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老牌车企与造车新势力,谁更有希望?

福特成为了宠儿,而自命不凡的Rivian则成为了被唾弃的对象。

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在过去两年中,随着福特(Ford)步履维艰地打造风光的电动汽车业务,投资者认为福特已经成为了过气的王者。一些电动汽车制造新贵则一飞冲天,包括Rivian,这家公司没有多少造车实绩,但也不妨碍它成为热点。

如今,角色发生了反转:福特成为了宠儿,而自命不凡的Rivian则成为了被唾弃的对象。

3月2日,福特的首席执行官吉姆·法利正式宣布公司重组的消息让投资者兴奋了一把。福特将打造两个自负盈亏的独立业务线。通过将新的“福特Model e”从传统“Ford Blue”部门中剥离出来,管理层希望在消除不必要的重复的同时继续受益于规模经济。

法利在3月2日对记者说:“现实在于,我们的传统构架一直在拖我们的后腿。我们必须做出改变。”他同时还否认了一个观点,即此举是整体剥离电动汽车业务并谋求上市的前奏。

福特将公司一分为二,我们也知道它别无选择。在这种情况下,传统业务部分将拿走所有的利润,而电动汽车那一部分将承担所有的亏损。福特会为电动汽车业务筹集资金。不过,福特在Rivian持有的股份应该何去何从?$F $RIVN

——罗斯·格伯(@GerberKawasaki),2022年3月2日

自新冠疫情引发了散户投资者的电动汽车股票热以来,现存的各大车企均经历了市值的下跌,分析师们也据此猜测,大盘不再期望这些公司能够在向零排放车辆的转型进程中存活下来。

然而,福特股价在3月2日大涨8%,原因在于投资者对法利在今年2月初笼统承诺的重组抱有不少希望,当时,他称自己具备成功所需的“付诸行动,破釜沉舟”的心态。

受拆分影响,福特如今预计其2026年的电动汽车产量为200万台,明年将生产60万台,同时削减30亿美元的成本。这些成本削减基本上将来自于公司内燃机汽车业务的精简,而该业务将以明星车型为核心,例如Mustang轿跑、Bronco SUV和F-150皮卡。

与此同时,在远离福特底特律郊区总部的南加州,Rivian告诉已经订购并等待车辆交付的客户,受近期高通胀率的影响,公司将大幅提高这些车辆的售价。此番言论引发了一场舆论风暴。

一大批潜在的车主愿意冒险购买他们以前从未见过的车型,更想亲身试驾一下。在2021年Rivian创纪录的IPO中,这些人对于投资者来说是一个重要的卖点。通常,与未来的新车主不同的是,预订者还希望通过提前订购这种方式来避免可能出现的涨价,尤其是在Rivian基本还未开始生产所有承诺车型的时候。Rivian向美国证券交易委员会(SEC)报备的文件显示,2021年,该公司仅交付了920辆车。

在预订客户于3月1日的晚些时候获悉Rivian获奖R1T电动卡车的价格将上调17%,R1S跨界车将上调20%时,很多人都通过社交媒体表达了自己的愤怒。

@Rivian的又一个败招。它们的卡车如今要价10万美元,为了买这辆车,我在几个月前才攒够了8.5万美元(而且并不像特斯拉那样履行锁定价格)。说句实话,都想取消订单了。涨价1.5万美元,疯了。pic.twitter.com/TEXXz4VMRM

——奎因·纳尔逊(@SnazzyQ),2022年3月1日

杰斯·克拉夫特-米勒写道:“我看到的‘我取消了预订’的帖子比以往任何时候都要多。客户在数年前便下了订单,而且交了1000美元订金。涨价高达20%,是时候反省一下了。”

在公司激怒了众多粉丝的新闻爆出之后,公司股价在3月2日暴跌近14%,收于53.56美元,远低于其78美元的IPO价格。

2021年11月,Rivian的股票达到了略低于180美元的顶峰,尽管公司仅交付了几十辆车,但其市值比福特高出了约50%。然而自那之后,其股价暴跌了近70%。

在回应《财富》杂志提问时,Rivian解释说,公司不得不解决因为供应链前所未有的短缺而造成的原材料成本上涨的问题,其中包括半导体芯片供应。

Rivian的首席增长官吉腾·贝尔在一份声明中称:“这些颇具挑战的局势所带来的成本和复杂性的增加,迫使公司将R1T和R1S车型价格上调至当前的水平,而此前的价格是在2018年定下的。”

