing environment in mind for us. While, you know, you could have looked back at the market at sort of the average, you know, ASPs, you know, in the high 60s and, you know, even, you know, beyond for some comparable vehicles, we were making sure that we were building a model and infrastructure and, you know, cost structure that could accommodate, you know, much lower price points as well as we think about the broader spans of that product. I mean, just to push on pricing a little bit because the product is so unique and it is so good if you've ever, if you've ever driven it. Is there ever an opportunity, and we're talking about incremental price, you know, hikes or not hikes, but mix up of, of the R1, to ever reset the product pricing? Because I mean, it seems like, I mean, and I push you guys on this all the time, so I mean, this is not, you know. You're probably want me to stop asking these questions. But I mean, when you think about it's almost like you have a Range Rover and a Range Rover Sport on the way. There is this extreme scarcity of your product, and it's a very unique and it is a very good product. Will there ever be a time where you could kind of consider sort of repositioning and saying, "Hey, listen, the R1 is gonna be a 150,000 unit, you know, or a 100,000 unit run vehicle. We're gonna maintain that as a real premium. The R2 is gonna be a Sport, and then we'll have some, you know, to start, you know, some high-priced R2, and then we have something on the R2 platform that comes in at a lower price point that's a differentiated product that is a little bit more mass market." It almost seems like the R2 is getting into sort of the luxury mass market. It doesn't even need to go down that low to be successful, if it's anything like the R1. Sure. I think... Shift in strategy a little bit, I mean, is what I'm asking about on the pricing dynamics. I think one of the things that we're really focused on is ensuring that there's significant global supply for that vehicle platform overall. We'll certainly have the opportunity to start, you know, and launch with more premium, right, trim packages and more premium mix as we, you know, think about the scarcity value of those very first R2s that will be in the market. Again, as back to the point that I mentioned, it's all about ensuring that we're building with a cost structure in mind that allows us to drive towards and in excess of our target margins, even at, you know, lower price points as well. That's really a bit of the calculus that we've looked at. When you think about the back to the supply side of things really quickly, the semiconductor issue, you're solving that somewhat with Enduro, you're solving that with some with going to sort of Dual-Motor as opposed to Quad-Motor. You're finding these ways internally to deal with this and second supply and maybe using less semis and/or using less, you know, motors, you know, to deal with it. How much externally has the issue been solved with some of your suppliers? I mean, are you finding it still a real challenge, and you're just like, "Okay, we have to find a second source, we have to find a way to work around this because we're just not getting the answers or the supply that we need from our existing partners? I would say we've seen constraints within the broader, you know, silicon carbide supply chain as a whole. One of the advantages that we've had from an engineering capability and development advantage point is the fact that we, you know, design our inverter in-house. That inverter can utilize both silicon carbide, it can also use, you know, silicon IGBTs as well. Yes. Because of that, it provides more flexibility. Through, the drive unit efficiency, that our team has been able to gain as well, we've been able to, in certain cases, expand the range of our vehicles while transitioning from silicon carbide to silicon. I think it comes back to the advantages of the level of vertical integration that we have as a business, and so the nimbleness in which we can respond and adapt and innovate around supply constraints that exist. Got it. Okay. One of the big things is getting the gross margin breakeven, right? I think you're talking about that in getting actually into positive territory into 2024. Is that purely a question of scale and hitting a certain level of production that's significantly above 50,000 units? I mean, how do you kind of envision getting there? Sure. As we think about the gross profit bridge from Q4 of 2022 to Q4 of 2024, as you mentioned, we expect to see a true step change, not just to breakeven, but to positive territory in that timeframe. About 2/3 of that overall bridge is driven by fixed cost leverage that's derived from, you know, having greater levels of volume running through our plant in Normal, Illinois. The other final 1/3 of that walk is split, you know, 50%, based off of how we're effectively reducing our material costs. The material cost reductions are, you know, driven by design-related changes. So whether that's the introduction of our in-house drive units, whether that's introduction of LFP battery packs into the mix. Mm-hmm. Whether it's our next generation, you know, network architecture, you know, our next generation battery packs. There's a lot of core technologies that will be introduced over the course of 2023 and 2024 that materially reduce our material costs. The other, you know, component of the material cost reduction is driven by commercial negotiations and commercial cost downs as well. Many of our supplier agreements were set back in 2018, 2019 before we were a pre-production, you know, business and company. There's an embedded, right, risk that's baked into many of those contracts. Now we have the opportunity as we're, you know, bidding out some of these new technologies with the supply