Rivian Automotive

$優步(UBER.US) +7% as 3Q results topped reduced expectations; 4Q guidance bracketed sell side expectations; moving full speed ahead to develop autonomous ride options

By Robert Lavelle and Ryan Vlastelica

11/04/2026 07:38:23

(Bloomberg) -- Uber Technologies shares are up 0.7% in premarket trading after the rideshare company’s results came in above subdued expectations.

FOURTH QUARTER FORECAST

- Gross bookings $63.25B -$65.25B, vs $64.3B guidance

- Adj EPS 95c to 99c vs 98c est

- Adj Ebitda $3.13B - $3.23B vs $3.15B est

THIRD QUARTER RESULTS

- Gross bookings $59.82B, +20% y/y, vs $59.79B est

- Revs $14.77B, +9.6% y/y, vs $14.65B est

- Adj Ebitda $2.96B, +31% y/y, vs $2.93B est

- Adj net income $1.8B vs $1.78B est

- Adj EPS 88c, vs 87c est

- Trips 4.06B, +16% y/y, vs 4.12B est

- Monthly active platform consumers 215M, +14% y/y, vs 215.27M est

- Mobility bookings $29.51B, +18% y/y, vs $29.88B est.

- Delivery bookings $28.54B, +22% y/y, s $28.41B est.

- Freight bookings $1.77B, +35% y/y, bs $1.48B est

COMMENTARY AND CONTEXT

•CEO says, “Our focus on autonomous is now on commercial execution, with approximately 700 fully driverless vehicles expected on Uber by year-end and over 2,000 in 2027”

•“We expect to scale autonomous deployments signifi cantly, deploying over 2,000 fully driverless vehicles on Uber by the end of 2027, roughly half in the U.S. and half internationally,” CEO says

•CEO says, “We expect to begin fully driverless testing with Nuro and Lucid this quarter, ahead of a commercial launch in the Bay Area in Q1 2027 that will operate fully driverless from day one”

•“We also expect further driverless deployments with Avride in 2027, with supervised NVIDIA and Rivian deployments beginning in 2027 and 2028, respectively, before transitioning to fully driverless operations,” CEO says

$Rivian Automotive(RIVN.US) | Needham 𝗿𝗲𝗶𝘁𝗲𝗿𝗮𝘁𝗲𝘀 𝗕𝘂𝘆 on 𝗥𝗶𝘃𝗶𝗮𝗻 𝗔𝘂𝘁𝗼𝗺𝗼𝘁𝗶𝘃𝗲, maintains PT at $𝟮𝟯

分析師認為 Rivian 是 ICE 向 EV 轉型的贏家，但 R2 需求未獲認可，自動駕駛願景也未獲認可。

品牌槓桿是投資中最強大的價值驅動因素之一。品牌槓桿是指將已建立的強勢品牌擴展到相鄰品類，如果成功，可以擴大公司的整體潛在市場規模（TAM）和收入基礎。例子包括保時捷將保時捷品牌從跑車（911）擴展到 SUV 品類（Cayenne, Macan）；蘋果將蘋果品牌從筆記本電腦和台式機擴展到手機和手錶；萬豪將萬豪品牌從高端酒店擴展到經濟型酒店品類（萬怡酒店）。

風險：如果拉伸得太遠，定義明確的品牌可能會破裂並變得毫無意義。當通過降低價格向下遊擴展以擴大#能夠負擔得起產品的客户羣時，品牌槓桿可能導致高端客户放棄現在人人都能負擔得起的產品。

我現在看到的品牌槓桿最佳機會是 $Rivian Automotive(RIVN.US) 將其品牌從高端 SUV 品類（超過 7 萬美元）擴展到中端 SUV 品類（4.5 萬美元）。RIVN 在其 8 萬美元的 R1（SUV）和 R1T（皮卡）電動汽車上建立了質量和可靠性的品牌形象。RIVN 現在正向下延伸，推出更小、更便宜（4.5 萬美元）的電動汽車，以顯著擴大其潛在市場規模。這類似於 $特斯拉(TSLA.US) 在 2017-2019 年推出 Model 3 和 Model Y，此前十年分別在轎車和 SUV 的高端電動車細分市場確立了 Model X 和 Model S 的地位。

$Rivian Automotive(RIVN.US) +2.0% AH after posting higher than expected revs and lower than expected Adj EBITDA losses in 2Q, Auto gross margin was significantly higher than expected. FY’26 EBITDA guidance was raised by +$50M higher. RIVN’s progress reflects early adoption of the new lower-priced R2 SUV, which launched in June at a base price of $45K vs $80K for the more expensive and larger R1 SUV.

2Q results:

- Delivs 12,194 vs 11,471 exp (previously reported)

- Revs $1.66B vs $1.52B exp

- GM% 11.0% vs 6.54% exp

- EBITDA -$379M vs -$548M

FY’26 guidance:

- Delivs 65-70K (no change) vs 64,769 exp

- EBITDA -1.8B to -$2.0B vs -$2.01B est and vs -$1.8B to -$2.1B prior

- CapExp $1.7-$1.8B vs $1.95-$2.05B prior

On the conf call, CEO RJ Scaringe outlined RIVN’s path to full autonomy. RIVN’s autonomy platform is “Autonomy plus” (cost $2,500 upfront, or $49.99/month) which is currently a Level 2+ product.

- 2026 “Hands off” L2+

- 2027 “Eyes off” L3

- 2028 “No driver in car” L4

$Rivian Automotive(RIVN.US) | Rivian 更新：

➤ 提供 7500 萬股 A 類普通股

➤ 預計 2026 年第二季度總收入為 15.5 億美元–16.5 億美元

📢 最新消息: $Rivian Automotive(RIVN.US) Rivian 在第二季度交付量超出預期後上調 2026 年交付展望

👉 關鍵要點:

➤ Rivian 在 2026 年第二季度生產了12,613輛汽車，交付了12,194輛汽車。

➤ 第二季度交付量超過了 Rivian 此前9,000-11,000輛的指引區間。

➤ 增長主要由EDV和R1車型的交付走強所驅動。

➤ Rivian 也在本季度開始了R2車型的交付。

➤ Rivian 將 2026 年交付指引上調至65,000-70,000輛汽車。

➤ 此前的全年指引為62,000-67,000輛汽車。

👉 為何重要:

➤ 更高的指引表明生產和需求趨勢強於預期。

➤ R2車型的交付標誌着 Rivian 產品擴張戰略中的一個關鍵里程碑。

➤ 改善的交付展望可能支持收入增長和投資者信心。