<p><strong>特斯拉</strong>(TSLA 2.84%) 在建立其業務時做出了一個決定，即從高端車輛開始。然後，它規劃了一條通往更中等價格車輛的道路。這一商業舉措取得了成功，現在公司在經歷了初期的虧損後，已經實現了可持續盈利。</p>
<p><strong>Rivian Automotive</strong>(RIVN 0.66%) 目前處於發展階段的虧損狀態，但它有着類似特斯拉的雄心，關鍵的轉折點可能即將到來。</p>
<h2>特斯拉做了什麼？</h2>
<p>第一款特斯拉是一款豪華高端跑車。這輛車向世界證明了電動車（EV）是真正的產品，消費者會想要購買。很長一段時間，大型汽車製造商都認為電動車不可行。在特斯拉證明了這一概念後，它推出了能夠吸引不僅僅是汽車愛好者的轎車。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUwOTUvMjRfMDZfMjYtYS1saW5lLW9mLXJpdmlhbi10cnVja3MtaW4tYS1wYXJraW5nLWxvdC1fbWYtZGxvYWQtaW1hZ2Utc291cmNlLXJpdmlhbi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUwOTUvMjRfMDZfMjYtYS1saW5lLW9mLXJpdmlhbi10cnVja3MtaW4tYS1wYXJraW5nLWxvdC1fbWYtZGxvYWQtaW1hZ2Utc291cmNlLXJpdmlhbi5qcGcmdz03MDA"/></p>
<p>圖片來源：Rivian。</p>
<p>那些高端電動車銷售良好，突然間，每個主要汽車製造商意識到他們必須製造電動車。如果他們不跟上潮流，就可能被排除在新的汽車市場細分之外。在這一過程中，特斯拉再次轉變，推出了具有大眾市場吸引力的低成本電動車型。這有助於提高資本密集型業務的銷售量並改善盈利能力。</p>
<p>從本質上講，特斯拉是從富裕客户開始的。但富裕客户的數量是有限的。因此，它向下市場發展，以建立一個可持續盈利的業務。當然，這只是一個非常漫長過程的簡化，但這是重要的一般主題。Rivian 正在遵循特斯拉的商業模式。</p>
<h2>從高端開始，然後走向大眾市場</h2>
<p>Rivian 目前生產兩種類型的卡車，一種是配送車輛，另一種是高端消費者皮卡。配送車輛是一個重要的概念驗證，幫助公司開發其技術。它還使 Rivian 能夠通過與 <strong>亞馬遜</strong> 的合作關係產生一些早期收入。可以將配送卡車視為特斯拉的跑車。</p>
<p>在證明其技術可靠的同時，Rivian 還為消費者市場製造了豪華高端皮卡。這些卡車受到了良好的反響，Rivian 能夠逐步提高生產能力，並在此過程中完善其生產流程。事實上，它在 2024 年第四季度和 2025 年第一季度實現了適度的毛利潤。</p>
<p>這意味着 Rivian 不再在每輛卡車上虧損，儘管在收益表下方的成本，如研發（R&amp;D）和銷售、一般及行政費用（SG&amp;A），仍然使其處於虧損狀態。</p>
<p>這就是規模變得重要的地方。Rivian 需要將其成本分攤到更多的車輛銷售上，這基本上就是特斯拉所做的。Rivian 的下一個重大車輛發佈是 R2，這是一款面向大眾市場的低成本卡車。目標是在 2026 年上半年開始生產。憑藉約 70 億美元的現金和與汽車巨頭 <strong>大眾汽車</strong> 的關鍵合作關係，Rivian 似乎很有可能啓動該工廠。</p>
<p>Rivian 業務的真正考驗將在其開始銷售 R2 時到來。如果銷售強勁，公司將成功借鑑特斯拉的商業模式，並取得類似的成功。而 R2 銷售帶來的額外銷量應該有助於 Rivian 朝着可持續盈利的方向發展，就像特斯拉所實現的那樣。</p>
<h2>Rivian 風險高，但執行良好</h2>
<p>Rivian 仍然是一項高風險投資，僅適合更激進的投資者。如果公司執行不力，可能仍會在這個複雜且競爭激烈的汽車行業中未能實現其目標。然而，R2 的推出可能是 Rivian 的重大轉折點，使其成為 “下一個特斯拉”。</p>
<p>好的，沒有任何公司能夠真正成為特斯拉，因為該公司實際上創造了電動車領域。但 Rivian 的 R2 可能使其成為下一個最佳選擇。</p>

大眾(ADR)

RIVN

大眾汽車(ADR)

