Rivian Automotive (RIVN) 10-Q 7 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 23, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-41042
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	14600 Myford Road
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92606
Entity Tax Identification Number	47-3544981
City Area Code	(888)
Local Phone Number	748-4261
Title of 12(b) Security	Class A common stock, $0.001 par value per share
Trading Symbol	RIVN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001874178
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Registrant Name	Rivian Automotive, Inc. / DE
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		987,495,232
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,825,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents (Note 3)	$ 5,979,000,000	$ 7,857,000,000
Short-term investments (Note 3)	1,879,000,000	1,511,000,000
Accounts receivable, net	389,000,000	161,000,000
Inventory (Note 4)	2,797,000,000	2,620,000,000
Other current assets	270,000,000	164,000,000
Total current assets	11,314,000,000	12,313,000,000
Property, plant, and equipment, net (Note 5)	3,830,000,000	3,874,000,000
Operating lease assets, net	379,000,000	356,000,000
Other non-current assets	211,000,000	235,000,000
Total assets	15,734,000,000	16,778,000,000
Current liabilities:
Accounts payable	1,019,000,000	981,000,000
Accrued liabilities (Note 7)	1,018,000,000	1,145,000,000
Current portion of lease liabilities and other current liabilities	364,000,000	361,000,000
Total current liabilities	2,401,000,000	2,487,000,000
Long-term debt (Note 6)	4,433,000,000	4,431,000,000
Non-current lease liabilities	345,000,000	324,000,000
Other non-current liabilities	486,000,000	395,000,000
Total liabilities	7,665,000,000	7,637,000,000
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock, $0.001 par value; 10 shares authorized and 0 shares issued and outstanding as of December 31, 2023 and March 31, 2024	0	0
Common stock, $0.001 par value; 3,508 and 3,508 shares authorized and 968 and 994 shares issued and outstanding as of December 31, 2023 and March 31, 2024, respectively (Note 12)	1,000,000	1,000,000
Additional paid-in capital	28,070,000,000	27,695,000,000
Accumulated deficit	(20,004,000,000)	(18,558,000,000)
Accumulated other comprehensive income	2,000,000	3,000,000
Total stockholders' equity	8,069,000,000	9,141,000,000
Total liabilities and stockholders' equity	$ 15,734,000,000	$ 16,778,000,000

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	3,508,000,000	3,508,000,000
Common stock, shares issued (in shares)	994,000,000	968,000,000
Common stock, shares outstanding (in shares)	994,000,000	968,000,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues (Note 2)	$ 1,204	$ 661
Cost of revenues	1,731	1,196
Gross profit	(527)	(535)
Operating expenses
Research and development	461	496
Selling, general, and administrative	496	402
Total operating expenses	957	898
Loss from operations	(1,484)	(1,433)
Interest income	112	124
Interest expense (Note 6)	(75)	(38)
Other (expense) income, net	2	(1)
Loss before income taxes	(1,445)	(1,348)
Provision for income taxes	(1)	(1)
Net loss	(1,446)	(1,349)
Net loss attributable to common stockholders, basic	(1,446)	(1,349)
Net loss attributable to common stockholders, diluted	$ (1,446)	$ (1,349)
Net loss per share attributable to Class A and Class B common stockholders, basic (in dollars per share)	$ (1.48)	$ (1.45)
Net loss per share attributable to Class A and Class B common stockholders, diluted (in dollars per share)	$ (1.48)	$ (1.45)
Weighted-average common shares outstanding, basic (in shares)	978	930
Weighted-average common shares outstanding, diluted (in shares)	978	930

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (1,446)	$ (1,349)
Other comprehensive income (loss)	(1)	1
Comprehensive loss	$ (1,447)	$ (1,348)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income
Beginning balance (in shares) at Dec. 31, 2022		926
Beginning balance at Dec. 31, 2022	$ 13,799	$ 1	$ 26,926	$ (13,126)	$ (2)
Stockholders' Equity
Capital stock issuance (in shares)		13
Capital stock issuance	5		5
Stock-based compensation	286		286
Other comprehensive income (loss)	1				1
Net loss	(1,349)			(1,349)
Ending balance (in shares) at Mar. 31, 2023		939
Ending balance at Mar. 31, 2023	$ 12,742	$ 1	27,217	(14,475)	(1)
Beginning balance (in shares) at Dec. 31, 2023	968	968
Beginning balance at Dec. 31, 2023	$ 9,141	$ 1	27,695	(18,558)	3
Stockholders' Equity
Capital stock issuance (in shares)		26
Capital stock issuance	1		1
Stock-based compensation	374		374
Other comprehensive income (loss)	(1)				(1)
Net loss	$ (1,446)			(1,446)
Ending balance (in shares) at Mar. 31, 2024	994	994
Ending balance at Mar. 31, 2024	$ 8,069	$ 1	$ 28,070	$ (20,004)	$ 2

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (1,446,000,000)	$ (1,349,000,000)
Depreciation and amortization	280,000,000	188,000,000
Stock-based compensation expense	233,000,000	183,000,000
Inventory LCNRV write-downs and losses on firm purchase commitments	150,000,000	229,000,000
Other non-cash activities	53,000,000	2,000,000
Changes in operating assets and liabilities:
Accounts receivable, net	(228,000,000)	(55,000,000)
Inventory	(435,000,000)	(781,000,000)
Other assets	(81,000,000)	(29,000,000)
Accounts payable and accrued liabilities	113,000,000	22,000,000
Other liabilities	92,000,000	69,000,000
Net cash used in operating activities	(1,269,000,000)	(1,521,000,000)
Cash flows from investing activities:
Purchases of short-term investments	(902,000,000)	0
Maturities of short-term investments	550,000,000	0
Capital expenditures	(254,000,000)	(283,000,000)
Net cash used in investing activities	(606,000,000)	(283,000,000)
Cash flows from financing activities:
Proceeds from issuance of capital stock	2,000,000	3,000,000
Proceeds from issuance of convertible notes	0	1,485,000,000
Other financing activities	(4,000,000)	(3,000,000)
Net cash provided by (used in) financing activities	(2,000,000)	1,485,000,000
Effect of exchange rate changes on cash and cash equivalents	(1,000,000)	0
Net change in cash	(1,878,000,000)	(319,000,000)
Cash, cash equivalents, and restricted cash—Beginning of period	7,857,000,000	12,099,000,000
Cash, cash equivalents, and restricted cash—End of period	5,979,000,000	11,780,000,000
Supplemental disclosure of non-cash investing and financing activities:
Capital expenditures included in liabilities	383,000,000	333,000,000
Capital stock issued to settle bonuses	179,000,000	137,000,000
Right-of-use assets obtained in exchange for operating lease liabilities	$ 52,000,000	$ 11,000,000

