What changed in this filing

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Item 1. Business

2024-02-26 compared with 2023-02-28 · 143 added, 120 removed, 185 unchanged (59% of the section changed)

Rivian exists to create products and services that help our planet transition to carbon neutral energy and transportation.

Rivian designs, develops, and manufactures category-defining electric vehicles (“EVs”) and accessories and sells them directly to customers in the consumer and commercial markets.

Rivian complements its vehicles with a full suite of proprietary, value-added services that address the entire lifecycle of the vehicle and deepen its customer relationships.

Rivian is an American automotive manufacturer that develops and builds category-defining electric vehicles (“EVs”) and accessories.

The Company creates innovative and technologically advanced products that are designed to excel at work and play with the goal of accelerating the global transition to zero-emission transportation and energy.

Rivian vehicles are built in the United States and are sold directly to consumer and commercial customers.

The Company provides a full suite of services that address the entire lifecycle of the vehicle and stay true to its mission to keep the world adventurous forever.

Whether taking families on new adventures or electrifying fleets at scale, Rivian vehicles all share a common goal — preserving the natural world for generations to come.

Starting with a clean sheet, we built a vertically integrated ecosystem comprised of our vehicle technology platform, cloud architecture, product development and operations, products, and services.

Interconnected by our data and analytics backbone, our ecosystem is designed to deliver fast-paced innovation cycles, structural cost advantages, and exceptional customer experiences.

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Our Products and Services

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the R1T, a two-row, five-passenger pickup truck, and the R1S, a three-row, seven-passenger sport utility vehicle (“SUV”).

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The R1T is a category-defining electric pickup truck, providing a combination of performance, utility, and capability without compromising on sustainability.

The R1T is capable of carrying five passengers and large loads with a bed that is 54 inches long with the tailgate up (84 inches long with tailgate down) and 50 inches wide.

The R1S is a large format all-electric SUV, with enough space to comfortably fit up to seven passengers and their gear.

Utilizing the same battery, propulsion, and chassis systems as the R1T, R1S customers can expect the same combination of on- and off-road performance.

The R1T and R1S are equipped with a proprietary set of advanced technology systems, including vehicle electronics, battery, electric drive, chassis, Driver+, our advanced driver assistance system (“ADAS”), and digital user experience management.

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To accompany our vehicles, we have developed a comprehensive portfolio of vehicle accessories that further sharpen our brand’s focus on adventure and active lifestyles.

We have also announced plans to manufacture the R2 vehicle in 2026, which will be built on our mid-sized platform and targets the SUV market.

We plan to leverage the development of our proprietary set of technologies in the R2 and our future vehicles.

Consumer Services

Complementing our consumer vehicles, our current suite of value-added services includes digitally enabled financing, telematics-based insurance, proactive vehicle service (maintenance and repair), software services, and charging solutions.

These services will generate long-term brand loyalty while also creating a recurring revenue stream for each vehicle across its lifecycle.

Complementing our consumer vehicles, our current suite of value-added services includes digitally enabled financing and leasing, telematics-based insurance, proactive vehicle service (maintenance and repair), software services, and charging solutions.

We expect these services to continue to generate long-term brand loyalty while also creating a recurring revenue stream for each vehicle across its lifecycle.

Charging Solutions

We are providing charging solutions that include Rivian Adventure Network Direct Current fast charging sites (“Rivian Adventure Network”) and Rivian Waypoints chargers.

We design, develop, manufacture, and operate the Rivian Adventure Network Direct Current fast chargers (“Rivian Adventure Network”) at sites across North America.

Our solutions are designed to be cost effective and aim to deliver clean energy to our customers while offering a convenient and seamless charging experience.

In addition, our vehicles use the Combined Charging Standard (“CCS”) connection which enables our customers to leverage other nationwide networks.

In addition to Rivian Adventure Network sites, our customers are able to access Combined Charging Standard (“CCS”) public charging sites and in 2024 are expected to gain integrated access to over 12,000 Tesla Superchargers in the United States on the North American Charging Standard (“NACS”).

Commercial Vehicles

In the commercial market, we launched the Rivian Commercial Vehicle (“RCV”) platform, which underpins the Electric Delivery Van (“EDV”), designed and engineered by Rivian in collaboration with Amazon.com, Inc.

In the commercial market, we launched the Rivian Commercial Van (“RCV”) platform which underpins the Electric Delivery Van (“EDV”) variant, designed and engineered by Rivian in collaboration with Amazon.com, Inc.

and its affiliates (collectively, “Amazon”), our first commercial customer.

