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2021-12-28
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Rivian's First Earnings Report Looks Like Tesla's Early Days, But Here's What's Different<blockquote>Rivian 的第一份收益报告看起来像特斯拉的早期，但有所不同</blockquote>
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The company delivered 11 electric vehicles (EVs) in total during the third quarter of 2021, bringing in approximately $1 million in revenue. Meanwhile, its market capitalization (market cap) was a princely $100 billion at the time of the quarterly release. Overall, the company looks a lot like <b>Tesla</b>(NASDAQ:TSLA)shortly after it went public, but there are some key differences sounding a note of caution.</p><p><blockquote>12月16日，高端电动皮卡和SUV制造商<b>Rivian汽车</b>（纳斯达克股票代码：RIVN）公布了自最近通过 IPO 上市以来的首个季度业绩。该公司在 2021 年第三季度共交付了 11 辆电动汽车 (EV)，带来了约 100 万美元的收入。与此同时，在季度发布时，其市值高达 1000 亿美元。总的来说，这家公司看起来很像<b>特斯拉</b>（纳斯达克股票代码：TSLA）上市后不久，但一些关键差异发出了警告。</blockquote></p><p> <b>Rivian is a mirror of Tesla in some ways</b></p><p><blockquote><b>Rivian在某些方面是特斯拉的一面镜子</b></blockquote></p><p> Once investors got a look at Rivian's Q3 earnings report,its share price dropped sharply, bringing its market cap down from $100 billion to a pre-Christmas level of $88 billion. Some analysts have been looking at Rivian's current position and arguing that it's quite similar to Tesla's at the start of its own upward climb. That was when Elon Musk's company also had scant revenue and little more than a few vehicle models and projections of future production to give it stock market traction.</p><p><blockquote>投资者看到 Rivian 第三季度收益报告后，其股价大幅下跌，市值从 1000 亿美元降至圣诞节前的 880 亿美元水平。一些分析师一直在关注 Rivian 目前的状况，并认为它与特斯拉上涨之初的状况非常相似。当时，埃隆·马斯克 (Elon Musk) 的公司收入也很少，只有几款车型和对未来产量的预测来支撑股市。</blockquote></p><p> According to Rivian management's letter to shareholders, the company earned just $1 million in revenue during the three months ending on Sept. 30. Its net loss for the period was $1.23 billion, though $458 million of this was a net loss due to convertible notes. This led to a $12.21 net loss per share, far worse than Wall Street analyst consensus predictions of a $6.68 loss per share. Omitting the convertible notes, the company's quarterly net loss was $776 million.</p><p><blockquote>根据Rivian管理层致股东的信，该公司在截至 9 月 30 日的三个月内仅获得 100 万美元的收入。该期间的净亏损为 12.3 亿美元，但其中 4.58 亿美元是可转换票据造成的净亏损。这导致每股净亏损 12.21 美元，远低于华尔街分析师普遍预测的每股亏损 6.68 美元。不包括可转换票据，该公司季度净亏损为 7.76 亿美元。</blockquote></p><p> While current production is only a handful of vehicles, Rivian is looking to the future as a cause for optimism. It ended the quarter with $5.2 billion in cash; together with the net proceeds from its $13.7 billion in gross IPO proceeds and other, smaller funding sources, says it has around $19.9 billion to work with in achieving its goals. Those goals include boosting its Illinois factory's manufacturing capacity from 150,000 to 200,000 vehicles annually, along with building a second factory in Georgia with a 400,000-vehicle manufacturing capacity, to begin operating in 2024.</p><p><blockquote>虽然目前的产量只有少数几辆，但Rivian对未来充满乐观。该季度末拥有 52 亿美元现金；加上 137 亿美元的 IPO 总收益和其他较小的资金来源的净收益，该公司表示还有约 199 亿美元可以用来实现目标。这些目标包括将伊利诺伊州工厂的年产能从 15 万辆提高到 20 万辆，以及在佐治亚州建设第二家产能为 40 万辆的工厂，并于 2024 年开始运营。</blockquote></p><p> These metrics and goals appear attractive, but at this point, they are mostly speculation. Rivian has 71,000 pre-orders for its R1T pickup truck, but it only has a tiny handful of vehicles actually on the road. Going from producing 11 vehicles in a quarter to, theoretically, 150,000 per quarter (based on Rivian's factory estimates) in just three years is a steep challenge even with around $20 billion available to fund it. While the sum is almost two-thirds of the amount automotive giant <b>Ford</b>(NYSE:F)is spending on its own EV production, the Blue Oval has been an established automaker for over a century, giving it deep levels of knowledge on mass production and immense resources of machinery, technical staff, and name recognition among consumers around the globe.