为了向客户提供价格更加平易近人的车型,Rivian称公司将生产动力稍弱的四驱车型,而且将把电机数从四个减为两个,同时缩减皮卡和SUV车型的电池包容量。

Rivian依然拥有售价6.7万美元的车型。

只不过,这个车型如今只能跑260英里,而不是400英里,只有两个电机而不是四个,并将于2024年开始生产,而不是2021年。

换句话说,产品刚刚接受了现实的洗礼。

——Whole Mars Catalog(@WholeMarsBlog),2022年3月2日

有鉴于福特在2019年曾经出资5亿美元购买Rivian的股份,投资者的这种角色转换还真是颇具讽刺意味。由于福特不再以内燃机业务为重点,随着时间的推移,投资对于这个有着悠久历史的汽车制造商来说倒是没有那么重要了。

事实上,福特的法利在行业刊物《汽车新闻》(Automotive News)上透露,他打消了与Rivian联合开发电动汽车的念头。在此之后,2021年11月中旬创历史新高的Rivian股价便开始了其史诗级的下跌旅程。如今,随着福特全身心投入电动汽车领域,取消合作的原因已经变得异常清楚。

法利再次强调:“如今,我们的企业构架正在拖公司的后腿,让我们无法专注。” Ford Blue将专注于从其内燃机业务中获取现金和利润,而福特Model e将专注于推动创新,并招聘最好的技术人才:“我们无法让一个团队同时做这两件事情。”他说。

3月2日股价的上涨说明,福特由于其电动汽车策略,比Rivian更受投资者青睐。法利执掌的这家公司当前的市值为730亿美元,是排名第六的汽车制造商,而市值480亿美元的Rivian则连前十都未能保住,更不用说此前排名前五的战绩。(财富中文网)

译者:冯丰

审校:夏林

在过去两年中,随着福特(Ford)步履维艰地打造风光的电动汽车业务,投资者认为福特已经成为了过气的王者。一些电动汽车制造新贵则一飞冲天,包括Rivian,这家公司没有多少造车实绩,但也不妨碍它成为热点。

如今,角色发生了反转:福特成为了宠儿,而自命不凡的Rivian则成为了被唾弃的对象。

3月2日,福特的首席执行官吉姆·法利正式宣布公司重组的消息让投资者兴奋了一把。福特将打造两个自负盈亏的独立业务线。通过将新的“福特Model e”从传统“Ford Blue”部门中剥离出来,管理层希望在消除不必要的重复的同时继续受益于规模经济。

法利在3月2日对记者说:“现实在于,我们的传统构架一直在拖我们的后腿。我们必须做出改变。”他同时还否认了一个观点,即此举是整体剥离电动汽车业务并谋求上市的前奏。

福特将公司一分为二,我们也知道它别无选择。在这种情况下,传统业务部分将拿走所有的利润,而电动汽车那一部分将承担所有的亏损。福特会为电动汽车业务筹集资金。不过,福特在Rivian持有的股份应该何去何从?$F $RIVN

——罗斯·格伯(@GerberKawasaki),2022年3月2日

自新冠疫情引发了散户投资者的电动汽车股票热以来,现存的各大车企均经历了市值的下跌,分析师们也据此猜测,大盘不再期望这些公司能够在向零排放车辆的转型进程中存活下来。

然而,福特股价在3月2日大涨8%,原因在于投资者对法利在今年2月初笼统承诺的重组抱有不少希望,当时,他称自己具备成功所需的“付诸行动,破釜沉舟”的心态。

受拆分影响,福特如今预计其2026年的电动汽车产量为200万台,明年将生产60万台,同时削减30亿美元的成本。这些成本削减基本上将来自于公司内燃机汽车业务的精简,而该业务将以明星车型为核心,例如Mustang轿跑、Bronco SUV和F-150皮卡。

与此同时,在远离福特底特律郊区总部的南加州,Rivian告诉已经订购并等待车辆交付的客户,受近期高通胀率的影响,公司将大幅提高这些车辆的售价。此番言论引发了一场舆论风暴。

一大批潜在的车主愿意冒险购买他们以前从未见过的车型,更想亲身试驾一下。在2021年Rivian创纪录的IPO中,这些人对于投资者来说是一个重要的卖点。通常,与未来的新车主不同的是,预订者还希望通过提前订购这种方式来避免可能出现的涨价,尤其是在Rivian基本还未开始生产所有承诺车型的时候。Rivian向美国证券交易委员会(SEC)报备的文件显示,2021年,该公司仅交付了920辆车。