The EDV is a long-range, electric commercial step-in van designed for large-scale production and deployment in a centrally managed fleet.

Amazon has ordered an initial volume of 100,000 vehicles globally, subject to modification.

Developed to be comfortable and easy to operate for drivers, our commercial vehicles are designed to achieve lower total cost of ownership (“TCO”) for customers while supporting a path to carbon neutral deliveries.

The EDV-700 is the 700 cubic foot version of the EDV.

The vehicle’s design is optimized for last mile delivery use cases and includes a rear roll-up door ideal for warehouse bulk loading, which eliminates cargo area side doors that would otherwise consume valuable precious cargo storage.

The vehicle’s features also include an integrated automatic bulkhead door designed for safety and security, a tall roof to allow drivers to walk through the vehicle, driver-centric ergonomics creating space for package handling, and a curb-side sliding door designed for ease of package handling and safe vehicle access away from traffic.

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The EDV-500 is a narrower and shorter version of the EDV-700 and an important vehicle for expanding to markets and geographies for which smaller form factors are better suited.

In addition to the EDV variant, we also intend to sell RCV variants of the commercial van to customers beyond Amazon.

The EDV and RCV are long-range, electric commercial step in vans designed for large scale production and deployment in a centrally managed fleet.

Amazon has ordered an initial volume of 100,000 EDVs globally, subject to modification.

We have delivered over 10,000 EDVs across the United States and Europe.

We have designed a 500 and 700 cubic foot version of the vans, optimized for various commercial uses, including last mile delivery use cases.

Both the EDV and RCV’s features include a rear roll-up door, an integrated bulkhead door designed for safety and security, a tall roof to allow drivers to walk through the vehicle, driver-centric ergonomics, and a curb-side sliding door for safe vehicle access away from traffic.

Developed to be comfortable and easy to operate for drivers, our commercial vans are designed to achieve lower total cost of ownership (“TCO”) for customers while supporting a path to decarbonization.

Commercial Services

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It encompasses vehicle distribution, service, telematics, software services, charging, connectivity management, Driver+, and lifecycle management.

Building upon this foundation, FleetOS is designed to support more features over time, including leasing, financing, insurance, driver safety and coaching, smart charging and routing, remote diagnostics, 360° collision reports, and vehicle resale.

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collision reports, and vehicle resale.

This cloud-based platform integrates and analyzes vehicle, infrastructure, and operations data, driving us toward industry-leading TCO, safety, and fleet utilization.

The Rivian Ecosystem

Our direct-to-customer model allows us to manage all sales, deliveries, service operations, and resales in-house, without reliance on a franchise dealership network or other third parties.

Our direct-to-customer model allows us to manage all sales, deliveries, service operations, and resales in-house, without reliance on a franchise dealership network.

We employ an integrated, digital-first strategy that is not only convenient and transparent for our customers, but also efficient and scalable to support our continued growth.

Our website and mobile app facilitate brand engagement, product discovery, demonstration drives, purchase transactions, vehicle deliveries, vehicle service, account management, and resale.

We believe this strategy will allow us to deliver uncompromised experiences well beyond what is available through the standard franchise dealership model.

Our efforts to create brand awareness include an extensive mix of social and digital media, demonstration drive events, brand partnerships and collaborations, targeted search, email communications, public relations and community outreach.

Our website and mobile app, retail customer engagement spaces (“spaces”), and service centers facilitate brand engagement, product discovery, demonstration drives, purchase transactions, vehicle deliveries, vehicle service, account management, and resale.

We believe this strategy allows us to deliver uncompromised experiences well beyond what is available through the standard franchise dealership model.

Each element of our ecosystem has been designed from a clean sheet, resulting in end-to-end integration across a range of complementary offerings.

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vehicle technology and Rivian Cloud.

This highly extensible platform will allow us to tailor our offerings to serve both the consumer and commercial markets, powering our products and complementary services.

This highly extensible platform allows us to tailor our offerings to serve both the consumer and commercial markets, powering our products and complementary services.

Our product development and operations infrastructure are deeply integrated with our technology platform, making it easier to deliver on our ambitions.

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• Products and Accessories .

Our consumer portfolio is comprised of category-defining vehicles that reimagine the pickup truck and SUV segments.

We entered the commercial market with long-range electric step-in vans developed for large-scale production.

The EDV is designed to lower TCO, improve uptime, and facilitate Amazon progressing in its commitment to net zero carbon operations.

We expect our products and accessories to provide access to new markets and bring new customers into our ecosystem.

