← back to rankingRIVN · Rivian Automotive, Inc.
Auto - Manufacturers · mkt cap $21.7B · calls: Q1 FY2026 vs Q4 FY2025
71.0 conviction · conf-adj 68
conf 3/10 partial
enthusiasm:27.0 · trend:8 · quantifies:5 · impact:0 · under_radar:5 · credibility:12 · business_impact:8 · disruption:0 · commitment:0 · confirmation:6
Enthusiasm latest 9 / prev 8 (rising)
Rivian’s AI thesis is that autonomy and in-vehicle AI will differentiate vehicles, drive market share, create paid software revenue through Autonomy+, enable robotaxi economics through Uber, and potentially support licensing to other OEMs. Enthusiasm rose because Q1 FY2026 added a concrete Uber partnership, paid Autonomy+ commentary, robotaxi milestones, and near-term Rivian Assistant launch language. Credibility is moderate: management cites usage gains, road coverage, funding milestones, chip specs, and internal testing progress, but gives no numeric Autonomy+ revenue, take rate, margin, or unit contribution.
GROUNDED NEXT-FY IMPACT vs CONSENSUS
Grounded on actual base — revenue $5.4B · net income $-3.6B · net margin -67.7% · diluted EPS -3.07
These are next-fiscal-year annual uplift estimates, not next-quarter numbers.
Aggregate next-FY est. rev uplift: 0.0% · next-FY EPS uplift: % · vs analysts: unclear · priced in: medium (model's call-read: low; verdict above is the hard-data one used for ranking) · confidence: 3/10
| Claim | Figure | Arithmetic | Next-FY Rev % | Next-FY EPS % |
|---|
Autonomy road coverage 3.5M mi
engagement · soft | more than 3.5 million miles | Coverage/usage metric; autonomy bundled in vehicle price, no separate revenue line, price, attach rate, or $ base disclosed against $5.387B revenue -> no revenue mapping possible | | |
Autonomy feature utilization doubled
engagement · soft | doubled (2x) | Engagement up 2x but feature is included in vehicle price; no starting utilization, paid take-rate, subscription price, or incremental ARPU disclosed -> cannot size | | |
Cash R&D +~22% (Q1)
cost · soft | about 22% | Cost INCREASE (headwind), not a saving; Q1 cash R&D $ base not disclosed -> % with no obtainable base. Directionally lowers EPS, not raises it; net income already negative so eps-uplift % meaningless | | |
Uber equity $300M (signing, this qtr)
other | $300 million | Explicitly 'in exchange for equity' -> financing/liquidity inflow, dilutive to the 1.186B share count; not revenue or net income. $300M/$5.387B = 5.57% as liquidity reference only; revenue contribution = $0/$5.387B = 0.0% | 0.0 | |
Uber equity $250M (this yr, milestone)
other | $250 million | Milestone-conditioned equity issuance tied to robotaxi dev; financing not P&L. $250M/$5.387B = 4.64% liquidity reference only; revenue contribution = $0/$5.387B = 0.0% | 0.0 | |
Uber remaining $700M by 2031
other | $700 million | Long-dated equity unlock tied to 25-city deployment toward 2031; financing, far beyond next FY. Assumed FY2026 portion $0; revenue contribution = $0/$5.387B = 0.0% | 0.0 | |
RAP1 inference 800 TOPS x2, ~4x
productivity · soft | 800 TOPS/chip; 2 chips (~1,600 TOPS); ~4x | Hardware capability spec implying prior platform ~400 TOPS; no disclosed BOM saving, pricing uplift, volume uplift, or margin bridge -> no financial uplift can be calculated | | |
Robotaxi 25 cities by 2031 (L4 from 2028)
revenue · soft | 25 cities / first deploy 2028 | First robotaxi revenue 2028 -> beyond next FY (2026); no per-city or fleet revenue $ disclosed -> cannot attribute to next FY | | |
Assumptions: Tax rate 21% and incremental margin (current net margin -67.68%) are moot: no anchored next-FY AI revenue or quantified cost saving exists to flow. Phasing: robotaxi revenue starts 2028, full 25-city/$700M unlock 2031 — both beyond next FY (FY2026). Uber $300M + $250M (FY2026 liquidity) + $700M (FY2026 portion $0) treated as equity financing (balance-sheet, dilutive), NOT revenue or operating saving, per verbatim 'in exchange for equity.' Cash R&D +~22% treated as a cost headwind, not a saving. Pure adopter — no AI-supplier/compute-sales line exists. EPS-uplift % set null because current net income is negative.
