Thanks for everybody for joining us for the second to last session of our two-day marathon. Very happy to have Rivian and Claire McDonough, Chief Financial Officer. Claire is obviously managing a very complex situation and doing a very fantastic job. On top of the company, actually doing a fantastic job, at least in my opinion, with product. I mean, we've driven the R1T many, many times, and I will say there was a time where I drove it very quickly. I won't say the speed right now because we're in official territory. Very quickly stopped it. The suspension was raised and then drove over a 45-degree rock wall, and I think it was less than a minute for that suspension to go up. I would say it's one of the most amazing products I've ever driven, including many, many, many, many supercars over the past few decades. I think the product is really quite fantastic at the company. In addition to that, they have some vans, which are pretty cool on the EV side, in addition to the R1s. I'm working forward to the R2 coming out of Normal and then ultimately out of Georgia. There is a lot of great product in front of the company. There are also a lot of challenges as far as getting volume and profits up. We are looking forward to hearing about not just the good news from the product side, but also fighting through the valley here until we get to the R2 and real volume growth. Claire, maybe if we could think about 2025 and maybe over the next few years. I mean, first, as you think about the world as we know it right now and it's shifting rapidly, as you think about the roughly 46,000-51,000 units you talked about for this year on the production side, is that the kind of sort of run rate we should think about for the R1 and the EDV over time? Or do you think there's some potential that that could actually be higher? Because I think in Normal right now, you have about 150,000 units of capacity, and then we're going to see R2 capacity put in place as we go through the course of this year into next year. How do you think of sort of that baseline? I love RJ's statement of it's our handshake to the world. The volumes matter, but we got other stuff coming that's going to be more impactful from a financial standpoint. I mean, how should we think about sort of those ongoing volumes? Maybe not even just this year, but what you think with the R1s and the EDV over time? Sure. Last year, we made the decision to put our first line of R2 production in our Normal facility. One of the core advantages of us adding that additional volume to the Normal factory is the manufacturing flexibility that it provides the company. In total, as you mentioned, we have 150,000 units of capacity today. That is 85,000 units of R1 capacity, 65,000 units of commercial van capacity. We are in the process right now of a just over a million foot expansion that will house our body shop and general assembly for the R2 facility that will bring online an additional 155,000 units of R2 capacity within the plant. The overall nameplate capacity of Normal will be centered at about 215,000 units in total. What that means is we can't run all three lines on three shifts at full operation and full tilt, but it provides us a lot of flexibility such that if we were building R2 across three production shifts, for example, at 155,000 units, that would still leave us with roughly 60,000 units to split between R1 as well as the commercial vans. As the CFO, we have the opportunity to really maximize the overall gross profit potential as we think about the throttle or decision-making process we can make centered around what the volumes of each of those manufacturing lines can deliver in the Normal facility. I guess maybe one of the reasons that the 215,000 units might be sort of the max capacity when you put all the three products together, is there a paint shop? Would that be the bottleneck there? Then theoretically, that could be relieved over time if needed. I mean, is that the one missing part in that million-unit capacity? The paint shop is. A million square-foot capacity. Right. The paint shop is the primary constraint. We will have a shutdown in the second half of this year. That time that we will take down, which will be roughly about a month, will be focused on increasing the capacity of our paint shop, which is one of the primary objectives of the shutdown itself as we prepare our production facility for R2 in aggregate. There certainly over time could be additional paint shop. The challenge would be thinking about paint shop expansion or potential there. There certainly are opportunities for us to think about maximizing the volume set of the Normal facility. If you think about the Georgia facility and the timeframe of when that's coming online, what ultimately, I mean, there's probably going to be some, there are going to be phases there, right, of the capacity. Maybe when you think now, because now R2 is going to go into Normal first, what's the timeline on the Georgia plant and sort of maybe the initial capacity and then potential capacity over time? For the Georgia facility, we plan to build it out in two phases. Each of those two phases, we expect to have 200,000 units of capacity. In aggregate, we will build in our end state 400,000 units of total capacity in Georgia. The first 200,000 units of capacity we will break ground on in 2026 and expect to start producing vehicles out of Georgia in 2028 as well. Okay. There's certainly a lot of concern around the consumer right now, but you're dealing with generally a higher-end consumer for the R1s at the moment. We'll get the R2. There might be a little bit more sort of a mass-market consumer in R3 