Welcome to Rivian's 2025 Annual Meeting of Stockholders. The company would like to remind you that some of the comments made today may contain forward-looking statements. Additional information about forward-looking statements, as well as other meeting materials, is available on the meeting page. Stockholders may also submit questions on the meeting page. We will now turn the meeting over to the company.
Hello, and welcome to our 2025 Annual Meeting of our Stockholders. I want to thank everyone for joining our 2025 Rivian Annual Shareholder Meeting. After my opening remarks, I will pass the call over to Michael Callahan, our Chief Legal Officer, for the formal portion of today's meeting. After that, we will turn to the Q and A portion of the meeting. Before we begin, I'd like to take a moment to reflect on a truly transformative year for Rivian. In the past year, we've hit some incredible milestones that underscore our commitment to technology development, efficiency, and delivering incredible products. We continue to see strong customer love for our brand and vehicles, consistently ranking as the highest-rated brand in customer satisfaction and most likely to repurchase for the second year in a row, based on a leading consumer survey.
R1S continues to be the best-selling premium SUV, internal combustion or EV in California, and the number one best-selling electric SUV in the United States, with a starting price of over $70,000. R1S achieved the highest safety rating, Top Safety Pick Plus, from the Insurance Institute for Highway Safety. This customer passion for our products makes us extremely excited for the launch of R2, which we expect to be in the first half of 2026. With an expected starting price of $45,000, we're excited to be able to serve a much larger addressable market of customers with the chance to experience the Rivian brand and make the switch to electric. The continued investment in our vertically integrated technologies has allowed us to make dramatic improvements in our vehicles and customers' experience, with new features deployed through over-the-air updates and many more to come in the near future.
The creation of our joint venture with Volkswagen Group has been a validation of the software and electrical architecture platform we've created, and we are excited to roll this out across a wide range of products and price segments across the world. One of our most critical technology focus areas, which customers are starting to see the output of, is our Rivian Autonomy Platform. With the launch of our Gen2 R1, we entirely changed the sensors, perception stack, and compute. This platform has enabled us to build a data flywheel for training our model with an end-to-end approach. As our advanced autonomy fleet grows, the data from this fleet allows us to continue to train and improve a more robust and capable model, our Rivian Large Driving Model, which will enable dramatic improvements in autonomy capability, including address-to-address and eyes-off driving.
This advanced autonomy will also be available on R2, and we aim to deliver our features as quickly as possible. We believe high levels of autonomy that can truly offer customers time back will drive purchase decisions at scale, as it transforms the utility of their cars. Beyond our work in autonomy, we are incorporating AI across the enterprise. This fall, we plan to host an AI and Autonomy Day, where we plan to share more of our product and technology roadmap. I'm really excited to reveal more of what we're doing here. I would like to thank all of those who continue to support our vision, including our employees, owners, partners, suppliers, communities, and shareholders. I'd like to now turn the meeting over to Mike to conduct the formal business of the meeting.
Thanks, RJ. I will now call the formal portion of the 2025 Annual Meeting of Stockholders to order. On the meeting page, you will find the agenda and rules of conduct for today's meeting. We will proceed with the items of business as set forth in the proxy statement. It is now 11:06 A.M. Pacific Time, and the polls are open for voting on all matters of business before the meeting. All stockholders of record as of April 23, 2025, or holders of a valid proxy are entitled to vote at the meeting. If you previously voted, you do not need to vote again. If you have not voted, or if you previously voted and wish to change your vote, you may vote by clicking on the voting link on the meeting website and following the instructions there.
After the proposals have been presented, we will respond to any additional questions that have been submitted that relate to the proposals and then close the polls. Note that only stockholders who have logged into the meeting using their control number will be able to vote and ask questions during the meeting. At this time, I'd like to welcome the members of our Board of Directors who are attending this meeting. We also have a representative from KPMG on the line, as well as a representative of Broadridge, who has been appointed as our Inspector of Election for this meeting and has signed the customary oath of office to execute her duties with strict impartiality. We will file the oath with the records of the meeting.
This meeting has been duly called pursuant to the notice of annual meeting that was mailed on April 29, 2025, to all stockholders of record as of April 23, 2025. We will file the affidavit of mailing with the records of the meeting. Based on information provided by Broadridge, a majority of the outstanding shares held of record and entitled to vote at this meeting are present and represented by proxy, and a quorum is present. I'd like to now introduce the proposals for consideration at this meeting. We have eight proposals. The first proposal is the election of Robert J. Scaringe, Peter Krawiec, and Sanford Schwartz to serve as Class 1 directors of the company for a term of office expiring at the annual meeting of stockholders to be held in 2028. The board recommends a vote for each of these nominees.