Our consumer portfolio is comprised of category-defining vehicles and accessories that reimagine the pickup truck and SUV segments.

Our commercial portfolio consists of long-range electric step-in vans developed for large-scale production which are designed to lower TCO, improve uptime, and support a path to decarbonization.

We expect our products and accessories to provide greater access to the market and bring new customers into our ecosystem.

We offer highly tailored and differentiated services that enable seamless and intuitive experiences throughout the entire customer lifecycle.

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It is comprised of a centralized data lake and analytics tools, providing valuable insights that can be applied to continuously improve ecosystem-wide performance, functionality, and uptime to drive increased customer satisfaction.

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Our ecosystem is designed to be highly scalable, flexible, integrated, and interconnected to power an immersive customer journey.

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We can deploy our offerings at scale using a shared, vertically integrated technology platform, comprised of vehicle technology and Rivian Cloud, with network effects that will build data insights to improve our ecosystem.

By utilizing our common technology platform, we generate synergies and scale efficiencies, enabling us to increase our pace of innovation and create offerings that serve the unique needs of our customers.

By utilizing our common technology platform, we strive to generate synergies and scale efficiencies, enabling us to increase our pace of innovation and create offerings that serve the unique needs of our customers.

Our direct-to-customer relationships and connected vehicle technologies allow us to gather customer and product insights over the full lifecycle of our vehicles.

We will utilize these insights to continuously improve our offerings by adding new capabilities and functionality.

Enhanced offerings will attract more customers, deepen existing customer relationships, and expand our data repository and insights, which will further benefit our customers and Rivian.

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utilize these insights to continuously improve our offerings by adding new capabilities and functionality.

We believe enhanced offerings will attract more customers, deepen existing customer relationships, and expand our data repository and insights, which will further benefit our customers and Rivian.

Manufacturing

We currently manufacture all vehicles on the R1 and RCV platforms at our manufacturing facility in Normal, Illinois (“Normal Factory”), which is equipped to produce up to 150,000 vehicles annually when the equipment is operated at full rate and on multiple shifts.

This annual installed capacity is currently comprised of approximately 65,000 vehicles for the R1 platform and 85,000 vehicles for the RCV platform.

In addition, we have announced plans to construct a second manufacturing facility near Atlanta, Georgia with an anticipated capacity to produce 400,000 vehicles annually.

This annual installed capacity is expected to be approximately 85,000 vehicles for the R1 platform and 65,000 vehicles for the RCV platform following a planned shutdown to rerate the lines in the second quarter of 2024.

In addition, we are planning to begin construction on a second manufacturing facility near Atlanta, Georgia (“Stanton Springs North Facility”) in 2024 with an anticipated capacity to produce 400,000 vehicles annually.

We plan to build the plant in two phases, each consisting of 200,000 units of annual capacity.

We plan to produce our next generation consumer vehicle platform, the R2, at this facility.

We procure materials and components from hundreds of suppliers across the globe that we work closely with to bring our vehicles to market.

Our supplier selection process is based on a wide variety of factors, including technical expertise, product quality, cost, and location.

With many suppliers, our relationship extends beyond the procurement of raw materials and components as we collaborate through the development process.

We believe these strategic partnerships have led to pricing and timing advantages in the development of our vehicles.

Our products contain thousands of parts that we purchase from hundreds of mostly single- or limited-source suppliers, for which no immediate or readily-available alternative supplier exists.

In order to mitigate risks related to a single source of supply, we qualify alternative suppliers and manufacturers when possible, and develop contingency plans for responding to disruptions, such as carrying higher inventory levels where possible.

Despite these actions, we have faced and may still continue to face, challenges with various manufacturing-related component shortages, especially as our suppliers scale their operations to match our vehicle ramp rate.

In the first phase, we plan to manufacture the mid-sized platform, with R2 being the first variant.

We procure raw materials and product components from hundreds of suppliers across the globe that we work closely with to bring our vehicles to market.

Our supplier selection process is based on a wide variety of factors, including technical expertise, product quality, cost, location, and ramp capability.

Given the value we place on product performance, many supplier relationships extend beyond the procurement of raw materials and product components to include collaboration on product development, performance improvement and/or cost reduction opportunities.

We believe these strategic partnerships will lead to pricing and timing advantages in the development of our vehicles.

Our products contain thousands of raw materials and product components that we purchase from hundreds of mostly single- or limited-source suppliers, for which no immediate or readily-available alternative supplier exists.

