Rivian
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Happy Monday everyone! 👋 Welcome to the first ever RoboStox newsletter report! If you enjoy this, feel free to forward or share with your friends. Original Photo: Courtesy Rivian (Creative Commons License: CC BY-SA 4.0) 💵 How They Make Money On the face of it, Rivian’s core business is pretty simple. They manufacture and sell electric vehicles. Their first 3 vehicle models include: the R1T pickup, the R1S SUV and the electric delivery van (EDV) designed for Amazon. But the company also plans to add a number of recurring revenue streams including: level 2 autonomous driving software, insurance and telematics, fleet management, and cloud services based on Amazon’s AWS. 📱 Product So far Rivian’s products have received rave reviews. Motor Trend magazine called Rivian’s R1T model the “most remarkable pickup we’ve ever seen”. Marques Brownlee (MKBHD), an influential tech reviewer described Rivian as “the most impressive electric truck I have ever seen”. Brownlee has 15.2m subscribers on YouTube and 5.2m Twitter followers. In the company’s latest letter to shareholders, they reported an increase in the number of pre-orders from 55k to 71k. This shows healthy demand and strong desirability for the product among consumers. 📊 Key Financials At the time of writing, Rivian was valued at a market cap of $76bn. (Ford is currently worth $98bn). Generated total revenue of $1m on losses of $82m in Q3 2021. Raised total of $20bn to date: $13.7bn in their recent IPO. $1.2bn in convertible notes. $5bn in the private markets. Income Statement: operational losses of $776m in Q3, (up from $289m during the same period last year) Cash Flow Statement (including capital expenditure on factories etc): negative cash flow of $1.15bn in Q3 (up from $435m last year). 👨 👩 Leadership Rivian’s CEO is 38-year old R.J. Scaringe. By all accounts he is a car fanatic and dreamed of starting a car company since high school. He completed both his masters and PhD in mechanical engineering from MIT. After graduating he went straight to starting Rivian. He has spent 12 years at the company to date. In Packy McCormick’s “Not Boring” newsletter he challenges readers to find a “cleaner or more singularly focused” LinkedIn profile. Prior to the IPO Scaringe successfully raised $5bn in the private markets from many blue chip investors including the pension funds of American Airlines, Costco, L’Oreal, Toyota, and many others. But, unlike Elon Musk before Tesla, Scaringe does not have a track record of successful exits or starting other companies. 📈 Bull Case Electric car companies are not judged by the market purely on current revenue and profit. The stock price will be determined primarily on whether it can hit its delivery targets on time. Rivian has built a strong aspirational brand aimed at the affluent outdoor demographic which could be very lucrative. The 71k pre-orders from consumers backs this up.
各位周一好！👋 欢迎阅读首届RoboStox通讯报道！如果您喜欢本期内容，欢迎转发分享给好友。 原图致谢里维安（Rivian），采用知识共享署名-相同方式共享4.0（Creative Commons License: CC BY-SA 4.0）许可协议。 💵 盈利模式 表面来看，里维安的核心业务十分清晰：制造并销售电动汽车。其首批三款车型分别为：R1T皮卡、R1S运动型多用途汽车（SUV）以及专为亚马逊（Amazon）打造的电动配送货车（Electric Delivery Van，EDV）。但该公司同时规划拓展多项经常性收入来源，包括：二级自动驾驶软件、保险及远程信息处理（telematics）服务、车队管理以及基于亚马逊云科技（Amazon Web Services，AWS）的云服务。 📱 产品矩阵 截至目前，里维安的产品收获了极佳的口碑。《汽车趋势》（Motor Trend）杂志将R1T皮卡评为“我们迄今见过最出色的皮卡车型”。知名科技评测博主马奎斯·布朗利（Marques Brownlee，即MKBHD）评价里维安为“我见过的最令人惊艳的电动卡车”。布朗利在YouTube拥有1520万订阅者，Twitter平台拥有520万粉丝。 在公司最新的致股东信中，其披露预订单量从5.5万份增至7.1万份，这反映出市场对其产品的旺盛需求与强烈认可度。 📊 核心财务指标 本文撰写时，里维安的市值达760亿美元（福特汽车当前市值为980亿美元）。2021年第三季度，该公司总营收为100万美元，净亏损达8200万美元。 截至目前，该公司累计募资200亿美元：其中首次公开募股（Initial Public Offering，IPO）募资137亿美元，可转换债券募资12亿美元，私募市场募资50亿美元。 损益表显示：2021年第三季度运营亏损达7.76亿美元，高于去年同期的2.89亿美元。 现金流量表（包含工厂等固定资产资本开支）显示：2021年第三季度现金流为负11.5亿美元，高于去年同期的4.35亿美元。 👨👩 管理层团队 里维安首席执行官为38岁的R.J.斯卡林吉（R.J. Scaringe）。据各方评价，他是一名狂热的汽车爱好者，自高中时期便怀揣创立汽车公司的梦想。他在麻省理工学院（MIT）取得机械工程硕士与博士学位，毕业后便着手创办里维安，至今已在公司任职12年。 在帕基·麦考密克（Packy McCormick）的《Not Boring》通讯中，他曾邀请读者寻找“更纯粹、更专注”的领英（LinkedIn）个人主页。 在首次公开募股前，斯卡林吉成功从包括美国航空、好市多（Costco）、欧莱雅（L’Oreal）、丰田（Toyota）等蓝筹投资者的养老基金在内的多方机构募得50亿美元私募资金。 不过，与特斯拉创始人埃隆·马斯克（Elon Musk）不同，斯卡林吉此前并无成功退出投资或创办其他企业的履历。 📈 看涨逻辑 电动汽车企业的市场估值并非仅基于当前营收与利润，股价主要取决于其能否按时达成交付目标。 里维安打造了面向富裕户外爱好者群体的强共鸣品牌，这一受众群体具备极强的消费潜力。当前7.1万份消费者预订单也印证了这一点。
