Group 1 - The U.S. retail sales fell by 0.2% in September, primarily due to the expiration of electric vehicle tax incentives and a decline in auto sales, which may support a rate cut in December [1] - Nvidia's stock plummeted due to the rise of Google's TPU, breaking its uniqueness in the market. AMD also saw a decline, losing its position as a viable alternative to Nvidia. Nvidia reassured the market of its lead over TPU, but the loss of monopoly status could significantly reduce its premium [1] - Atour's Q3 revenue reached 2.63 billion, a year-on-year increase of 38.4%, with a net profit of 490 million, up 27%. The average room revenue was 371.3 yuan, recovering to 97.8% of the same period last year, and the company raised its full-year revenue guidance. Compared to peers, Atour's performance stands out as Jinjiang's revenue declined, while Junting and Huazhu grew by 4% and 8%, respectively [1] Group 2 - NIO reported a Q3 loss of 2.74 billion, with CEO Li Bin stating that the company would achieve profitability in the next quarter, although the market remains skeptical, leading to a continued decline in stock price [2]

Core Viewpoint - Rivian is facing challenges due to the impending expiration of key electric vehicle tax incentives in the U.S., which may impact sales and lead to a more complex sales environment [1][2]. Group 1: Sales and Deliveries - Rivian delivered 13,000 vehicles in Q3, marking a 25% quarter-over-quarter increase [2]. - The company expects to deliver between 41,500 and 43,500 vehicles in 2025, a reduction from the previous estimate of 46,000 vehicles [2]. - FactSet consensus anticipates a decline in Q4 deliveries to approximately 10,000 vehicles [2]. Group 2: Financial Outlook - Mizuho analyst Vijay Rakesh lowered Rivian's stock price target from $14 to $10, representing a 23% decrease from the last closing price of around $13 [1]. - Rivian's R1T truck and R1S SUV have starting prices exceeding $70,000, with a temporary leasing rebate of up to $6,500 expiring at the end of October [1]. - Mizuho forecasts Rivian will deliver about 60,000 electric vehicles by 2026, which is 8,000 vehicles lower than previous expectations [2]. Group 3: Industry Context - Rivian's CEO RJ Scaringe noted that many manufacturers are scaling back electric vehicle investments, which could have short-term benefits for Rivian but long-term negative implications for the industry [3]. - General Motors and Ford are expected to reduce electric vehicle production by 40% to 50% year-over-year, with GM announcing a $1.6 billion impairment and cuts to its electric vehicle investment plans [3].