<p>Rivian Automotive 即將迎來一個重要的轉折點，計劃推出面向大眾市場的 R2 卡車。Rivian 最初專注於高端車輛，包括一款送貨卡車和一款消費者皮卡，這些車型獲得了積極的市場反響，策略與特斯拉相似。Rivian 目前擁有 70 億美元的現金，並與大眾汽車建立了合作關係，計劃在 2026 年初開始 R2 的生產。如果銷售成功，Rivian 有望實現可持續盈利，成為電動車市場的強勁競爭者，儘管面臨固有風險</p>

<p><strong>Tesla</strong>(TSLA 2.84%) made a decision when it built its business to start with high-end vehicles. And then it charted a path toward more moderately priced vehicles. That business move worked and now the company is sustainably profitable despite years of red ink at the get-go.</p>
<div class="lb-trans"><p><strong>特斯拉</strong>(TSLA 2.84%) 在建立其業務時做出了一個決定，即從高端車輛開始。然後，它規劃了一條通往更中等價格車輛的道路。這一商業舉措取得了成功，現在公司在經歷了初期的虧損後，已經實現了可持續盈利。</p>
</div><p><strong>Rivian Automotive</strong>(RIVN 0.66%) is currently in the red ink stage of its development, but it has Tesla-like ambitions and a key turning point could be fast approaching.</p>
<div class="lb-trans"><p><strong>Rivian Automotive</strong>(RIVN 0.66%) 目前處於發展階段的虧損狀態，但它有着類似特斯拉的雄心，關鍵的轉折點可能即將到來。</p>
</div><h2>What did Tesla do?</h2>
<div class="lb-trans"><h2>特斯拉做了什麼？</h2>
</div><p>The first Tesla was a fancy, high-end sports car. That vehicle proved to the world that electric vehicles (EVs) were a real product that customers would want to buy. For a long time the large automakers shunned EVs as not being viable. After Tesla proved the concept, it brought out sedans that would appeal to more than just car enthusiasts.</p>
<div class="lb-trans"><p>第一款特斯拉是一款豪華高端跑車。這輛車向世界證明了電動車（EV）是真正的產品，消費者會想要購買。很長一段時間，大型汽車製造商都認為電動車不可行。在特斯拉證明了這一概念後，它推出了能夠吸引不僅僅是汽車愛好者的轎車。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUwOTUvMjRfMDZfMjYtYS1saW5lLW9mLXJpdmlhbi10cnVja3MtaW4tYS1wYXJraW5nLWxvdC1fbWYtZGxvYWQtaW1hZ2Utc291cmNlLXJpdmlhbi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825095%2F24_06_26-a-line-of-rivian-trucks-in-a-parking-lot-_mf-dload-image-source-rivian.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Rivian.</p>
<div class="lb-trans"><p>圖片來源：Rivian。</p>
</div><p>Those higher-end EVs sold well and, suddenly, every major automaker realized that they had to make EVs. If they didn't jump on the bandwagon they could get boxed out of a new segment auto market. As that was going on, Tesla pivoted again, bringing out lower-cost models of its EVs that had mass-market appeal. That helped to boost sales volumes in the capital-intensive business and improve profitability.</p>
<div class="lb-trans"><p>那些高端電動車銷售良好，突然間，每個主要汽車製造商意識到他們必須製造電動車。如果他們不跟上潮流，就可能被排除在新的汽車市場細分之外。在這一過程中，特斯拉再次轉變，推出了具有大眾市場吸引力的低成本電動車型。這有助於提高資本密集型業務的銷售量並改善盈利能力。</p>
</div><p>Essentially, Tesla started with rich customers. But there are only so many rich customers. And, thus, it moved down market to build a sustainably profitable business. That's a simplification of a very long process, of course, but it is the general theme that's important. Rivian is following the Tesla playbook.</p>
<div class="lb-trans"><p>從本質上講，特斯拉是從富裕客户開始的。但富裕客户的數量是有限的。因此，它向下市場發展，以建立一個可持續盈利的業務。當然，這只是一個非常漫長過程的簡化，但這是重要的一般主題。Rivian 正在遵循特斯拉的商業模式。</p>
</div><h2>Start high-end, then go mass-market</h2>
<div class="lb-trans"><h2>從高端開始，然後走向大眾市場</h2>
</div><p>Rivian currently makes two kinds of trucks, a delivery vehicle and a high-end consumer pickup truck. The delivery vehicle was an important proof of concept that helped the company develop its technology. It also allowed Rivian to generate some early revenue thanks to a relationship with <strong>Amazon</strong>. Consider the delivery truck similar to Tesla's sports car.</p>