To mitigate risks related to sole-sourcing, we seek to qualify alternative suppliers and manufacturers when possible, and develop contingency plans for responding to supply chain disruptions, including carrying buffer inventory levels where possible.

Despite these actions, we have faced, and continue to face, various manufacturing-related product component shortages, particularly as suppliers strive to expand at a rate that matches our vehicle ramp rate.

Battery raw materials, including lithium, nickel, graphite, and cobalt, represent one of the most vulnerable parts of our supply chain.

Timelines for these upstream input materials are notably longer and more variable than the downstream supply chain due to factors outside of our control including permitting under applicable regulations and rules, underestimation of capital requirements, reliance on overseas equipment and plant, insufficient infrastructure capacity, intellectual property/know-how concentration, competition for supply, price volatility, and variability between mineral resources which inhibits standardization of production process and industry specifications.

Given the complexity of these challenges, we proactively engage with a wide range of industry stakeholders necessary to create the alignment and momentum required for change through the following:

• Ongoing engagement with raw materials suppliers of varying experience to understand the evolving challenges to expansion and efficient operations;

• Attending key industry conferences and events to understand the most salient issues and attitudes towards them;

• Participation in policy advocacy and industry groups that support improved battery raw material supply;

• Setting expectations with our supply chain partners relating to their raw materials sourcing practices and conducting due-diligence into their long-term supply security plans;

• Identifying supply security and cost escalation risks and developing/adjusting sourcing strategies and priorities accordingly.

Historically, the automotive industry has experienced higher revenue in the spring and summer months.

Additionally, we expect volumes of commercial vehicle sales to be less in the winter months, as customers shift their focus to making last mile deliveries during holidays, rather than incorporating more vehicles into their fleet.

We do not expect such seasonality in demand to significantly impact our operations in the near-term as we scale our business due to our backlog of preorders;

however, we may experience seasonal variations in our business in the long-term.

Additionally, we expect delivery volumes of commercial vehicle sales to be less in the winter months as customers shift their focus to making

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last mile deliveries during holidays rather than incorporating more vehicles into their fleet which could result in higher finished goods inventory levels during this period.

We aspire to drive meaningful change in the world’s transition to sustainable mobility.

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Our competition includes the millions of traditional ICE vehicles and EVs sold each year in the consumer and commercial markets.

Our competitive set also represents our total addressable market (“TAM”) which we aim to target over the long term with an expanded product portfolio in our current and future geographies.

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Our competitive set also represents our total addressable market which we aim to target over the long term with an expanded product portfolio in our current and future geographies.

As we participate across the spectrum of the consumer and commercial value chain, our competition extends beyond providers that operate in the capacity of an original equipment manufacturer or dealer.

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“Risk Factors .”

Regulations in the United States of America (“United States”)

Regulations in the United States

• National Highway Traffic Safety Administration (“NHTSA”) Safety and Self-Certification Obligations .

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The categories of Safety Standards that apply to our vehicles include crashworthiness requirements, crash avoidance requirements, and EV requirements.

The R1T, R1S, and EDV are fully compliant with all such Safety Standards and other NHTSA requirements without the need for any additional exemptions.

We are also required to comply with or demonstrate exemptions from other requirements of federal laws administered by NHTSA, including the Federal Corporate Average Fuel Economy (“CAFE”) standards, Theft Prevention Act requirements, consumer information labeling requirements, Early Warning Reporting requirements regarding warranty claims, field reports, death and injury reports and foreign recalls, and owner’s manual requirements.

The R1T, R1S and EDV are fully compliant with or exempted from compliance with the foregoing referenced standards.

The R1T, R1S, EDV, and RCV are fully compliant with all such Safety Standards and other NHTSA requirements without the need for any additional exemptions.

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requirements.

The R1T, R1S, EDV, and RCV are fully compliant with or exempted from compliance with the foregoing referenced standards.

Rivian also has a system in place to ensure compliance with all reporting obligations to NHTSA.

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The Clean Air Act requires that we obtain both an EPA-issued Certificate of Conformity and a California Air Resources Board (“CARB”)-issued Executive Order with respect to emissions for our vehicles, and include labeling providing consumer information such as miles per gallon of gas-equivalent ratings and maximum range on a single charge.

The R1T, R1S, and EDV have received EPA Certificates of Conformity and California Executive Orders for model years 2022 and 2023.

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The R1T, R1S, EDV, and RCV (where applicable) have received EPA Certificates of Conformity and California Executive Orders for model years 2022, 2023, and 2024.

• Battery Safety and Testing.