The second proposal is the ratification of the audit committee's appointment of KPMG as the independent registered public accounting firm of the company for the year ending December 31, 2025. A representative from KPMG is in attendance at the meeting and available to respond to appropriate questions from stockholders. The board recommends a vote for this proposal. The third proposal is the approval on an advisory non-binding basis of the compensation paid to our named executive officers in 2024. The board recommends a vote for this proposal. The fourth proposal is the approval of the future issuance of shares of our Class A common stock to Volkswagen International America Inc. The board recommends a vote for this proposal. The fifth proposal is the approval of an amendment to our amended and restated certificate of incorporation that would increase the number of authorized shares of our Class A common stock.
The board recommends a vote for this proposal. The sixth proposal is the approval of an amendment to our amended and restated certificate of incorporation to provide for exculpation of officers from certain breaches of fiduciary duty. The board recommends a vote for this proposal. The seventh proposal is the approval of amendments to our amended and restated certificate of incorporation to clarify the voting requirements to amend the number of authorized shares of our common stock and preferred stock. The board recommends a vote for this proposal. The eighth proposal is the approval of the adjournment of this annual meeting, if necessary, to solicit additional proxies if there are not sufficient votes in favor of Proposal 4, Proposal 5, Proposal 6, or Proposal 7. The board recommends a vote for this proposal.
If you wish to vote and have not yet voted, please vote now by clicking on the voting button on the meeting page and following the instructions. The polls will be closing momentarily. I'd like to take this time to respond to any questions we have received that related to the proposals. We have not received any questions related to the proposals, and I will now move to close the polls. It is now 11:12 A.M. Pacific Time, and the polls are now closed for voting. Any votes submitted during the meeting today will be subject to final verification by the Inspector of Election. I have received a preliminary report from the Inspector of Election on the voting results. Based on this preliminary report, Robert J. Scaringe, Peter Krawiec, and Sanford Schwartz have been elected as Class 1 directors.
The appointment of KPMG as our independent registered public accounting firm for the year ending December 31, 2025, has been ratified. The resolution to approve on an advisory basis the compensation of our named executive officers in 2024 has been approved. The future issuance of shares of our Class A common stock to Volkswagen International America Inc. has been approved. The amendment of our amended and restated certificate of incorporation to increase the number of authorized shares of our Class A common stock has been approved. The amendment of our amended and restated certificate of incorporation to provide for exculpation of officers from certain breaches of fiduciary duty has been approved. The amendments of our amended and restated certificate of incorporation to clarify the voting requirements to amend the number of authorized shares of our common stock and preferred stock has been approved.
The adjournment of this annual meeting, if necessary, to solicit additional proxies if there are not sufficient votes in favor of Proposal 4, Proposal 5, Proposal 6, or Proposal 7 has been approved. The company will report the final tally of votes on a Form 8-K to be filed within four business days of today's meeting. There being no further business before the meeting, the annual meeting is now adjourned. I will now turn the call back over to RJ for our final topic today of Q and A. Derek, what's our first question?
Thanks, Mike. We got a few questions, RJ, around R2. A lot of excitement and questions on when folks can get their vehicles. How confident do you feel in launching R2 in the first half of 2026, and where are you currently in the development process?
Yeah, I'd love to have questions on R2. We couldn't be more excited about this vehicle and the program. Relative to past products we've launched, whether that be R1T, R1S, the updates to that platform, which I referred to before as our Gen2 R1, or of course, our commercial vans, we've now built a lot of rigor and process around how we bring up our supply chain and ensure that the supply chain is ready to ramp along with the production of the vehicle. Where we are today relative to the first half of 2026, in terms of part maturity, supply chain maturity, supply chain readiness, is really incredibly exciting. Having spent a lot of time in the vehicles and in what we're building, I can say I've never been this excited about a product as I am about R2.
I think the fit it has in terms of the product-market fit and what customers are looking for, with a starting price of $45,000, and the way that we've been able to capture the brand essence of Rivian and really codify that into an incredible package with the R2 is something we're all counting the days for. We can't wait to have it in the market.
Great. Thanks, RJ. Second question, we got a few around the policy environment. Can you give shareholders a sense of how some of the recent policy changes are impacting Rivian and how you see this evolving?
As a company, we're building technology, developing technology, and building that technology here in the United States. It's very aligned with the administration's intent of ensuring we as a country continue to be leaders in this critical technology area of electrification and even beyond electrification into embedded software and artificial intelligence. The more than 15,000 employees that we have here in the United States are both developing our products, producing our products, and then ultimately delivering our products to customers. The continued growth we're going to see with our workforce as we launch R2, first in Normal, Illinois in our existing facility, and then in our Georgia facility, is very aligned with the overall policy direction. There have certainly been some movements and changes that we've had to respond to, but we're confident in our long-term strategy and the fact that we built so much of this capability here in the United States.