NATURE OF OPERATIONS AND PRESEN

NATURE OF OPERATIONS AND PRESENTATION	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS AND PRESENTATION	NATURE OF OPERATIONS AND PRESENTATION Description and Organization Rivian Automotive, Inc. (together with its consolidated subsidiaries, “Rivian” or the “Company”) was incorporated as a Delaware corporation on March 26, 2015. Rivian was formed for the purpose of designing, developing, manufacturing, and selling category-defining electric vehicles (”EVs”), accessories, and related services directly to customers in the consumer and commercial markets. The nature of the Company’s operations is primarily the production and sale of EVs in the United States. Basis of Presentation - Interim Financial Statements The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial information. Accordingly, they do not include all disclosures, including certain notes, required by U.S. GAAP on an annual reporting basis. These condensed consolidated financial statements are unaudited and, in the opinion of management, reflect all normal recurring adjustments necessary to fairly present the financial position, results of operations, cash flows, and change in equity for the periods presented. Results for the periods presented are not necessarily indicative of the results that may be expected for any subsequent period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (“Form 10-K”). Certain amounts in the prior period condensed consolidated financial statements have been aggregated to conform to current period presentation.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates Accounting estimates are an integral part of the condensed consolidated financial statements. These estimates require the use of judgments and assumptions that may affect the reported amounts of assets, liabilities, revenues, and expenses in the periods presented. Estimates are used for, but not limited to, inventory valuation, property, plant, and equipment, warranty reserves, leases, income taxes, stock-based compensation, commitments and contingencies, and residual value risk sharing (“RVRS ”) liability. The Company believes that the accounting estimates and related assumptions employed by the Company are appropriate and the resulting balances are reasonable under the circumstances. However, due to the inherent uncertainties involved in making estimates, the actual results could differ from the original estimates, requiring adjustments to these amounts in future periods. Derivative Instruments In the normal course of business, the Company is exposed to global market risks, including the effect of changes in certain commodity prices, interest rates, and foreign currency exchange rates, and may enter into derivative contracts, such as forwards, options, swaps, or other instruments, to manage these risks. Derivative instruments are recorded on the Condensed Consolidated Balance Sheets in either “Other current assets” or “Current portion of lease liabilities and other current liabilities” and are measured at fair value. They are classified within Level 2 of the fair value hierarchy because they are valued using observable inputs other than quoted prices for identical assets or liabilities in active markets. For commodity contracts, the Company records gains and losses resulting from changes in fair value in “Cost of revenues” in the Condensed Consolidated Statements of Operations and cash flows in “Cash flows from operating activities” in the Condensed Consolidated Statements of Cash Flows . The Company also may enter into master netting agreements with its counterparties to allow for netting of transactions with the same counterparty. The Company does not utilize derivative instruments for trading or speculative purposes. The Company has entered into commodity contracts, and the resulting asset, liability, and aggregate notional amount were not material as of December 31, 2023 and March 31, 2024. These derivatives are economic hedges used to manage overall price risk and have not been designated as hedging instruments. During the three months ended March 31, 2023 and 2024, losses resulting from changes in fair value were not material. Revenues Vehicle Sales The Company’s revenues primarily include revenue from the sale of EVs and specific services that meet the definition of a performance obligation, including over-the-air (“OTA”) vehicle software updates. Revenue from the sale of EVs is recognized at a point in time when control transfers to the customer or the lessee of JPMorgan Chase Bank, N.A. (“Chase Bank”), the Company’s financial institution providing leasing, which generally occurs upon delivery. Revenue from the sale of Electric Delivery Vans (“EDVs”) is recognized in accordance with a bill and hold arrangement, under which risk of ownership has been transferred to the customer but delivery is delayed at the request of the customer. In such cases, the EDVs are separately identified as belonging to the customer, ready for physical delivery to the customer, and the Company does not have the ability to sell the EDVs to another customer. Payment for EV sales is typically received at or prior to delivery or according to payment terms customary to the business. Sales tax is excluded from the measurement of the transaction price. As the OTA vehicle software updates represent a stand ready obligation to provide these services, revenue related to OTA vehicle software updates is recognized ratably throughout the performance period, beginning when control of the vehicle is transferred to the customer or the lessee of Chase Bank, and continuing through the estimated useful life of the EV. The Company has an obligation to share a portion of the difference between the residual value realized by Chase Bank at the end of the lease term and the residual value determined at lease inception. This obligation is recorded as a RVRS liability in “Other non-current liabilities” on the Condensed Consolidated Balance Sheets upon delivery. The RVRS liability is comprised of management’s estimate of the amount the Company is expected to pay to Chase Bank at the end of the lease term and is bifurcated from the transaction price. These estimates are based on third-party residual value publications and estimated future prices. The Company reevaluates the adequacy of the RVRS liability on a regular basis and makes revisions when necessary. These estimates are inherently uncertain, especially given the Company’s limited history of leases, and more historical experience or updates to benchmarks and projections may cause material changes to the RVRS liability in the future. As of March 31, 2024 the RVRS liability was not material. The standalone selling prices of performance obligations are estimated by considering costs to develop and deliver the good or service, third-party pricing of similar goods or services, and other available information. The transaction price is allocated among the performance obligations in proportion to the standalone selling prices. During the three months ended March 31, 2024, approximately 23% of the Company’s revenues was from Chase Bank. Other Revenues The Company generates tradable credits from various regulatory standards primarily related to zero-emission vehicles (“ZEVs”) and greenhouse gas. The Company sells these credits to other manufacturers. Revenues are recognized at the time control of the regulatory credits is transferred to the purchasing party, and payment is typically received in accordance with customary payment terms. Other revenues consist primarily of sales of vehicle trade-ins (“remarketing”), repair and maintenance services, vehicle accessories, charging, and other complementary services. Contract Liabilities The Company recognizes contract liabilities when payments are received or due before the related performance obligation is satisfied. The Company’s contract liabilities are primarily related to payments for vehicles collected prior to delivery of the EV, generally satisfied within one quarter or less, OTA vehicle software updates, generally satisfied over the estimated useful life of the EV, and extended service contracts, satisfied over the coverage period. The Company’s contract liabilities exclude fully- refundable customer deposits. The following table summarizes the Company’s contract liabilities recorded by line item on the Condensed Consolidated Balance Sheets (in millions): December 31, 2023 March 31, 2024 Current portion of lease liabilities and other current liabilities $ 88 $ 91 Other non-current liabilities 133 158 Total contract liabilities $ 221 $ 249 The Company provides a manufacturer’s warranty on new consumer vehicles. A warranty reserve is accrued at the time of sale or once a specific field service action has been identified. The amount accrued is comprised of management’s estimate of the projected costs to repair, replace, or adjust defective component parts under the applicable warranty period and identified field service actions. These estimates are based on an analysis of actual claims incurred to date and expectations of the nature, frequency, and costs of future claims by vehicle model, including relevant benchmark data. The Company reevaluates the adequacy of the warranty reserve on a regular basis and makes revisions when necessary. Warranty estimates are inherently uncertain, especially given the Company’s limited history of sales, and more historical experience or updates to benchmarks and projections may cause material changes to the warranty reserve in the future. The following table summarizes the Company’s warranty and field service action reserve recorded by line item on the Condensed Consolidated Balance Sheets (in millions): December 31, 2023 March 31, 2024 Current portion of lease liabilities and other current liabilities $ 91 $ 68 Other non-current liabilities 184 249 Total warranty reserve $ 275 $ 317 Warranty expense is recorded as a component of “Cost of revenues” in the Company’s Condensed Consolidated Statements of Operations . The Company’s warranty and field service action activity for the three months ended March 31, 2023 was primarily for warranties issued during the period. The following table presents the warranty and field service action activity for the three months ended March 31, 2024 (in millions): Three Months Ended Beginning balance $ 275 Warranties issued in period 49 Adjustments to pre-existing warranties 6 Warranty costs incurred (13) Ending balance $ 317 Concentration of Risk Counterparty Credit Risk Financial instruments that potentially subject the Company to concentration of counterparty credit risk consist of cash and cash equivalents, short-term investments, customer deposits, derivative instruments, and debt. The Company is exposed to credit risk on cash to the extent that a balance with a financial institution exceeds the Federal Deposit Insurance Company insurance limits. The Company is exposed to credit risk on cash equivalents and short-term investments to the extent that counterparties are unable to settle maturities or sales of investments and on customer deposits to the extent that counterparties are unable to complete the corresponding purchase transaction. The Company is exposed to credit risk on derivative instruments to the extent that counterparties are unable to settle derivative asset positions and on debt to the extent that the senior secured asset-based revolving credit facility (“ABL Facility”) lenders are not able to extend credit. The degree of counterparty credit risk varies based on many factors, including the duration of the transaction and the contractual terms of the agreement. As of December 31, 2023 and March 31, 2024, all of the Company’s cash, typically in amounts exceeding insured limits, was distributed across several large financial institutions that the Company believes are of high credit quality. Management evaluates and approves credit standards and oversees the credit risk management function related to cash equivalents, short-term investments, and customer deposits. As of December 31, 2023 and March 31, 2024, the counterparties to the Company’s derivative instruments and the ABL Facility lenders are financial institutions that the Company believes are of high credit quality. Supply Risk The Company is subject to risks related to its dependence on its suppliers, the majority of which are single source providers of input materials or components for the Company’s products. Any inability or unwillingness of the Company’s suppliers to deliver necessary input materials or product components, including semiconductors, at timing, prices, quality, and volumes that are acceptable to the Company could have a material impact on the Company’s business, prospects, financial condition, results of operations, and cash flows. Fluctuations in the cost of input materials or product components and supply interruptions or shortages could materially impact the Company’s business. Upcoming Accounting Standards Not Yet Adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures updates required disclosures of significant reportable segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, though early adoption is permitted. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the presentational impact of this ASU and expects to adopt in the year ended December 31, 2024. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Cash and cash equivalents include cash in banks, highly liquid investments, and term deposits with maturities of three months or less recorded in “Cash and cash equivalents” on the Condensed Consolidated Balance Sheets . Short-term investments are available-for-sale debt securities and term deposits with maturities over three and up to twelve months recorded in “Short-term investments” on the Condensed Consolidated Balance Sheets . The following table presents the fair value of the Company’s cash and cash equivalents and short-term investments and their corresponding level within the fair value hierarchy: December 31, 2023 March 31, 2024 Level Amount Level Amount Cash and cash equivalents: Cash $ 1,245 $ 1,094 Money market funds 1 6,070 1 4,701 Commercial paper 2 517 2 134 Term deposits — — 2 50 United States Treasury securities 1 25 1 — Total $ 7,857 $ 5,979 Short-term investments: Commercial paper — $ — 2 $ 366 United States Treasury securities 1 1,061 1 1,088 Term deposits 2 450 2 425 Total $ 1,511 $ 1,879 Total cash and cash equivalents and short-term investments $ 9,368 $ 7,858 As of December 31, 2023 and March 31, 2024, the fair value of cash equivalents and short-term investments approximated their cost. Fair value measurements classified within Level 2 of the fair value hierarchy are determined using observable inputs other than quoted prices for identical assets in active markets. Refer to Note 2 “Summary of Significant Accounting Policies” and Note 6 "Debt" for more information about the fair value of the Company’s derivative instruments and debt, respectively.

