{"text_format":"1","workbook":"xlsx","n_sheets":33,"sheets":["RIVN_Chart","Possible_Comps","Selecting_Comps","Selecting_Comps_Legacy","RIVN_Comps","RIVN_Comps_Legacy","RIVN_DCF","Scenario Summary","RIVN_Forecast","RIVN_Forecast_Scenario","Option_Value","Warrant_Value","Convertible_Debt","RIVN_IS","RIVN_BS","RIVN_CFS","RIVN_LTM","600418_LTM","F_LTM","GM_LTM","7267_LTM","LI_LTM","LCID_LTM","NIO_LTM","PSNY_LTM","STLAM_LTM","7270_LTM","TSLA_LTM","7203_LTM","VFS_LTM","VOW3_LTM","XPEV_LTM","9863_LTM"],"not_rendered":{"charts":1,"images":1,"macros":1,"external_links":2,"defined_names":97,"comments":5,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

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[]
[null,"Rivian Automotive (RIVN) Valuation Summary"]
[]
[null,"Valuation date","2025-11-18"]
[null,"Current share price",{"$f":"RIVN_DCF!C4","v":14.68}]
[]
[]
[null,"Data for graph",null,null,null,null,null,null,null,"Inputs"]
[null,"Methodology",null,null,null,"Low","Dif.","High",null,"Low","High",null,"Current share price"]
[null,{"$f":"\"Public Comps (Elec. Growth) with EV/Sales Range \"&TEXT(J10,\"0.0x\")&\"-\"&TEXT(K10,\"0.0x\")","v":"Public Comps (Elec. Growth) with EV/Sales Range 2.6x-4.5x"},null,null,null,{"$f":"RIVN_Comps!D31","v":14.23863490447391},{"$f":"H10-F10","v":9.2633428712194128},{"$f":"RIVN_Comps!D32","v":23.501977775693323},null,{"$f":"RIVN_Comps!H31","v":2.6},{"$f":"RIVN_Comps!H32","v":4.5},null,{"$f":"$C$5","v":14.68}]
[null,{"$f":"\"Public Comps (Legacy) with EV/Sales Range \"&TEXT(J11,\"0.0x\")&\"-\"&TEXT(K11,\"0.0x\")","v":"Public Comps (Legacy) with EV/Sales Range 0.2x-1.3x"},null,null,null,{"$f":"RIVN_Comps_Legacy!D26","v":2.5375702250388628},5.362987978074397,{"$f":"RIVN_Comps_Legacy!D27","v":7.9005582031132597},null,{"$f":"RIVN_Comps_Legacy!H26","v":0.2},{"$f":"RIVN_Comps_Legacy!H27","v":1.3},null,14.68]
[null,"DCF w/ low to moderate growth scenario with PG",null,null,null,{"$f":"'Scenario Summary'!F30","v":8.9453705826959595},7.2159728846977398,{"$f":"'Scenario Summary'!E30","v":16.161343467393699},null,null,null,null,14.68]
[null,{"$f":"\"DCF w/ perpetuity growth range \"&TEXT(J13,\"0.0%\")&\"-\"&TEXT(K13,\"0.0%\")","v":"DCF w/ perpetuity growth range 0.5%-5.0%"},null,null,null,{"$f":"RIVN_DCF!H176","v":34.036513222691688},31.033585833290026,{"$f":"RIVN_DCF!H185","v":65.070099055981714},null,{"$f":"RIVN_DCF!C176","v":5.0000000000000001E-3},{"$f":"RIVN_DCF!C185","v":4.9999999999999996E-2},null,14.68]
[null,{"$f":"\"DCF w/ exit multiple growth range \"&TEXT(J14,\"0.0x\")&\"-\"&TEXT(K14,\"0.0x\")","v":"DCF w/ exit multiple growth range 5.2x-13.2x"},null,null,null,{"$f":"RIVN_DCF!D169","v":31.758857391032873},40.880836114589044,{"$f":"RIVN_DCF!L169","v":72.639693505621921},null,{"$f":"RIVN_DCF!D168","v":5.1999999999999993},{"$f":"RIVN_DCF!L168","v":13.2},null,14.68]
[null,"52 week high-low",null,null,null,9.9,8.4,18.3,null,null,null,null,14.68]

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[]
[null,"Industry","Automobile Manufacturers"]
[]
[null,"Source","Peers"]
[null,"Proxy Statement","Airbnb\nAptiv\nCummins\nDoorDash\neBay\nFord\nGeneral Motors\nLucid Group, Inc.\nMobileye\nPACCAR\nPinterest\nShopify\nSnap\nSpotify\nStellantis\nTE Connectivity\nTesla\nUber Technologies"]
[null,"RIVN 10K (comp)","Non-listed"]
[null,"Industry (SIC code: 3711)","123 firms"]
[null,"Seeking Alpha","Subaru Corporation\nNIO Inc\nPorsche Automobil Holding SE\nLi Auto Inc\nXPeng Inc"]
[null,"Mergent","Tesla Inc\nToyota Motor\nFerrari\nGeneral Motors\nFord Motor\nHonda Motor\nStellantis\nXpeng\nLi Auto\nNIO"]
[null,"Capital IQ","Tesla Inc\nGeneral Motors\nLucid Group\nJiangling Motors\nFord Motor\nAnhui Jianghuai Automobile Group\nFerrari\nNIO\nBeiqi Foton Motor\nZhejiang Leapmotor Technology Co\n"]
[null,"Morningstar","Zhejiang CF Moto Power Co Ltd\nLiveWire Group\nACV Auctions"]
[null,"Financial Times","Harley-Davidson Inc\nPolaris Inc\nLucid Group Inc\nZeekr Intellignt Tchnlgy Hldng Ltd (ADR)\nVinFast Auto Ltd\t\nFord Motor Co"]
[null,"ChatGPT","A. Pure-play high-growth EV manufacturers \nLucid Group (LCID) \nNIO Inc. (NIO)\nPolestar (PSNY) \nB. Large legacy OEMs with EV programs \nFord Motor Company (F) \nGeneral Motors (GM) \nC. Commercial / fleet EV specialists (most relevant to Rivian’s RCV/commercial van business)\nNikola Corporation (NKLA) \nD. Other public EV challengers / peer-set to broaden the sample\nTesla, Inc. (TSLA) \nFisker Inc. (FSR)"]

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[null,null,null,null,"Business Description"]
[null,"List of Possible Competitors","Ticker","Source",null,"Exchange","Include (Y/N)","Design","Manufacture","Electric","Software","Service","Charge","Sport","Direct","International","Total","LTM Gross Margin % ","LTM EBITDA Margin % ","LTM EBIT Margin % ","LTM SG&A Margin % ","LTM R&D Margin %","LTM Total Revenues, 1 Yr Growth % ","LTM Total Revenues, 2 Yr CAGR % ","LTM Total Revenues, 3 Yr CAGR % ","Est. Annual Revenue Growth - 1 Yr % (Capital IQ)","Est. Annual Revenue Growth - 2 Yr % (Capital IQ)"]
[null,"Anhui Jianghuai Automobile Group Corp.,Ltd.",600418,"Capital IQ","Anhui Jianghuai Automobile Group Corp.,Ltd. engages in the research, development, manufacture, and sale of commercial and passenger vehicles. The company offers trucks, MPVs, SUVs, sedans, and buses, van, electric vehicle, pickup vehicles, and chassis, and other core component. It also provides spare parts and accessories; mobility solutions; and automotive financial services. The company was formerly known as Anhui Jianghuai Automobile Co., Ltd. and changed its name to Anhui Jianghuai Automobile Group Corp.,Ltd. in November 2016. Anhui Jianghuai Automobile Group Corp.,Ltd. was founded in 1964 and is based in Hefei, China.","SHSE","Y",{"$f":"IFERROR(IF(SEARCH(H$2,$E3)>0,\"Y\",\"N\"),\"N\")","v":"N"},{"$f":"IFERROR(IF(SEARCH(I$2,$E3)>0,\"Y\",\"N\"),\"N\")","v":"Y"},"Y","N","Y","N","N","N","N",{"$f":"COUNTIF(H3:O3,\"Y\")+COUNTIF(P3,\"N\")","v":4},9.1999999999999998E-2,-3.1E-2,-6.4000000000000001E-2,9.01E-2,4.1269393511988717E-2,-8.3900000000000002E-2,-1.11E-2,4.1000000000000002E-2,0.26600000000000001,0.35299999999999998]
[null,"Beiqi Foton Motor Co.,Ltd.",600166,"Capital IQ","Beiqi Foton Motor Co.,Ltd. engages in the manufacture and sale of commercial vehicles worldwide. It offers passenger vehicles, such as heavy trucks, light trucks, pickup trucks, VANs, and buses. The company was founded in 1996 and is headquartered in Beijing, China.","SHSE","N",{"$f":"IFERROR(IF(SEARCH(H$2,$E4)>0,\"Y\",\"N\"),\"N\")","v":"N"},"Y","N","N","N","N","N","N","N",{"$f":"COUNTIF(H4:O4,\"Y\")+COUNTIF(P4,\"N\")","v":2},0.112,0.02,8.9999999999999993E-3,6.6500000000000004E-2,3.1879190228158334E-2,5.62E-2,1.89E-2,5.3999999999999999E-2,0.28300000000000003,0.221]
[null,"Ferrari N.V.","RACE","Capital IQ, Mergent","Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers sports, track, one-off, and road cars, as well as supercars. It also provides spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods. In addition, the company operates Ferrari museums in Modena and Maranello; Il Cavallino restaurant in Maranello; and theme parks in Abu Dhabi and Spain. Further, it provides direct or indirect finance and leasing services; range of financial and ancillary services; special financing arrangements; and operates franchised and owned Ferrari stores. The company was founded in 1947 and is headquartered in Maranello, Italy.","BIT","N","Y","N","N","N","Y","N","Y","Y","N",5,0.51200000000000001,0.33400000000000002,0.29099999999999998,8.6699999999999999E-2,0.13169454133132849,9.3399999999999997E-2,0.1227,0.14000000000000001,6.5000000000000002E-2,8.199999999999999E-2]
[null,"Ford Motor Company","F","Capital IQ, Mergent, Financial Times, Proxy, ChatGPT","Ford Motor Company develops, delivers, and services Ford trucks, sport utility vehicles, commercial vans and cars, and Lincoln luxury vehicles worldwide. It operates through Ford Blue, Ford Model e, Ford Pro, and Ford Credit segments. The company sells Ford and Lincoln internal combustion engine and hybrid vehicles, electric vehicles, service parts, accessories, and digital services for retail customers, as well as develops software. It also sells Ford and Lincoln vehicles, service parts, and accessories through distributors and dealers, as well as through dealerships to commercial fleet customers, daily rental car companies, and governments. In addition, it engages in the vehicle-related financing and leasing activities to and through automotive dealers. Further, the company provides retail installment sale contracts for new and used vehicles; and direct financing leases for new vehicles to retail and commercial customers, such as leasing companies, government entities, daily rental companies, and fleet customers. Additionally, it offers wholesale loans to dealers to finance the purchase of vehicle inventory; and loans to dealers to finance working capital and enhance dealership facilities, purchase dealership real estate, and other dealer vehicle programs. The company was incorporated in 1903 and is based in Dearborn, Michigan.","NYSE","N","N","N","Y","Y","Y","N","Y","Y","N",6,7.5999999999999998E-2,5.0999999999999997E-2,2.1000000000000001E-2,5.4899999999999997E-2,0,3.7499999999999999E-2,4.3099999999999999E-2,7.6999999999999999E-2,9.0000000000000011E-3,4.0000000000000001E-3]
