The electric vehicle maker still looks deeply undervalued.Rivian Automotive's (RIVN -5.23%) stock tumbled 7% on Aug. 7 after it posted a mixed second-quarter report. The electric vehicle (EV) maker's revenue rose 3% year over year to $1.16 billion and exceeded analysts' expectations by $20 million.But its net loss widened from $1.2 billion to $1.46 billion, or $1.46 per share, missing the consensus forecast by $0.21. It slightly narrowed its adjusted earnings before interest, taxes, depreciation, and amorti ...

Sundry Photography If there was any takeaway from the second quarter earnings of Rivian Automotive (NASDAQ:RIVN) yesterday, it was that it is becoming increasingly imperative for the electric-vehicle company to institute major cost cuts in order to improve its profitability. The electric-vehicle company reported a slightly lower loss than expected for the second quarter, but Rivian Automotive’s cash reserves continue to dwindle. I think that Rivian Automotive is overall on a good path, particularly beca ...

文章核心观点 - 公司在2021年IPO时估值超过1000亿美元,现已降至不到140亿美元 [2] - 公司与大众集团达成合作,大众将向公司提供多达50亿美元的投资 [7] - 公司目前仍处于亏损状态,2024年第二季度净亏损14.6亿美元,自成立以来已烧掉210亿美元的股东权益 [5] - 公司需要更多资金来扩大生产规模,但目前的现金流和资产规模难以支撑 [6] - 大众集团的投资缓解了公司的流动性风险,但长期来看公司仍面临盈利和现金流的挑战 [9] 根据目录分类总结 公司财务状况 - 公司2024年第二季度净亏损14.6亿美元,收入仅11.5亿美元 [5] - 公司目前现金和现金等价物为78.7亿美元,长期债务55亿美元,净现金23.7亿美元 [5] - 公司计划在2024年第四季度实现"适度"毛利润,2027年实现调整后EBITDA正值,但这两个目标都难以实现 [5] - 公司资本支出占收入比重高达20%,远高于宝马、大众等传统车企 [6] - 公司目前仅有38亿美元的厂房、机器设备等资产,远低于宝马、大众等车企 [6] 大众集团投资 - 大众集团将向公司提供10亿美元可转债投资,并与公司成立合资公司,总投资最高可达50亿美元 [7] - 合资公司将基于公司R2平台开发软件定义车辆架构,这是大众集团的主要目标 [8] - 大众集团的投资缓解了公司的流动性风险,使其有资金支持R2车型的量产 [9] - 但即使有大众集团的投资,公司未来几年仍将持续亏损,直到2027年才有望实现调整后EBITDA正值 [9] 行业竞争 - 公司与特斯拉、宝马、大众等车企在资金实力、生产规模等方面存在较大差距 [6] - 中国车企如小米等在短时间内建立了较大的生产能力,公司在成本和效率上难以与之竞争 [6]

Rivian Automotive (NASDAQ:RIVN), the high-profile electric vehicle startup, has been a company I’ve watched with great interest since its blockbuster IPO in 2021. As one of the most well-funded EV startups, Rivian’s journey has been closely followed by investors hoping that Rivian stock could emerge as a viable challenger to Tesla’s (NASDAQ:TSLA) EV dominance.However, after digging into the company’s latest Q2 2024 earnings report, I believe Rivian’s path to profitability and long-term success remains highl ...

Rivian Automotive TodayRIVNRivian Automotive$13.78 -1.02 (-6.89%) 52-Week Range$8.26▼$25.73Price Target$19.67Add to WatchlistRivian NASDAQ: RIVN made progress on several fronts in Q2 and reached a pivotal quarter, at least in the eyes of its CEO. However, despite the good news, the stock price will return to $10 and may move even lower. The reason is simple. Rivian isn’t making money but burning it. Costs are up YoY despite cost-control efforts, and it’ll be a long time until true profitability is reached.  ...