Top line: Hard quantified next-FY adopter AI revenue uplift is 0.0%: road coverage (3.5M+ mi), utilization (2x), RAP1 compute, and 25-city/2031 scope lack monetization bases (soft), and first autonomy/robotaxi revenue falls beyond next FY (first L4 deploy 2028). The ~$550M of FY2026 Uber proceeds equals ~10.2% of current revenue but is equity capital, not revenue.
Bottom line: EPS-uplift % is undefined: current net income is -$3.646B, so any uplift over a negative base is meaningless -> null per guardrail. Directionally the disclosed AI items are EPS-NEGATIVE near term: cash R&D up ~22% (autonomy spend accelerating into '27) and the ~$550M Uber equity is dilutive to the 1.186B share count, not accretive. No bottom-line saving was quantified; RAP1's ~1,600 TOPS/4x lacks a cost or margin bridge.
[EPS uplift n/m (loss-making base)] Consensus FY26 rev $7.070B (+31.8% off $5.387B) and FY27 $11.665B (+65.0%) are R2-volume driven and bank ZERO robotaxi/autonomy-licensing revenue (first L4 deploy 2028, monetization long-term). So the autonomy upside is not in near-term numbers (priced_in low) — but it is also entirely unanchored, with no $ figure to compare against the consensus gap, hence vs_expectations 'unclear' rather than 'behind.' Near term, accelerating autonomy R&D plus dilutive Uber equity are drags consistent with consensus losses persisting (EPS -2.45 FY26, -1.95 FY27).
MODEL CONSENSUS (impact)
partial
Loss-making adopter; no anchored next-FY AI revenue. Aggregate hard uplift 0.0%, EPS null per negative-base guardrail. Autonomy optionality real but unquantified and not priced in.
Conflicts reconciled
- est_rev_uplift_pct: X=null vs Y=0.0 -> used 0.0 because hard (soft=false) adopter claims contribute a known $0 to revenue, not an unknown
- supplier_rev_uplift_pct: X=null vs Y=0.0 -> used null because no supplier-side claims exist to compute against
- vs_analyst_expectations: X=unclear vs Y=behind -> used unclear because the AI revenue claims are unanchored and cannot be measured against consensus
- priced_in: X=low vs Y=high -> used low because consensus banks zero robotaxi/autonomy revenue, so the optionality is not in estimates (X better justified)
| Field | Opus 4.8 | GPT-5.5 |
|---|
| Rev uplift % | – | 0.0 |
| EPS uplift % | – | – |
| Priced in | low | high |
| vs analysts | unclear | behind |
| Confidence | 3 | 3 |
| Top line | No anchored near-term topline. Every revenue-relevant AI claim is either an engagement metric with no $ base (3.5M road-miles, utilization 2x) or long-dated and unquantified (robotaxi first deploy 2028, 25 cities 2031). First autonomy/robotaxi revenue falls beyond next FY (2026), so next-FY adopter rev uplift = null. The $550M near-term Uber capital is equity financing, not revenue. | Hard quantified next-FY adopter AI revenue uplift is 0.0%: road coverage, utilization, RAP1 compute, and 25-city scope lack monetization bases, while $550M of FY2026 Uber proceeds equals 10.21% of current revenue but is equity capital, not revenue. |
| Bottom line | EPS-uplift % is undefined: current net income is -$3.646B, so any uplift over a negative base is meaningless -> null per guardrail. Directionally the disclosed AI items are EPS-NEGATIVE in the near term: cash R&D is up ~22% (autonomy spend accelerating into '27) and the ~$550M Uber equity (this qtr+this yr) is dilutive to the 1.186B share count, not accretive to earnings. No bottom-line saving was quantified. | No hard EPS uplift is calculable. The 22% cash R&D increase is directionally negative but lacks a dollar base; RAP1's 1,600 TOPS and 4x compute uplift lack a cost or margin bridge; Uber capital improves liquidity, not earnings. |
| Reasoning | Consensus FY26 rev $7.070B (+31.8%) and FY27 $11.665B (+65.0%) are R2-volume driven and bank ZERO robotaxi/autonomy-licensing revenue (first L4 deploy 2028, monetization 'long-term'). So the autonomy upside is not in near-term numbers (priced_in low) — but it is also entirely unanchored, with no $ figure to compare against the consensus gap, hence vs_expectations 'unclear.' Near term, accelerating autonomy R&D is a drag consistent with consensus losses persisting (EPS -2.45 FY26, -1.95 FY27). | FY2026 consensus revenue is $7.070B, up $1.683B from the $5.387B base, or 31.24%. The hard quantified AI P&L revenue uplift here is $0, or 0.0%, so it does not point above consensus. FY2026 consensus net income improves by only $113.8M to -$3.532B and EPS improves from -$3.07 to -$2.45028, but EPS uplift percentages are meaningless against Rivian's negative current net income. |
Rows highlighted where the two models disagreed.