[null,"General Motors Company","GM","Capital IQ, Mergent, Proxy, ChatGPT","General Motors Company designs, builds, and sells trucks, crossovers, cars, and automobile parts worldwide. The company operates through GM North America, GM International, Cruise, and GM Financial segments. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Baojun, and Wuling brand names. In addition, the company sells trucks, crossovers, cars, and automobile parts through retail dealers, distributors and dealers, as well as to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies, and governments. Further, it offers software-enabled services and subscriptions; and various range of after-sale services through dealer network, such as maintenance, light repairs, collision repairs, vehicle accessories, and extended service warranties. Additionally, the company provides automotive financing; and software-enabled services and subscriptions. General Motors Company was founded in 1908 and is headquartered in Detroit, Michigan.","NYSE","N","Y","N","N","Y","Y","N","N","N","Y",3,0.10100000000000001,8.4000000000000005E-2,0.05,5.11E-2,0,2.58E-2,4.3999999999999997E-2,8.4000000000000005E-2,-9.0000000000000011E-3,-4.0000000000000001E-3]
[null,"Harley-Davidson, Inc.","HOG","Financial Times","Harley-Davidson, Inc. manufactures and sells motorcycles in the United States and internationally. The company operates in three segments: Harley-Davidson Motor Company, LiveWire, and Harley-Davidson Financial Services. The Harley-Davidson Motor Company segment designs, manufactures, and sells motorcycles, including cruiser, trike, touring, standard, sportbike, adventure, and dual sport, as well as motorcycle parts, accessories, and apparel, as well as licenses its trademarks and related services. This segment sells its products to retail customers through a network of independent dealers, as well as e-commerce channels. The LiveWire segment sells electric motorcycles, balance bikes for kids, parts and accessories, apparel, and related parts and services. The Harley-Davidson Financial Services segment provides wholesale financing services, such as floorplan and open account financing of motorcycles, and parts and accessories; and retail financing services, such as installment lending for the purchase of new and used Harley-Davidson motorcycles, as well as point-of-sale insurance and voluntary protection products. This segment also licenses third-party financial institutions that issue credit cards bearing the Harley-Davidson brand. Harley-Davidson, Inc. was founded in 1903 and is based in Milwaukee, Wisconsin.","NYSE","N","Y","Y","Y","N","Y","N","Y","N","Y",5,0.249,9.0999999999999998E-2,5.5E-2,0.19389999999999999,0,-0.24809999999999999,-0.13819999999999999,-5.8000000000000003E-2,-0.10400000000000001,-3.4000000000000002E-2]
[null,"Honda Motor Co., Ltd.",7267,"Mergent","Honda Motor Co., Ltd. develops, manufactures, and distributes motorcycles, automobiles, and power products in Japan, North America, Europe, Asia, and internationally. It operates through four segments: Motorcycle Business, Automobile Business, Financial Services Business, and Power Product and Other Businesses. The Motorcycle Business segment produces motorcycles, including sports, business, and commuter models; and various off-road vehicles, such as all-terrain vehicles and side-by-sides. The Automobile Business segment offers passenger cars, light trucks, and mini vehicles. The Financial Services Business segment provides various financial services, including retail lending and leasing services to customers, as well as wholesale financing services to dealers. The Power Product and Other Businesses manufactures and sells power products, such as general-purpose engines, lawn mowers, generators, water pumps, brush cutters, and tillers. This segment also offers HondaJet aircraft. The company also sells spare parts; and provides after-sales services through retail dealers directly, as well as through independent distributors and licensees. Honda Motor Co., Ltd. was founded in 1946 and is headquartered in Tokyo, Japan.","TSE","N","N","Y","N","N","Y","N","Y","Y","Y",4,0.21,6.6000000000000003E-2,4.4999999999999998E-2,0.1105,5.4408664751353863E-2,1.9599999999999999E-2,0.1052,0.13500000000000001,-1.4999999999999999E-2,3.0000000000000001E-3]
[null,"Jiangling Motors Corporation, Ltd.","000550","Capital IQ","Jiangling Motors Corporation, Ltd., together with its subsidiaries, engages in the production and sale of automobiles and automobile parts in China and internationally. It offers commercial vehicles, passenger sport utility vehicles (SUVs), and related components, which include JMC light trucks, pickups, light buses, Ford-branded light buses, multi-purpose passenger vehicles, and other commercial vehicles and passenger SUV products. The company also provides engines, frames, axles, and other components. It offers its products and services to distributors or end customers. The company was founded in 1992 and is headquartered in Nanchang, China.","SZSE","N","N","N","N","N","Y","N","Y","N","Y",2,0.14099999999999999,7.0999999999999994E-2,3.3000000000000002E-2,4.53E-2,3.7518010516270274E-2,1.4500000000000001E-2,9.6000000000000002E-2,6.0999999999999999E-2,7.400000000000001E-2,6.3E-2]
[null,"Li Auto Inc.","LI","Seeking Alpha, Mergent","Li Auto Inc. operates in the energy vehicle market in the People’s Republic of China. It designs, develops, manufactures, and sells premium smart electric vehicles. The company’s product line comprises multi-purpose vehicles and sport utility vehicles. It offers sales and after sales management, and technology development and corporate management services, as well as manufacturing equipment. The company offers its products through online and offline channels. The company was formerly known as Leading Ideal Inc. and changed its name to Li Auto Inc. in July 2020. Li Auto Inc. was founded in 2015 and is headquartered in Beijing, the People’s Republic of China.","NASDAQ","Y","Y","Y","Y","N","Y","N","Y","N","N",6,0.20599999999999999,8.2000000000000003E-2,5.8000000000000003E-2,8.1500000000000003E-2,7.1999247211711803E-2,7.1800000000000003E-2,0.3876,0.57499999999999996,-0.10800000000000001,0.11699999999999999]
[null,"Lucid Group, Inc.","LCID","Capital IQ, Financial Times, Proxy, ChatGPT","Lucid Group, Inc., a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services. The company is headquartered in Newark, California. Lucid Group, Inc. is a subsidiary of Ayar Third Investment Company.","NASDAQ","Y","Y","Y","Y","Y","Y","N","N","Y","N",7,-0.99299999999999999,-2.83,"-",1.0188999999999999,1.2160818083961249,0.3901,0.1104,0.72299999999999998,0.59799999999999998,0.76500000000000001]
[null,"Nikola Corporation","NKLA","ChatGPT","Nikola Corporation operates as a technology innovator and integrator that develops energy and transportation solutions in the United States and internationally. The company operates in Truck and Energy units. It commercializes battery electric vehicles (BEV) and hydrogen fuel cell electric vehicles (FCEV) to the trucking sector. The company also develops a network of hydrogen fueling stations; and offers BEV charging solutions for its FCEV and BEV customers, as well as other third-party customers. In addition, its products include Nikola Tre Class 8 truck and the Nikola's Class 8 FCEV. Further, the company assembles, integrates, and commissions its vehicles in collaboration with its business partners and suppliers. Nikola Corporation was founded in 2015 and is headquartered in Phoenix, Arizona. On February 19, 2025, Nikola Corporation, along with its affiliates, filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware. The plan was later approved as Chapter 11 liquidation on September 12, 2025.","OTCPK","N","N","N","Y","N","N","N","Y","N","Y",2,"-","-","-",2.7766999999999999,2.2940493468795355,0.9214,0.17680000000000001,"-","-","-"]