that comes in. Maybe you could talk about the current profile of your average consumer, whether it be P&I TI or geography or demographics of those folks. Our R1 consumer is highly affluent, highly educated. They're technology-savvy as well. They're drawn to many of the design aesthetics of our product, the capabilities, the performance, and the core technology that they find in our vehicles as a whole. One of the big pieces that RJ approached the design and development of R1 centered around was creating a product that was truly no compromise. As we thought about bringing a truck, an electric large SUV to the market, we saw a huge opportunity given that 80% of the U.S. market today is centered in trucks and SUVs. It's also the fastest-growing area from a light vehicle standpoint as well. We saw the opportunity, as you started with your comments, to say, how do we really debunk how consumers think about the product offering? Because it wasn't with the intention of saying, let's bring the best SUV or the best electric vehicle to the market, but instead, let's build the very best truck, the very best SUV that we can bring to market and allow consumers to have that first EV experience. As we see many of our customers that are getting into their very first EV vehicle as a whole, or also for the EV enthusiast that loves and understands and knows EVs, the opportunity to jump into a Rivian and experience a new design and new form factor with the brand. Do you have a breakdown of folks that have owned an EV before versus not in the buyer base? This is maybe not the most fair question to ask you, but how many of these folks, I'm not sure how you would measure this, are just buying it because the vehicle, and I would certainly agree with this, is so good and they're buying it kind of regardless of the powertrain and not even kind of talking about that as they're buying the R1? Right. One interesting data point, and we look at this, is why are consumers purchasing? What was the purchase intent decision-making process for the vehicle? If you look at the parade of different alternatives, environmental decisions are pretty low on the list, for example, because it's truly the performance utility. They're getting all of that, and they're getting the benefits that an EV can provide as well. I think for many of our customers, they're really resonating and drawn towards the capability of the vehicles and the resonance of the brand that we're building as a whole. When you think about the brand awareness, I mean, this is going to become much more important as the R2 ramps up and you're looking to do a lot more volume. That is where I think the company starts reaching potentially escape velocity from a volume and profit standpoint. If you're to think about the brand awareness, is there anything that you think you need to do in front of that, the R2 really kind of hitting volume production and getting folks sort of butts in seats, for a lack of better terms, always important when you have a new product that you're going to need to do in front of that R2 launch? The biggest opportunity we have as a business is to take the more than 90% of new vehicle sales market that today are still buying combustion engine vehicles and have many of those customers that have never even driven an EV before to come and experience the capability and performance that a Rivian has to offer as a whole. Recently, we sponsored South by Southwest. We set up what we called an electric joy ride experience. We took an empty lot down in Austin, Texas, built an off-road style course similar to what you experienced outside of our manufacturing facility in Normal. We did 7,000 test drives of customers that were lined up around the block because they had never experienced anything like this. When you get into a Rivian and you're able to see their performance of climbing steep grades or making turns on maybe one or two wheels as you navigate the course, it really debunks how consumers think about what an electric vehicle can be and the capabilities and performance that it can have. Our top priority continues to be getting more and more customers behind the wheel or into our vehicles so they can experience them firsthand. That's going to help tune up the market as we approach R2 and hopefully continue to persuade many first-time EV buyers to jump into a Rivian. On the R1, what have been sort of the vehicles people have been trading out of to buy the R1 if you've got those stats? That would be sort of real-world stuff. Two, as you think about the R2 launching, what would be the products? I mean, and I think we're being surprised that it's not similar crossovers or other crossovers, but I'm just curious what you're seeing in the data for the R1. As you kind of think about that buyer for the R2, what are they in and what are they stepping out of to buy the R2? Sure. As we look at the R1 consumer base, the vehicles that they're coming out of largely reflect the nameplate volumes and market share as a whole of what you would see in the U.S. It is not just premium vehicles, not just EVs, but lots of Toyotas and Fords and GMs and things of that capacity as a whole. It is also a very diverse set of vehicles that we're receiving as customers are making, in a number of cases, a much bigger price point step up into a Rivian relative to the vehicle that they may have previously owned. That does not mean they're stretching up from their own affordability. Many of them are quite affluent, but they chose to have more of the family mover for all of their gear and stuff. Instead, we created a premium product and offering that could give them the utility they