INVENTORY AND INVENTORY VALUATI

INVENTORY AND INVENTORY VALUATION	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
INVENTORY AND INVENTORY VALUATION	INVENTORY AND INVENTORY VALUATION The following table summarizes the components of “Inventory” on the Condensed Consolidated Balance Sheets (in millions): December 31, 2023 March 31, 2024 Raw materials and work in progress $ 1,584 $ 1,825 Finished goods 1,036 972 Total inventory $ 2,620 $ 2,797 Inventory is stated at the lower of cost or net realizable value (“LCNRV”) and consists of raw materials, work in progress, finished goods, and service parts. Included within work in progress are end of line vehicles pending final inspection which have historically not been material. As of March 31, 2024, end of line vehicles increased to $290 million due to the vehicles awaiting a specific part. Subsequent to quarter end, the majority of these vehicles have been through final inspection and factory gated. The Company’s ending inventory was written down by $319 million and $328 million for LCNRV as of December 31, 2023 and March 31, 2024, respectively. Additionally, the Company has LCNRV losses related to firm purchase commitments which were $126 million and $45 million as of December 31, 2023 and March 31, 2024, respectively, and are reflected in the “Inventory” component of “Accrued liabilities” on the Condensed Consolidated Balance Sheets . Refer to Note 7 "Accrued Liabilities" for more information about Accrued liabilities. The Company recorded a $229 million and $150 million charge to reflect the LCNRV of inventory and losses on firm purchase commitments as of March 31, 2023 and March 31, 2024, respectively, in “Cost of revenues” in the Company’s Condensed Consolidated Statements of Operations .

PROPERTY, PLANT, AND EQUIPMENT,

PROPERTY, PLANT, AND EQUIPMENT, NET	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT, AND EQUIPMENT, NET	PROPERTY, PLANT, AND EQUIPMENT, NET The following table summarizes the components of “Property, plant, and equipment, net” on the Condensed Consolidated Balance Sheets (in millions): December 31, 2023 March 31, 2024 Land, buildings, and building improvements $ 972 $ 1,002 Leasehold improvements 417 435 Machinery, equipment, vehicles, and office furniture 3,068 3,186 Computer equipment, hardware, and software 515 545 Construction in progress 698 746 Total property, plant, and equipment 5,670 5,914 Accumulated depreciation and amortization (1,796) (2,084) Total property, plant, and equipment, net $ 3,874 $ 3,830