</p><p><blockquote>这些指标和目标看起来很有吸引力，但在这一点上，它们大多是猜测。Rivian的 R1T 皮卡车已获得 71,000 份预订，但实际上路的车辆只有少数。从一个季度生产 11 辆汽车到理论上每季度生产 15 万辆（基于 Rivian 的工厂估计），仅用三年时间就达到每季度生产 15 万辆，这仍然是一个严峻的挑战，即使有大约 200 亿美元的资金可供使用。而这一总和几乎是汽车巨头数量的三分之二<b>福特</b>（纽约证券交易所股票代码：F）正在投资自己的电动汽车生产，Blue Oval 一个多世纪以来一直是一家老牌汽车制造商，这使其在大规模生产方面拥有深厚的知识以及大量的机械资源、技术人员以及全球消费者的知名度。</blockquote></p><p> Rivian may also have lost Ford's technical assistance after the latter decided to \"go it alone\" on its EV program in November, canceling its joint EV production plans with Rivian. Another serious roadblock Rivian will have to overcome is the very different environment it faces as an EV start-up compared to Tesla a decade ago.</p><p><blockquote>Rivian也可能失去了福特的技术援助，因为后者在 11 月份决定在其电动汽车项目上“单干”，取消了与Rivian的联合电动汽车生产计划。Rivian必须克服的另一个严重障碍是，与十年前的特斯拉相比，作为一家电动汽车初创公司，它所面临的环境截然不同。</blockquote></p><p> <b>Where Rivian's road forks away from Tesla's</b></p><p><blockquote><b>Rivian 与特斯拉的岔路口</b></blockquote></p><p> While Rivian's current metrics look rather like Tesla's early days except for its massive valuation, it isn't operating in the same environment. Though hybrid vehicles existed well before it, and EVs had been tried, Tesla was a groundbreaking enterprise, the first of its kind.</p><p><blockquote>虽然 Rivian 目前的指标看起来很像特斯拉早期，只是估值巨大，但它的运营环境并不相同。尽管混合动力汽车在此之前很久就已经存在，电动汽车也曾被尝试过，但特斯拉是一家开创性的企业，是同类企业中的第一家。</blockquote></p><p> Rivian is operating in a very different world. Tesla itself is now a dominating force with a market cap above $1 trillion, manufacturing around a million very popular EVs per year. Ford recently stopped accepting reservations for its upcoming F-150 Lightningelectric pickup at 200,000 trucks because production couldn't keep up with demand. It's also building $30 billion worth of EV and EV battery facilities by 2025 for a massive manufacturing expansion.</p><p><blockquote>Rivian在一个非常不同的世界里运作。特斯拉本身现在是一股主导力量，市值超过 1 万亿美元，每年生产约 100 万辆非常受欢迎的电动汽车。福特最近停止接受其即将推出的 20 万辆卡车的 F-150 Lightningelectric 皮卡的预订，因为产量跟不上需求。到 2025 年，该公司还将建设价值 300 亿美元的电动汽车和电动汽车电池设施，以实现大规模制造扩张。</blockquote></p><p> Chinese EV manufacturer <b>Nio</b>(NYSE:NIO)just unveiled a mid-sized electric sedan, the ET5, capable of challenging the Tesla Model S Plaid on range and features, and it plans to expand into 25 countries over the next few years. It's also now consistently building more than 10,000 vehicles per month. Just about every major automaker in the world is in the process of rolling out electric vehicles, and there are many other dedicated EV start-ups to contend with, too.</p><p><blockquote>中国电动汽车制造商<b>蔚来</b>（纽约证券交易所股票代码：NIO）刚刚推出了一款中型电动轿车 ET5，能够在续航里程和功能上挑战特斯拉 Model S Plaid，并计划在未来几年内扩展到 25 个国家。它现在每月还持续生产超过 10,000 辆汽车。世界上几乎每家主要汽车制造商都在推出电动汽车，还有许多其他专门的电动汽车初创公司需要竞争。</blockquote></p><p></p><p> In short, while Rivian resembles early Tesla, Tesla was operating with close-to-zero serious competition, giving it much more leeway as a pioneer. Rivian, by contrast, is trying to break into an EV market already crowded with successful rivals, who are busy expanding production into the hundreds of thousands and then millions, while Rivian is still trying to get its first few vehicles sold.</p><p><blockquote>简而言之，虽然Rivian类似于早期的特斯拉，但特斯拉的运营几乎没有激烈的竞争，这给了它作为先驱更大的回旋余地。相比之下，Rivian正试图打入已经挤满了成功竞争对手的电动汽车市场，这些竞争对手正忙于将产量扩大到数十万甚至数百万辆，而Rivian仍在努力销售其首批几辆汽车。