Last week Rivian announced the start of production of saleable R2 vehicles in Normal, Illinois. This key step is an exciting milestone in Rivian's history and is the culmination of the hard work from many teams across the company. With R2, Rivian has taken its design, performance and technology and brought it to a significantly broader audience without losing what makes a Rivian unmistakably Rivian.

The company made the strategic decision to increase the initial production capacity of its Georgia plant by 50 percent, bringing the first phase to 300,000 units of annual production capacity for the company's mid-sized vehicle platform. This change is expected to boost cost efficiency while still providing significant room for future expansion in later phases. The company remains on track for vehicle production in Georgia to begin in late 2028.

As part of this new vision for the Georgia facility, Rivian worked with the Department of Energy to make strategic changes to the company's DOE loan. The up to $4.5 billion loan ($4,006 million principal and $494 million capitalized interest) is aligned with the updated facility design. Rivian now expects to draw on the loan by early 2027, subject to meeting certain conditions.

In March, Rivian announced a partnership with Uber to help accelerate both companies' autonomous vehicle plans. The deal is expected to enable Uber, or its fleet partners, to purchase 10,000 fully autonomous R2 robotaxis with the option to purchase up to 40,000 more in 2030. Uber will invest up to $1.25 billion in Rivian through 2031, subject to the achievement of certain milestones and conditions, building towards a scaled, fully-autonomous fleet of Rivian R2 robotaxis, which will be available through the Uber platform. An initial $300 million equity investment is expected to close in the second quarter of 2026, subject to certain conditions, and an additional $250 million equity investment is expected later this year, subject to certain conditions.

Last month, Rivian's joint venture with Volkswagen Group, Rivian and Volkswagen Group Technologies (RV Tech), successfully completed winter weather testing of its production-intent zonal architecture for first generation software-defined vehicles. Achieving this milestone unlocked a $1 billion equity investment in Rivian by Volkswagen Group, which we received today.