QUANTIFICATIONS
Autonomy road coverage: more than 3.5 million miles (Near the end of last year, topline)
“Near the end of last year, we released universal hands-free, which expanded our advanced assisted driving capabilities for Gen 2 customers to more than 3.5 million miles of roads across North America.”
Autonomy feature utilization: doubled (Since its release, topline)
“Since its release, customer utilization of our autonomy features has doubled.”
Cash R&D expense: about 22% (Q1 FY2026, bottomline)
“If you look at Q1, our cash R&D expense increased about 22% this year for that quarter.”
Uber equity capital related to partnership agreement: $300 million (Later this quarter, both)
“Later this quarter, we expect to receive $300 million from Uber in exchange for equity related to the signing of our partnership agreement, subject to certain conditions.”
Uber equity capital related to robotaxi development milestones: $250 million (Later this year, both)
“And later this year, we expect to receive $1 billion in nonrecourse debt from Volkswagen Group and an additional $250 million from Uber in exchange for equity, subject to the completion of certain milestones and conditions related to robotaxi development.”
Uber remaining capital unlock: $700 million (by 2031, both)
“And then as you think about the subsequent years, you can think about the ongoing trajectory towards full deployment in a couple of cities in 2028 and then 25 cities by 2031, that would fully unlock the remaining $700 million of capital from Uber.”
RAP1 inference platform: 800 tops per chip; 2 of those chips; roughly a 4x increase (Gen 3 autonomy hardware suite, bottomline)
“So the Gen 3 autonomy hardware suite, which is both our in-house RAP1 platform. And so this is our in-house inference platform, 800 tops per chip. We have 2 of those chips in the vehicle. So it's extremely powerful. It's a big increase, roughly a 4x increase relative to the NVIDIA-based platform.”
Robotaxi deployment scope: 25 cities (by 2031, topline)
“And then as you think about the subsequent years, you can think about the ongoing trajectory towards full deployment in a couple of cities in 2028 and then 25 cities by 2031, that would fully unlock the remaining $700 million of capital from Uber.”
PAST (realized)
- Near the end of last year, we released universal hands-free, which expanded our advanced assisted driving capabilities for Gen 2 customers to more than 3.5 million miles of roads across North America.
- Since its release, customer utilization of our autonomy features has doubled.
- We were excited to demo the Rivian Assistant at AI and Autonomy Day and expect to launch this feature early this year.
- I just this week had -- we do lots of regular rides internally, and I had a great ride with James and the team.
- And the work that will go into ultimately launching a customer-facing version of point-to-point, which today, I was -- as I said, I was in one of our cars driving around both point-to-point earlier this week, it's really exciting.
CURRENT (now)
- The development of our RAP1 chip is on track, and we are progressing well on validation and reliability testing.
- Our integrated approach allows our hardware team to rapidly iterate with our software team, and our autonomy feature development is progressing well, and we continue to expect to begin rolling out point-to-point capabilities by the end of the year.
- We're encouraged by what we're seeing in the -- as you noted at the start of having paid Autonomy+, and it's exceeding our own models on this.
- So we're -- the take rate is higher than what we expected.
- This is an enormous focus area for us as a business.
FORWARD (guidance)
- In the not-too-distant future, I believe advanced autonomy capabilities will be a key differentiator for customers and the driver of market share.
- Finally, in the coming weeks, we are excited to launch the Rivian Assistant on R1 and R2 vehicles.
- And then as we go into 2028, as you said, that's when we'll have our first deployments of a Level 4 capability in a robotaxi.