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Emission Credit Programs

As a manufacturer devoted to the design, development, and production of all-electric, battery-powered vehicles, we will generate credits from regulatory mandates that we can monetize through sale to other manufacturers.

For example, in connection with the delivery and placement into service of our zero-emission vehicles in California and a number of other states that have adopted the California standards applicable to light-duty and heavy-duty vehicles, we have earned and will continue to earn tradable light-duty and heavy-duty zero-emission vehicle (“ZEV”) credits that can be monetized.

In addition to state level credits, the EPA and NHTSA also mandate minimum greenhouse gas (“GHG”) emissions and CAFE standards applicable to light- and heavy-duty vehicles.

Under the Biden Administration, a final rule was issued in late 2021 that increased the stringency of these standards.

These federal regulations require that manufacturers of light- and heavy-duty vehicles meet minimum standards pertaining to GHG emissions and fuel economy based on a vehicle’s footprint or overall dimensions.

As the first manufacturer to produce zero-emission vehicles of this larger footprint at scale, we expect to generate substantial GHG and CAFE credits, and to benefit financially from these regulations.

In addition, in 2022, the EPA reinstated California’s ability to establish its own emission standards in lieu of the federal standards.

As a result, California regulators extended the Advanced Clean Cars rule for model years 2026 through 2035.

These standards, which as many as 17 other states have also adopted, are more stringent than federal requirements, thus providing additional credit generating opportunities for Rivian through potential sales of those credits by the Company.

As a manufacturer devoted to the design, development, and production of all-electric, battery-powered vehicles, we will generate credits from regulatory standards that we can monetize through sale to other manufacturers.

For example, in connection with the delivery and placement into service of our zero-emission vehicle (“ZEV”) in California and other states that have adopted the California standards applicable to light-duty and medium-duty vehicles, we have earned and will continue to earn tradeable Advanced Clean Cars and Advanced Clean Trucks (“ACT”) credits and California greenhouse gas (“GHG”) credits that can be monetized.

In addition to state level credits, the EPA and NHTSA also set minimum GHG emissions and CAFE standards applicable to light- and medium-duty vehicles.

Under the Biden Administration, final rules were issued in 2021 and 2022 that increased the stringency of these standards.

These federal regulations require that manufacturers of light- and medium-duty vehicles meet minimum standards pertaining to GHG emissions and fuel economy based on a vehicle’s footprint or overall dimensions.

As an early manufacturer of heavy duty ZEVs at scale, we expect to generate substantial GHG and CAFE credits, and to benefit financially from these regulations.

In addition, in 2022, the EPA reinstated California’s ability to establish its own vehicle emission standards in lieu of the federal standards and to set ZEV requirements.

California regulators have since extended the ZEV portion of the Advanced Clean Cars rule for model years 2026 through 2035 and have been considering potential further amendments.

These standards, which as many as 17 other states have also adopted, provide additional credit generating opportunities beyond the federal programs for Rivian through potential sales of those credits by the Company.

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In 2023, Rivian recognized $73 million from sales of regulatory credits earned for model year 2022.

Rivian expects to continue to recognize revenue in 2024 from credits earned for both model year 2022 and 2023 as regulatory agencies approve compliance reports.

Automobile Manufacturer and Dealer Regulation

State laws regulate the manufacture, distribution, sale, and service (including delivery) of automobiles, and generally require motor vehicle manufacturers and dealers to be licensed in order to sell vehicles directly to customers in the state.

As of December 31, 2022, 25 states and the District of Columbia permit us, as a manufacturer of motor vehicles, to apply for and receive a dealer license to conduct vehicle sales, provided we meet certain requirements.

As of December 31, 2023, 25 states and the District of Columbia permit Rivian, as a manufacturer of motor vehicles, to obtain a dealer license to conduct vehicle sales, provided we meet certain requirements.

Once licensed in one or more of these 25 states, we may sell our vehicles to any consumer in the United States as a matter of interstate commerce.

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To sell vehicles to residents of states where we do not have a license or are unable to be licensed due to our status as a manufacturer, we must conduct the sale out of state over the internet or telephonically.

Rivian currently has dealer licenses to sell vehicles directly in four states.

We also have pending applications for dealer licenses to sell vehicles in another five states.

Rivian currently has dealer licenses to sell vehicles directly in eleven states.

We also have pending applications for dealer licenses to sell vehicles in another two states.

Automobile Manufacturer Regulation in Canada

Our vehicles available for sale in the Canadian market are subject to environmental and safety certifications administered by the appropriate Canadian regulatory authorities, including, but not limited to Transport Canada and Environment Canada.