DEBT

DEBT	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT The following table summarizes the Company’s outstanding debt: December 31, 2023 March 31, 2024 Maturity Amount Effective Interest Rate Amount Effective Interest Rate 2026 Notes 2026 $ 1,250 12.0 % $ 1,250 12.0 % 2029 Green Convertible Notes 2029 1,500 4.9 % 1,500 4.9 % 2030 Green Convertible Notes 2030 1,725 3.8 % 1,725 3.8 % Total long-term debt 4,475 4,475 Less unamortized discount and debt issuance costs (44) (42) Long-term debt, less unamortized discount and debt issuance costs 4,431 4,433 Less current portion — — Total long-term debt, less current portion $ 4,431 $ 4,433 ABL Facility In April 2023, the Company amended and restated the credit agreement governing the ABL Facility. Availability under the ABL Facility is based on the lesser of the borrowing base and the committed $1,500 million cap and reduced by borrowings and the issuance of letters of credit. As of March 31, 2024, the Company had no borrowings under the ABL Facility and $305 million of letters of credit outstanding, resulting in availability under the ABL Facility of $1,195 million after giving effect to the borrowing base and the outstanding letters of credit. As of March 31, 2024, the Company was in compliance with all covenants required by the ABL Facility. 2026 Notes In October 2021, the Company issued $1,250 million aggregate principal amount of senior secured floating rate notes due October 2026 (the “2026 Notes”) to certain new and existing investors of the Company. As of March 31, 2024, the interest rate payable on the 2026 Notes was 11.5%, and the Company was in compliance with all covenants required by the 2026 Notes. The 2026 Notes are classified within Level 2 of the fair value hierarchy because they are valued using quoted prices for identical assets in markets that are not active. As of December 31, 2023 and March 31, 2024, the fair value of the 2026 Notes was $1,250 million and $1,271 million, respectively. Green Convertible Notes 2029 Green Convertible Notes In March 2023, the Company issued $1,500 million principal amount of green convertible unsecured senior notes due March 2029 (the “2029 Green Convertible Notes”) at a discount of $15 million in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (“Securities Act”). The 2029 Green Convertible Notes accrue interest at a rate of 4.625% per annum, payable semi-annually in arrears on March 15 and September 15 . The 2029 Green Convertible Notes are classified within Level 2 of the fair value hierarchy because they are valued using quoted prices for identical assets in markets that are not active. As of December 31, 2023 and March 31, 2024, the fair value of the 2029 Green Convertible Notes was $2,110 million and $1,241 million, respectively. 2030 Green Convertible Notes In October 2023, the Company issued $1,725 million principal amount of the 2030 Green Convertible Notes at a discount of $15 million in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The 2030 Green Convertible Notes accrue interest at a rate of 3.625% per annum, payable semi-annually in arrears on April 15 and October 15. The 2030 Green Convertible Notes are classified within Level 2 of the fair value hierarchy because they are valued using quoted prices for identical assets in markets that are not active. As of December 31, 2023 and March 31, 2024, the fair value of the 2030 Green Convertible Notes was $2,121 million and $1,213 million, respectively. The Company intends to use the net proceeds from the 2029 Green Convertible Notes and 2030 Green Convertible Notes (together the “Green Convertible Notes”) to finance, refinance, or make direct investments in, in whole or in part, one or more new or existing eligible green projects, as described in the Company’s green financing framework.

ACCRUED LIABILITIES

ACCRUED LIABILITIES	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
ACCRUED LIABILITIES	ACCRUED LIABILITIES The following table summarizes the components of “Accrued liabilities” on the Condensed Consolidated Balance Sheets (in millions): December 31, 2023 March 31, 2024 Payroll and related costs $ 328 $ 188 Capital expenditures 263 258 Inventory 241 260 Other products and services 169 124 Other 144 188 Total accrued liabilities $ 1,145 $ 1,018 During the three months ended March 31, 2023 and 2024, we carried out certain restructuring actions in order to reduce costs and improve efficiency. As a result, we recognized $42 million and $30 million of costs related to employee termination expenses during the three months ended March 31, 2023 and 2024, respectively, and have a remaining liability of $14 million as of March 31, 2024.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s provision for income taxes was not material and the effective tax rate was 0% for the three months ended March 31, 2023 and 2024. The Company maintains a valuation allowance on all deferred tax assets except in certain foreign jurisdictions, as it has concluded that it is more likely than not that these assets will not be utilized.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Stock Plans The Company's 2015 Long-Term Incentive Plan ("2015 Stock Plan") and 2021 Incentive Award Plan (“2021 Stock Plan” and, together, “Stock Plans”) permit the grant of restricted stock units (“RSUs”), stock options, and other stock-based awards to employees, non-employee directors, and consultants. Stock option activity during the three months ended March 31, 2024 was not material . The following table summarizes the Company’s restricted stock unit activity during the three months ended March 31, 2024: RSUs Number of Shares Weighted-Average Grant-Date Fair Value Outstanding at December 31, 2023 56 $ 22.36 Granted 22 $ 12.58 Exercised / Vested (25) $ 15.18 Forfeited / Cancelled (2) $ 22.99 Outstanding at March 31, 2024 51 $ 21.73 Vested and expected to vest at March 31, 2024 51 $ 21.73 The following table summarizes the Company’s stock-based compensation expense for the Stock Plans and 2021 Employee Stock Purchase Plan (“ESPP”) by line item in the Condensed Consolidated Statements of Operations (in millions): Three Months Ended March 31, 2023 2024 Cost of revenues $ 18 $ 23 Research and development 84 124 Selling, general, and administrative 81 86 Total stock-based compensation expense $ 183 $ 233 As of March 31, 2024, the Company’s unrecognized stock-based compensation expense for unvested awards was $1,233 million, which is expected to be recognized over a weighted-average period of 5.5 years and 1.7 years for stock options and RSUs outstanding, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Revenues The Company recorded $72 million and $338 million for the three months ended March 31, 2023 and 2024, respectively, in revenues from Amazon.com, Inc. and its affiliates (“Amazon”), within “Revenues” in the Condensed Consolidated Statements of Operations , primarily related to the sale of EDVs. As of December 31, 2023 and March 31, 2024, the uncollected amounts related to these revenues in “Accounts receivable, net” on the Condensed Consolidated Balance Sheets were $6 million and $120 million, respectively. As of December 31, 2023 and March 31, 2024, contract liabilities related to these revenues, primarily related to extended service contracts, were $72 million and $93 million, respectively. Refer to Note 2 "Summary of Significant Accounting Policies" for more information about revenues. Operating Expenses

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings and Loss Contingencies The Company is involved in legal proceedings and evaluates other loss contingencies primarily related to supplier contract claims and employment matters which may result in liabilities of the Company. Although the Company believes it has valid defenses with respect to these matters, as of December 31, 2023 and March 31, 2024, the Company recorded approximately $80 million and $190 million, respectively, for estimated probable losses related to these matters in “Accrued liabilities” on the Condensed Consolidated Balance Sheets . The increase in the accrued liability is primarily related to liabilities incurred during the three months ended March 31, 2024 with suppliers regarding contract modifications and terminations as part of the Company’s cost of revenue efficiency initiatives recorded within “Cost of revenues” in the Condensed Consolidated Statements of Operations . As of March 31, 2024, although the majority of the accrued liability has been agreed upon with the suppliers, the Company estimates it is reasonably possible that losses in excess of the accrued liability could occur, up to approximately $270 million, or an excess of $80 million over the accrued liability recorded. The Company expects the majority of the matters to be resolved within the next 12 months.