</blockquote></p><p> On the plus side, Rivian does at least produce working vehicles and has preorders for 71,000 R1T pickup trucks. Retail titan <b>Amazon</b>(NASDAQ:AMZN)is working with it to buy a potential 100,000 delivery vans. Actually producing these vehicles could be a problem, however, considering that Ford may no longer be a manufacturing partner. In a recent CNBC interview, Ford CEO Jim Farley said Ford is considering selling its 12% stake in Rivianonce lock-up expires, gaining billions it can return to shareholders or invest in its own rapidly accelerating EV push.</p><p><blockquote>从好的方面来看，Rivian至少生产工作车辆，并且已经预订了 71,000 辆 R1T 皮卡。零售巨头<b>亚马逊</b>（纳斯达克股票代码：AMZN）正在与其合作购买潜在的 100,000 辆送货车。然而，考虑到福特可能不再是制造合作伙伴，实际生产这些车辆可能是一个问题。在最近接受 CNBC 采访时，福特首席执行官吉姆·法利 (Jim Farley) 表示，一旦禁售期满，福特正在考虑出售其在 Rivian 12% 的股份，从而获得数十亿美元可以返还给股东或投资于自身快速加速的电动汽车发展。</blockquote></p><p> <b>Buy Rivian now, or await a lower entry point?</b></p><p><blockquote><b>现在买入Rivian，还是等待较低的切入点？</b></blockquote></p><p> Orders and sheer market enthusiasm for all EV stocks are arguably the two main factors holding Rivian's share price relatively high right now. Nevertheless, in my opinion, the hurdles and risks it faces in maintaining or growing this valuation are quite high. The challenges of ramping up production (possibly without Ford's know-how and assistance), the numerous powerful competitors it faces, and the likelihood Ford will sell its Rivian stake, make me skeptical it will maintain its current stock value much longer.</p><p><blockquote>订单和市场对所有电动汽车股票的纯粹热情可以说是目前维持 Rivian 股价相对较高的两个主要因素。尽管如此，在我看来，维持或增长这一估值所面临的障碍和风险相当高。提高产量的挑战（可能没有福特的专业知识和援助）、它面临的众多强大竞争对手，以及福特出售其Rivian股份的可能性，让我怀疑它能否维持当前的股票价值更长时间。</blockquote></p><p> Rivian may become a viable electric car stock long-term, but it seems likely to shed a lot of its current soaring valuation in the meantime. This scenario makes waiting for a much lower share price as an entry point a strategy at least worth considering.</p><p><blockquote>从长远来看，Rivian可能会成为一只可行的电动汽车股票，但与此同时，它似乎可能会大幅降低目前飙升的估值。这种情况使得等待更低的股价作为切入点成为至少值得考虑的策略。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Rivian's First Earnings Report Looks Like Tesla's Early Days, But Here's What's Different<blockquote>Rivian 的第一份收益报告看起来像特斯拉的早期，但有所不同</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRivian's First Earnings Report Looks Like Tesla's Early Days, But Here's What's Different<blockquote>Rivian 的第一份收益报告看起来像特斯拉的早期，但有所不同</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-12-28 11:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On Dec. 16, high-end electric pickup and SUV maker <b>Rivian Automotive</b>(NASDAQ:RIVN)reported its first-ever quarterly results since going public through its recent IPO. The company delivered 11 electric vehicles (EVs) in total during the third quarter of 2021, bringing in approximately $1 million in revenue. Meanwhile, its market capitalization (market cap) was a princely $100 billion at the time of the quarterly release. Overall, the company looks a lot like <b>Tesla</b>(NASDAQ:TSLA)shortly after it went public, but there are some key differences sounding a note of caution.</p><p><blockquote>12月16日，高端电动皮卡和SUV制造商<b>Rivian汽车</b>（纳斯达克股票代码：RIVN）公布了自最近通过 IPO 上市以来的首个季度业绩。该公司在 2021 年第三季度共交付了 11 辆电动汽车 (EV)，带来了约 100 万美元的收入。与此同时，在季度发布时，其市值高达 1000 亿美元。总的来说，这家公司看起来很像<b>特斯拉</b>（纳斯达克股票代码：TSLA）上市后不久，但一些关键差异发出了警告。</blockquote></p><p> <b>Rivian is a mirror of Tesla in some ways</b></p><p><blockquote><b>Rivian在某些方面是特斯拉的一面镜子</b></blockquote></p><p> Once investors got a look at Rivian's Q3 earnings report,its share price dropped sharply, bringing its market cap down from $100 billion to a pre-Christmas level of $88 billion. Some analysts have been looking at Rivian's current position and arguing that it's quite similar to Tesla's at the start of its own upward climb. That was when Elon Musk's company also had scant revenue and little more than a few vehicle models and projections of future production to give it stock market traction.