were looking for. That's nice. When you think of the R2, do you think it's going to be a similar sort of smorgasbord almost of folks coming in from Camrys and RAV4s, but also maybe Wranglers and Evoques and stuff like that? Is it going to be that you think that's probably what you're going to be hitting with the R2? We think that it will be sort of a similar mix overall as well. Got it. Doug, I'm sorry. Do you have a question? How does that compare to other luxury brands? Because I would have expected it'd be departing their high-end Audi or your BMW or Mercedes. It's kind of interesting that you're able to get someone kind of get out of a, I don't know, get out of a comfort zone. I won't say comfort zone, but I'm just curious in the marketing detail. That seems pretty unique. I would say we have a full gamut. We also have the Porsche customer that buys an R1T truck because it's a high-performance vehicle as well. It's really a broad-based mix of everything from the minivan that gets traded in to the Tesla to the premium offering. You have a lot of customers. That's good. The opportunity in Europe right now, given that theoretically, and we'll see because I think you guys kind of traverse the EV sort of nomenclature in isolation. If we think about what the opportunity might be in Europe, where there's certainly a push, and we're going to get into tariffs later, but excluding tariffs, I mean, the entrée into the European market seems like something that you guys are looking at. It seems like it should be very viable, particularly for the R2. I mean, is that an R2 moment, or is that you're seeing anything on the R1 side at this point? What are your expectations for the R2 in that as we get there? R2 was designed from the very get-go for global market expansion. That will be the primary global scaling product for the Rivian brand internationally as well. We'll start production in the first half of 2026 and then begin exporting R2s over to Europe as well as we build out our sales and service infrastructure. Today, we do support Amazon in Germany. We have a handful of service centers in Germany to support their operations, but we'll continue to grow that footprint as we approach the R2 startup production. Is there a significant expectation for the first 200,000 tranche or the 150,000 in Normal and the 200,000 tranche in Atlanta or outside of Atlanta in Georgia to be shipped internationally, or is some of that first 150,000 mostly going to be U.S., North America? When you get Georgia ramped up, that's where you start going to Europe? What's kind of the rough split and what you're thinking on the production side and ultimate destination? On the production side, the expectation is to use those early volumes out of Normal to build brand. And for Rivian to take more of a measured approach as we look at each of the countries in Europe that we plan to enter. We're not going to enter every country all at once, but have a phased-in approach as we build the brand. So once we're at more meaningful scale with the addition of the Georgia volumes, we're ready to increase that export volume over to Europe as a whole, but we'll start with more brand-building efforts out of the gate from our Normal capacity. Got it. Switching to maybe the margin side of the equation. You went through the first generation now and the second generation of the R1. A lot of that had to do with design and engineering and taking cost out of the vehicle as opposed to creating a whole new vehicle. It really was more of a cost and performance function. How much better are the margins on the second generation R1s? And is there an opportunity to potentially even go further beyond that? I mean, there's always the issue of scale, driving better margins, but to redesign and continuously improve potentially the margin profile of the R1s? For R1, we started to see some of the financial impacts in the fourth quarter of 2024. In the fourth quarter, we were able to reduce our cost of goods sold per unit delivered by $31,000. The majority of that reduction in COGS per unit was driven by improvements in our R1 material cost as a whole. That is just an indication of the relative improvements, as you mentioned, of some of the engineering design-driven changes that were introduced, including our new network architecture, changes to our structural battery pack that was a significant cost savings for us. Beyond the material cost savings, we have also made improvements in the design for manufacturability of the product as well. We're able to increase the manufacturing line rate of R1 that will enable us to reduce our labor and overhead costs as well per unit, which will help drive some ongoing savings as we look at 2025 as a whole. Without kind of getting into guidance too much, just kind of the complexity of the LCNRV discussion, I mean, when are we beyond that being a big swing factor? I mean, as we go through 2025, are we going to get through that on the volume, or is it really a 2026 event? We're pretty much there. We ended the year with about $70 million of overall LCNRV and firm purchase commitment value. That will continue to, we expect that to continue to come down. I would say in terms of the significance and size and scale, it's already smaller. Right. It makes it easier for companies like the model stuff because that gets very complicated. If we think about the downtime in the second half of this year for the changeover or for the tooling on the R2 in the Normal plant, you guys have telegraphed and talked about that. Is there anything else that would come up with the Normal plant once we get beyond that where we'd be significant downtime