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have obtained all required national certifications to enable sales in Canada for 2022 and 2023.

We have obtained all required national certifications to enable sales in Canada for 2022, 2023, and 2024.

Unlike the United States, there are no impediments to a manufacturer applying for and receiving a dealer license to perform sales and service, however, we must obtain the necessary provincial licenses to enable sales and service in each location.

We have these licenses in British Columbia and are in the process of obtaining the remaining licenses in the other provinces of Canada.

We have these licenses in British Columbia, Ontario, and Quebec and are in the process of obtaining the remaining licenses in the other provinces of Canada.

Federal and State Incentives in the United States

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The 30C credit was extended until December 31, 2032.

Along with these consumer-facing credits, Congress also passed some manufacturing incentives in the Inflation Reduction Act of 2022 (“IRA”) that can benefit Rivian.

The 45X Advanced Manufacturing Production Tax Credit

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provides a $35/kwh incentive for cell manufacturing and $10/kwh for module assembly through 2032.

Rivian was able to claim the module assembly benefit starting in 2023.

The 48C Qualifying Advanced Energy Project Investment Tax Credit provides a 30% tax credit on investments to build production facilities for advanced energy technology, including wind, solar, energy storage, and EVs, among others.

Congress appropriated $10 billion into this program, with $4 billion allocated in a first round in late 2023/early 2024 for “energy communities” - projects in census tracts on or adjacent to census tracts containing former coal mines or power plants.

The remaining $6 billion is expected to be allocated in 2024 and Rivian is prepared to submit applications for both the Normal Factory and the Stanton Springs North Facility.

• State Incentives.

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Several states will also be phasing out incentives over time or volume of EVs are sold.

Other incentives include preferential parking at reduced rates, or free, or single occupancy high-occupancy vehicle access on highways for EVs.

Other incentives include preferential parking for free or reduced rates and access to high-occupancy vehicle lanes on highways for all EVs.

Intellectual Property

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While we do not believe that any single piece of intellectual property is individually material to the entirety of our business, our intellectual property is important to our operations and development of technologies.

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As of December 31, 2022, we held over 230 granted patents and registrations worldwide, and had filed over 1,600 patent applications with domestic and foreign patent offices.

As of December 31, 2022, we had over 1,700 registered trademarks and had filed over 4,600 trademark applications with domestic and foreign trademark offices, had two registered copyrights, and had filed one copyright application with foreign copyright offices.

As of December 31, 2023, we held over 400 granted patents and registrations worldwide, and had over 1,800 patent applications pending with U.S.

and international patent offices.

As of December 31, 2023, we held over 2,700 registered trademarks and had over 800 trademark applications pending with U.S.

and international trademark offices, held seven registered copyrights, and had one copyright application pending in an international copyright office.

We will pursue intellectual property protection to the extent we believe it would be advantageous to our business objectives.

Despite our efforts to protect our intellectual property rights, they may not be respected in the future or may be invalidated, circumvented, or challenged.

Our Approach to Environment, Social, and Governance (“ESG”)

Fulfilling our ambitious mission and contributing to our vision for helping change the trajectory of our planet’s future for generations to come requires a holistic approach.

At Rivian, this means that we consider our impacts throughout our business.

A detailed understanding of our products informs our decisions and drives our actions—from exploring options to decarbonize our materials to enhancing our designs to improving product efficiency.

Rivian is focused on creating solutions and demonstrating ways of operating that not only help shift mindsets, but also help support a healthy competitive landscape to shift away from fossil fuels and curtail climate change.

We believe we have an opportunity to play a role in the global economic transition to net zero emissions by working towards carbon-free electrification of road transportation.

Specifically, we are focused on:

• Producing EVs to reduce carbon emissions and other pollution;

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• Actively reducing our environmental footprint, considering the impacts of EVs and their supply chains on communities and ecosystems, and protecting nature.

Our current focus on applying sustainable practices across several facets of our business include the following:

Rivian’s EVs are designed to reduce impact on the environment over their life cycle and we engage at the product component level to develop targets directly into the product requirements to reduce environmental impacts and to integrate sustainability into decision-making.

This includes striving to incorporate sustainable materials versus conventional materials, prioritizing energy efficiency, and recycling key materials, where feasible.

We develop life cycle assessments (“LCAs”) for our EVs which help us understand their environmental footprints.

These LCAs conform with industry standards (International Organization for Standardization 14040 and 14044) and are reviewed by a third-party expert.