在预订客户于3月1日的晚些时候获悉Rivian获奖R1T电动卡车的价格将上调17%,R1S跨界车将上调20%时,很多人都通过社交媒体表达了自己的愤怒。

@Rivian的又一个败招。它们的卡车如今要价10万美元,为了买这辆车,我在几个月前才攒够了8.5万美元(而且并不像特斯拉那样履行锁定价格)。说句实话,都想取消订单了。涨价1.5万美元,疯了。pic.twitter.com/TEXXz4VMRM

——奎因·纳尔逊(@SnazzyQ),2022年3月1日

杰斯·克拉夫特-米勒写道:“我看到的‘我取消了预订’的帖子比以往任何时候都要多。客户在数年前便下了订单,而且交了1000美元订金。涨价高达20%,是时候反省一下了。”

在公司激怒了众多粉丝的新闻爆出之后,公司股价在3月2日暴跌近14%,收于53.56美元,远低于其78美元的IPO价格。

2021年11月,Rivian的股票达到了略低于180美元的顶峰,尽管公司仅交付了几十辆车,但其市值比福特高出了约50%。然而自那之后,其股价暴跌了近70%。

在回应《财富》杂志提问时,Rivian解释说,公司不得不解决因为供应链前所未有的短缺而造成的原材料成本上涨的问题,其中包括半导体芯片供应。

Rivian的首席增长官吉腾·贝尔在一份声明中称:“这些颇具挑战的局势所带来的成本和复杂性的增加,迫使公司将R1T和R1S车型价格上调至当前的水平,而此前的价格是在2018年定下的。”

为了向客户提供价格更加平易近人的车型,Rivian称公司将生产动力稍弱的四驱车型,而且将把电机数从四个减为两个,同时缩减皮卡和SUV车型的电池包容量。

Rivian依然拥有售价6.7万美元的车型。

只不过,这个车型如今只能跑260英里,而不是400英里,只有两个电机而不是四个,并将于2024年开始生产,而不是2021年。

换句话说,产品刚刚接受了现实的洗礼。

——Whole Mars Catalog(@WholeMarsBlog),2022年3月2日

有鉴于福特在2019年曾经出资5亿美元购买Rivian的股份,投资者的这种角色转换还真是颇具讽刺意味。由于福特不再以内燃机业务为重点,随着时间的推移,投资对于这个有着悠久历史的汽车制造商来说倒是没有那么重要了。

事实上,福特的法利在行业刊物《汽车新闻》(Automotive News)上透露,他打消了与Rivian联合开发电动汽车的念头。在此之后,2021年11月中旬创历史新高的Rivian股价便开始了其史诗级的下跌旅程。如今,随着福特全身心投入电动汽车领域,取消合作的原因已经变得异常清楚。

法利再次强调:“如今,我们的企业构架正在拖公司的后腿,让我们无法专注。” Ford Blue将专注于从其内燃机业务中获取现金和利润,而福特Model e将专注于推动创新,并招聘最好的技术人才:“我们无法让一个团队同时做这两件事情。”他说。

3月2日股价的上涨说明,福特由于其电动汽车策略,比Rivian更受投资者青睐。法利执掌的这家公司当前的市值为730亿美元,是排名第六的汽车制造商,而市值480亿美元的Rivian则连前十都未能保住,更不用说此前排名前五的战绩。(财富中文网)

译者:冯丰

审校:夏林

For the past two years, investors considered Ford to be past its prime as it struggled to create a thriving electric car business. Upstart electric vehicle makers soared, even those like Rivian with little track record of actually producing the cars it had promised.

Now the roles are reversed: Ford has become the favorite while upstart Rivian has been recast as the villain.

On March 2, investors cheered after Ford CEO Jim Farley made the reorganization official, creating two separate business lines, each reporting its own profit and loss. By running the new "Ford Model e" separately from the legacy "Ford Blue" unit, management hopes to eliminate needless duplication while still benefiting from economies of scale.

“The reality is our legacy organization has been holding us back. We had to change,” Farley told reporters during a presentation on March 2, refuting speculation this was a precursor to spinning out the EV business entirely and taking it public.