base as we think about the carrot of R2 as well in the longer term, that allows us to reset pricing with many of those supply partners as well. The final piece is ASP. That ASP is driven both by the shift from our, you know, early pre-order customers, so those pre-March 1st pre-order business, which will largely be exhausted throughout the course of 2023. The other elements are really this mix shift as we think about the next generation of technologies going into the vehicles themselves. The ability to gain, you know, pricing power with new performance, new capabilities, new trim levels that allow us to meaningfully increase ASP as well over that timeframe. Very conversely, then another EV startup. You're seeing the order book continue to grow on the R1 side. I should know this. You guys released your first quarter numbers, I think it was yesterday, right? I mean. Yeah. Was there any update on the order book with that? Are you guys not gonna disclose that on an ongoing basis going forward? Right. We're not gonna disclose the order book on an ongoing basis going forward. Part of that is the single biggest deterrent to putting in an order is how long the wait list is as well. It's on us to ramp production and get as many vehicles out into the market into happy, you know, customers' hands. The receptivity of, you know, the community that we're building has been phenomenal. We just won the, you know, J.D. Power Award for premium electric vehicles as well, based off of the, you know, survey and feedback of the, you know, early customers of Rivian. It was great to see that ongoing, you know, recognition and feedback from many of our owners as well. When you think about just on the wait time, 'cause that is, you know, it's very important. I understand why you're doing that. I mean, how are you holding on to folks as they continue to wait? I mean, 2,000 units this year, you're saying your, I mean, your backlog, I'm implying, but you're saying you're gonna sell through your backlog at least through 2023. It might be larger than that. We'll, you know, we'll see. Not trying to look for exact number, but how do you hold on to those folks and really continue to market to them and have them not slip out into buying, you know, a competitive product? Sure. To clarify, the pre-order backlog through 23 is the pre-March first, backlog from last year. Right. Right. So there's- So that'll- The backlog extends well into 2024. Yep. It's a key consideration for us. One of the key initiatives that we've had has been around our test drive program. Getting and making sure that every one of our pre-order customers has the opportunity to experience a Rivian, you know, drive a Rivian as well. One of the other core benefits that we have is the fact that before the IRA was put into place, we allowed our customers to transition from, you know, their current, you know, pre-order of $1,000 that was fully refundable to commit $100 of that purchase. It would be a committed purchase. Many of the pre-order customers before, you know, that August timeframe are also able to be grandfathered into the $7,500 tax credit as well. That's another, I would say, sticking point as we think about the value that is embedded within our pre-order base as well. It's a good strategy. Mark? I think you had a question. Yeah. Thank you. I mean, the product has been phenomenal. As you think about your next two, three years, we've had some speakers come up that, you know, explain there'll be 300 EVs hitting the market in the next five years. You know, where do you think most of the competition would be? How does your product, you differentiate, you're kind of a, you're ahead of the curve. Sure. There's three key themes that I think that drive into our points of competitive differentiation. The first is the strength of the brands that we've built and are building actively. We spoke a bit about, right, the community that we're building around Rivian. Our best advocates are our owners, and those are, right, our organic viral salespeople out in the world, giving many more test drives than we could give as a company. I would say that's one of our key points of competitive advantage and differentiation. The second is the level of vertical integration that we have within our vehicles. The opportunity set that comes from starting with a clean sheet, being able to design an EV from the ground up. Mm. That starts with, right, the core intersection of hardware and software. We've been in a position to, right, design our network architecture from the ground up. Have full in-house, you know, full stack software capabilities. If you're a Rivian owner, you've experienced just the velocity of change from, right, the software updates that you're getting in your vehicle, you know, each and every month that are adding performance, capability, new drive modes, new feature set. Our ability to listen to our customer base and actively respond, not just with, right, things that are happening in your infotainment, but also how are we, you know, proactively mitigating, you know, service challenges through the telematics and connectivity of the vehicles that we're constantly learning from as a business as well. I would say that's the second, you know, core piece. The last one is the direct to customer relationship we had. John spoke a bit about, right, the software and services opportunity that we have over the longer term, and that's a huge margin driver as we think about the opportunity set to expand the embedded car park that we have and continue to build out this suite of, you know, high margin recurring revenues, whether that's on the fleet side through our FleetOS offering with Amazon or whether those are to consumer customers as well. That's great. Thank you. When was Snow mode rolled out? It was pretty cool. It lasts