in the future? Or once that's in place, we have Normal kind of running full speed and normally over time, is there anything in 2026 or 2027 that you could foresee as a reason for any significant downtime in Normal? As we think about the R2-related impacts in Normal, the biggest downtime we'll take as we integrate R2 is associated with that second half of 2025 shutdown. Our teams will continue to do work on weekends around the clock in sort of off-hours from a manufacturing perspective to try and mitigate any disturbance from a manufacturing perspective. There certainly could be items that we would need to take a shop down for a short period of time to make some adjustments to the line as we initiate our production builds. As we get through that, calling it a changeover, it's not a changeover, that expansion, as we get into 2026, and 2026 should have capacity to do at least 60,000 or 60,000 R1s and EDVs, and then 155,000 units of capacity for the R2, that's going to be ramping through 2026. I mean, is it really second half of 2026 that that 155,000 units on the R2 would be sort of at a run rate, or is maybe even that too soon or too late in that depending on? That would be too soon. The way that I would characterize it is we plan to start and run for most of 2026 with a single shift of production as we ramp up and ensure that the supply base is ready to scale with us. Our expectation is towards the very end of the year, we would add in a second shift of production. To get to the full 155,000 units, that would require a third shift, which we would expect would come online in 2027. Okay. I think that gets us to the next question of the break-even EBITDA in 2027, I think is what you guys have talked about. If we step forward from where we are right now to that break-even EBITDA in 2027, what are the major block factors or factors that are going to get us there? R1, R2, and then R3. We're never talking about R3 at that point, but yeah. For R2, R2 is not just a benefit as it pertains to the unit economics of the program itself, which today are on track and meeting management's expectations in terms of our source content, which the vehicle is largely sourced. In our last earnings call, we mentioned it was about 95% sourced at that point in time and has a non-material cost structure per unit, which is less than 50% of R1, given it's a much easier vehicle to manufacture and will have a line rate that's far in excess of the installed capacity in R1 as well. As you think about the opportunity and margin profile of R2, that then also provides benefits to our existing products. We have R1 and the EDV that are now benefiting from the fact that instead of running roughly the 50,000 units that we ran at last year, we now have the opportunity to be scaling up towards the 215,000 units of overall production as a whole within the Normal facility. Back in our investor day, for example, we showed that the fixed cost of bringing R2 volumes into Normal had about a 34% improvement in our fixed cost per unit for R1 because of the shared cost absorption that R2 would help alleviate as a whole. It is a big enabler as we think about the overall automotive gross margin potential of the Normal facility. Beyond the automotive side of the business, we'll also see meaningful growth in our software and services revenue as a whole and the margin and gross profit contribution that we'll see given the components and benefit of the joint venture, the benefits that we'll see from our remarketing business, our maintenance and service business, for example, the growth and maturity of our charging infrastructure, things of that nature, in addition to many of the software subscriptions that we offer customers as well. Then beyond that, we'll have some growth from an overall SG&A standpoint, but more modest levels of growth. Okay. Now, we're going to skate into the zone that's a little bit more slippery in talking about sort of regulatory credits and tariffs a little bit, where things are very uncertain. I mean, the answers to these are kind of tough to necessarily nail down. If you think about that move to break even by 2027, is there a significant assumption on regulatory credits being recognized in that, or is this all organic? Sort of the improvement could be all organic excluding regulatory credits. You could call regulatory credits organic because, I mean, there may be a place where they're very valuable. There might be a place where they're not very valuable. It's very difficult to call at the moment. I mean, what's your current assumption there on regulatory credits in that walk? Our assumption is that we will continue to have the benefit of regulatory credits on a go-forward basis. Okay. I mean, is that just U.S., or would that also include regulatory credits in Europe? I mean, because there's some companies that are doing fairly well in both regions. It would include both, but I would say the U.S. business and volumes would be far greater than Europe at that point in time. Got it. This gets a bit intertwined with the JV. I was just curious if you could talk about the JV with VW, the funding mechanisms or the milestones that you need to reach to release some of that funding. I think the total is $5.6 billion or $5.8 billion. $5.8 billion. $5.8 billion in total. You've gotten $1 billion already to kick off, and then the milestones come over time, and the rest is released over time. Maybe you could remind us of actually how that gets released and the milestones you need to hit to get that. Sure. The total deal size was $5.8 billion. We've received $2.3 billion. We have another $3.5 billion still to come. The first tranche