STOCKHOLDERS' EQUITY AND NET LO

STOCKHOLDERS' EQUITY AND NET LOSS PER SHARE	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity And Earnings Per Share [Abstract]
STOCKHOLDERS' EQUITY AND NET LOSS PER SHARE	STOCKHOLDERS’ EQUITY AND NET LOSS PER SHARE The Company has two classes of common stock: Class A common stock and Class B common stock. Shares of Class A common stock and Class B common stock are identical, except with respect to voting and conversion rights. As of December 31, 2023 and March 31, 2024, 960 million and 986 million shares of Class A common stock were issued and outstanding, respectively. As of December 31, 2023 and March 31, 2024, 8 million shares of Class B common stock were issued and outstanding. As of December 31, 2023 and March 31, 2024, 3,500 million shares of Class A common stock and 8 million shares of Class B common stock were authorized. Because the rights of the holders of Class A and Class B common stock, including liquidation and dividend rights, are identical except with respect to voting and conversion rights, undistributed earnings are allocated on a proportionate basis. As a result, net loss per share attributable to common stockholders is the same for Class A and Class B common stock, whether on an individual or combined basis. Diluted net loss per share is computed by giving effect to all potential shares of common stock, to the extent dilutive, including shares underlying the Green Convertible Notes, stock options, unvested RSUs, shares underlying the Company’s ESPP, other stock-based awards, and stock warrants. Potential shares of common stock are excluded from the computation of diluted net loss per share if their effect would have been anti-dilutive for the periods presented or if the issuance of shares is contingent upon events that did not occur by the end of the period, in the case of the Green Convertible Notes, stock options with a market condition, and other stock-based awards. The following table presents the number of potential shares of common stock outstanding as of the end of each period that were excluded from the computation of diluted net loss per share for each period (in millions): Three Months Ended 2023 2024 Green Convertible Notes 75 149 Stock warrants 12 12 Stock options 62 61 RSUs, ESPP, and other stock-based awards 43 58 Total 192 280 Capped Calls are excluded from the calculation of diluted earnings per share as they would be antidilutive. However, upon conversion, there will be no economic dilution from the 2030 Green Convertible Notes unless the market price of the Company’s Class A common stock exceeds the cap price as exercise of the Capped Calls offsets any dilution from the 2030 Green Convertible Notes from the conversion price up to the cap price. A reconciliation of the numerator and denominator used in the calculation of basic and diluted net loss per share is as follows (in millions, except per share data): Three Months Ended March 31, 2023 2024 Numerator Net loss attributable to Rivian $ (1,349) $ (1,446) Net loss attributable to common stockholders, basic and diluted $ (1,349) $ (1,446) Denominator Weighted-average Class A and Class B common shares outstanding - basic 930 978 Effect of dilutive securities — — Weighted-average Class A and Class B common shares outstanding - diluted 930 978 Net loss per share attributable to Class A and Class B common stockholders, basic and diluted $ (1.45) $ (1.48)

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On May 2, 2024, Rivian and the State of Illinois acting by and through the Department of Commerce and Economic Opportunity (the “DCEO”) entered into a REV Tax Credit Agreement, effective as of April 29, 2024 (the “Effective Date”). Pursuant to the REV Tax Credit Agreement, the Company agreed to renovate and expand its existing manufacturing operations at the Normal Factory (the “Project”), make capital expenditures of at least $1.5 billion within 60 months from the date the REV Tax Credit Agreement is executed (the “Investment Commitment”), and by December 31, 2029, create a minimum of 559 full-time new-jobs above the existing statewide Illinois employment baseline of 8,587 at the Project (the “New Jobs Commitment”) with such jobs paying annual wages equal to or greater than 120% of the average wage paid to full-time employees in a similar position within an occupation group in the county where the Project is located. The Company also agreed to retain a minimum of 6,000 existing full-time jobs in Illinois (the “Retained Jobs Commitment”). The Investment Commitment together with the New Jobs Commitment and the Retained Jobs Commitment are collectively the “Company Commitments”. Once the Project has been placed in service, if the Company fails to maintain the New Job Commitment and the Retained Jobs Commitment, then it shall lose the ability to claim tax credits under the REV Tax Credit Agreement until such time that it satisfies the New Jobs Commitment and the Retained Job Commitment. The Company also agreed to maintain operations at the Project for a minimum of 15 years from the date that the expansion is placed into service and the failure to do so would obligate the Company to repay all credits realized under the REV Tax Credit Agreement. As consideration for and as a condition to the Company Commitments, the Company is eligible for an incentives package valued at up to $827 million, including tax credits and exemptions, and grants to offset eligible costs of the Project. Tax credits will be eligible for issuance for an initial period of 15 years, with an opportunity for an additional fifteen-year extension.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss attributable to Rivian	$ (1,446)	$ (1,349)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Robert J. Scaringe [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 8, 2024, Robert J. Scaringe, the Company’s Founder and Chief Executive Officer, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, for the sale of up to 4,000,000 shares of the Company’s Class A common stock. Dr. Scaringe’s Rule 10b5-1 trading arrangement is
Name	Robert J. Scaringe
Title	Founder and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 8, 2024
Arrangement Duration	458 days
Aggregate Available	4,000,000