</p><p><blockquote>投资者看到 Rivian 第三季度收益报告后，其股价大幅下跌，市值从 1000 亿美元降至圣诞节前的 880 亿美元水平。一些分析师一直在关注 Rivian 目前的状况，并认为它与特斯拉上涨之初的状况非常相似。当时，埃隆·马斯克 (Elon Musk) 的公司收入也很少，只有几款车型和对未来产量的预测来支撑股市。</blockquote></p><p> According to Rivian management's letter to shareholders, the company earned just $1 million in revenue during the three months ending on Sept. 30. Its net loss for the period was $1.23 billion, though $458 million of this was a net loss due to convertible notes. This led to a $12.21 net loss per share, far worse than Wall Street analyst consensus predictions of a $6.68 loss per share. Omitting the convertible notes, the company's quarterly net loss was $776 million.</p><p><blockquote>根据Rivian管理层致股东的信，该公司在截至 9 月 30 日的三个月内仅获得 100 万美元的收入。该期间的净亏损为 12.3 亿美元，但其中 4.58 亿美元是可转换票据造成的净亏损。这导致每股净亏损 12.21 美元，远低于华尔街分析师普遍预测的每股亏损 6.68 美元。不包括可转换票据，该公司季度净亏损为 7.76 亿美元。</blockquote></p><p> While current production is only a handful of vehicles, Rivian is looking to the future as a cause for optimism. It ended the quarter with $5.2 billion in cash; together with the net proceeds from its $13.7 billion in gross IPO proceeds and other, smaller funding sources, says it has around $19.9 billion to work with in achieving its goals. Those goals include boosting its Illinois factory's manufacturing capacity from 150,000 to 200,000 vehicles annually, along with building a second factory in Georgia with a 400,000-vehicle manufacturing capacity, to begin operating in 2024.</p><p><blockquote>虽然目前的产量只有少数几辆，但Rivian对未来充满乐观。该季度末拥有 52 亿美元现金；加上 137 亿美元的 IPO 总收益和其他较小的资金来源的净收益，该公司表示还有约 199 亿美元可以用来实现目标。这些目标包括将伊利诺伊州工厂的年产能从 15 万辆提高到 20 万辆，以及在佐治亚州建设第二家产能为 40 万辆的工厂，并于 2024 年开始运营。</blockquote></p><p> These metrics and goals appear attractive, but at this point, they are mostly speculation. Rivian has 71,000 pre-orders for its R1T pickup truck, but it only has a tiny handful of vehicles actually on the road. Going from producing 11 vehicles in a quarter to, theoretically, 150,000 per quarter (based on Rivian's factory estimates) in just three years is a steep challenge even with around $20 billion available to fund it. While the sum is almost two-thirds of the amount automotive giant <b>Ford</b>(NYSE:F)is spending on its own EV production, the Blue Oval has been an established automaker for over a century, giving it deep levels of knowledge on mass production and immense resources of machinery, technical staff, and name recognition among consumers around the globe.</p><p><blockquote>这些指标和目标看起来很有吸引力，但在这一点上，它们大多是猜测。Rivian的 R1T 皮卡车已获得 71,000 份预订，但实际上路的车辆只有少数。从一个季度生产 11 辆汽车到理论上每季度生产 15 万辆（基于 Rivian 的工厂估计），仅用三年时间就达到每季度生产 15 万辆，这仍然是一个严峻的挑战，即使有大约 200 亿美元的资金可供使用。而这一总和几乎是汽车巨头数量的三分之二<b>福特</b>（纽约证券交易所股票代码：F）正在投资自己的电动汽车生产，Blue Oval 一个多世纪以来一直是一家老牌汽车制造商，这使其在大规模生产方面拥有深厚的知识以及大量的机械资源、技术人员以及全球消费者的知名度。</blockquote></p><p> Rivian may also have lost Ford's technical assistance after the latter decided to \"go it alone\" on its EV program in November, canceling its joint EV production plans with Rivian. Another serious roadblock Rivian will have to overcome is the very different environment it faces as an EV start-up compared to Tesla a decade ago.</p><p><blockquote>Rivian也可能失去了福特的技术援助，因为后者在 11 月份决定在其电动汽车项目上“单干”，取消了与Rivian的联合电动汽车生产计划。Rivian必须克服的另一个严重障碍是，与十年前的特斯拉相比，作为一家电动汽车初创公司，它所面临的环境截然不同。</blockquote></p><p> <b>Where Rivian's road forks away from Tesla's</b></p><p><blockquote><b>Rivian 与特斯拉的岔路口</b></blockquote></p><p> While Rivian's current metrics look rather like Tesla's early days except for its massive valuation, it isn't operating in the same environment. Though hybrid vehicles existed well before it, and EVs had been tried, Tesla was a groundbreaking enterprise, the first of its kind.