[null,"NIO Inc.","NIO","Capital IQ, Mergent, Seeking Alpha, ChatGPT","NIO Inc. designs, develops, manufactures, and sells smart electric vehicles in China, Europe, and internationally. It offers five and six-seater electric SUVs, as well as smart electric sedans. The company also offers power solutions, including Power Home, a home charging solution; Power Swap, a battery-swapping service; Power Charger and Destination Charger; Power Mobile, a mobile charging service through charging vans; Power Map, an application that provides access to a network of public chargers and their real-time information; and One Click for power valet service. In addition, it provides repair, maintenance, and bodywork services through its service centers and authorized third-party service centers; statutory and third-party liability insurance, and vehicle damage insurance through third-party insurers; repair and maintenance; courtesy vehicle; data packages; and auto financing and financial leasing services. Further, the company is involved in the provision of energy and service packages to its users; design and technology development activities; manufacture of electric powertrains, battery packs, and components; and sales and after-sales management activities. The company was formerly known as NextEV Inc. and changed its name to NIO Inc. in July 2017. NIO Inc. was incorporated in 2014 and is based in Shanghai, China.","NYSE","Y","Y","Y","Y","N","Y","Y","N","N","Y",5,0.10299999999999999,-0.22900000000000001,-0.32600000000000001,0.2477,0.18571413964806807,9.2799999999999994E-2,0.19620000000000001,0.20300000000000001,0.36499999999999999,0.39100000000000001]
[null,"Polaris Inc.","PII","Financial Times","Polaris Inc. designs, engineers, manufactures, and markets powersports vehicles in the United States, Canada, and internationally. It operates through three segments: Off-Road, On-Road, and Marine. The company offers off-road vehicles (ORVs), including all-terrain vehicles and side-by-side vehicles; military and commercial ORVs; snowmobiles; motorcycles; and moto-roadsters, quadricycles, and boats. It also provides ORV accessories comprising winches, bumper/brushguards, plows, racks, wheels and tires, pull-behinds, cab systems, lighting and audio systems, cargo box accessories, and tracks; snowmobile accessories, which include covers, traction products, reverse kits, electric starters, tracks, bags, windshields, replacement parts, and lubricants; and motorcycle accessories, such as saddle bags, handlebars, backrests, exhausts, windshields, seats, oil, and various chrome accessories. In addition, the company offers light duty hauling and passenger vehicles; gear and apparel, such as helmets, goggles, jackets, gloves, boots, bibs, hats, and pants; and pontoon and deck boats. It provides its products through dealers and distributors, and online; and retail and e-commerce marketplaces. The company was formerly known as Polaris Industries Inc. Polaris Inc. was founded in 1945 and is headquartered in Medina, Minnesota.","NYSE","N","Y","Y","Y","N","N","N","Y","N","Y",4,0.20300000000000001,6.0999999999999999E-2,1.9E-2,0.13519999999999999,4.8641926457703287E-2,-9.3200000000000005E-2,-0.1192,-4.9000000000000002E-2,-2.5000000000000001E-2,-8.0000000000000002E-3]
[null,"Polestar Automotive Holding UK PLC","PSNY","ChatGPT","Polestar Automotive Holding UK PLC engages in the research and development, marketing, commercialization, and sale of battery electric vehicles and related technology solutions. The company offers battery electric vehicles, including Polestar 2 (PS2), a fast-back sedan; Polestar 3 (PS3), an aero sport-utility vehicle; Polestar 4 (PS4), a sport utility vehicle; Polestar 5 (PS5), a sport grand-touring sedan; and Polestar 6 (PS6), a roadster. It also provides vehicle accessories; software and performance engineered kits; and carbon credits, as well as vehicle leasing. The company was founded in 2017 and is headquartered in Gothenburg, Sweden.","NASDAQ","Y","N","N","Y","Y","N","N","Y","N","N",4,-0.32700000000000001,-0.66700000000000004,-0.67200000000000004,0.34210000000000002,1.7781441356570889E-2,0.2482,-1.6899999999999998E-2,0.114,0.51100000000000001,0.48100000000000004]
[null,"Stellantis N.V.","STLAM","Mergent, Proxy","Stellantis N.V. engages in the design, engineering, manufacturing, distribution, and sale of automobiles and light commercial vehicles, engines, transmission systems, metallurgical products, mobility services, and production systems worldwide. It provides luxury and premium vehicles; global sport utility vehicles; American and European brand vehicles, as well as parts and accessories. The company also provides contract services; retail and dealer financing services; and leasing and rental services. It offers its products under the Abarth, Alfa Romeo, Chrysler, Citroën, DS, Dodge, FIAT, Jeep, Maserati, Ram, Opel, Lancia, Vauxhall, Peugeot, and Comau brand names through distributors and dealers. Stellantis N.V. was founded in 1899 and is based in Hoofddorp, the Netherlands.","BIT","N","Y","N","N","N","Y","N","Y","N","N",4,8.2000000000000003E-2,1.4999999999999999E-2,-1.4999999999999999E-2,6.2399999999999997E-2,3.3957900000469526E-2,-0.17069999999999999,-0.1229,-3.9E-2,-2.7999999999999997E-2,1.4999999999999999E-2]
[null,"Subaru Corporation","7270","Seeking Alpha","Subaru Corporation manufactures and sells automobiles and aerospace products in Japan, Rest of Asia, North America, Europe, and Internationally. It operates through three segments: Automotive, Aerospace, and Others. The company manufactures, sells, and repairs automobiles and related components, aircraft, space-related devices, and the parts; and rents and manages real estate properties. It also involved in the shipping, land freight, and warehousing of vehicles; leasing and rental of vehicles; credit and financing of vehicles; inspection, service, and maintenance of aircraft. In addition, the company engages in the leasing of production, tools such as molds, and network equipment and devices, as well as for real estate such as stores, company-owned houses and warehouses for the automotive business. The company was formerly known as Fuji Heavy Industries Ltd. and changed its name to Subaru Corporation in April 2017. Subaru Corporation was founded in 1917 and is headquartered in Tokyo, Japan.","TSE","N","N","Y","N","N","Y","N","N","N","Y",2,0.20399999999999999,0.13,8.1000000000000003E-2,8.7800000000000003E-2,3.1985262725130852E-2,2.01E-2,9.3299999999999994E-2,"-",-1.6E-2,1.8000000000000002E-2]
[null,"Tesla, Inc.","TSLA","Capital IQ, Mergent, Proxy, ChatGPT","Tesla, Inc. designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive; and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services. This segment also provides sedans and sport utility vehicles through direct and used vehicle sales, a network of Tesla Superchargers, and in-app upgrades; purchase financing and leasing services; services for electric vehicles through its company-owned service locations and Tesla mobile service technicians; and vehicle limited warranties and extended service plans. The Energy Generation and Storage segment engages in the design, manufacture, installation, sale, and leasing of solar energy generation and energy storage products, and related services to residential, commercial, and industrial customers and utilities through its website, stores, and galleries, as well as through a network of channel partners. This segment also provides services and repairs to its energy product customers, including under warranty; and various financing options to its residential customers. The company was formerly known as Tesla Motors, Inc. and changed its name to Tesla, Inc. in February 2017. Tesla, Inc. was incorporated in 2003 and is headquartered in Austin, Texas.","NASDAQ","Y","Y","Y","Y","N","Y","Y","Y","Y","Y",7,0.17,0.113,0.05,5.74E-2,6.1736011627785387E-2,-1.5599999999999999E-2,-1.5E-3,8.5000000000000006E-2,-2.8999999999999998E-2,5.9000000000000004E-2]
[null,"THOR Industries, Inc.","THO","None","THOR Industries, Inc. designs, manufactures, and sells recreational vehicles (RVs), and related parts and accessories in the United States, Germany, rest of Europe, Canada, and internationally. The company offers travel trailers; gasoline and diesel Class A, Class B, and Class C motorhomes; conventional travel trailers and fifth wheels; conventional motorhomes; luxury fifth wheels; and motorcaravans, campervans, urban vehicles, and caravans, as well as other RV-related products and services. It also provides aluminum extrusion and specialized component products to RV and other manufacturers. The company sells its products to independent and non-franchise dealers. THOR Industries, Inc. was founded in 1980 and is based in Elkhart, Indiana.","NYSE","N","Y","Y","N","N","Y","N","N","N","Y",3,0.14000000000000001,0.06,3.2000000000000001E-2,9.5600000000000004E-2,0,-4.6199999999999998E-2,-7.1900000000000006E-2,-0.16300000000000001,-0.01,2.3E-2]