As Rivian continues to grow and ramp up production, we are simultaneously mapping our supply chain for the next stage of our development.

This includes prioritizing traceability for priority materials, focusing on steel, aluminum, and batteries, and incorporating standards to help protect communities involved in bringing our vehicles to life through membership in various coalitions and industry organizations.

• Circularity.

The aim of circularity is to keep materials and products in use as long as possible, ultimately decoupling economic activity from finite resources.

Rivian is exploring options to embed circular principles into our business and is pursuing pathways to operationalize circularity that slow consumption of primary materials, reduce waste, limit biodiversity loss, and decarbonize our business.

• Transitioning to Carbon-Free Energy.

Our aim is to accelerate the amount of carbon-free energy on the nation’s electricity grid so that we can achieve even greater system-wide impact and prevent a shift of emissions from tailpipes to power plants.

Specifically:

As we expand our charging deployments, we have, and intend to continue to find ways to help drivers accelerate the transition to a carbon-free grid by matching 100% of the energy the vehicle consumed with renewable energy purchases no matter where the vehicle charged—at home, on a third-party network, or on the Rivian Adventure Network.

◦ Renewable Energy.

We are investing in purpose-driven renewable energy projects that seek to positively impact our communities, our customers, our climate, and our industry.

Human Capital

As of December 31, 2023, we had 16,790 employees across North America and Europe.

Our global workforce is comprised of engineering and technology teams that are designing and developing future products and services, our operations and go-to-market teams that support the production, sale, and service of our launch vehicles, and our general and administrative teams.

Our global footprint will continue to grow as we seek diverse communities to join us on our adventure.

As a team, we strive to Keep The World Adventurous Forever by attracting the right people in the right roles and harnessing their adventurous spirit.

Below are our Compass principles:

Our global workforce is comprised of our operations and go-to-market teams that support the production, sale, and service of our vehicles, our engineering and technology teams that are designing and developing future products and services, and our general and administrative teams.

We continue to grow our global footprint and seek diverse communities to join us on our adventure.

As a team, we strive to keep the world adventurous forever by attracting the right people in the right roles, harnessing their adventurous spirit, and keeping a safe and inspiring environment as a daily practice.

Below are our Compass Values:

a set of behaviors that serve as the backbone of Rivian’s organizational culture.

Compass serves as our guide to ensure we preserve and augment our culture through the people we attract, develop, and inspire.

Our Compass Values serve as our guide to preserve and augment our culture through the people we attract, develop, and inspire.

• Come Together.

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Better ways of doing things are waiting to be discovered, and it’s incumbent upon all of us to approach our work from a place of curiosity.

Despite the breadth of objectives and the complexity of our goals, all our ideas begin the same way - from first principles.

Despite the breadth of

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objectives and the complexity of our goals, all our ideas begin the same way - from first principles.

When we start with undeniable basic truths, it opens up a world of possibility.

A first-principles approach enables us to discuss ideas rather than debate different sets of ideologies or dogmas from previous experiences.

Every part of the Rivian customer experience is derived from employees continuously asking why and understanding the rationale behind every decision.

The Rivian customer experience is derived from employees continuously asking why and understanding the rationale behind every decision.

The draw toward the unknown is strong within our team.

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Multiple product launches and cutting-edge development across domains - over delivery on expectations is a core tenet of our strategy.

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Our Commitment to Diversity, Equity, Inclusion, and Belonging

Our Focus on Diversity, Equity, Inclusion, and Belonging

At Rivian, we believe that forever is for EVERYONE and this philosophy is symbiotic with our mission to keep the world adventurous forever.

Belonging is the outcome of Diversity, Equity, and Inclusion.

It is a cultural imperative, is intentionally woven in all we do, and is a key driver of our values.

Belonging is about building cultures, celebrating each other, and fostering communities where we feel a deep sense of connectedness, like we are a part of the larger whole and can thrive in those spaces.

It is a cultural imperative, is intentionally woven into all we do, and is a key driver of our values.

Belonging is about building cultures, celebrating each other, and fostering communities where we feel a deep sense of connectedness, like we are a part of the larger whole where we can thrive.

Below are our operating principles that anchor all of our work for Belonging:

• Representation Matters.

There is undeniable power in representation and attracting, hiring, and retaining diverse talent at all levels is key.

• Diverse Teams are Better Teams.

They bring broader perspective and experiences that enable us to innovate and solve big problems.

There is undeniable power in representation, and we believe attracting, hiring, and retaining diverse talent at all levels is key to productivity.

