Quarterly guidance

Quarterly guidance
No specific quarterly financial guidance was given.

Annual guidance

Deliveries
Improved full year delivery guidance from 65,000 to 70,000 units to 67,000 to 70,000 units.
Adjusted EBITDA losses
Expected to be between $1.85 billion and $1.75 billion.
Capital expenditures
Lowered CapEx guidance by $300 million at the midpoint to a range of $1.4 billion to $1.5 billion.

Outlook

R2 Volume
R2 is expected to represent the majority of total delivery volume in the fourth quarter.
Gross Margins
Management expects R2 to help achieve a positive Automotive gross margin exit rate for the year.
R&D Investment
The pace of R&D investment in autonomy is anticipated to accelerate in the coming years.
Georgia Facility
Construction activity in the Georgia manufacturing facility will drive a meaningful year-over-year step-up in CapEx for 2027.