like three or four months, right? Yes, exactly. Yeah. It's pretty awesome. Just in time for the holidays. Yeah, right. You can see that on YouTube and really appreciate what it is. It's pretty awesome stuff. It's kind of simple but kind of amazing, right? Like, as a consumer, you must love, I mean, people must love that. Right. There's been some news reports, I think in The Wall Street Journal and other places, that the exclusivity with Amazon might be something that you're kind of negotiating out of. Can you just remind us, you know, what the exclusivity is? As my understanding, it was really for last mile delivery, full stop specifically. Negotiating out of that might not be that necessary for you to really grow with other customers. I would imagine if you're negotiating out of that, or changing that, right, negotiating out of it, I mean, just curious what your what the discussions are. I gotta imagine somebody like FedEx or UPS is waiting in the wings 'cause last mile delivery, really, they're kinda the other, the two, you know, folks out there that are behemoths. I don't know if you can comment on, you know, if there's other customers waiting in the wings. What's going on with the exclusivity? How is it structured? And are there talks going on? Sure. First off, we'll start with the Amazon, you know, relationship itself, which, you know, remains incredibly strong. As you probably have seen, there's been, you know, an Amazon blog post that they put out recently talking about the, you know, over 3,000 vehicles that are in the field and the $75 million packages that they've, you know, been able to deploy with those vehicles as well. I would say, as we sit here today, there's a lot of excitement around, you know, the carbon impacts that this, you know, this deployment has had across the board, as we think about, you know, Amazon's Climate Pledge in particular. As we think about, right, with IRA and the commercial benefits, the long tail of commercial customers that are also equally excited about the broader, you know, commercial EV opportunities as well. One of the advantages of the Amazon, you know, program that we have is the opportunity to work through what's been, you know, the largest deployment of, you know, electric vehicles into a fleet over that timeframe as well in a commercial capacity. Those core learnings that we've gone through with them, not just from the vehicle, but how are we deploying the vehicles, how are we utilizing, our telematics-based, you know, software solutions, to help improve, you know, uptime in the vehicles and reduce total cost of ownership, for Amazon are critically important as we think about the long-term commercial opportunity set that sits out there as well for ourselves. The exclusivity agreement, with Last Mile is through 2026, so it is a time-based, you know, agreement that we have with them. We do have the opportunity to think about the broader long tail of commercial customers, beyond that Last Mile cohort as well, there's certainly lots of, you know, cargo or other types of use cases, that could be utilized with, you know, the sort of vehicles that we have in our disposal. As we think about the opportunity to really expand the customer base as well, the Amazon agreement is, you know, a cost-plus based agreement. The incremental volume opportunity, you know, it is also a benefit to Amazon over the longer term as we, you know, leverage all of the fixed costs and labor of running that line. Got it. It sounds like there's no change to what's going on right now. No change. Got it. Okay. You mentioned the IRA, commercial vehicle side, you know, largely understandable, but on the R1 and the R2 side, it could be pretty impactful. I know there's kind of this potentially this gap here. I mean, how does the R1 line up right now with the new rules that we've or sort of interpretation of the rules or the law that we just got last week? How are you setting up the R2 to be theoretically fully compliant so you're getting the full $7,500 and maybe even dipping into the $35 per kilowatt hour in some way? Yeah. as well? For R1, because of the price point of the vehicles themselves Tough. It's hard for it to qualify. There's leasing opportunities that are available for R1 that become attractive or also, you know, commercial use cases. If you were a general contractor and you're purchasing an R1T, you know, for your vehicle, you can take advantage of some of those, you know, commercial credits as well. That's really the opportunity set as we think about R1s. Then it's more so to focus on how we're building out the supply chain for battery cells for R2, so that we'll have battery compliant vehicles, given at that price point it becomes a much more meaningful incentive as you think about, you know, the opportunity set available to, for R2 as well. but beyond the credits that we'll receive as well, we do get because we're building our battery modules and battery packs in-house, so we do have the, you know, $10 per kilowatt hour credits that hit this year, which is a benefit for us. One of the other advantages we have with IRAs associated with all of the incentives for charging, the charging networks that we're building out as well. We build our DC fast chargers in-house at our plant in Normal, Illinois. One of the points of the bills that have been put in place around charging infrastructure is that needs to be, you know, made in America. There are actually very few players that have manufacturing capabilities in the U.S. right now that can tap into, you know, the billions of dollars of available funding there. Can you remind us how that would work for the chargers? So there's- The IRA. There's multiple different incentive packages available for, you know, charging-based infrastructure. It can be upwards of, you know, 80% of