</p><p><blockquote>虽然 Rivian 目前的指标看起来很像特斯拉早期，只是估值巨大，但它的运营环境并不相同。尽管混合动力汽车在此之前很久就已经存在，电动汽车也曾被尝试过，但特斯拉是一家开创性的企业，是同类企业中的第一家。</blockquote></p><p> Rivian is operating in a very different world. Tesla itself is now a dominating force with a market cap above $1 trillion, manufacturing around a million very popular EVs per year. Ford recently stopped accepting reservations for its upcoming F-150 Lightningelectric pickup at 200,000 trucks because production couldn't keep up with demand. It's also building $30 billion worth of EV and EV battery facilities by 2025 for a massive manufacturing expansion.</p><p><blockquote>Rivian在一个非常不同的世界里运作。特斯拉本身现在是一股主导力量，市值超过 1 万亿美元，每年生产约 100 万辆非常受欢迎的电动汽车。福特最近停止接受其即将推出的 20 万辆卡车的 F-150 Lightningelectric 皮卡的预订，因为产量跟不上需求。到 2025 年，该公司还将建设价值 300 亿美元的电动汽车和电动汽车电池设施，以实现大规模制造扩张。</blockquote></p><p> Chinese EV manufacturer <b>Nio</b>(NYSE:NIO)just unveiled a mid-sized electric sedan, the ET5, capable of challenging the Tesla Model S Plaid on range and features, and it plans to expand into 25 countries over the next few years. It's also now consistently building more than 10,000 vehicles per month. Just about every major automaker in the world is in the process of rolling out electric vehicles, and there are many other dedicated EV start-ups to contend with, too.</p><p><blockquote>中国电动汽车制造商<b>蔚来</b>（纽约证券交易所股票代码：NIO）刚刚推出了一款中型电动轿车 ET5，能够在续航里程和功能上挑战特斯拉 Model S Plaid，并计划在未来几年内扩展到 25 个国家。它现在每月还持续生产超过 10,000 辆汽车。世界上几乎每家主要汽车制造商都在推出电动汽车，还有许多其他专门的电动汽车初创公司需要竞争。</blockquote></p><p></p><p> In short, while Rivian resembles early Tesla, Tesla was operating with close-to-zero serious competition, giving it much more leeway as a pioneer. Rivian, by contrast, is trying to break into an EV market already crowded with successful rivals, who are busy expanding production into the hundreds of thousands and then millions, while Rivian is still trying to get its first few vehicles sold.</p><p><blockquote>简而言之，虽然Rivian类似于早期的特斯拉，但特斯拉的运营几乎没有激烈的竞争，这给了它作为先驱更大的回旋余地。相比之下，Rivian正试图打入已经挤满了成功竞争对手的电动汽车市场，这些竞争对手正忙于将产量扩大到数十万甚至数百万辆，而Rivian仍在努力销售其首批几辆汽车。</blockquote></p><p> On the plus side, Rivian does at least produce working vehicles and has preorders for 71,000 R1T pickup trucks. Retail titan <b>Amazon</b>(NASDAQ:AMZN)is working with it to buy a potential 100,000 delivery vans. Actually producing these vehicles could be a problem, however, considering that Ford may no longer be a manufacturing partner. In a recent CNBC interview, Ford CEO Jim Farley said Ford is considering selling its 12% stake in Rivianonce lock-up expires, gaining billions it can return to shareholders or invest in its own rapidly accelerating EV push.</p><p><blockquote>从好的方面来看，Rivian至少生产工作车辆，并且已经预订了 71,000 辆 R1T 皮卡。零售巨头<b>亚马逊</b>（纳斯达克股票代码：AMZN）正在与其合作购买潜在的 100,000 辆送货车。然而，考虑到福特可能不再是制造合作伙伴，实际生产这些车辆可能是一个问题。在最近接受 CNBC 采访时，福特首席执行官吉姆·法利 (Jim Farley) 表示，一旦禁售期满，福特正在考虑出售其在 Rivian 12% 的股份，从而获得数十亿美元可以返还给股东或投资于自身快速加速的电动汽车发展。</blockquote></p><p> <b>Buy Rivian now, or await a lower entry point?</b></p><p><blockquote><b>现在买入Rivian，还是等待较低的切入点？</b></blockquote></p><p> Orders and sheer market enthusiasm for all EV stocks are arguably the two main factors holding Rivian's share price relatively high right now. Nevertheless, in my opinion, the hurdles and risks it faces in maintaining or growing this valuation are quite high. The challenges of ramping up production (possibly without Ford's know-how and assistance), the numerous powerful competitors it faces, and the likelihood Ford will sell its Rivian stake, make me skeptical it will maintain its current stock value much longer.