of an additional $1 billion of capital to Rivian is based off of financial milestones centered around two positive quarters of gross profit. In Q4, we achieved 50% of that milestone. For example, if in Q1 we had $1 million of gross profit, we would achieve the milestone as a whole. Or if in any subsequent quarter we achieved $50 million of gross profit, then we would achieve the milestone. The next one up is centered around a development milestone. The earliest payout of this next billion-dollar tranche would be in the early part of 2026. It is based off of positive winter testing for some of the Volkswagen vehicle programs as a whole. In October of 2026, we also expect to receive $1 billion of non-recourse debt to Rivian. That's not milestone-based. That's really a time-based investment as a whole. The last piece, which is about $450 million as well, we'll receive when the first vehicles out of from Volkswagen have the JV technology in them. Or from a time base, they'll pay that out in January of 2028. I think on this JV, given what's going on at the moment, I think there's some people that have a lot of concern, and we'll get into tariff specifically, but about how Volkswagen may be treated or tariffed here in the U.S. and maybe their commitment to the U.S. market sort of on the concern side. Then potentially on the positive side, there's a case to be made. You could end up being a partial contract manufacturer. This is all getting outside the realm of what you guys have kind of laid out in the plan. Considering that you'll have capacity, you're a U.S. company, you're a European company, the reality is, I mean, you may have a much, this JV might have a much bigger role to play in the course of events and the life cycle of Volkswagen here in the U.S. I mean, is any of that kind of discussion going on right now of like, "I know we got the scope of the JV, but obviously this is a partnership and beyond just the JV that there might be other opportunities"? I mean, maybe that was always part of the discussion that there could be other things to do over time. And you might be able to answer it that way to say, "Hey, listen, we're always talking about the potential outside of what we've scoped here." It seems like that might be even more acute and a bigger opportunity for you and them with everything that's going on at the moment. Right now, our focus is getting the JV and getting the technology will first go out of the JV into R2, and then will go into a handful of Volkswagen Group products after that. Getting that off the ground successfully, there certainly are a number of ways for Rivian and Volkswagen Group to partner in the future as well. Okay. When we think about the tariffs, and I hate to go there, but we have to kind of cover it real quickly. I mean, what is your current state of affairs as far as exposure? I mean, you're producing Normal. You're sourcing a lot in the U.S., a lot in North America. I think batteries come out of South Korea, I believe. What do you, I mean, as you game plan this, I mean, what are current exposures and sort of your thought process around the current environment and risks and potentially opportunities? As we think about the current complexity and environment as a whole, it is quite a challenging one for all OEMs to navigate and assess. As we look at our battery cells there, we are fortunate to have worked with our suppliers and have sort of cells on site that will help mitigate any tariff potential impacts for Rivian for 2025 on the cells. There is a global supply chain that Rivian is sourcing from, despite the fact that we are outside of our sort of cell components, largely USMCA compliant from a sourcing perspective. All OEMs have broad-based global exposure, even if we are sourcing from a U.S. domestic supplier as a whole that has their Tier 2s and Tier 3s that have exposure to raw materials or elements from global markets at large as well. We are definitely analyzing, assessing the situation. There certainly could be material cost impacts associated with it, certainly material access impacts associated with some of the existing trade policy, CapEx headwinds as we think about some of the capital equipment that we'll be bringing onshore out of China or other international markets to help support the bring-up of R2 as well. Okay. I mean, this is kind of related, but I mean, do you have sort of calculations on price elasticity of demand? Potentially, I remember one of the products that originally got pushed farther to the right that I was really excited about, and I think RJ was the R1X, thinking about performance versions and trim levels that might not just be raising price to offset tariffs, but providing a little bit more content or performance to help deal with maybe higher costs. Maybe just simply price elasticity, and then maybe are there other opportunities to provide a better product and take price and make up for that lost margin on the higher cost in that way as well? As we look at the broad base of consumers that are drawn towards our products, many of our customers are drawn towards the very best of Rivian. So that's our Max Pack, our 410-mile range variants, our Tri-Motor offering, which we have ramped up production of in Q4 and saw significant take rates there. In 2025, we'll also be launching our next-generation Quad-Motor offering. So to your point, that allows us to stretch ASP even higher. It's a 1,025-horsepower vehicle. It is insanely fun to drive. So you'll have to do a test drive once we pass those in the fleet as well. But then that, again, gives us some additional margin benefit on the high end. But there certainly are many