[null,"Toyota Motor Corporation","7203","Mergent","Toyota Motor Corporation designs, manufactures, assembles, and sells passenger vehicles, minivans and commercial vehicles, and related parts and accessories in Japan, North America, Europe, Asia, Central and South America, Oceania, Africa, and the Middle East. It operates through Automotive, Financial Services, and All Other segments. The company offers subcompact and compact cars; mini-vehicles; mid-size, luxury, sports, and specialty cars; recreational and sport-utility vehicles; pickup trucks; minivans; trucks; and buses. It also develops and sells battery electric vehicles and batteries. In addition, the company provides financial services, such as retail financing and leasing, wholesale financing, insurance, and credit cards. Further, it operates GAZOO.com, a web portal for automobile information, as well as engages in telecommunications and other businesses. It offers vehicles under the Toyota and Lexus brand names. Toyota Motor Corporation was founded in 1933 and is headquartered in Toyota, Japan.","TSE","N","Y","Y","Y","N","Y","N","Y","N","N",6,0.17499999999999999,0.14199999999999999,9.6000000000000002E-2,7.9600000000000004E-2,0,4.4499999999999998E-2,0.1116,0.14899999999999999,3.5000000000000003E-2,3.4000000000000002E-2]
[null,"VinFast Auto Ltd.","VFS","Financial Times","VinFast Auto Ltd. engages in the design and manufacture of electric vehicles (EV), e-scooters, and e-buses in Vietnam, Canada, and the United States. The company operates through three segments: namely Car, E-scooters and Ebus. It offers the design, development, manufacturing and sales of e-scooters and related battery lease and battery charging service for cars, e-scooters, and Ebus. The company also offers electric SUV, mini car EV, mid-size pickup electric truck, 7-seater MPV, E-bus, E-scooter, electric bike, and battery technology and solutions. VinFast Auto Ltd. is based in Hai Phong City, Vietnam. VinFast Auto Ltd. operates as a subsidiary of Vingroup Joint Stock Company.","NASDAQ","Y","Y","Y","Y","N","Y","N","N","N","N",5,-0.46300000000000002,-0.73,-0.90400000000000003,0.2777,0.14773241179231195,0.86029999999999995,0.875,"-",0.79599999999999993,0.58299999999999996]
[null,"Volkswagen AG","VOW3","None","Volkswagen AG manufactures and sells automobiles in Germany, other European countries, North America, South America, the Asia-Pacific, and internationally. It operates through four segments: Passenger Cars and Light Commercial Vehicles, Commercial Vehicles, Power Engineering, and Financial Services. The Passenger Cars and Light Commercial Vehicles segment engages in the development of vehicles, engines, motors, vehicle software, and batteries; produces and sells passenger cars and light commercial vehicles, and related parts; and offers motorcycles. The Commercial Vehicles segment develops vehicles, engines, motors, vehicle; develops, produces, and sells trucks and buses; and offers parts and related services. The Power Engineering segment offers large-bore diesel engines, turbomachinery, and propulsion components. The Financial Services segment provides dealership and customer financing, leasing, direct banking and insurance, fleet management, and mobility services. The company sells its products under the Volkswagen Passenger Cars, Škoda, SEAT/CUPRA, Volkswagen Commercial Vehicles, Audi, Lamborghini, Bentley, Ducati, Porsche, Scania, MAN, Volkswagen Truck & Bus, International commercial vehicles, TRATON, and Bugatti Rimac brands. Volkswagen AG was founded in 1937 and is headquartered in Wolfsburg, Germany. Volkswagen AG is a subsidiary of Porsche Automobil Holding SE","XTRA","N","N","Y","N","Y","Y","N","N","Y","Y",4,0.16300000000000001,8.2000000000000003E-2,6.3E-2,9.74E-2,0,-1.9E-3,3.4299999999999997E-2,8.6999999999999994E-2,-4.0000000000000001E-3,8.0000000000000002E-3]
[null,"Winnebago Industries, Inc.","WGO","None","Winnebago Industries, Inc. manufactures and sells recreation outdoor lifestyle products primarily for use in leisure travel and outdoor recreation activities. It operates through three segments: Towable RV, Motorhome RV, and Marine. The company provides towable products that are non-motorized vehicles to be towed by automobiles, pickup trucks, SUVs, or vans for use as temporary living quarters, such as conventional travel trailers, fifth wheels, folding camper trailers, truck campers, and park models under the Winnebago and Grand Design brand names. It also offers motorhome RV, a self-propelled mobile dwelling used primarily as temporary living quarters during vacation and camping trips, or to support active and mobile lifestyles under the Winnebago, Newmar, and Grand Design brand names. In addition, the company offers other specialty commercial vehicles for law enforcement command centers, mobile medical clinics, and mobile office spaces; commercial vehicles as bare shells to third-party up fitters, as well as manufactures and sells recreational boats under the Chris-Craft and Barletta brand names. Further, it is involved in the original equipment manufacturing of parts for other manufacturers and commercial vehicles. The company sells its products primarily through independent dealers in the United States, Canada, and internationally. Winnebago Industries, Inc. was incorporated in 1958 and is based in Eden Prairie, Minnesota.","NYSE","N","Y","Y","N","N","N","N","N","N","Y",2,0.13,4.2000000000000003E-2,0.02,0.1021,0,-5.8999999999999997E-2,-0.1047,-0.17399999999999999,2.4E-2,4.2000000000000003E-2]
[null,"XPeng Inc.","XPEV","Seeking Alpha, Mergent","XPeng Inc. designs, develops, manufactures, and markets smart electric vehicles (EVs) in the People’s Republic of China. The company offers P7 and P7i, a four-door sports sedan; G9, a smart EV and a mid- to large-sized sport utility vehicle (SUV); G6, a smart EV and a coupe SUV; X9, Smart EV and a large seven-seater multi-purpose vehicle (MPV); MONA M03, an all-electric hatchback coupe; and P7+, smart EV of XPeng series. It also provides XOS Tianji, smart in-car operating system; Powertrain; and SEPA 2.0, a smart electric platform architecture. In addition, the company offers various services, including services embedded in a sales contract, supercharging, maintenance, technical support, technical research and development, and second-hand vehicle sales services; and insurance technology support, and automotive loan referral and auto financing services. XPeng Inc. was founded in 2015 and is headquartered in Guangzhou, the People’s Republic of China.","NYSE","Y","Y","Y","Y","N","Y","N","Y","N","N",6,0.16,-4.8000000000000001E-2,-8.5999999999999993E-2,0.1331,0.1298085752631207,0.66369999999999996,0.69199999999999995,0.27400000000000002,0.96200000000000008,0.68200000000000005]
[null,"Zhejiang Leapmotor Technology Co., Ltd.","9863","Capital IQ","Zhejiang Leapmotor Technology Co., Ltd. engages in the research and development, production, and sale of new energy vehicles in Mainland China and internationally. The company offers C01, a smart electric sedan; C11, a smart electric SUV; T03, a smart battery electric vehicle; and C10, a globalized strategic model. It is also involved in the manufacture and sale of electric vehicles and components; providing electric vehicle charging operation and aftersales services; new energy vehicle retail; technical service and development; and warehousing and sorting. The company was incorporated in 2015 and is headquartered in Hangzhou, China.","SEHK","Y","N","Y","Y","N","Y","N","N","N","Y",3,0.127,-0.01,-2.1999999999999999E-2,8.6900000000000005E-2,7.5037677007326498E-2,1.405,0.90439999999999998,0.86499999999999999,1.07,0.76800000000000002]
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[null,null,null,null,"Rivian Automotive, Inc., together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name. It provides software and services, such as remarketing, vehicle repair and maintenance services, and vehicle electrical architecture and software development services. In addition, the company designs, develops, manufactures, and operates the Rivian Adventure Network Direct Current fast chargers, and offers access to Combined Charging Standard, as well as FleetOS, a proprietary, end-to-end centralized fleet management subscription platform. Further, it offers Rivian Commercial Van platform for Electric Delivery Van with collaboration with Amazon.com, Inc. It sells its products directly to customers in the consumer and commercial markets. Rivian Automotive, Inc. was founded in 2009 and is based in Irvine, California.",null,null,"Y","Y","Y","Y","Y","Y","Y","Y","N",9,-4.2999999999999997E-2,-0.52900000000000003,-0.69899999999999995,0.36149999999999999,0.29411764705882398,2.7300000000000001E-2,0.3145,1.1559999999999999,6.7000000000000004E-2,0.18600000000000003]
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[null,null,null,null,"Business Description",null,null,"10K"]
[null,"List of Possible Competitors","Ticker","Source",null,"Exchange","Include (Y/N)","Design","Manufacture","Electric","Software","Service","Charge","Sport","Direct","International","Total","LTM Gross Margin % ","LTM EBITDA Margin % ","LTM EBIT Margin % ","LTM SG&A Margin % ","LTM R&D Margin %","LTM Total Revenues, 1 Yr Growth % ","LTM Total Revenues, 2 Yr CAGR % ","LTM Total Revenues, 3 Yr CAGR % ","Est. Annual Revenue Growth - 1 Yr % (Capital IQ)","Est. Annual Revenue Growth - 2 Yr % (Capital IQ)"]