<div class="lb-trans"><p>Rivian 目前生產兩種類型的卡車，一種是配送車輛，另一種是高端消費者皮卡。配送車輛是一個重要的概念驗證，幫助公司開發其技術。它還使 Rivian 能夠通過與 <strong>亞馬遜</strong> 的合作關係產生一些早期收入。可以將配送卡車視為特斯拉的跑車。</p>
</div><p>As it was proving that its technology was reliable, Rivian was also building fancy high-end pickups for the consumer market. The trucks have been well-received, and Rivian has been able to ramp up production and fine tune its production processes along the way. In fact, it was able to turn a modest gross profit in the fourth quarter of 2024 and in the first quarter of 2025.</p>
<div class="lb-trans"><p>在證明其技術可靠的同時，Rivian 還為消費者市場製造了豪華高端皮卡。這些卡車受到了良好的反響，Rivian 能夠逐步提高生產能力，並在此過程中完善其生產流程。事實上，它在 2024 年第四季度和 2025 年第一季度實現了適度的毛利潤。</p>
</div><p>This means that Rivian stopped losing money on every truck it sold, though costs further down the earnings statement, like research and development (R&amp;D) and selling, general, and administrative expenses (SG&amp;A), still leave it bleeding red ink.</p>
<div class="lb-trans"><p>這意味着 Rivian 不再在每輛卡車上虧損，儘管在收益表下方的成本，如研發（R&amp;D）和銷售、一般及行政費用（SG&amp;A），仍然使其處於虧損狀態。</p>
</div><p>This is where scale becomes important. Rivian needs to spread its costs over more vehicle sales, which is basically what Tesla did. The next big vehicle release for Rivian is the R2, which is a lower-cost truck meant for the mass market. The goal is to start production in the first half of 2026. With around $7 billion of cash on the balance sheet and a key partnership with auto giant <strong>Volkswagen</strong>, it seems highly probable that Rivian gets that factory up and running.</p>
<div class="lb-trans"><p>這就是規模變得重要的地方。Rivian 需要將其成本分攤到更多的車輛銷售上，這基本上就是特斯拉所做的。Rivian 的下一個重大車輛發佈是 R2，這是一款面向大眾市場的低成本卡車。目標是在 2026 年上半年開始生產。憑藉約 70 億美元的現金和與汽車巨頭 <strong>大眾汽車</strong> 的關鍵合作關係，Rivian 似乎很有可能啓動該工廠。</p>
</div><p>The real test of Rivian's business will come when it starts selling the R2. If sales are robust the company will have successfully taken Tesla's playbook and achieved similar wins. And the added volume from R2 sales should help move Rivian toward sustainable profitability, just like Tesla achieved.</p>
<div class="lb-trans"><p>Rivian 業務的真正考驗將在其開始銷售 R2 時到來。如果銷售強勁，公司將成功借鑑特斯拉的商業模式，並取得類似的成功。而 R2 銷售帶來的額外銷量應該有助於 Rivian 朝着可持續盈利的方向發展，就像特斯拉所實現的那樣。</p>
</div><h2>Rivian is high-risk, but executing well</h2>
<div class="lb-trans"><h2>Rivian 風險高，但執行良好</h2>
</div><p>Rivian remains a high-risk investment that's only appropriate for more aggressive investors. If the company doesn't execute well it could still fall short of its goals in what is a very complex and competitive auto sector. However, the launch of the R2 could be the big turning point for Rivian that turns it into the &#34;next Tesla.&#34;</p>
<div class="lb-trans"><p>Rivian 仍然是一項高風險投資，僅適合更激進的投資者。如果公司執行不力，可能仍會在這個複雜且競爭激烈的汽車行業中未能實現其目標。然而，R2 的推出可能是 Rivian 的重大轉折點，使其成為 “下一個特斯拉”。</p>
</div><p>OK, no company is ever going to be Tesla, given that the company effectively created the EV space. But Rivian's R2 could make it the next best thing.</p>
<div class="lb-trans"><p>好的，沒有任何公司能夠真正成為特斯拉，因為該公司實際上創造了電動車領域。但 Rivian 的 R2 可能使其成為下一個最佳選擇。</p>
</div>

Prediction: Rivian's New R2 Truck Will Be a "Tesla-Like" Turning Point for the Company

- 特斯拉從高端車型起步，成功轉向中低價位，現已實現可持續盈利。  
- Rivian 目前處於虧損階段，計劃推出 R2 低成本車型以吸引大眾市場。  
- 若 R2 銷售強勁，Rivian 有望實現與特斯拉類似的成功。

預測：Rivian 的新款 R2 卡車將成為公司一個類似特斯拉的轉折點