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation - Interim Financial Statements	The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial information. Accordingly, they do not include all disclosures, including certain notes, required by U.S. GAAP on an annual reporting basis. These condensed consolidated financial statements are unaudited and, in the opinion of management, reflect all normal recurring adjustments necessary to fairly present the financial position, results of operations, cash flows, and change in equity for the periods presented. Results for the periods presented are not necessarily indicative of the results that may be expected for any subsequent period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (“Form 10-K”). Certain amounts in the prior period condensed consolidated financial statements have been aggregated to conform to current period presentation.
Use of Estimates	Accounting estimates are an integral part of the condensed consolidated financial statements. These estimates require the use of judgments and assumptions that may affect the reported amounts of assets, liabilities, revenues, and expenses in the periods presented. Estimates are used for, but not limited to, inventory valuation, property, plant, and equipment, warranty reserves, leases, income taxes, stock-based compensation, commitments and contingencies, and residual value risk sharing (“RVRS ”)
Derivative Instruments	In the normal course of business, the Company is exposed to global market risks, including the effect of changes in certain commodity prices, interest rates, and foreign currency exchange rates, and may enter into derivative contracts, such as forwards, options, swaps, or other instruments, to manage these risks. Derivative instruments are recorded on the Condensed Consolidated Balance Sheets in either “Other current assets” or “Current portion of lease liabilities and other current liabilities” and are measured at fair value. They are classified within Level 2 of the fair value hierarchy because they are valued using observable inputs other than quoted prices for identical assets or liabilities in active markets. For commodity contracts, the Company records gains and losses resulting from changes in fair value in “Cost of revenues” in the Condensed Consolidated Statements of Operations and cash flows in “Cash flows from operating activities” in the Condensed Consolidated Statements of Cash Flows . The Company also may enter into master netting agreements with its counterparties to allow for netting of transactions with the same counterparty. The Company does not utilize derivative instruments for trading or speculative purposes. The Company has entered into commodity contracts, and the resulting asset, liability, and aggregate notional amount were not material as of December 31, 2023 and March 31, 2024. These derivatives are economic hedges used to manage overall
Revenues	Vehicle Sales The Company’s revenues primarily include revenue from the sale of EVs and specific services that meet the definition of a performance obligation, including over-the-air (“OTA”) vehicle software updates. Revenue from the sale of EVs is recognized at a point in time when control transfers to the customer or the lessee of JPMorgan Chase Bank, N.A. (“Chase Bank”), the Company’s financial institution providing leasing, which generally occurs upon delivery. Revenue from the sale of Electric Delivery Vans (“EDVs”) is recognized in accordance with a bill and hold arrangement, under which risk of ownership has been transferred to the customer but delivery is delayed at the request of the customer. In such cases, the EDVs are separately identified as belonging to the customer, ready for physical delivery to the customer, and the Company does not have the ability to sell the EDVs to another customer. Payment for EV sales is typically received at or prior to delivery or according to payment terms customary to the business. Sales tax is excluded from the measurement of the transaction price. As the OTA vehicle software updates represent a stand ready obligation to provide these services, revenue related to OTA vehicle software updates is recognized ratably throughout the performance period, beginning when control of the vehicle is transferred to the customer or the lessee of Chase Bank, and continuing through the estimated useful life of the EV. The Company has an obligation to share a portion of the difference between the residual value realized by Chase Bank at the end of the lease term and the residual value determined at lease inception. This obligation is recorded as a RVRS liability in “Other non-current liabilities” on the Condensed Consolidated Balance Sheets upon delivery. The RVRS liability is comprised of management’s estimate of the amount the Company is expected to pay to Chase Bank at the end of the lease term and is bifurcated from the transaction price. These estimates are based on third-party residual value publications and estimated future prices. The Company reevaluates the adequacy of the RVRS liability on a regular basis and makes revisions when necessary. These estimates are inherently uncertain, especially given the Company’s limited history of leases, and more historical experience or updates to benchmarks and projections may cause material changes to the RVRS liability in the future. As of March 31, 2024 the RVRS liability was not material. The standalone selling prices of performance obligations are estimated by considering costs to develop and deliver the good or service, third-party pricing of similar goods or services, and other available information. The transaction price is allocated among the performance obligations in proportion to the standalone selling prices. During the three months ended March 31, 2024, approximately 23% of the Company’s revenues was from Chase Bank. Other Revenues The Company generates tradable credits from various regulatory standards primarily related to zero-emission vehicles (“ZEVs”) and greenhouse gas. The Company sells these credits to other manufacturers. Revenues are recognized at the time control of the regulatory credits is transferred to the purchasing party, and payment is typically received in accordance with customary payment terms. Other revenues consist primarily of sales of vehicle trade-ins (“remarketing”), repair and maintenance services, vehicle accessories, charging, and other complementary services. Contract Liabilities
Warranty and Field Service Actions	The Company provides a manufacturer’s warranty on new consumer vehicles. A warranty reserve is accrued at the time of sale or once a specific field service action has been identified. The amount accrued is comprised of management’s estimate of the projected costs to repair, replace, or adjust defective component parts under the applicable warranty period and identified field service actions. These estimates are based on an analysis of actual claims incurred to date and expectations of the nature, frequency, and costs of future claims by vehicle model, including relevant benchmark data. The Company reevaluates the adequacy of the warranty reserve on a regular basis and makes revisions when necessary. Warranty estimates are inherently uncertain, especially given the Company’s limited history of sales, and more historical experience or updates to benchmarks and projections may cause material changes to the warranty reserve in the future.
Concentration of Risk	Counterparty Credit Risk Financial instruments that potentially subject the Company to concentration of counterparty credit risk consist of cash and cash equivalents, short-term investments, customer deposits, derivative instruments, and debt. The Company is exposed to credit risk on cash to the extent that a balance with a financial institution exceeds the Federal Deposit Insurance Company insurance limits. The Company is exposed to credit risk on cash equivalents and short-term investments to the extent that counterparties are unable to settle maturities or sales of investments and on customer deposits to the extent that counterparties are unable to complete the corresponding purchase transaction. The Company is exposed to credit risk on derivative instruments to the extent that counterparties are unable to settle derivative asset positions and on debt to the extent that the senior secured asset-based revolving credit facility (“ABL Facility”) lenders are not able to extend credit. The degree of counterparty credit risk varies based on many factors, including the duration of the transaction and the contractual terms of the agreement. As of December 31, 2023 and March 31, 2024, all of the Company’s cash, typically in amounts exceeding insured limits, was distributed across several large financial institutions that the Company believes are of high credit quality. Management evaluates and approves credit standards and oversees the credit risk management function related to cash equivalents, short-term investments, and customer deposits. As of December 31, 2023 and March 31, 2024, the counterparties to the Company’s derivative instruments and the ABL Facility lenders are financial institutions that the Company believes are of high credit quality. Supply Risk The Company is subject to risks related to its dependence on its suppliers, the majority of which are single source providers of input materials or components for the Company’s products. Any inability or unwillingness of the Company’s suppliers to deliver necessary input materials or product components, including semiconductors, at timing, prices, quality, and volumes that are acceptable to the Company could have a material impact on the Company’s business, prospects, financial condition, results of operations, and cash flows. Fluctuations in the cost of input materials or product components and supply interruptions or shortages could materially impact the Company’s business.
Upcoming Accounting Standards Not Yet Adopted	ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures updates required disclosures of significant reportable segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, though early adoption is permitted. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the presentational impact of this ASU and expects to adopt in the year ended December 31, 2024. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
Cash and Cash Equivalents	Cash and cash equivalents include cash in banks, highly liquid investments, and term deposits with maturities of three months or less recorded in “Cash and cash equivalents” on the Condensed Consolidated Balance Sheets
Short-Term Investments	Short-term investments are available-for-sale debt securities and term deposits with maturities over three and up to twelve months recorded in “Short-term investments” on the Condensed Consolidated Balance Sheets .

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Contract with Customer Liability	The following table summarizes the Company’s contract liabilities recorded by line item on the Condensed Consolidated Balance Sheets (in millions): December 31, 2023 March 31, 2024 Current portion of lease liabilities and other current liabilities $ 88 $ 91 Other non-current liabilities 133 158 Total contract liabilities $ 221 $ 249
Schedule of Product Warranty Liability	The following table summarizes the Company’s warranty and field service action reserve recorded by line item on the Condensed Consolidated Balance Sheets (in millions): December 31, 2023 March 31, 2024 Current portion of lease liabilities and other current liabilities $ 91 $ 68 Other non-current liabilities 184 249 Total warranty reserve $ 275 $ 317 Three Months Ended Beginning balance $ 275 Warranties issued in period 49 Adjustments to pre-existing warranties 6 Warranty costs incurred (13) Ending balance $ 317

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring and Nonrecurring Basis	The following table presents the fair value of the Company’s cash and cash equivalents and short-term investments and their corresponding level within the fair value hierarchy: December 31, 2023 March 31, 2024 Level Amount Level Amount Cash and cash equivalents: Cash $ 1,245 $ 1,094 Money market funds 1 6,070 1 4,701 Commercial paper 2 517 2 134 Term deposits — — 2 50 United States Treasury securities 1 25 1 — Total $ 7,857 $ 5,979 Short-term investments: Commercial paper — $ — 2 $ 366 United States Treasury securities 1 1,061 1 1,088 Term deposits 2 450 2 425 Total $ 1,511 $ 1,879 Total cash and cash equivalents and short-term investments $ 9,368 $ 7,858

INVENTORY AND INVENTORY VALUA_2

INVENTORY AND INVENTORY VALUATION (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	The following table summarizes the components of “Inventory” on the Condensed Consolidated Balance Sheets (in millions): December 31, 2023 March 31, 2024 Raw materials and work in progress $ 1,584 $ 1,825 Finished goods 1,036 972 Total inventory $ 2,620 $ 2,797