• Self-Awareness is the Gateway to Learning.

Being the bridge to a new way of thinking and working together starts with us as individuals.

• Diverse Teams are Better Teams.

We believe diverse teams bring broader perspective and experiences that enable us to innovate and solve big problems.

• Embedding Equitable Practices is Key.

Equity is intentionally built into our broader people and talent processes with clear accountabilities for our leaders.

To support, facilitate, and drive towards the goal of Belonging for all, Rivian continues to develop a full range of internal programs and offerings for our employees.

This includes internal mobility, career development, strategic hiring programs, commitments to inclusion through allyship, and learning and development initiatives.

In addition, we offer Belonging Resource Groups and other networks which facilitate the opportunity for our communities to come together in conversation, education, moments of celebration, and in times of change.

All are welcome.

Our Climate Commitment

Responding effectively to climate change requires collective action and urgency.

We believe we have a responsibility and opportunity to play a role in the global economic transition to net zero emissions.

We are one of the signatories to The Climate Pledge, through which signatories commit to reaching net-zero carbon emissions by 2040.

• measure and report our GHG emissions;

• implement decarbonization strategies in line with The Climate Pledge through real business change and innovations, including energy efficiency improvements, renewable energy use, designing for circularity of materials, and other carbon abatement strategies;

• power charging on the Rivian Adventure Network and Rivian Waypoints Network with 100% renewable energy, which may be achieved by a variety of mechanisms, including, but not limited to, power purchase agreements and the purchase of renewable energy credits.

Our climate commitment is backed by our current focus on applying sustainable practices across several facets of our business:

• Product Development.

Rivian’s products are being designed to reduce impact on the environment over their life cycle.

This includes looking to incorporate sustainable materials versus conventional, prioritizing energy efficiency, and recycling key materials.

We are integrating recycled content, material utilization, and other sustainability metrics directly into the product requirements so impact can be reduced at the earliest stages of design.

Advanced diagnostics allow us to identify areas to optimize battery and overall vehicle health which may increase the use phase of our vehicles.

We also track and forecast the carbon footprint of design iterations throughout the product development process to provide teams with the ability to integrate sustainability into daily decision-making.

• Operations.

Like any company, we use resources to operate.

Our goal is to do so efficiently and thoughtfully at our existing facilities and new facilities as we grow and scale our business.

Our team is dedicated to measuring our GHG emissions and decarbonizing our operations.

Where possible, we utilize energy management systems, purchase recycled and reusable packaging materials, and actively utilize rail across our distribution channels to reduce our

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logistics related carbon footprint.

Rivian is pursuing a high performance, energy efficient central thermal building for our future production facility, which will provide higher quality and better operational performance over the life of the system than comparable options.

Rivian evaluates operational design decisions through a lens of total cost of ownership to highlight the long-term value of energy reduction strategies for the business.

As we expand production capacity at our Normal Factory and build new sites to support our growth, we intend that environmental impact will be a significant factor in our planning.

We are making progress on powering our charging network and production facilities with renewable energy.

Environment, Health, and Safety (“EHS”)

Creating a safe and inspiring environment is a priority that we expect Rivian employees to uphold in their daily activities.

EHS oversight occurs at the highest level of the Company.

The Rivian board of directors reviews, on a quarterly basis, key performance indicators, past EHS accomplishments, and continuous improvement initiatives.

Philanthropic Activities and Corporate Giving

At Rivian, we believe sustainable and inclusive business is vital to society, the environment, and humanity’s continued prosperity.

Our philanthropic mission is focused on helping to Keep the World Adventurous Forever by preserving the planet for future generations.

Through a non-operating private foundation currently seeking 501(c)(3) designation (the “Rivian Foundation”), Forever by Rivian, Inc., a 501(c)(4) social welfare organization (“Forever by Rivian”), and efforts by Rivian directly (collectively, “Forever”), we intend to expand our impact beyond the transportation and energy products and services we make and the associated competition they inspire.

We aim for Forever to go further to address climate change and to help preserve the critical biodiversity needed for our planet’s long term survival.

Our philanthropic mission is focused on helping to keep the world adventurous forever by preserving the planet for future generations and advancing a just transition to a clean mobility future.

Through work with an IRS-registered

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501(c)(3) private foundation (the “Rivian Foundation”), which intends to commence grantmaking in 2024, and efforts by Rivian directly (collectively, “Forever”), we aim to extend our impact beyond the products we make and the associated competition they inspire and to advance progress towards building a sustainable future for generations.

Corporate Information

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Item 1. Business