- You'll see the pace of acceleration increase in terms of the spend towards autonomy in '27, but we'll certainly see acceleration throughout the course of this year as well.
- And so we're very bullish on the long-term trajectory to monetize our autonomy on the consumer side.
- With that said, the other large category of technology that we see opportunities to have licensing deals is in the autonomy realm.
TRACK RECORD — PROMISE vs DELIVERY
74/100 track record delivers 6 calls reviewed
Rivian has made relatively few quantified AI/autonomy commitments, but the judgeable ones were mostly executed: hands-free highway launched on time, the road-mile expansion was reported delivered, and the AI & Autonomy Day happened after a 'fall'-to-December slip. The biggest substantive bets — eyes-off highway, point-to-point autonomy, and the RAP1 chip by end of 2026 — remain too-early to grade, with no outright misses or quiet drops.
Launch hands-free, eyes-on highway driving 'within the next several weeks' — promised Q4 FY2024
delivered Launched on schedule — by Q1 FY2025 confirmed live on Gen 2 vehicles, and by Q4 FY2025 universal hands-free covered 3.5M+ miles of roads with utilization doubling.
Expand advanced hands-free driving to more than 3.5 million miles of North American roads by late 2025 — promised Q4 FY2025
delivered Reported delivered — universal hands-free released near year-end 2025 across 3.5M+ miles of roads with customer autonomy-feature utilization doubling.
Host an AI & Autonomy Day in fall 2025 to reveal the autonomy/AI roadmap — promised Q1 FY2025
partial Slipped from 'fall' to December but held on December 11, 2025, unveiling the RAP1 chip and Rivian Unified Intelligence.
Launch eyes-off highway autonomy functionality in 2026 — promised Q4 FY2024
too-early By Q1 FY2026 the target had shifted toward limited point-to-point capability by year-end 2026; eyes-off highway not yet shipped and 2026 not over.
Deliver LiDAR, first RAP1 chips and limited point-to-point functionality by end-2026 — promised Q4 FY2025
too-early Reaffirmed in Q1 FY2026 ('begin rolling out point-to-point by end of year'); RAP1 in validation testing — deadline has not arrived.
Launch the AI-powered Rivian Assistant 'early this year' (2026) — promised Q4 FY2025
partial By Q1 FY2026 still pending, described as launching 'in the coming weeks' on R1/R2 — a slight slip but on track.
PRICED-IN (REFINED)
MEDIUMEst. revisions flat · Fwd P/E -6.4 · EV/Sales 4.6x
AI claim maps to Automotive, Software And Services
Rating mix has improved modestly since January but has been essentially unchanged in recent months, while price targets are lower over the last month and quarter versus the last-year average. Consensus is already baking in strong revenue growth through 2027, but EPS remains negative, making the forward P/E not economically useful. EV/Sales of 4.6x is rich for a loss-making auto manufacturer, so flat revisions plus a stretched sales multiple point to AI upside being partially, but not fully, priced in.
COVERAGE — ENTHUSIASM TRAJECTORY + CATALYSTS
8Q4 FY20249Q1 FY20259Q2 FY20258Q3 FY202510Q4 FY202510Q1 FY2026
AI enthusiasm across 6 calls — trend ↗ rising
AI evolved from autonomy-specific capability into a broader, concrete platform spanning chips, assistants, operations, customer experience, and partnerships.
RECENT AI CATALYSTS & NEWS
BUSINESS IMPACT - QUALITATIVE MATERIALITY
7/10 qualitative impact material medium-term · mixed evidence
Where AI matters: autonomy software, in-vehicle AI, robotaxi partnership
AI/autonomy is a real strategic product layer for Rivian: paid Autonomy+, Rivian Assistant, RAP1 hardware, and the Uber robotaxi partnership could improve differentiation and add high-margin software/service revenue. Near-term financial contribution is still unproven, with no disclosed take rate, ARPU, margin bridge, or robotaxi revenue before 2028.
Caveats: Autonomy execution and safety validation may lag targets; Robotaxi economics and regulatory approvals remain uncertain; AI spending is a near-term cash and EBITDA drag; Paid Autonomy+ demand is described qualitatively but not financially sized
AI DISRUPTION / CANNIBALIZATION RISK tailwind · 2/10
AI does not directly commoditize Rivian's core product, which is integrated EV design, manufacturing, brand, and service infrastructure. The main threat is competitive autonomy leadership by Tesla, Waymo, or OEM partners pressuring differentiation, not AI automating away the need for vehicles.