PROPERTY, PLANT, AND EQUIPMEN_2

PROPERTY, PLANT, AND EQUIPMENT, NET (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	The following table summarizes the components of “Property, plant, and equipment, net” on the Condensed Consolidated Balance Sheets (in millions): December 31, 2023 March 31, 2024 Land, buildings, and building improvements $ 972 $ 1,002 Leasehold improvements 417 435 Machinery, equipment, vehicles, and office furniture 3,068 3,186 Computer equipment, hardware, and software 515 545 Construction in progress 698 746 Total property, plant, and equipment 5,670 5,914 Accumulated depreciation and amortization (1,796) (2,084) Total property, plant, and equipment, net $ 3,874 $ 3,830

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table summarizes the Company’s outstanding debt: December 31, 2023 March 31, 2024 Maturity Amount Effective Interest Rate Amount Effective Interest Rate 2026 Notes 2026 $ 1,250 12.0 % $ 1,250 12.0 % 2029 Green Convertible Notes 2029 1,500 4.9 % 1,500 4.9 % 2030 Green Convertible Notes 2030 1,725 3.8 % 1,725 3.8 % Total long-term debt 4,475 4,475 Less unamortized discount and debt issuance costs (44) (42) Long-term debt, less unamortized discount and debt issuance costs 4,431 4,433 Less current portion — — Total long-term debt, less current portion $ 4,431 $ 4,433

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	The following table summarizes the components of “Accrued liabilities” on the Condensed Consolidated Balance Sheets (in millions): December 31, 2023 March 31, 2024 Payroll and related costs $ 328 $ 188 Capital expenditures 263 258 Inventory 241 260 Other products and services 169 124 Other 144 188 Total accrued liabilities $ 1,145 $ 1,018

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Activity	The following table summarizes the Company’s restricted stock unit activity during the three months ended March 31, 2024: RSUs Number of Shares Weighted-Average Grant-Date Fair Value Outstanding at December 31, 2023 56 $ 22.36 Granted 22 $ 12.58 Exercised / Vested (25) $ 15.18 Forfeited / Cancelled (2) $ 22.99 Outstanding at March 31, 2024 51 $ 21.73 Vested and expected to vest at March 31, 2024 51 $ 21.73
Share-based Payment Arrangement, Expensed and Capitalized, Amount	The following table summarizes the Company’s stock-based compensation expense for the Stock Plans and 2021 Employee Stock Purchase Plan (“ESPP”) by line item in the Condensed Consolidated Statements of Operations (in millions): Three Months Ended March 31, 2023 2024 Cost of revenues $ 18 $ 23 Research and development 84 124 Selling, general, and administrative 81 86 Total stock-based compensation expense $ 183 $ 233

STOCKHOLDERS' EQUITY AND NET _2

STOCKHOLDERS' EQUITY AND NET LOSS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity And Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table presents the number of potential shares of common stock outstanding as of the end of each period that were excluded from the computation of diluted net loss per share for each period (in millions): Three Months Ended 2023 2024 Green Convertible Notes 75 149 Stock warrants 12 12 Stock options 62 61 RSUs, ESPP, and other stock-based awards 43 58 Total 192 280
Schedule of Earnings Per Share, Basic and Diluted	A reconciliation of the numerator and denominator used in the calculation of basic and diluted net loss per share is as follows (in millions, except per share data): Three Months Ended March 31, 2023 2024 Numerator Net loss attributable to Rivian $ (1,349) $ (1,446) Net loss attributable to common stockholders, basic and diluted $ (1,349) $ (1,446) Denominator Weighted-average Class A and Class B common shares outstanding - basic 930 978 Effect of dilutive securities — — Weighted-average Class A and Class B common shares outstanding - diluted 930 978 Net loss per share attributable to Class A and Class B common stockholders, basic and diluted $ (1.45) $ (1.48)

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | Chase Bank
Concentration Risk [Line Items]
Concentration risk, percentage	23%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Contact Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Current portion of lease liabilities and other current liabilities	$ 91	$ 88
Other non-current liabilities	158	133
Total contract liabilities	$ 249	$ 221

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Product Warranty Reserve (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Current portion of lease liabilities and other current liabilities	$ 68	$ 91
Other non-current liabilities	249	184
Total warranty reserve	$ 317	$ 275

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Product Warranty Liability (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 275
Warranties issued in period	49
Adjustments to pre-existing warranties	6
Warranty costs incurred	(13)
Ending balance	$ 317

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Fair Value, Recurring - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	$ 5,979,000,000	$ 7,857,000,000
Short-term investments, fair value	1,879,000,000	1,511,000,000
Total cash and cash equivalents and short-term investments	7,858,000,000	9,368,000,000
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments, fair value		0
Fair Value, Inputs, Level 1 | United States Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments, fair value	1,088,000,000	1,061,000,000
Fair Value, Inputs, Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments, fair value	366,000,000
Fair Value, Inputs, Level 2 | Term deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments, fair value	425,000,000	450,000,000
Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	1,094,000,000	1,245,000,000
Money market funds | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	4,701,000,000	6,070,000,000
Commercial paper | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	134,000,000	517,000,000
Term deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value		0
Term deposits | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	50,000,000
United States Treasury securities | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	$ 0	$ 25,000,000

INVENTORY AND INVENTORY VALUA_3

INVENTORY AND INVENTORY VALUATION - Schedule of Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials and work in progress	$ 1,825	$ 1,584
Finished goods	972	1,036
Total inventory	$ 2,797	$ 2,620

INVENTORY AND INVENTORY VALUA_4

INVENTORY AND INVENTORY VALUATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Inventory [Line Items]
Inventory write-down	$ 328		$ 319
Accrued inventory, firm purchase commitments, current	45		$ 126
Charge to reflect the LCNRV of inventory and losses on firm purchase commitments	150	$ 229
End Of Line Vehicles
Inventory [Line Items]
End of line vehicles	$ 290

PROPERTY, PLANT, AND EQUIPMEN_3

PROPERTY, PLANT, AND EQUIPMENT, NET - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	$ 5,914	$ 5,670
Accumulated depreciation and amortization	(2,084)	(1,796)
Property, plant, and equipment, net (Note 5)	3,830	3,874
Land, buildings, and building improvements
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	1,002	972
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	435	417
Machinery, equipment, vehicles, and office furniture
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	3,186	3,068
Computer equipment, hardware, and software
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	545	515
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	$ 746	$ 698

PROPERTY, PLANT, AND EQUIPMEN_4

PROPERTY, PLANT, AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 274	$ 184

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total long-term debt	$ 4,475	$ 4,475
Less unamortized discount and debt issuance costs	(42)	(44)
Long-term debt, less unamortized discount and debt issuance costs	4,433	4,431
Less current portion	0	0
Total long-term debt, less current portion	4,433	4,431
Notes 2026 | Senior Notes
Debt Instrument [Line Items]
Total long-term debt	$ 1,250	$ 1,250
Effective interest rate (as a percent)	12%	12%
Convertible Green Notes Due 2029 | Convertible Debt
Debt Instrument [Line Items]
Total long-term debt	$ 1,500	$ 1,500
Effective interest rate (as a percent)	4.90%	4.90%
Convertible Green Notes Due 2030 | Convertible Debt
Debt Instrument [Line Items]
Total long-term debt	$ 1,725	$ 1,725
Effective interest rate (as a percent)	3.80%	3.80%