customers that are stretching to get to a Standard Pack Rivian as well that are much more price-sensitive. For us, we need to calibrate around some of the trade-offs. To your prior point, how do we ensure that the higher-end, higher-margin side of the equation can help us compensate on driving some additional volume potential as a whole? Today, the market backdrop and the uncertainty and capital markets volatility is certainly a challenging environment for consumers as well as they are also trying to get clarity in inflation and what this means for them. Maybe to circle back to one of the earlier questions about who you're conquesting from or who your consumer is trading out of. I know it's kind of a smorgasbord. It's kind of across the board. If we think about the German Lux crossovers, the Xs are made here, but the powertrains are imported, and Daimler is importing a lot of them, and JLR is not importing at the moment. I've given you guys a hard time. I think you guys really go up against JLR, at least in my opinion, and certainly on performance, and you probably outperform them anyway. You have a product that's at least as good, if not better, than what JLR is importing. If those companies become more disadvantaged in sort of their cost structure and right now availability of product, particularly in JLR's case, it just seems like you're going to have an umbrella to help deal with this maybe a lot better because your production and your domicile location here in the United States. I mean, is that something that you kind of think about? I mean, because if the whole market's going up and you can go up a little bit less than some of your, I think, direct competition that you probably outcompete anyway from a product standpoint, it seems like there would be opportunity on price. It might not even be that obvious right now. And that's my conjecture maybe, but I mean, it just seems like there's an opportunity there. We'll definitely look and see and continue to study the broader competitive marketplace for products as a whole. I think back to the prior conversation we had, one of the bigger opportunities for us is just a focus on increasing brand awareness because the brand awareness is still relatively low for Rivian. That's a huge opportunity for us to be part of the consideration set for many households that may not yet know about Rivian. Yeah. Maybe lastly, as we're winding down here, if you think about sort of the bridge to self-funding, it seems like with the VW Capital, the DOE loan, that we're probably at a point where you may not need to raise additional outside capital. I'm just curious how long you think it is before you might need to raise outside capital if you kind of think you're at the point where we're going to get to the R2, the R2 is going to ramp, and we're going to be self-funding as we get into 2027 and 2028. What's the current stance on that? As you think about sort of the cascade through the next two to three years, are there any kind of pinch points on production ramps where things go down and working capital always gets tightened? It's a tough industry, I mean, from that standpoint, because there's a lot of money going in and out on a monthly basis. How do you think about sort of the sustainability of the balance sheet through some of this incoming funding and ultimately getting to escape velocity on cash flow? As of Q4, we had about $7.7 billion of cash and equivalents. We have another $3.5 billion coming from VW and up to $6.6 billion Department of Energy loan as well. That collectively is just under $18 billion of potential capital funding for the business, which is fantastic. We will continue to be opportunistic as it pertains to the broader capital markets roadmap for the business as we have historically as well. When we get to that 2027 break-even on EBITDA, I mean, I don't know if I can't recall that you guys talked about a period or a target frame for free cash flow positive. Would that be soon thereafter, I would imagine, or 2028, 2029, or I mean, has that not been discussed? We haven't put a date on that. Okay. I would imagine it might be. It would require more of the Georgia volumes coming online to help support the runway. Got it. We're down to the last couple of minutes. Are there any questions in the audience? Oh, we got one over here. And then we'll wrap. Nature of the technology, [audio distrotion]. Sorry. Sorry. Sorry. Sorry. Sorry. Just the specific nature of the technology. Is it really just software, or what are they after? Because it's very interesting that they're so keen to invest in Rivian to this extent. Sure. The joint venture is centered around the electrical architecture. It is a zonal-based network architecture and the full end-to-end software stack that helps sit on top of that architecture as a whole. Part of the opportunity is the scalability of the platform that Rivian has built, which, if you think about our business and our product roadmap, was built to accommodate all different types of form factors from our commercial van to our R1 products as a whole. What Volkswagen saw was, with the transition that Rivian had to our Gen 2 offering, the opportunity to take a proven architecture and utilize that across their portfolio of EVs that they'll be introducing into the market over the coming years as well. Great. I think with that, just to stay on time, we're going to wrap up. Claire, thank you for the time today and all the help over the last few years. It's been great partnerships. Thank you very much. We appreciate it. We're looking forward to the test drive on the quad motor. Let me know when we're in. Okay. Thanks, Claire. Thanks.