文章核心观点 - 公司已大幅降低成本,预计在2022年第四季度和2025年全年实现正毛利[1][4][5][6] - 公司品牌力持续强劲,其电动车受到广泛好评[7] - 公司在多个领域拥有巨大机遇,包括与大众的合作、推出新款更便宜的电动车、进军欧洲市场以及与大型企业签订新合同[2][8][9][10] 根据目录分别总结 公司财务进展 - 公司通过技术和与供应商的新交易大幅降低了材料成本[5] - 公司还降低了商品成本,并将生产线速度提高约30%[5] - 公司计划通过销售更多电动车、降低折旧费用、首次销售二手车以及销售更多排放信用来提高毛利率[5] - 公司正在降低每辆电动车的毛损,从第一季度的38,784美元下降到第二季度的32,705美元,其中14,000美元为非现金成本[6] 品牌力和发展机遇 - 公司电动车受到广泛好评,J.D. Power的年度APEAL研究将其评为行业最佳[7] - 与大众的合作有望降低公司成本,并为其带来大量收入[8] - 公司正在开发新的R2和R3电动车型,定价在45,000美元以下,有望在美国和欧洲市场获得广泛需求[10] - 公司正在与亚马逊以外的其他公司进行电动货车试点项目,预计将为公司带来收入[11] 一个令人失望的遗漏 - 公司与摩根奥尔森的交易在上一季度尚未产生收入,但考虑到汽车生产周期较长,预计该交易长期内仍将为公司带来收益[12]

文章核心观点 - 电动汽车制造商Rivian在第二季度业绩表现不佳,亏损扩大尽管公司专注于成本管理 [1][3] - Rivian维持了全年57,000辆的产量预测,但第一半年仅销售约27,000辆,存在一定挑战 [5] - 分析师对Rivian的前景持谨慎态度,纷纷下调了股价目标,但仍维持整体的"买入"评级 [7][8] 根据相关目录分别进行总结 财务表现 - Rivian第二季度调整后每股亏损1.13美元,优于预期的1.21美元 [2] - 但净亏损扩大至14.6亿美元,每股1.46美元,去年同期为12亿美元 [3] - EBITDA约为8.6亿美元,仍低于盈亏平衡点 [3] 销量和产量 - Rivian维持了全年57,000辆的产量预测,去年约50,000辆 [5] - 但第一半年仅销售约27,000辆,2024年预计销量56,000辆存在挑战 [5] 分析师评级 - 分析师纷纷下调了Rivian的股价目标,如Needham从20美元下调至18美元,Wells Fargo从18美元下调至15美元 [7] - 但整体维持"买入"评级,认为Rivian有长期成功的潜力 [7][8]

Key TakeawaysRivian Automotive's second-quarter loss increased as it continued to lose money on each electric vehicle it sells.Deliveries outpaced production as the company retooled its manufacturing plant.Rivian affirmed its full-year production, adjusted EBITDA, and capital expenditure outlooks. Shares of Rivian Automotive (RIVN) fell Wednesday, a day after the electric vehicle (EV) manufacturer's second-quarter net loss widened as it continued to lose money on each unit it sells. The maker of the R1T pic ...

Rivian says cost cuts will make a difference for the balance of 2024.Rivian Automotive (RIVN -3.28%) didn't hit investors with any major surprises in the second-quarter update it released Tuesday night. But apparently, that was a problem for some who wanted more.Rivian shares dropped sharply in early trading Wednesday. After bouncing back from a 10% fall, the stock was trading lower by 3.8% at 11 a.m. ET.Demand and cost cuts are driving RivianInvestors were disappointed with an adjusted loss that was bigger ...

文章核心观点 - 公司第二季度业绩低于预期,收入和亏损均未达预期 [1][2] - 公司生产和交付量情况,毛利率下降 [3] - 公司推出第二代R1车型,并维持全年产量指引 [4] - 公司与大众汽车达成合作,有利于成本控制和产品开发 [5] - 公司未来几年仍将亏损,但长期前景看好 [6][7] - 公司短期内仍面临现金流压力和估值偏高等问题 [8] 文章分组总结 业绩表现 - 公司第二季度收入和亏损未达预期 [1][2] - 公司生产和交付量情况,毛利率下降 [3] 新产品和未来规划 - 公司推出第二代R1车型,并维持全年产量指引 [4] - 公司与大众汽车达成合作,有利于成本控制和产品开发 [5][6] - 公司未来几年仍将亏损,但长期前景看好 [6][7] 风险与挑战 - 公司短期内仍面临现金流压力和估值偏高等问题 [8]