Rivian-Volkswagen Partnership A 'Game-Changer,' Says One Analyst: A 'Mystery,' Says Another
Rivian-Volkswagen Partnership A 'Game-Changer,' Says One Analyst: A 'Mystery,' Says Another
Two analysts had polarizing reactions about electric vehicle (EV) startup Rivian Automotive Inc (NASDAQ:RIVN) following its investor day and up to $5 billion joint venture with Volkswagen.
根据电动汽车（EV）初创企业Rivian Automotive Inc（NASDAQ：RIVN）的投资者日和高达50亿美元的联合风险投资，两位分析师对此有截然不同的反应。
The Rivian Analysts: The following analysts posted notes on Rivian on June 27 and June 28.
关于Rivian，以下分析师于6月27日和6月28日发布了研究报告：
- Piper Sandler analyst Alexander Potter reiterated an Overweight rating, maintaining a $21 price target.
- D.A. Davidson analyst Michael Shlisky reiterated a Neutral rating, raising the price target from $12 to $13.
- 派杰投资的分析师Alexander Potter重申了超配的评级，维持21美元的目标价格。
- D.A. Davidson的分析师Michael Shlisky重申了中立的评级，将目标价格从12美元提高至13美元。
Piper Sandler on Rivian: Potter is bullish on Rivian on the back of its partnership with Volkswagen.
派杰投资对于Rivian的看好源自其与大众汽车的合作伙伴关系。
"We still view the recently-announced JV with Volkswagen as a game-changer, and not just because VW's scale should help Rivian achieve lower COGS [cost of goods sold]," said the analyst. "Even more importantly, we think the JV validates Rivian's decision to design its own electrical architecture. It's not outwardly apparent to the average consumer, but in-house electronics represent a fundamental advantage for companies like Rivian and Tesla."
该分析师表示：“我们仍然认为最近宣布的与大众汽车的合资企业是一个游戏规则的改变者，这不仅仅因为大众汽车的规模将有助于Rivian实现更低的营业成本，而且更重要的是，我们认为这个合资企业验证了Rivian设计自己的电气架构的决定。这对于普通消费者来说不是显而易见的，但自用电子产品代表着像Rivian和Tesla这样的公司的根本优势。”
D.A. Davidson on Rivian: Shlisky was a bit more skeptical following the event, noting a "considerable amount of mystery" regarding the partnership.
D.A. Davidson对Rivian的看法更加怀疑，他认为这个合作关系还有很多未知领域。
"What we did glean from our discussions with management during lunch is that the second $1B RIVN will receive (following the $1B convert that funded this week) will not be dilutive; rather, it represents something of a royalty payment for access to RIVN's intellectual property," Shlisky said.
他说：“我们在午餐期间与管理层的讨论中了解到，RIVN将获得第二个10亿美元的融资（在本周的10亿美元兑换之后），这不会再次造成无形资产减值；相反，它代表了对RIVN知识产权的一种特许权使用费。”
The analyst posed several unanswered questions about the remainder of the deal's financial structure.
这位分析师提出了一些关于剩余的交易财务结构的未回答的问题。
"What are the financial and technological milestones that RIVN must meet in order to get the third and fourth billion (and how dilutive will these $2B worth of shares be)? What will be the terms of the fifth billion, a loan expected in 2027? How will RIVN account for the venture?"
“为了获得30亿美元的融资（这30亿美元的股份将产生多少减值？），RIVN必须达到什么样的财务和技术里程碑？预计于2027年提供的贷款的条款是什么？RIVN将如何为这项风险投资计价？”
Shlisky said that he will be more optimistic about the Irvine, California-based company if these key questions are answered.
如果这些关键问题得到回答，那么他将更为乐观地看待这家总部位于加利福尼亚州尔湾市的公司。
Price Action: Shares of Rivian pulled back on Friday, down 7.53% and trading at $13.38. Rivian is trading up 29.7% since Monday, at the time of writing.
股票走势：Rivian的股票在周五回落，下跌7.53％，交易价为13.38美元。截至撰写本文时，Rivian的股价自周一以来上涨了29.7％。
Now Read:
现在阅读：
- Rivian Is A 'Long-Term Winner' With Established Corporate Order Pipeline: Analyst
- 分析师称，Rivian是一个已建立起企业订单管道的长期赢家。