[null,"Anhui Jianghuai Automobile Group Corp.,Ltd.",600418,"Capital IQ","Anhui Jianghuai Automobile Group Corp.,Ltd. engages in the research, development, manufacture, and sale of commercial and passenger vehicles. The company offers trucks, MPVs, SUVs, sedans, and buses, van, electric vehicle, pickup vehicles, and chassis, and other core component. It also provides spare parts and accessories; mobility solutions; and automotive financial services. The company was formerly known as Anhui Jianghuai Automobile Co., Ltd. and changed its name to Anhui Jianghuai Automobile Group Corp.,Ltd. in November 2016. Anhui Jianghuai Automobile Group Corp.,Ltd. was founded in 1964 and is based in Hefei, China.","NYSE","N",{"$f":"IFERROR(IF(SEARCH(H$2,$E3)>0,\"Y\",\"N\"),\"N\")","v":"N"},{"$f":"IFERROR(IF(SEARCH(I$2,$E3)>0,\"Y\",\"N\"),\"N\")","v":"Y"},"Y","N","Y","N","N","N","N",{"$f":"COUNTIF(H3:O3,\"Y\")+COUNTIF(P3,\"N\")","v":4},9.1999999999999998E-2,-3.1E-2,-6.4000000000000001E-2,9.01E-2,4.1269393511988717E-2,-8.3900000000000002E-2,-1.11E-2,4.1000000000000002E-2,0.26600000000000001,0.35299999999999998]
[null,"Beiqi Foton Motor Co.,Ltd.",600166,"Capital IQ","Beiqi Foton Motor Co.,Ltd. engages in the manufacture and sale of commercial vehicles worldwide. It offers passenger vehicles, such as heavy trucks, light trucks, pickup trucks, VANs, and buses. The company was founded in 1996 and is headquartered in Beijing, China.","NYSE","N",{"$f":"IFERROR(IF(SEARCH(H$2,$E4)>0,\"Y\",\"N\"),\"N\")","v":"N"},"Y","N","N","N","N","N","N","N",{"$f":"COUNTIF(H4:O4,\"Y\")+COUNTIF(P4,\"N\")","v":2},0.112,0.02,8.9999999999999993E-3,6.6500000000000004E-2,3.1879190228158334E-2,5.62E-2,1.89E-2,5.3999999999999999E-2,0.28300000000000003,0.221]
[null,"Ferrari N.V.","RACE","Capital IQ, Mergent","Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers sports, track, one-off, and road cars, as well as supercars. It also provides spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods. In addition, the company operates Ferrari museums in Modena and Maranello; Il Cavallino restaurant in Maranello; and theme parks in Abu Dhabi and Spain. Further, it provides direct or indirect finance and leasing services; range of financial and ancillary services; special financing arrangements; and operates franchised and owned Ferrari stores. The company was founded in 1947 and is headquartered in Maranello, Italy.","NYSE","N","Y","N","N","N","Y","N","Y","Y","N",5,0.51200000000000001,0.33400000000000002,0.29099999999999998,8.6699999999999999E-2,0.13169454133132849,9.3399999999999997E-2,0.1227,0.14000000000000001,6.5000000000000002E-2,8.199999999999999E-2]
[null,"Ford Motor Company","F","Capital IQ, Mergent, Financial Times, Proxy, ChatGPT","Ford Motor Company develops, delivers, and services Ford trucks, sport utility vehicles, commercial vans and cars, and Lincoln luxury vehicles worldwide. It operates through Ford Blue, Ford Model e, Ford Pro, and Ford Credit segments. The company sells Ford and Lincoln internal combustion engine and hybrid vehicles, electric vehicles, service parts, accessories, and digital services for retail customers, as well as develops software. It also sells Ford and Lincoln vehicles, service parts, and accessories through distributors and dealers, as well as through dealerships to commercial fleet customers, daily rental car companies, and governments. In addition, it engages in the vehicle-related financing and leasing activities to and through automotive dealers. Further, the company provides retail installment sale contracts for new and used vehicles; and direct financing leases for new vehicles to retail and commercial customers, such as leasing companies, government entities, daily rental companies, and fleet customers. Additionally, it offers wholesale loans to dealers to finance the purchase of vehicle inventory; and loans to dealers to finance working capital and enhance dealership facilities, purchase dealership real estate, and other dealer vehicle programs. The company was incorporated in 1903 and is based in Dearborn, Michigan.","NYSE","Y","N","N","Y","Y","Y","N","Y","Y","N",6,7.5999999999999998E-2,5.0999999999999997E-2,2.1000000000000001E-2,5.4899999999999997E-2,0,3.7499999999999999E-2,4.3099999999999999E-2,7.6999999999999999E-2,9.0000000000000011E-3,4.0000000000000001E-3]
[null,"General Motors Company","GM","Capital IQ, Mergent, Proxy, ChatGPT","General Motors Company designs, builds, and sells trucks, crossovers, cars, and automobile parts worldwide. The company operates through GM North America, GM International, Cruise, and GM Financial segments. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Baojun, and Wuling brand names. In addition, the company sells trucks, crossovers, cars, and automobile parts through retail dealers, distributors and dealers, as well as to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies, and governments. Further, it offers software-enabled services and subscriptions; and various range of after-sale services through dealer network, such as maintenance, light repairs, collision repairs, vehicle accessories, and extended service warranties. Additionally, the company provides automotive financing; and software-enabled services and subscriptions. General Motors Company was founded in 1908 and is headquartered in Detroit, Michigan.","NYSE","Y","Y","N","N","Y","Y","N","N","N","Y",3,0.10100000000000001,8.4000000000000005E-2,0.05,5.11E-2,0,2.58E-2,4.3999999999999997E-2,8.4000000000000005E-2,-9.0000000000000011E-3,-4.0000000000000001E-3]
[null,"Harley-Davidson, Inc.","HOG","Financial Times","Harley-Davidson, Inc. manufactures and sells motorcycles in the United States and internationally. The company operates in three segments: Harley-Davidson Motor Company, LiveWire, and Harley-Davidson Financial Services. The Harley-Davidson Motor Company segment designs, manufactures, and sells motorcycles, including cruiser, trike, touring, standard, sportbike, adventure, and dual sport, as well as motorcycle parts, accessories, and apparel, as well as licenses its trademarks and related services. This segment sells its products to retail customers through a network of independent dealers, as well as e-commerce channels. The LiveWire segment sells electric motorcycles, balance bikes for kids, parts and accessories, apparel, and related parts and services. The Harley-Davidson Financial Services segment provides wholesale financing services, such as floorplan and open account financing of motorcycles, and parts and accessories; and retail financing services, such as installment lending for the purchase of new and used Harley-Davidson motorcycles, as well as point-of-sale insurance and voluntary protection products. This segment also licenses third-party financial institutions that issue credit cards bearing the Harley-Davidson brand. Harley-Davidson, Inc. was founded in 1903 and is based in Milwaukee, Wisconsin.","NYSE","N","Y","Y","Y","N","Y","N","Y","N","Y",5,0.249,9.0999999999999998E-2,5.5E-2,0.19389999999999999,0,-0.24809999999999999,-0.13819999999999999,-5.8000000000000003E-2,-0.10400000000000001,-3.4000000000000002E-2]
[null,"Honda Motor Co., Ltd.",7267,"Mergent","Honda Motor Co., Ltd. develops, manufactures, and distributes motorcycles, automobiles, and power products in Japan, North America, Europe, Asia, and internationally. It operates through four segments: Motorcycle Business, Automobile Business, Financial Services Business, and Power Product and Other Businesses. The Motorcycle Business segment produces motorcycles, including sports, business, and commuter models; and various off-road vehicles, such as all-terrain vehicles and side-by-sides. The Automobile Business segment offers passenger cars, light trucks, and mini vehicles. The Financial Services Business segment provides various financial services, including retail lending and leasing services to customers, as well as wholesale financing services to dealers. The Power Product and Other Businesses manufactures and sells power products, such as general-purpose engines, lawn mowers, generators, water pumps, brush cutters, and tillers. This segment also offers HondaJet aircraft. The company also sells spare parts; and provides after-sales services through retail dealers directly, as well as through independent distributors and licensees. Honda Motor Co., Ltd. was founded in 1946 and is headquartered in Tokyo, Japan.","NYSE","Y","N","Y","N","N","Y","N","Y","Y","Y",4,0.21,6.6000000000000003E-2,4.4999999999999998E-2,0.1105,5.4408664751353863E-2,1.9599999999999999E-2,0.1052,0.13500000000000001,-1.4999999999999999E-2,3.0000000000000001E-3]