DEBT - Narrative (Details)

DEBT - Narrative (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Oct. 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Oct. 31, 2021
Line of Credit Facility [Line Items]
Long-term debt	$ 4,433,000,000	$ 4,431,000,000
Notes 2026 | Senior Notes
Line of Credit Facility [Line Items]
Principal amount						$ 1,250,000,000
Stated interest rate (as a percent)	11.50%
Notes 2026 | Senior Notes | Fair Value, Inputs, Level 2
Line of Credit Facility [Line Items]
Debt instrument, fair value disclosure	$ 1,271,000,000	1,250,000,000
Convertible Green Notes Due 2029 | Convertible Debt
Line of Credit Facility [Line Items]
Principal amount					$ 1,500,000,000
Stated interest rate (as a percent)					4.625%
Issue discount					$ 15,000,000
Convertible Green Notes Due 2029 | Convertible Debt | Fair Value, Inputs, Level 2
Line of Credit Facility [Line Items]
Debt instrument, fair value disclosure	1,241,000,000	2,110,000,000
Convertible Green Notes Due 2030 | Convertible Debt
Line of Credit Facility [Line Items]
Principal amount			$ 1,725,000,000
Stated interest rate (as a percent)			3.625%
Issue discount			$ 15,000,000
Convertible Green Notes Due 2030 | Convertible Debt | Fair Value, Inputs, Level 2
Line of Credit Facility [Line Items]
Debt instrument, fair value disclosure	1,213,000,000	$ 2,121,000,000
Revolving Credit Facility | ABL Facility | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 1,500,000,000
Long-term debt	0
Remaining borrowing capacity	1,195,000,000
Letter of Credit | ABL Facility | Line of Credit
Line of Credit Facility [Line Items]
Letters of credit outstanding, amount	$ 305,000,000

ACCRUED LIABILITIES (Details)

ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Payroll and related costs	$ 188	$ 328
Capital expenditures	258	263
Inventory	260	241
Other products and services	124	169
Other	188	144
Total accrued liabilities	$ 1,018	$ 1,145

ACCRUED LIABILITIES - Narrative

ACCRUED LIABILITIES - Narrative (Details) - Employee Severance - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 30	$ 42
Remaining restructuring liability	$ 14

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	0%	0%

STOCK-BASED COMPENSATION - Shar

STOCK-BASED COMPENSATION - Share-based Payment Arrangement, Activity (Details) - Restricted Stock Units (RSUs) shares in Millions	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Shares (in millions)
Outstanding at beginning of period (in shares) | shares	56
Granted (in shares) | shares	22
Exercised (in shares) | shares	(25)
Forfeited / cancelled (in shares) | shares	(2)
Outstanding at end of period (in shares) | shares	51
Vested and expected to vest (in shares) | shares	51
Weighted-Average Grant-Date Fair Value
Outstanding at beginning of period (in USD per share) | $ / shares	$ 22.36
Outstanding at end of period (in shares) | $ / shares	21.73
Granted (in USD per share) | $ / shares	12.58
Exercised (in USD per share) | $ / shares	15.18
Forfeited / cancelled (in USD per share) | $ / shares	22.99
Vested and expected to vest (in USD per share) | $ / shares	$ 21.73

STOCK-BASED COMPENSATION - Sh_2

STOCK-BASED COMPENSATION - Share-based Payment Arrangement, Expensed and Capitalized, Amount (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 233	$ 183
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	23	18
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	124	84
Selling, general, and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 86	$ 81

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 1,233
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense period for recognition (in years)	5 years 6 months
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense period for recognition (in years)	1 year 8 months 12 days

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Revenues	$ 1,204	$ 661
Accounts receivable, net	389		$ 161
Total contract liabilities	249		221
Amazon | Principal Owner
Related Party Transaction [Line Items]
Revenues	338	72
Accounts receivable, net	120		6
Total contract liabilities	93		$ 72
Amazon | Principal Owner | Hosting, Storage, And Compute Services Expense
Related Party Transaction [Line Items]
Expenses	$ 20	$ 17

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Loss contingency	$ 190	$ 80
Loss contingency, range of possible loss, portion not accrued	80
Maximum
Loss Contingencies [Line Items]
Loss contingency, estimate	$ 270

STOCKHOLDERS' EQUITY AND NET _3

STOCKHOLDERS' EQUITY AND NET LOSS PER SHARE - Narrative (Details) - shares	Mar. 31, 2024	Dec. 31, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock, shares outstanding (in shares)	994,000,000	968,000,000
Common stock, shares issued (in shares)	994,000,000	968,000,000
Common stock, shares authorized (in shares)	3,508,000,000	3,508,000,000
Common Class A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock, shares outstanding (in shares)	986,000,000	960,000,000
Common stock, shares issued (in shares)	986,000,000	960,000,000
Common stock, shares authorized (in shares)	3,500,000,000	3,500,000,000
Common Class B
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock, shares outstanding (in shares)	8,000,000	8,000,000
Common stock, shares issued (in shares)	8,000,000	8,000,000
Common stock, shares authorized (in shares)	8,000,000	8,000,000

STOCKHOLDERS' EQUITY AND NET _4

STOCKHOLDERS' EQUITY AND NET LOSS PER SHARE - Antidilutive Securities (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	280	192
Green Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	149	75
Stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	12	12
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	61	62
RSUs, ESPP, and other stock-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	58	43

STOCKHOLDERS' EQUITY AND NET _5

STOCKHOLDERS' EQUITY AND NET LOSS PER SHARE - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator
Net loss attributable to Rivian	$ (1,446)	$ (1,349)
Net loss attributable to common stockholders, basic	(1,446)	(1,349)
Net loss attributable to common stockholders, diluted	$ (1,446)	$ (1,349)
Denominator
Weighted-average Class A and Class B common shares outstanding - basic (in shares)	978,000,000	930,000,000
Effect of dilutive securities (in shares)	0	0
Weighted-average Class A and Class B common shares outstanding - diluted (in shares)	978,000,000	930,000,000
Net loss per share attributable to Class A and Class B common stockholders, basic (in dollars per share)	$ (1.48)	$ (1.45)
Net loss per share attributable to Class A and Class B common stockholders, diluted (in dollars per share)	$ (1.48)	$ (1.45)

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Illinois DCEO $ in Millions	May 02, 2024 USD ($) newJob job existingFull-timeJob
Subsequent Event [Line Items]
Capital expenditure commitment	$ 1,500
Capital expenditure commitment, period from tax credit agreement	60 months
Number of full-time new jobs above baseline | newJob	559
Employment baseline | job	8,587
Annual wages in excess of county average wages, percent	120%
Tax credit issuance, initial period	15 years
Tax credit issuance, extension period	15 years
Contractual operation termination period	10 years
Minimum
Subsequent Event [Line Items]
Number of existing full-time jobs | existingFull-timeJob	6,000
Operational period	15 years
Maximum
Subsequent Event [Line Items]
Incentives package value	$ 827