Rivian（NASDAQ：RIVN）的股票比其历史最高高的股票下跌了93％

事实证明，电动汽车（EV）制造商Rivian（NASDAQ：RIVN）对大多数拥有该股票的人来说是一项痛苦的投资

Electric vehicle (EV) maker Rivian (NASDAQ:RIVN) has proven to be a painful investment for most people who have owned the stock. Its shares today trade 93% below the all-time high of around $172 they hit in November 2021, just days after the company went public.

对于大多数拥有该股票的人来说，电动汽车（EV）制造商Rivian（NASDAQ：RIVN）已被证明是一项痛苦的投资。今天的股票今天股价低于该公司公开发行几天后，低于他们在2021年11月的历史最高高点。

To be fair, however, the stock was relatively overvalued at the time. And some investors may be looking at its now much cheaper valuation as an opportunity.

但是，公平地说，当时的股票相对高估了。一些投资者可能正在将其更便宜的估值视为一个机会。

The next 12 months will present significant opportunities for Rivian as it rolls out its new R2 SUV and R3 crossover models. The arrival of those lower-priced mass-market EVs will expand its ability to capture some market share from embattled EV powerhouse Tesla. But will the company ever be able to staunch its relentless outflows of cash?

接下来的12个月将为Rivian推出新的R2 SUV和R3跨界车型，为Rivian提供了重要的机会。那些低价大众市场电动汽车的到来将扩大其从四面楚歌的电动汽车电动汽车特斯拉（Tesla）捕获一些市场份额的能力。但是，该公司是否能够坚持不懈的现金流出？

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10 stocks we like better than Rivian

我们比Rivian更好的10种股票

Part of what has kept interest in Rivian relatively low in 2024 is the fact that the U.S. economy has slid into a recession, which could put a damper on consumer demand for vehicles. That factor, along with a 25% tariff President Donald Trump imposed on vehicles and auto parts imports, has battered Tesla.

在2024年，人们对里维安的兴趣相对较低的一部分是，美国经济已经陷入了经济衰退，这可能会使消费者对车辆的需求受到阻碍。这一因素，以及25％的关税总统唐纳德·特朗普（Donald Trump）对车辆和汽车零件进口施加了袭击，这使特斯拉（Tesla）殴打。

The electric vehicle giant's first-quarter deliveries fell 13% year over year, largely due to the backlash against CEO Elon Musk's actions in Washington. That could create an opening for Rivian to capitalize on Tesla's damaged brand with consumers who still want to buy an EV but don't want to put money in Musk's pocket.

这家电动汽车巨头的第一季度交付同比下降了13％，这在很大程度上是由于对首席执行官埃隆·马斯克（Elon Musk）在华盛顿的行动的反对。这可能为Rivian提供一个开幕式，以利用Tesla损坏的品牌，他们仍然想购买电动汽车，但不想将钱放在马斯克的口袋里。

Rivian may also benefit from Trump's tariffs, which are part of a wider trade war with China. The EV maker boasts a highly U.S.-centric supply chain -- its motors and batteries are built domestically, and all its vehicles are assembled in Normal, Illinois. That gives the company an edge over rivals like Ford Motor (NYSE:F), which manufactures the electric Mustang Mach-E crossover in Mexico.

里维安（Rivian）也可能受益于特朗普的关税，这是与中国更广泛的贸易战的一部分。电动汽车制造商拥有高度以美国为中心的供应链 - 其电动机和电池是在国内建造的，其所有车辆均以普通的伊利诺伊州组装。这使该公司比福特电动机（NYSE：F）等竞争对手具有优势，该竞争对手在墨西哥生产了电动野马马赫克交叉。

Of course, Rivian won't be entirely immune to tariff-related fallout. Like all automakers, it relies on a complex international supply chain for sourcing electronic components and core materials such as steel and aluminum, which now face significantly higher import taxes. That could erode gross margins across the U.S. auto industry. And as a small and still unprofitable company, Rivian will be less able to absorb those higher costs than its larger rivals.

当然，Rivian不会完全免受与关税有关的影响。像所有汽车制造商一样，它依靠一个复杂的国际供应链来采购电子组件和核心材料，例如钢和铝，这些材料现在面临着更高的进口税。这可能会削弱整个美国汽车行业的毛利率。作为一家小型且仍然无利可图的公司，利维安（Rivian）比其更大的竞争对手所吸收这些成本更高的能力。

Rivian's Q4 results were a mixed bag. The good news was that total revenue jumped 32% year over year to $1.73 billion, driven by a spike in sales. Its operating losses dropped 58% to $661 million. While that was still a massive loss for a company of Rivian's size, things are moving in the right direction, and it now has a pathway to profitability and positive cash flow if it can continue scaling up its business model while keeping costs under control.

里维安（Rivian）的第四季度结果是一个混合的袋子。好消息是，由于销售激增，总收入同比增长了32％，达到17.3亿美元。其营业损失下降了58％，至6.61亿美元。尽管这对于利维安（Rivian）规模的公司而言，这仍然是巨大的损失，但事情正在朝着正确的方向发展，现在，如果它可以继续扩大其业务模型，同时保持成本受到控制，那么现在它具有通往盈利能力和正现金流量的途径。

Image source: Getty Images.

图像来源：盖蒂图像。

But success is far from guaranteed. Investors won't get to see Rivian's first-quarter earnings until early May, but its early production and delivery reports for the period were disappointing: It delivered a total of just 8,640 R1T and R1S vehicles in the quarter, 36% fewer than in the prior-year period.

但是成功远非保证。直到5月初，投资者才能看到Rivian的第一季度收益，但是该期间的早期生产和交付报告令人失望：本季度总共只提供了8,640 R1T和R1S车辆，比上一年少36％。

Rivian may have reached the limits of consumer demand for its high-end EV trucks and SUVs, which face intense competition from alternatives like General Motors' (NYSE:GM) Cadillac Lyriq and Tesla's Cybertruck -- both of which also experienced softening demand in the first quarter. However, Rivian will broaden its scope beyond the weakening luxury vehicle segment when it begins delivering its new mid-sized electric SUV, the R2, in late 2025. The R2 is expected to start at just $45,000 compared to the full-sized R1S, which starts at around $78,000.

Rivian可能已经达到了消费者对其高端电动汽车卡车和SUV的需求的局限性，这些竞争面临着诸如通用汽车（NYSE：GM）凯迪拉克·莱利克（Cadillac Lyriq）和特斯拉（Tesla）和特斯拉（Tesla）的塞伯力（Cyber​​truck）等替代方案的激烈竞争 - 这两者在第一季度都经历了软化需求。但是，当Rivian于2025年底开始交付新的中型电动SUV R2时，将扩大其范围，超越较弱的豪华车细分市场。与全尺寸的R1相比，R2预计将仅起价45,000美元，该R1的起价约为78,000美元。

The next 12 months could be crucial for Rivian as it attempts to launch its new SUVs and maintain strong production levels amid a challenging economic climate. Investors will also be watching closely to see if the company can finally transition to profitability after years of losses.

对于Rivian来说，接下来的12个月可能至关重要，因为它试图在经济挑战性的情况下推出新的SUV并保持强劲的生产水平。投资者还将密切关注，以查看该公司在损失多年后是否可以最终过渡到盈利能力。