Rivian reports Q4 earnings on Feb 12, but delivery numbers are already out and look rough. They delivered 9,745 vehicles, down 31% year over year. Demand was pulled forward to Q3 as buyers tried to get ahead of the removal of EV tax credits. Management said they expected this, even though most Rivian buyers didn't qualify for the credit anyway due to price caps. The main focus is shifting to software and the $5.8 billion joint venture with Volkswagen. That deal provides cash and scale for parts. Software revenue jumped significantly in Q3, though the drop in Q4 deliveries might drag that down. The R2 launch in 2026 is likely the next big catalyst.