OPTIONS / MARKET STRUCTURE
option liquidity: good
proxy inputs — dollar-ADV $499M · beta 1.645 · px $17.29
source: proxy (no options chain on FMP)
FMP /stable/ exposes no options-chain endpoint on this key, so ATM IV, bid-ask spread and open interest are unavailable. Liquidity below is a PROXY from dollar-ADV, beta and price level (a stand-in for option depth), not measured option-market data.
CONFIRMATION — INSIDERS · 13F · LANGUAGE
Confirming — insiders buying, institutions adding, management language 5/10 measured.
INSIDERS buying 2 open-market buy(s) vs 19 sell(s) — net accumulation
INSTITUTIONS (13F) adding as of 2026-03-31: 111 new / 111 closed positions; 393 increased / 219 reduced; institutional ownership -2.51pp; -14 net 13F holders
MGMT LANGUAGE 5/10 measured Concrete near-term autonomy and AI-assistant rollouts, but framed with belief language and limited direct business impact evidence.
commit “we continue to expect to begin rolling out point-to-point capabilities by the end of the year”
commit “in the coming weeks, we are excited to launch the Rivian Assistant on R1 and R2 vehicles”
hedge “In the not-too-distant future, I believe advanced autonomy capabilities will be a key differentiator for customers”
VERBATIM AI QUOTES
“In March, we were excited to announce a new strategic partnership with Uber to accelerate our shared autonomous vehicle goals.”
— Robert Scaringe, Q1 FY2026
“In the not-too-distant future, I believe advanced autonomy capabilities will be a key differentiator for customers and the driver of market share.”
— Robert Scaringe, Q1 FY2026
“Our integrated approach allows our hardware team to rapidly iterate with our software team, and our autonomy feature development is progressing well, and we continue to expect to begin rolling out point-to-point capabilities by the end of the year.”
— Robert Scaringe, Q1 FY2026
“Finally, in the coming weeks, we are excited to launch the Rivian Assistant on R1 and R2 vehicles. The Rivian Assistant is our new AI-powered voice assistant that is built to be a digital copilot with integration into the vehicle ecosystem and other external apps.”
— Robert Scaringe, Q1 FY2026
“As an American automotive technology company, we're building for a future that we believe will be fully electric, autonomous, and AI defined.”
— Robert Scaringe, Q1 FY2026
“Adjusted EBITDA losses for the first quarter were $472 million, driven by our $119 million of gross profit and increased adjusted operating expenses as we prepare to scale R2 and invest in our autonomy road map.”
— Claire McDonough, Q1 FY2026
“Later this quarter, we expect to receive $300 million from Uber in exchange for equity related to the signing of our partnership agreement, subject to certain conditions.”
— Claire McDonough, Q1 FY2026
“And later this year, we expect to receive $1 billion in nonrecourse debt from Volkswagen Group and an additional $250 million from Uber in exchange for equity, subject to the completion of certain milestones and conditions related to robotaxi development.”
— Claire McDonough, Q1 FY2026
“We continue to progress our autonomy road map and the expansion of our sales and service footprint as we scale with R2.”
— Claire McDonough, Q1 FY2026
“But we are planning to have a personal version of Level 4 as well.”
— Robert Scaringe, Q1 FY2026
“We're encouraged by what we're seeing in the -- as you noted at the start of having paid Autonomy+, and it's exceeding our own models on this.”
— Robert Scaringe, Q1 FY2026
“And so we're very bullish on the long-term trajectory to monetize our autonomy on the consumer side.”
— Robert Scaringe, Q1 FY2026
“We're very much deploying a lot of our R&D dollars towards this category, and we've made long-term investments in the hardware and the vehicles to support that.”
— Robert Scaringe, Q1 FY2026
“With that said, the other large category of technology that we see opportunities to have licensing deals is in the autonomy realm.”
— Robert Scaringe, Q1 FY2026
“Turning to our AI and Autonomy Day. It was great to see so many of our stakeholders at our offices in Palo Alto this past December.”
— Robert Scaringe, Q4 FY2025
“Developing our own chip was driven by the need for velocity, performance and cost efficiency and is a key development of our autonomy platform.”
— Robert Scaringe, Q4 FY2025
“Since its release, customer utilization of our autonomy features has doubled.”