the cost to put that charger in place through government credits. That's pretty compelling, right, for you guys to... It seems like it to me. Do we have any questions in the room? I've got one or two more. Can you help us just size the market for the R1 platform in its totality? Because obviously it's a high price point vehicle, so sometimes I struggle a little bit with trying to figure out, you know, how long can you sustain 100,000-125,000 vehicles or something of that nature. Sure. In 2024, we'll be expanding the capacity for the R1 program to 85,000 units overall. We see significant potential for us to continue to have strong ASPs at that, you know, overall volume within the broader market. Do you expect further price increases on that platform in your long-term plan, or how do you think about that? We expect ASP to go up, but as we mentioned, the ASP rising is really given the introduction of higher mix variance overall. That's the driver versus just a straight, you know, pricing impact or change. Got it. How long do you think it'll take to take advantage of the EV charging incentives you just talked about, particularly up to that 80%? We expect to be able to start to participate in those forms of credits, you know, beginning in 2024. We're, you know, working towards opening our RAN charging network as well that will allow us to have access to some of those government funds. Thanks. Capital structure question. Go for it. I want to ask you a little something about the capital structure. It's a growing business with a lot of opportunity. I mean, how do you evaluate different opportunities within the market to raise capital? Or you have any thoughts about, you know, your balance sheet and who, you know, if you looked at taking advantage of some of the, you know, the debt markets, you know, when they come down a bit. One of my key objectives, as you can imagine, is to ensure that we always have and maintain a strong balance sheet overall. Pro forma, we raised a green convert last month. Yes. Saw that. Pro forma for that convert, had you know, $13.5 billion of cash and cash equivalents on our balance sheet as of the end of December. As we think about the broader financing opportunity and suite for Rivian, it's to ensure that we're always being opportunistic as we think about the broader, you know, capital markets backdrop. We've talked a lot about internally building a portfolio-based approach for how we're gonna continue to finance the business. That can take, you know, everything from, you know, how we're, you know, potentially leaning into the increased inventory and borrowing base that we have, to expand, you know, ABL capacity, to think about structured finance solutions for key elements of our business, or whether that's thinking about, you know, more, you know, debt solutions or equity link solutions as well as part of that. Thank you. Just one last question on sort of competitive positioning. The R1T, once again, great truck. It's sort of you look at it sort of as a mid-size pickup competitor, but I mean, it's kind of a, sort of an affluent mid-size pickup competitor segment, if you, if you will. When you think about the R2 over time, eventually, right? I know it's kind of been pushed out to an undetermined sort of launch date. That's the only thing that would go really up against based on what we understand the product to potentially be against an F-150, Silverado, Sierra or Ram. Obviously, once again, probably an affluent, you know, sort of higher-end, you know, trim mix. Do you think that's an eventuality, or is that the kinda thing that may be dropped out of the product portfolio, you know, forever? Or is this, I mean, something that really kinda come back in because it does seem like there's room in the market, once again, for a really high-end truck that might pick up 10, 20, I mean, probably a whole lot more than that, you know, tens of thousands of units, maybe, you know, 100,000-150,000 units at a very high, you know, trim level that may take advantage of the R1 platform stretched, and really be wildly profitable product for you? I think one of the advantages that we see, and we see this with our R1T launch is the fact that we're creating a white space product. While the truck market is a huge and significantly profitable segment in the U.S., we actually see EVs as an opportunity to expand the truck market. As you think about what are the constraints for most consumers when they think about, should I buy an SUV or a truck? You know, for example, they're thinking about walkable storage area, which, right, our R1T captures in spades, whether it's our Gear Tunnel or frunk or, you know, our tonneau cover on the bed of the truck itself. It's been a great, you know, product for us to really stretch and expand, you know, how people think about, you know, this segment and how we think about the overall potential growth of the truck segment as well, you know, more broadly. For us, as we thought about really working through the course of the last 18 months, we wanted to ensure that we were, you know, focusing our product roadmap. That was why we said, let's focus, you know, first and foremost on the R2 platform, which is gonna be that global scaling platform for us. We'll, we'll continue to monitor the market and look, but, you know, certainly haven't made, you know, the R1T for us is sort of on the shelf at this point. I think with that, if there's one more question, we can squeeze it in. Otherwise, we're gonna wrap up here. Claire, thank you so much for joining us. We really, really appreciate it as always. We look forward to having the truck here next year. We didn't have the truck here this year, but next year we're gonna have it outside waiting for everybody to drive. Thank you very much. Thank you. Thanks very much. Thanks.