</p><p><blockquote>订单和市场对所有电动汽车股票的纯粹热情可以说是目前维持 Rivian 股价相对较高的两个主要因素。尽管如此，在我看来，维持或增长这一估值所面临的障碍和风险相当高。提高产量的挑战（可能没有福特的专业知识和援助）、它面临的众多强大竞争对手，以及福特出售其Rivian股份的可能性，让我怀疑它能否维持当前的股票价值更长时间。</blockquote></p><p> Rivian may become a viable electric car stock long-term, but it seems likely to shed a lot of its current soaring valuation in the meantime. This scenario makes waiting for a much lower share price as an entry point a strategy at least worth considering.</p><p><blockquote>从长远来看，Rivian可能会成为一只可行的电动汽车股票，但与此同时，它似乎可能会大幅降低目前飙升的估值。这种情况使得等待更低的股价作为切入点成为至少值得考虑的策略。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/12/27/rivian-earnings-report-looks-like-tesla-early-days/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","RIVN":"Rivian Automotive, Inc."},"source_url":"https://www.fool.com/investing/2021/12/27/rivian-earnings-report-looks-like-tesla-early-days/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155676290","content_text":"On Dec. 16, high-end electric pickup and SUV maker Rivian Automotive(NASDAQ:RIVN)reported its first-ever quarterly results since going public through its recent IPO. The company delivered 11 electric vehicles (EVs) in total during the third quarter of 2021, bringing in approximately $1 million in revenue. Meanwhile, its market capitalization (market cap) was a princely $100 billion at the time of the quarterly release. Overall, the company looks a lot like Tesla(NASDAQ:TSLA)shortly after it went public, but there are some key differences sounding a note of caution.\nRivian is a mirror of Tesla in some ways\nOnce investors got a look at Rivian's Q3 earnings report,its share price dropped sharply, bringing its market cap down from $100 billion to a pre-Christmas level of $88 billion. Some analysts have been looking at Rivian's current position and arguing that it's quite similar to Tesla's at the start of its own upward climb. That was when Elon Musk's company also had scant revenue and little more than a few vehicle models and projections of future production to give it stock market traction.\nAccording to Rivian management's letter to shareholders, the company earned just $1 million in revenue during the three months ending on Sept. 30. Its net loss for the period was $1.23 billion, though $458 million of this was a net loss due to convertible notes. This led to a $12.21 net loss per share, far worse than Wall Street analyst consensus predictions of a $6.68 loss per share. Omitting the convertible notes, the company's quarterly net loss was $776 million.\nWhile current production is only a handful of vehicles, Rivian is looking to the future as a cause for optimism. It ended the quarter with $5.2 billion in cash; together with the net proceeds from its $13.7 billion in gross IPO proceeds and other, smaller funding sources, says it has around $19.9 billion to work with in achieving its goals. Those goals include boosting its Illinois factory's manufacturing capacity from 150,000 to 200,000 vehicles annually, along with building a second factory in Georgia with a 400,000-vehicle manufacturing capacity, to begin operating in 2024.\nThese metrics and goals appear attractive, but at this point, they are mostly speculation. Rivian has 71,000 pre-orders for its R1T pickup truck, but it only has a tiny handful of vehicles actually on the road. Going from producing 11 vehicles in a quarter to, theoretically, 150,000 per quarter (based on Rivian's factory estimates) in just three years is a steep challenge even with around $20 billion available to fund it. While the sum is almost two-thirds of the amount automotive giant Ford(NYSE:F)is spending on its own EV production, the Blue Oval has been an established automaker for over a century, giving it deep levels of knowledge on mass production and immense resources of machinery, technical staff, and name recognition among consumers around the globe.