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.
根據電動汽車（EV）初創企業Rivian Automotive Inc（NASDAQ：RIVN）的投資者日和高達50億美元的聯合風險投資，兩位分析師對此有截然不同的反應。
The Rivian Analysts: The following analysts posted notes on Rivian on June 27 and June 28.
關於Rivian，以下分析師於6月27日和6月28日發佈了研究報告：
- 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.
- 派傑投資的分析師Alexander Potter重申了超配的評級，維持21美元的目標價格。
- D.A. Davidson的分析師Michael Shlisky重申了中立的評級，將目標價格從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.
派傑投資對於Rivian的看好源自其與大衆汽車的合作伙伴關係。
"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."
該分析師表示：“我們仍然認爲最近宣佈的與大衆汽車的合資企業是一個遊戲規則的改變者，這不僅僅因爲大衆汽車的規模將有助於Rivian實現更低的營業成本，而且更重要的是，我們認爲這個合資企業驗證了Rivian設計自己的電氣架構的決定。這對於普通消費者來說不是顯而易見的，但自用電子產品代表着像Rivian和Tesla這樣的公司的根本優勢。”
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對Rivian的看法更加懷疑，他認爲這個合作關係還有很多未知領域。
"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.
他說：“我們在午餐期間與管理層的討論中了解到，RIVN將獲得第二個10億美元的融資（在本週的10億美元兌換之後），這不會再次造成無形資產減值；相反，它代表了對RIVN知識產權的一種特許權使用費。”
The analyst posed several unanswered questions about the remainder of the deal's financial structure.
這位分析師提出了一些關於剩餘的交易財務結構的未回答的問題。
"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?"
“爲了獲得30億美元的融資（這30億美元的股份將產生多少減值？），RIVN必須達到什麼樣的財務和技術里程碑？預計於2027年提供的貸款的條款是什麼？RIVN將如何爲這項風險投資計價？”
Shlisky said that he will be more optimistic about the Irvine, California-based company if these key questions are answered.
如果這些關鍵問題得到回答，那麼他將更爲樂觀地看待這家總部位於加利福尼亞州爾灣市的公司。
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.
股票走勢：Rivian的股票在週五回落，下跌7.53％，交易價爲13.38美元。截至撰寫本文時，Rivian的股價自週一以來上漲了29.7％。
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