[null,"Jiangling Motors Corporation, Ltd.","000550","Capital IQ","Jiangling Motors Corporation, Ltd., together with its subsidiaries, engages in the production and sale of automobiles and automobile parts in China and internationally. It offers commercial vehicles, passenger sport utility vehicles (SUVs), and related components, which include JMC light trucks, pickups, light buses, Ford-branded light buses, multi-purpose passenger vehicles, and other commercial vehicles and passenger SUV products. The company also provides engines, frames, axles, and other components. It offers its products and services to distributors or end customers. The company was founded in 1992 and is headquartered in Nanchang, China.","NYSE","N","N","N","N","N","Y","N","Y","N","Y",2,0.14099999999999999,7.0999999999999994E-2,3.3000000000000002E-2,4.53E-2,3.7518010516270274E-2,1.4500000000000001E-2,9.6000000000000002E-2,6.0999999999999999E-2,7.400000000000001E-2,6.3E-2]
[null,"Li Auto Inc.","LI","Seeking Alpha, Mergent","Li Auto Inc. operates in the energy vehicle market in the People’s Republic of China. It designs, develops, manufactures, and sells premium smart electric vehicles. The company’s product line comprises multi-purpose vehicles and sport utility vehicles. It offers sales and after sales management, and technology development and corporate management services, as well as manufacturing equipment. The company offers its products through online and offline channels. The company was formerly known as Leading Ideal Inc. and changed its name to Li Auto Inc. in July 2020. Li Auto Inc. was founded in 2015 and is headquartered in Beijing, the People’s Republic of China.","NYSE","N","Y","Y","Y","N","Y","N","Y","N","N",6,0.20599999999999999,8.2000000000000003E-2,5.8000000000000003E-2,8.1500000000000003E-2,7.1999247211711803E-2,7.1800000000000003E-2,0.3876,0.57499999999999996,-0.10800000000000001,0.11699999999999999]
[null,"Lucid Group, Inc.","LCID","Capital IQ, Financial Times, Proxy, ChatGPT","Lucid Group, Inc., a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services. The company is headquartered in Newark, California. Lucid Group, Inc. is a subsidiary of Ayar Third Investment Company.","NYSE","N","Y","Y","Y","Y","Y","N","N","Y","N",7,-0.99299999999999999,-2.83,"-",1.0188999999999999,1.2160818083961249,0.3901,0.1104,0.72299999999999998,0.59799999999999998,0.76500000000000001]
[null,"Nikola Corporation","NKLA","ChatGPT","Nikola Corporation operates as a technology innovator and integrator that develops energy and transportation solutions in the United States and internationally. The company operates in Truck and Energy units. It commercializes battery electric vehicles (BEV) and hydrogen fuel cell electric vehicles (FCEV) to the trucking sector. The company also develops a network of hydrogen fueling stations; and offers BEV charging solutions for its FCEV and BEV customers, as well as other third-party customers. In addition, its products include Nikola Tre Class 8 truck and the Nikola's Class 8 FCEV. Further, the company assembles, integrates, and commissions its vehicles in collaboration with its business partners and suppliers. Nikola Corporation was founded in 2015 and is headquartered in Phoenix, Arizona. On February 19, 2025, Nikola Corporation, along with its affiliates, filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware. The plan was later approved as Chapter 11 liquidation on September 12, 2025.","NYSE","N","N","N","Y","N","N","N","Y","N","Y",2,"-","-","-",2.7766999999999999,2.2940493468795355,0.9214,0.17680000000000001,"-","-","-"]
[null,"NIO Inc.","NIO","Capital IQ, Mergent, Seeking Alpha, ChatGPT","NIO Inc. designs, develops, manufactures, and sells smart electric vehicles in China, Europe, and internationally. It offers five and six-seater electric SUVs, as well as smart electric sedans. The company also offers power solutions, including Power Home, a home charging solution; Power Swap, a battery-swapping service; Power Charger and Destination Charger; Power Mobile, a mobile charging service through charging vans; Power Map, an application that provides access to a network of public chargers and their real-time information; and One Click for power valet service. In addition, it provides repair, maintenance, and bodywork services through its service centers and authorized third-party service centers; statutory and third-party liability insurance, and vehicle damage insurance through third-party insurers; repair and maintenance; courtesy vehicle; data packages; and auto financing and financial leasing services. Further, the company is involved in the provision of energy and service packages to its users; design and technology development activities; manufacture of electric powertrains, battery packs, and components; and sales and after-sales management activities. The company was formerly known as NextEV Inc. and changed its name to NIO Inc. in July 2017. NIO Inc. was incorporated in 2014 and is based in Shanghai, China.","NYSE","N","Y","Y","Y","N","Y","Y","N","N","Y",5,0.10299999999999999,-0.22900000000000001,-0.32600000000000001,0.2477,0.18571413964806807,9.2799999999999994E-2,0.19620000000000001,0.20300000000000001,0.36499999999999999,0.39100000000000001]
[null,"Polaris Inc.","PII","Financial Times","Polaris Inc. designs, engineers, manufactures, and markets powersports vehicles in the United States, Canada, and internationally. It operates through three segments: Off-Road, On-Road, and Marine. The company offers off-road vehicles (ORVs), including all-terrain vehicles and side-by-side vehicles; military and commercial ORVs; snowmobiles; motorcycles; and moto-roadsters, quadricycles, and boats. It also provides ORV accessories comprising winches, bumper/brushguards, plows, racks, wheels and tires, pull-behinds, cab systems, lighting and audio systems, cargo box accessories, and tracks; snowmobile accessories, which include covers, traction products, reverse kits, electric starters, tracks, bags, windshields, replacement parts, and lubricants; and motorcycle accessories, such as saddle bags, handlebars, backrests, exhausts, windshields, seats, oil, and various chrome accessories. In addition, the company offers light duty hauling and passenger vehicles; gear and apparel, such as helmets, goggles, jackets, gloves, boots, bibs, hats, and pants; and pontoon and deck boats. It provides its products through dealers and distributors, and online; and retail and e-commerce marketplaces. The company was formerly known as Polaris Industries Inc. Polaris Inc. was founded in 1945 and is headquartered in Medina, Minnesota.","NYSE","N","Y","Y","Y","N","N","N","Y","N","Y",4,0.20300000000000001,6.0999999999999999E-2,1.9E-2,0.13519999999999999,4.8641926457703287E-2,-9.3200000000000005E-2,-0.1192,-4.9000000000000002E-2,-2.5000000000000001E-2,-8.0000000000000002E-3]
[null,"Polestar Automotive Holding UK PLC","PSNY","ChatGPT","Polestar Automotive Holding UK PLC engages in the research and development, marketing, commercialization, and sale of battery electric vehicles and related technology solutions. The company offers battery electric vehicles, including Polestar 2 (PS2), a fast-back sedan; Polestar 3 (PS3), an aero sport-utility vehicle; Polestar 4 (PS4), a sport utility vehicle; Polestar 5 (PS5), a sport grand-touring sedan; and Polestar 6 (PS6), a roadster. It also provides vehicle accessories; software and performance engineered kits; and carbon credits, as well as vehicle leasing. The company was founded in 2017 and is headquartered in Gothenburg, Sweden.","NYSE","N","N","N","Y","Y","N","N","Y","N","N",4,-0.32700000000000001,-0.66700000000000004,-0.67200000000000004,0.34210000000000002,1.7781441356570889E-2,0.2482,-1.6899999999999998E-2,0.114,0.51100000000000001,0.48100000000000004]
[null,"Stellantis N.V.","STLAM","Mergent, Proxy","Stellantis N.V. engages in the design, engineering, manufacturing, distribution, and sale of automobiles and light commercial vehicles, engines, transmission systems, metallurgical products, mobility services, and production systems worldwide. It provides luxury and premium vehicles; global sport utility vehicles; American and European brand vehicles, as well as parts and accessories. The company also provides contract services; retail and dealer financing services; and leasing and rental services. It offers its products under the Abarth, Alfa Romeo, Chrysler, Citroën, DS, Dodge, FIAT, Jeep, Maserati, Ram, Opel, Lancia, Vauxhall, Peugeot, and Comau brand names through distributors and dealers. Stellantis N.V. was founded in 1899 and is based in Hoofddorp, the Netherlands.","NYSE","N","Y","N","N","N","Y","N","Y","N","N",4,8.2000000000000003E-2,1.4999999999999999E-2,-1.4999999999999999E-2,6.2399999999999997E-2,3.3957900000469526E-2,-0.17069999999999999,-0.1229,-3.9E-2,-2.7999999999999997E-2,1.4999999999999999E-2]