\nRivian may also have lost Ford's technical assistance after the latter decided to \"go it alone\" on its EV program in November, canceling its joint EV production plans with Rivian. Another serious roadblock Rivian will have to overcome is the very different environment it faces as an EV start-up compared to Tesla a decade ago.\nWhere Rivian's road forks away from Tesla's\nWhile Rivian's current metrics look rather like Tesla's early days except for its massive valuation, it isn't operating in the same environment. Though hybrid vehicles existed well before it, and EVs had been tried, Tesla was a groundbreaking enterprise, the first of its kind.\nRivian is operating in a very different world. Tesla itself is now a dominating force with a market cap above $1 trillion, manufacturing around a million very popular EVs per year. Ford recently stopped accepting reservations for its upcoming F-150 Lightningelectric pickup at 200,000 trucks because production couldn't keep up with demand. It's also building $30 billion worth of EV and EV battery facilities by 2025 for a massive manufacturing expansion.\nChinese EV manufacturer Nio(NYSE:NIO)just unveiled a mid-sized electric sedan, the ET5, capable of challenging the Tesla Model S Plaid on range and features, and it plans to expand into 25 countries over the next few years. It's also now consistently building more than 10,000 vehicles per month. Just about every major automaker in the world is in the process of rolling out electric vehicles, and there are many other dedicated EV start-ups to contend with, too.\nIn short, while Rivian resembles early Tesla, Tesla was operating with close-to-zero serious competition, giving it much more leeway as a pioneer. Rivian, by contrast, is trying to break into an EV market already crowded with successful rivals, who are busy expanding production into the hundreds of thousands and then millions, while Rivian is still trying to get its first few vehicles sold.\nOn the plus side, Rivian does at least produce working vehicles and has preorders for 71,000 R1T pickup trucks. Retail titan Amazon(NASDAQ:AMZN)is working with it to buy a potential 100,000 delivery vans. Actually producing these vehicles could be a problem, however, considering that Ford may no longer be a manufacturing partner. In a recent CNBC interview, Ford CEO Jim Farley said Ford is considering selling its 12% stake in Rivianonce lock-up expires, gaining billions it can return to shareholders or invest in its own rapidly accelerating EV push.\nBuy Rivian now, or await a lower entry point?\nOrders and sheer market enthusiasm for all EV stocks are arguably the two main factors holding Rivian's share price relatively high right now. Nevertheless, in my opinion, the hurdles and risks it faces in maintaining or growing this valuation are quite high. The challenges of ramping up production (possibly without Ford's know-how and assistance), the numerous powerful competitors it faces, and the likelihood Ford will sell its Rivian stake, make me skeptical it will maintain its current stock value much longer.\nRivian may become a viable electric car stock long-term, but it seems likely to shed a lot of its current soaring valuation in the meantime. This scenario makes waiting for a much lower share price as an entry point a strategy at least worth considering.","news_type":1,"symbols_score_info":{"TSLA":0.9,"RIVN":0.9}},"isVote":1,"tweetType":1,"viewCount":4044,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/696884371"}
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