Group 1 - Rivian Automotive (RIVN) stock price increased by 0.5% in early trading on Friday [1] - The company has agreed to a $250 million settlement to resolve a class-action lawsuit from investors regarding price increases, without admitting wrongdoing [1] - The settlement will be paid through insurance and cash reserves, pending court approval [1] Group 2 - Rivian announced a 4.5% workforce reduction as the company focuses on launching the R2 model aimed at the mass market in 2026 [1]

Rivian在周四晚间的一份声明中表示，这项仍需法院批准的拟议和解协议将通过6700万美元的董事及高 管责任保险、以及1.83亿美元的自有现金支付。声明称："公司否认诉讼中的指控，并坚持认为此次和 解协议并不代表承认过错或不当行为。然而，达成和解将使Rivian能够将资源集中于其面向大众市场的 R2车型，该车型计划于2026年上半年推出。" 据悉，这起诉讼于2022年提起，指控Rivian未能披露重要信息，包括其在首次公开募股(IPO)前就计划提 高首款量产车型价格的事实，从而误导了在2021年11月IPO中购买A类普通股的投资者。数据显示， Rivian股价周四收涨1.3%，报13.09美元，远低于IPO后创下的172美元高点。 智通财经APP获悉，Rivian(RIVN.US)已同意支付2.5亿美元以解决一宗投资者诉讼，试图在不承认任何 不当行为的情况下结束这场法律纠纷。该公告发布的同一天，Rivian还表示将裁减4.5%的员工，这是自 去年9月以来的第二轮裁员。 ...

Industry Overview - The North American automotive and shared mobility industry remains resilient, with no signs of deterioration except for electric vehicles. Investors are debating whether the strong SAAR (Seasonally Adjusted Annual Rate) from 2025 onwards is driven by tariffs and its sustainability in 2026, with current Q4 and 2026 positioning being conservative and requiring data validation [1] - Investors hold a pessimistic view on the electric vehicle sector for Q4 2025 and FY 2026, questioning whether R2 models can bridge profitability for electric vehicles. Traditional automakers are expected to reduce high incentives for clearing electric vehicle inventory before September 30, benefiting profitability [1][2] Company Dynamics - Carvana and Carmax are experiencing competitive differentiation, with Carvana showing optimism despite facing potential challenges from ABS market fluctuations and changing consumer demand. Carmax focuses on a multi-channel model and operational efficiency amid concerns over Triclor's bankruptcy affecting subprime ABS [2] - Several companies are leveraging AI and automation as key drivers for enhancing production efficiency and customer value. Lear plans to enhance competitiveness in the Chinese market through automation and AI, while Avis is applying AI in pricing algorithms and supply-demand management [2] Company Strategies - Avis is focusing on travel demand and autonomous driving, planning to expand partnerships in autonomous vehicle cities while strengthening its financial position and stock buybacks [3] - Carmax is driving sales through multi-channel capabilities and adjusting inventory to meet consumer purchasing power challenges, implementing a three-pillar capital allocation strategy [3] - Ford's Pro division is promoting growth through a diversified customer base, enhancing aftermarket profit contributions via software, and advancing BlueCruise autonomous driving [3] - Group 1 Automotive is flexibly allocating capital and disposing of underperforming stores, supported by parts and used car businesses, with strong consumer market performance and minimal tariff cost transfer [3] - Lear has exceeded performance expectations from 2025 onwards, with revenue nearing guidance limits, and is collaborating with Palantir to enhance automation while deepening partnerships with local Chinese automakers [3] - Lucid is clarifying its profitability path with the Gravity model as a key market expansion tool, positioning itself as a luxury brand to avoid competition from Chinese automakers while advancing autonomous driving technology [3] - Phinia is diversifying into aerospace, focusing on free cash flow generation and shareholder returns starting Q4 2025 [3] - Quantumscape is collaborating with Volkswagen's PowerCo to advance battery technology commercialization and plans to transition into a technology licensing company [3] - Rivian is set to host an autonomous driving and AI day, with Gen2 hardware and platform debuting soon, leveraging the R2 model to address demand fluctuations and deepening partnerships with Volkswagen while exploring collaborations with other automakers [3]

Core Viewpoint - Korean battery companies are expanding their presence in the U.S. electric vehicle market, with SK On being selected as a battery supplier for the startup Slate, backed by Jeff Bezos [1][2][3]. Group 1: SK On and Slate Partnership - SK On will supply 20 GWh of batteries to Slate from 2026 to 2031, with a potential for increased supply as production scales up [2]. - The estimated value of the contract is approximately 4 trillion KRW (about 202.8 billion RMB), sufficient to power around 300,000 mid-sized electric vehicles [2]. Group 2: Slate's Background and Product Offering - Slate Auto, based in Michigan, aims to produce an electric pickup truck priced under $20,000 (approximately 146,000 RMB) and plans to start production next year [4]. - The company is developing an affordable two-seat electric pickup inspired by classic models like the Ford Model T and Volkswagen Beetle [4]. - Slate's vehicle can transform into a five-seat SUV and offers customization options with various accessories [5]. Group 3: U.S. Electric Vehicle Market Dynamics - The U.S. electric vehicle market is seeing a surge in startups like Slate, but Tesla remains the only company with significant market share [6]. - American electric vehicle companies heavily rely on battery supplies from South Korea and Japan due to the underdeveloped local battery industry [6][8]. Group 4: Competition and Market Share - Korean battery manufacturers, including LG Energy Solution and Samsung SDI, are also securing contracts with U.S. startups, indicating a trend of collaboration [8]. - In early 2025, global electric vehicle battery installations reached 129.9 GWh, with Chinese companies holding a 67.5% market share, while Korean companies' market share declined to 21.6% [11][12]. Group 5: Strategic Shifts in Korean Battery Companies - Korean battery firms are adapting by increasing their procurement from Chinese suppliers and shifting their focus to lithium iron phosphate batteries and different battery formats [12][13]. - The long-term outlook suggests that China will maintain its leadership in the global lithium battery industry, driving energy transition worldwide [14].

具体来说，2024 年第四季度，该部门的收入为 2.14 亿美元，较去年第三季度的 1 亿美元环比 增长 114%。 这一改善主要归功于去年 11 月中旬 宣布的 与大众汽车的合资企业。该协议的结构允许 Rivian 在未来 4 年内将其 IP 电动汽车架构和软件开发能力货币化，预计将确认约 20 亿美元收入。 作者 | Deep Value Investing 编译 | 华尔街大事件 Rivian( NASDAQ： RIVN ) 已成为少数受本周美国宣布对所有进口汽车和零部件征收 25% 关 税 影响较小的汽车制造商之一。 股价 自上周三以来有所回升，目前已达到公告前的水平。 尽管如此，这些关税将在一定程度上影响公司的毛利润，因为一些零部件可能来自美国以外的 二级和三级供应商。不过，管理层已经将这一因素纳入了2025 年全年交付和 EBITDA 指引 中。其他不利因素（也已计入公司 2025财年前景）包括监管信贷和 7,500 美元绿色汽车信贷的 不确定性。 由于这些不利因素已经反映在 2025 年的指引中，软件和服务领域的上行趋势可能会在公司于 2026 年下半年推出首批 R2 车型之前扭转投资者情绪。在 ...