Ford breaking the company into two as we knew it had too. It will have the legacy half with all the profits. Then the EV half with all the losses. They will raise money with the EV half. What happens to the rivian stake ? $F $RIVN

— Ross Gerber (@GerberKawasaki) March 2, 2022

Since the pandemic elicited an EV stock boom powered by retail investors, incumbent carmakers have watched their valuations tumble, causing analysts to surmise that the broader market no longer expected the companies to survive the transition towards zero-emission vehicles.

On March 2, however, Ford shares jumped over 8% on investor hopes about the reorganization Farley had promised more generally in early February when he claimed to possess a “bias for action, whatever-it-takes mindset” to succeed.

As a result of the split, Ford now anticipates producing 2 million electric vehicles in 2026, versus 600,000 EVs next year, while shaving $3 billion in costs. The savings will stem largely from streamlining the company’s combustion engine car business, which will be grouped around high-profile models like the Mustang coupe, Bronco SUV, and F-150 pickup truck.

Meanwhile, in Southern California, far from Ford’s suburban Detroit headquarters, Rivian sparked a storm after it told customers still waiting on vehicles they have put deposits on that it would significantly jack up the price of those cars to account for recent high inflation.

This large pool of potential owners willing to take a chance on a car they had never seen, let alone driven, was a key selling point for investors during Rivian’s record-shattering IPO last year. Typically, reservation holders would also expect to be shielded from any price hikes, unlike new future owners — especially when Rivian has barely even begun building all the vehicles it promised. Last year, the company delivered just 920 to owners, according to a company SEC filing.

After customers were informed late on March 1 that the cost of Rivian’s award-winning R1T electric truck would rise 17% and for the R1S crossover by as much as a fifth, many took to social media to express their anger.

YIKES!!! @Rivian with another swing and a miss. They now want over $100,000 for the truck I reserved at $85,000 a few months ago (and not honoring locked-in prices as Tesla does). Honestly, this is cancellation worthy. An extra $15K is INSANE. pic.twitter.com/TEXXz4VMRM

— Quinn Nelson (@SnazzyQ) March 1, 2022

“I’ve seen more ‘I canceled my reservation’ posts than I’ve ever seen before. Time to maybe rethink charging customers up to 20% more when they ordered years ago and gave you $1000,” wrote Jace Craft-Miller.

Following the news that the company had angered many fans, the stock tumbled nearly 14% during March 2's session to $53.56, far below its IPO price of $78.

In November, Rivian's shares had hit a peak just shy of $180 while its market cap exceeded Ford's by some 50%, despite having shipped only a few dozen vehicles ever. Since then, however, it's shares have plunged nearly 70%.

In response to Fortune's questions, Rivian explained its price hike by saying it had to address the problem of rising raw material costs stemming from an unprecedented supply chain shortage that includes semiconductor chips.

"This rise in cost and complexity due to these challenging circumstances necessitate an increase to the prices of the R1T and R1S models we offer today — prices which were originally set in 2018," Jiten Behl, Rivian’s chief growth officer, said in the statement.

To offer a more affordable version to customers, Rivian said it would bring a less powerful all-wheel-drive version with two motors instead of four, and a smaller battery pack for both its pickup truck and its SUV models.

Rivian still has a vehicle at $67,000.

It’s just that it now goes 260 miles instead of 400, has two motors instead of four, and starts production in 2024 instead of 2021

In other words the product just met reality $RIVN

— Whole Mars Catalog (@WholeMarsBlog) March 2, 2022

The role-swap among investors was all that more ironic given Ford had paid $500 million to buy a stake in Rivian in 2019. With Ford no longer prioritizing its internal combustion engine (ICE) business, the investment has become less important over time to the legacy car maker.

In fact, Rivian's stock began its epic collapse from its mid-November all-time highs after Ford's Farley revealed to industry publication Automotive News that he had been scrapped plans to jointly developed an electric vehicle with Rivian. It's now clear why, as Ford is going full-steam towards EVs.

“Today our corporate structure is holding us back, it does not allow us to focus," Farley emphasized once more. While Ford Blue would concentrate on wringing cash and profits from its ICE operations, Ford Model e would focus primarily on driving innovation and recruiting the best tech talent around: "We cannot ask the team to do both at the same time," he said.

With March 2's share price divergence, Ford is earning more points from investors on its EV strategy than Rivian. Farley's company is currently the sixth largest carmaker by market cap at $73 billion, while Rivian's $48 billion no longer secures it even a place amongst the top 10—let alone the former spot it held in the top five.

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