[null,"Subaru Corporation","7270","Seeking Alpha","Subaru Corporation manufactures and sells automobiles and aerospace products in Japan, Rest of Asia, North America, Europe, and Internationally. It operates through three segments: Automotive, Aerospace, and Others. The company manufactures, sells, and repairs automobiles and related components, aircraft, space-related devices, and the parts; and rents and manages real estate properties. It also involved in the shipping, land freight, and warehousing of vehicles; leasing and rental of vehicles; credit and financing of vehicles; inspection, service, and maintenance of aircraft. In addition, the company engages in the leasing of production, tools such as molds, and network equipment and devices, as well as for real estate such as stores, company-owned houses and warehouses for the automotive business. The company was formerly known as Fuji Heavy Industries Ltd. and changed its name to Subaru Corporation in April 2017. Subaru Corporation was founded in 1917 and is headquartered in Tokyo, Japan.","NYSE","Y","N","Y","N","N","Y","N","N","N","Y",2,0.20399999999999999,0.13,8.1000000000000003E-2,8.7800000000000003E-2,3.1985262725130852E-2,2.01E-2,9.3299999999999994E-2,"-",-1.6E-2,1.8000000000000002E-2]
[null,"Tesla, Inc.","TSLA","Capital IQ, Mergent, Proxy, ChatGPT","Tesla, Inc. designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive; and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services. This segment also provides sedans and sport utility vehicles through direct and used vehicle sales, a network of Tesla Superchargers, and in-app upgrades; purchase financing and leasing services; services for electric vehicles through its company-owned service locations and Tesla mobile service technicians; and vehicle limited warranties and extended service plans. The Energy Generation and Storage segment engages in the design, manufacture, installation, sale, and leasing of solar energy generation and energy storage products, and related services to residential, commercial, and industrial customers and utilities through its website, stores, and galleries, as well as through a network of channel partners. This segment also provides services and repairs to its energy product customers, including under warranty; and various financing options to its residential customers. The company was formerly known as Tesla Motors, Inc. and changed its name to Tesla, Inc. in February 2017. Tesla, Inc. was incorporated in 2003 and is headquartered in Austin, Texas.","NYSE","N","Y","Y","Y","N","Y","Y","Y","Y","Y",7,0.17,0.113,0.05,5.74E-2,6.1736011627785387E-2,-1.5599999999999999E-2,-1.5E-3,8.5000000000000006E-2,-2.8999999999999998E-2,5.9000000000000004E-2]
[null,"THOR Industries, Inc.","THO","None","THOR Industries, Inc. designs, manufactures, and sells recreational vehicles (RVs), and related parts and accessories in the United States, Germany, rest of Europe, Canada, and internationally. The company offers travel trailers; gasoline and diesel Class A, Class B, and Class C motorhomes; conventional travel trailers and fifth wheels; conventional motorhomes; luxury fifth wheels; and motorcaravans, campervans, urban vehicles, and caravans, as well as other RV-related products and services. It also provides aluminum extrusion and specialized component products to RV and other manufacturers. The company sells its products to independent and non-franchise dealers. THOR Industries, Inc. was founded in 1980 and is based in Elkhart, Indiana.","NYSE","N","Y","Y","N","N","Y","N","N","N","Y",3,0.14000000000000001,0.06,3.2000000000000001E-2,9.5600000000000004E-2,0,-4.6199999999999998E-2,-7.1900000000000006E-2,-0.16300000000000001,-0.01,2.3E-2]
[null,"Toyota Motor Corporation","7203","Mergent","Toyota Motor Corporation designs, manufactures, assembles, and sells passenger vehicles, minivans and commercial vehicles, and related parts and accessories in Japan, North America, Europe, Asia, Central and South America, Oceania, Africa, and the Middle East. It operates through Automotive, Financial Services, and All Other segments. The company offers subcompact and compact cars; mini-vehicles; mid-size, luxury, sports, and specialty cars; recreational and sport-utility vehicles; pickup trucks; minivans; trucks; and buses. It also develops and sells battery electric vehicles and batteries. In addition, the company provides financial services, such as retail financing and leasing, wholesale financing, insurance, and credit cards. Further, it operates GAZOO.com, a web portal for automobile information, as well as engages in telecommunications and other businesses. It offers vehicles under the Toyota and Lexus brand names. Toyota Motor Corporation was founded in 1933 and is headquartered in Toyota, Japan.","NYSE","Y","Y","Y","Y","N","Y","N","Y","N","N",6,0.17499999999999999,0.14199999999999999,9.6000000000000002E-2,7.9600000000000004E-2,0,4.4499999999999998E-2,0.1116,0.14899999999999999,3.5000000000000003E-2,3.4000000000000002E-2]
[null,"VinFast Auto Ltd.","VFS","Financial Times","VinFast Auto Ltd. engages in the design and manufacture of electric vehicles (EV), e-scooters, and e-buses in Vietnam, Canada, and the United States. The company operates through three segments: namely Car, E-scooters and Ebus. It offers the design, development, manufacturing and sales of e-scooters and related battery lease and battery charging service for cars, e-scooters, and Ebus. The company also offers electric SUV, mini car EV, mid-size pickup electric truck, 7-seater MPV, E-bus, E-scooter, electric bike, and battery technology and solutions. VinFast Auto Ltd. is based in Hai Phong City, Vietnam. VinFast Auto Ltd. operates as a subsidiary of Vingroup Joint Stock Company.","NYSE","N","Y","Y","Y","N","Y","N","N","N","N",5,-0.46300000000000002,-0.73,-0.90400000000000003,0.2777,0.14773241179231195,0.86029999999999995,0.875,"-",0.79599999999999993,0.58299999999999996]
[null,"Volkswagen AG","VOW3","None","Volkswagen AG manufactures and sells automobiles in Germany, other European countries, North America, South America, the Asia-Pacific, and internationally. It operates through four segments: Passenger Cars and Light Commercial Vehicles, Commercial Vehicles, Power Engineering, and Financial Services. The Passenger Cars and Light Commercial Vehicles segment engages in the development of vehicles, engines, motors, vehicle software, and batteries; produces and sells passenger cars and light commercial vehicles, and related parts; and offers motorcycles. The Commercial Vehicles segment develops vehicles, engines, motors, vehicle; develops, produces, and sells trucks and buses; and offers parts and related services. The Power Engineering segment offers large-bore diesel engines, turbomachinery, and propulsion components. The Financial Services segment provides dealership and customer financing, leasing, direct banking and insurance, fleet management, and mobility services. The company sells its products under the Volkswagen Passenger Cars, Škoda, SEAT/CUPRA, Volkswagen Commercial Vehicles, Audi, Lamborghini, Bentley, Ducati, Porsche, Scania, MAN, Volkswagen Truck & Bus, International commercial vehicles, TRATON, and Bugatti Rimac brands. Volkswagen AG was founded in 1937 and is headquartered in Wolfsburg, Germany. Volkswagen AG is a subsidiary of Porsche Automobil Holding SE","NYSE","Y","N","Y","N","Y","Y","N","N","Y","Y",4,0.16300000000000001,8.2000000000000003E-2,6.3E-2,9.74E-2,0,-1.9E-3,3.4299999999999997E-2,8.6999999999999994E-2,-4.0000000000000001E-3,8.0000000000000002E-3]
[null,"Winnebago Industries, Inc.","WGO","None","Winnebago Industries, Inc. manufactures and sells recreation outdoor lifestyle products primarily for use in leisure travel and outdoor recreation activities. It operates through three segments: Towable RV, Motorhome RV, and Marine. The company provides towable products that are non-motorized vehicles to be towed by automobiles, pickup trucks, SUVs, or vans for use as temporary living quarters, such as conventional travel trailers, fifth wheels, folding camper trailers, truck campers, and park models under the Winnebago and Grand Design brand names. It also offers motorhome RV, a self-propelled mobile dwelling used primarily as temporary living quarters during vacation and camping trips, or to support active and mobile lifestyles under the Winnebago, Newmar, and Grand Design brand names. In addition, the company offers other specialty commercial vehicles for law enforcement command centers, mobile medical clinics, and mobile office spaces; commercial vehicles as bare shells to third-party up fitters, as well as manufactures and sells recreational boats under the Chris-Craft and Barletta brand names. Further, it is involved in the original equipment manufacturing of parts for other manufacturers and commercial vehicles. The company sells its products primarily through independent dealers in the United States, Canada, and internationally. Winnebago Industries, Inc. was incorporated in 1958 and is based in Eden Prairie, Minnesota.","NYSE","N","Y","Y","N","N","N","N","N","N","Y",2,0.13,4.2000000000000003E-2,0.02,0.1021,0,-5.8999999999999997E-2,-0.1047,-0.17399999999999999,2.4E-2,4.2000000000000003E-2]