— Robert Scaringe, Q4 FY2025
“Rivian is also making significant progress in making software and AI core to everything we do from the way we design, develop, manufacture and service our cars to the way our customers interact with their vehicle.”
— Robert Scaringe, Q4 FY2025
“This is enabled by the Rivian Unified Intelligence, a common AI foundation that understands our products and operations as one continuous system and personalizes the experience for our customers.”
— Robert Scaringe, Q4 FY2025
“Our adjusted EBITDA guidance also includes a step-up in R&D spend as we accelerate investments in our autonomy road map and look to deliver LiDAR, our first RAP1 chips and limited point-to-point functionality for our customers by the end of the year.”
— Claire McDonough, Q4 FY2025
“We believe autonomy will be a key fundamental long-term differentiator for our business.”
— Claire McDonough, Q4 FY2025
ANALYST QUESTIONS ON AI
Q (Q1 FY2026, Itay Michaeli): And then maybe as a follow-up on the Uber announcement. I'm curious whether the robotaxis themselves that will go into the Uber network will have the kind of exact same hardware set as the personal vehicles.
A: And then as we go into 2028, as you said, that's when we'll have our first deployments of a Level 4 capability in a robotaxi. And in the robotaxi variant, there will be some additional sensing on the vehicle.
Q (Q1 FY2026, Dan Levy): So just help us understand what the testing curve looks like, what you need to do from when you have the cars with the LiDAR to being able to unlock L4 because it does seem like there's a lot of miles that have to be driven on that new vehicle.
A: So this is the platform that we launched actually on our Gen 2 R1 vehicles is designed around an end-to-end approach where we're building really what we call a large driving model, but think of it as a neural net or a foundation model for driving.
Q (Q1 FY2026, Mark Delaney): Starting on Autonomy, I'm hoping you could provide more details on the monetization of Autonomy+ so far and any data points you can share on that?
A: We're encouraged by what we're seeing in the -- as you noted at the start of having paid Autonomy+, and it's exceeding our own models on this. So we're -- the take rate is higher than what we expected.
Q (Q1 FY2026, Andres Sheppard-Slinger): Just curious on kind of your vision and how you are thinking about that Autonomy customer adoption? What type of Autonomy penetration rate do you expect for your customer-owned vehicles?
A: And so as a result, as you've heard a few times throughout this call, this is an enormous focus area for us as a business. We're very much deploying a lot of our R&D dollars towards this category, and we've made long-term investments in the hardware and the vehicles to support that.
Q (Q1 FY2026, Xin Yu): I wanted to come back on robotaxi. Are there any sort of KPIs that you're sort of tracking or that you need to hit for some of the milestones with Uber?
A: The first of those is later this year we'll be deploying vehicles in both San Francisco and Miami with a safety driver.
Q (Q1 FY2026, Xin Yu): And just a kind of a separate question on more Autonomy more broadly. I think there were some reports that you guys were looking to potentially license some tech to other OEMs.
A: With that said, the other large category of technology that we see opportunities to have licensing deals is in the autonomy realm.
Q (Q1 FY2026, Alexander Perry): Just one, I guess, a little bit further on the robotaxi strategy. So you have the Uber deal announcement. I guess is the plan to pursue a partnership model for now?
A: And so the scale of Uber's platform and the success they've had in creating a really healthy marketplace really makes them an ideal partner for us as we think about launching this technology in an R2 to deploy into providing robotaxi services.
Q (Q4 FY2025, Itay Michaeli): I wanted to actually ask on the universal hands-free. Curious how initial feedback has been since December, how we should think about feature improvements and OTA updates this year?
A: We're really excited to talk about this. This is a huge effort within the business and autonomy and AI was, of course, focused on all the work that we're doing here.
Q (Q4 FY2025, Andrew Percoco): I'm just curious, like can you share your thoughts around whether or not there will be a retrofit opportunity for existing or new R2 customers that don't have Gen 3 with LiDAR and existing R1 customers?
A: We're not -- in terms of retrofit, this isn't something that's contemplated or planned.
Q (Q4 FY2025, Yan Dong): And then maybe just on the RAP1 chip. Curious to hear your maybe longer-term inspirations for that. Is this something you think that will be limited to Rivian?
A: And so we do envision a world in which this becomes something that we can monetize through a few different ways.