Great. What is the long-term plan for R1 products as the R2 and R3 ramp up? Will R1 eventually be reworked from the ground up to match some of the manufacturability and cost savings that we're seeing or you're expecting to see in R2?
That's a great question. The R1 has already seen a big upgrade in terms of its technology stack, and we took a tremendous amount of cost out of the vehicle with the Gen2 launch of R1. As we launch R2, there's a lot of further cost savings and improvements we've made to our overall technology stack. We're going to see those make their way into R1 in different ways. We'll see first some of the electronics updates, which will reflect things we're doing in R2. Ultimately, in the long term, the platform itself will be updated. At the time that we update it, we'll be able to take further costs out of the vehicle architecture.
Great. Next, you mentioned Rivian's AI Day coming up later this year. Could you discuss and give shareholders a little preview of what they should expect to see during this event?
Yeah, this is one of the biggest areas of investment and focus for us from a technology development point of view. It's something where we've spent years of time building the team. I also often draw the analogy to building the plumbing for this large technology platform we're creating. That plumbing, a lot of it's below the surface. You don't see it, but it's everything from the data architecture we have within the business, the data flywheel that we've created with the deployed fleet of vehicles, the perception stack that's on those vehicles that allows us complete control of everything that's coming in. I've talked about this a lot in the past, but we have an incredible camera stack that's on the vehicle on R1s, 55 megapixels of cameras, great low light and bright light performance, really broad dynamic range, high level of inference in vehicle.
The connectivity of those vehicles back to this large data flywheel, which is building this Rivian Large Driving Model, is what's enabling the rollout of a lot more features we're going to see in customers' hands over the course of the coming months and, of course, as we think out on a multi-year basis over the course of the next couple of years. What we'd like to do is to pull the curtain back on all the hardware that we're developing, the associated software that sits on top of that, and our overall approach to how we're building this large model. That'll include talking about our data flywheel, the scale of it, how we're training the model offline, what that looks like. Importantly, it'll feature a demo.
We'll show a bit of a preview of what's to come beyond even what's in customers' hands today. That's on the vehicle autonomy side. As I said before, we're also going to spend some time just talking about how deeply we're integrating AI across the entirety of the business. One of the really significant advantages we have here is we don't have an entrenched or entangled set of businesses that we've established over decades or relationships that make it hard for us to really rethink how the OpEx side of our business runs. The fact that we're direct-to-consumer and the fact that we've vertically integrated so many technologies allows us to really aggressively deploy AI within the business. We do want to talk about that and talk about how that creates, we believe, a substantial long-term advantage for us.
Great. A couple of questions came in around the physical footprint that Rivian's expanding and has. Can you talk a little bit across service centers and the Rivian Adventure Network and where that sits today and how you think about growing that in the near term?
Yeah. I mean, in terms of service, this is a really big focus for us. Today, we have 74 physical service centers, and that's, think of it as a brick-and-mortar service location. We also have an excess of 500 mobile service vehicles. Those mobile service vehicles actually perform more than half of our service actions across our business today. Our goal is to increase the amount of mobile service that we're doing as a percentage to an excess of 70%. For those that don't own a Rivian, it's a really nice service experience when you can schedule service and we just come out to your house or out to your place of business and take care of making whatever repair is necessary. That's on the service side. That's a big area of focus for us as we get ready for the launch of R2.
On the Rivian Adventure Network, this is our high-speed charging network. There are only two networks, first of all, in the United States that have uptimes north of 98%, which is, I think, the most important metric for a charging network. One is the Rivian Network and the other is the Tesla Network. We have designed and engineered all the hardware in-house. It is incredibly robust, as evidenced by the very high uptime. That network today has over 700 chargers. It is going to continue to grow as we build out not just more routes, but importantly, add density of chargers, particularly for some of our big markets like Southern California, the Pacific Northwest, and really thinking about up and down the East Coast. We are going to continue to see that grow, and we will be talking more and more about that as that network continues to expand.
Importantly, it's also now an open network. A lot of the charging that's happening on this platform is for non-Rivian vehicles. It's a great source of revenue to fund the continued growth of the network. It's also a great introduction for a lot of potential customers to our brand and to the company.
Great. That concludes the Q and A portion of the meeting. RJ, I'll turn the call back over to you for some closing remarks.
Thanks, Derek. Yep. We appreciate having everybody on today. Again, really excited about what's to come with R2, really excited about the technology we're developing, and can't wait for our autonomy AI Day in the fall. Appreciate the continued support and interest in the business. Thanks, everyone.
This now concludes the meeting. Thank you for joining, and have a pleasant day. The host has ended this call. Goodbye.