[null,"XPeng Inc.","XPEV","Seeking Alpha, Mergent","XPeng Inc. designs, develops, manufactures, and markets smart electric vehicles (EVs) in the People’s Republic of China. The company offers P7 and P7i, a four-door sports sedan; G9, a smart EV and a mid- to large-sized sport utility vehicle (SUV); G6, a smart EV and a coupe SUV; X9, Smart EV and a large seven-seater multi-purpose vehicle (MPV); MONA M03, an all-electric hatchback coupe; and P7+, smart EV of XPeng series. It also provides XOS Tianji, smart in-car operating system; Powertrain; and SEPA 2.0, a smart electric platform architecture. In addition, the company offers various services, including services embedded in a sales contract, supercharging, maintenance, technical support, technical research and development, and second-hand vehicle sales services; and insurance technology support, and automotive loan referral and auto financing services. XPeng Inc. was founded in 2015 and is headquartered in Guangzhou, the People’s Republic of China.","NYSE","N","Y","Y","Y","N","Y","N","Y","N","N",6,0.16,-4.8000000000000001E-2,-8.5999999999999993E-2,0.1331,0.1298085752631207,0.66369999999999996,0.69199999999999995,0.27400000000000002,0.96200000000000008,0.68200000000000005]
[null,"Zhejiang Leapmotor Technology Co., Ltd.","9863","Capital IQ","Zhejiang Leapmotor Technology Co., Ltd. engages in the research and development, production, and sale of new energy vehicles in Mainland China and internationally. The company offers C01, a smart electric sedan; C11, a smart electric SUV; T03, a smart battery electric vehicle; and C10, a globalized strategic model. It is also involved in the manufacture and sale of electric vehicles and components; providing electric vehicle charging operation and aftersales services; new energy vehicle retail; technical service and development; and warehousing and sorting. The company was incorporated in 2015 and is headquartered in Hangzhou, China.","NYSE","N","N","Y","Y","N","Y","N","N","N","Y",3,0.127,-0.01,-2.1999999999999999E-2,8.6900000000000005E-2,7.5037677007326498E-2,1.405,0.90439999999999998,0.86499999999999999,1.07,0.76800000000000002]
[null,null,null,null,null,null,{"$f":"COUNTIF(G3:G26,\"Y\")","v":6}]
[null,null,null,null,"Rivian Automotive, Inc., together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name. It provides software and services, such as remarketing, vehicle repair and maintenance services, and vehicle electrical architecture and software development services. In addition, the company designs, develops, manufactures, and operates the Rivian Adventure Network Direct Current fast chargers, and offers access to Combined Charging Standard, as well as FleetOS, a proprietary, end-to-end centralized fleet management subscription platform. Further, it offers Rivian Commercial Van platform for Electric Delivery Van with collaboration with Amazon.com, Inc. It sells its products directly to customers in the consumer and commercial markets. Rivian Automotive, Inc. was founded in 2009 and is based in Irvine, California.",null,null,"Y","Y","Y","Y","Y","Y","Y","Y","N",9,-4.2999999999999997E-2,-0.52900000000000003,-0.69899999999999995,0.36149999999999999,0.29411764705882398,2.7300000000000001E-2,0.3145,1.1559999999999999,6.7000000000000004E-2,0.18600000000000003]
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[]
[null,"Anhui Jianghuai Automobile Group Corp.,Ltd.",600418,{"$f":"INDIRECT(C12&\"_LTM!$C$14\")","v":47.68},null,{"$f":"INDIRECT(C12&\"_LTM!$C$15\")","v":104133.6},{"$f":"F12+SUM(INDIRECT(C12&\"_LTM!$H$10:$H$12\"))","v":98576.8},{"$f":"G12/INDIRECT(C12&\"_LTM!$H$6\")","v":2.6290126214304288},{"$f":"INDIRECT(C12&\"_LTM!$C$16\")","v":9929.26},{"$f":"F12/I12","v":10.487548921067633}]
[null,"Li Auto Inc.","LI",{"$f":"INDIRECT(C13&\"_LTM!$C$14\")","v":20},null,{"$f":"INDIRECT(C13&\"_LTM!$C$15\")","v":20184.5},{"$f":"F13+SUM(INDIRECT(C13&\"_LTM!$H$10:$H$12\"))","v":7613.6},{"$f":"G13/INDIRECT(C13&\"_LTM!$H$6\")","v":0.37820361950809023},{"$f":"INDIRECT(C13&\"_LTM!$C$16\")","v":73122.31},{"$f":"F13/I13","v":0.27603750483265643}]
[null,"Lucid Group, Inc.","LCID",{"$f":"INDIRECT(C14&\"_LTM!$C$14\")","v":17.28},null,{"$f":"INDIRECT(C14&\"_LTM!$C$15\")","v":5601.6},7998.8,{"$f":"G14/INDIRECT(C14&\"_LTM!$H$6\")","v":7.5068745131530807},{"$f":"INDIRECT(C14&\"_LTM!$C$16\")","v":1800.4},3.1113085980893134]
[null,"NIO Inc.","NIO",{"$f":"INDIRECT(C15&\"_LTM!$C$14\")","v":6.86},null,{"$f":"INDIRECT(C15&\"_LTM!$C$15\")","v":16974.8},19887.5,{"$f":"G15/INDIRECT(C15&\"_LTM!$H$6\")","v":2.0395614157108111},{"$f":"INDIRECT(C15&\"_LTM!$C$16\")","v":-1205.71},-14.078675635102968]
[null,"Polestar Automotive Holding UK PLC","PSNY",{"$f":"INDIRECT(C16&\"_LTM!$C$14\")","v":0.75},null,{"$f":"INDIRECT(C16&\"_LTM!$C$15\")","v":1742},6669,{"$f":"G16/INDIRECT(C16&\"_LTM!$H$6\")","v":2.6177373391636118},{"$f":"INDIRECT(C16&\"_LTM!$C$16\")","v":-4266},-0.40834505391467418]
[null,"Tesla, Inc.","TSLA",{"$f":"INDIRECT(C17&\"_LTM!$C$14\")","v":429.5},null,{"$f":"INDIRECT(C17&\"_LTM!$C$15\")","v":1428505.8},1401392.8,{"$f":"G17/INDIRECT(C17&\"_LTM!$H$6\")","v":14.653862160551274},{"$f":"INDIRECT(C17&\"_LTM!$C$16\")","v":79970},17.863021132924846]
[null,"VinFast Auto Ltd.","VFS",{"$f":"INDIRECT(C18&\"_LTM!$C$14\")","v":3.43},null,{"$f":"INDIRECT(C18&\"_LTM!$C$15\")","v":8025.2},16702.099999999999,{"$f":"G18/INDIRECT(C18&\"_LTM!$H$6\")","v":7.1081558858737717},{"$f":"INDIRECT(C18&\"_LTM!$C$16\")","v":-6850.3},-1.1715107367560544]
[null,"XPeng Inc.","XPEV",{"$f":"INDIRECT(C19&\"_LTM!$C$14\")","v":22.43},null,{"$f":"INDIRECT(C19&\"_LTM!$C$15\")","v":21391.4},18862.5,{"$f":"G19/INDIRECT(C19&\"_LTM!$H$6\")","v":2.2273276505436268},{"$f":"INDIRECT(C19&\"_LTM!$C$16\")","v":4261.2},5.020041302919366]
[null,"Zhejiang Leapmotor Technology Co., Ltd.","9863",{"$f":"INDIRECT(C20&\"_LTM!$C$14\")","v":57.8},null,{"$f":"INDIRECT(C20&\"_LTM!$C$15\")","v":82175.5},67253.5,{"$f":"G20/INDIRECT(C20&\"_LTM!$H$6\")","v":1.294835128484189},{"$f":"INDIRECT(C20&\"_LTM!$C$16\")","v":14203.488140425581},5.78558584958538]
[]
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[null,null,null,"Implied price per share","Diluted shares outstanding","Implied Equity Value","Implied Enterprise Value","Range of EV/Sales",null,"Range of Forward Price-to-Book"]
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[null,null,null,{"$f":"F32/E32","v":23.501977775693323},{"$f":"RIVN_DCF!$I$103","v":1196.8141689373299},{"$f":"G32-SUM(RIVN_LTM!$H$10:$H$12)","v":28127.5},{"$f":"H32*RIVN_LTM!$H$6","v":26257.5},4.5]
[null,null,null,{"$f":"F33/E33","v":22.857683932911804},{"$f":"RIVN_DCF!$I$103","v":1196.8141689373299},{"$f":"J33*RIVN_LTM!$C$16","v":27356.400000000001},null,null,null,5.4]
[null,null,null,{"$f":"F34/E34","v":30.053621467347},{"$f":"RIVN_DCF!$I$103","v":1196.8141689373299},{"$f":"J34*RIVN_LTM!$C$16","v":35968.6},null,null,null,7.1]

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[null,null,null,null,null,"Market Value","Enterprise",null,"BV","Price(Market)-"]
[null,"Company","Ticker","Share price",null,"of Equity","Value","EV/Sales","Equity","to-Book"]
[null,{"$f":"RIVN_DCF!C2","v":"Rivian Automotive"},{"$f":"C5","v":"RIVN"},{"$f":"INDIRECT(C10&\"_LTM!$C$14\")","v":15.23},null,{"$f":"INDIRECT(C10&\"_LTM!$C$15\")","v":18670.7},{"$f":"F10+SUM(INDIRECT(C10&\"_LTM!$H$10:$H$12\"))","v":16800.7},{"$f":"G10/INDIRECT(C10&\"_LTM!$H$6\")","v":2.87929734361611},{"$f":"INDIRECT(C10&\"_LTM!$C$16\")","v":5066},{"$f":"F10/I10","v":3.6854915120410583}]
[]
[null,"Ford Motor Company","F",{"$f":"INDIRECT(C12&\"_LTM!$C$14\")","v":13.21},null,{"$f":"INDIRECT(C12&\"_LTM!$C$15\")","v":52635.199999999997},{"$f":"F12+SUM(INDIRECT(C12&\"_LTM!$H$10:$H$12\"))","v":184371.20000000001},{"$f":"G12/INDIRECT(C12&\"_LTM!$H$6\")","v":0.97248349051627747},{"$f":"INDIRECT(C12&\"_LTM!$C$16\")","v":47392},{"$f":"F12/I12","v":1.1106347062795408}]
[null,"General Motors Company","GM",{"$f":"INDIRECT(C13&\"_LTM!$C$14\")","v":70.75},null,{"$f":"INDIRECT(C13&\"_LTM!$C$15\")","v":66322.399999999994},{"$f":"F13+SUM(INDIRECT(C13&\"_LTM!$H$10:$H$12\"))","v":180185.4},{"$f":"G13/INDIRECT(C13&\"_LTM!$H$6\")","v":0.96132205831354867},{"$f":"INDIRECT(C13&\"_LTM!$C$16\")","v":66374},{"$f":"F13/I13","v":0.99922258715762191}]
[null,"Honda Motor Co., Ltd.",7267,{"$f":"INDIRECT(C14&\"_LTM!$C$14\")","v":1511},null,{"$f":"INDIRECT(C14&\"_LTM!$C$15\")","v":5881644},14237343,{"$f":"G14/INDIRECT(C14&\"_LTM!$H$6\")","v":0.66146872346255781},{"$f":"INDIRECT(C14&\"_LTM!$C$16\")","v":11957763},0.49186825328449812]
[null,"Subaru Corporation","7270",{"$f":"INDIRECT(C15&\"_LTM!$C$14\")","v":3309},null,{"$f":"INDIRECT(C15&\"_LTM!$C$15\")","v":2386831.6},854820.60000000009,{"$f":"G15/INDIRECT(C15&\"_LTM!$H$6\")","v":0.17780117989081343},{"$f":"INDIRECT(C15&\"_LTM!$C$16\")","v":2694131},0.88593746926188821]
[null,"Toyota Motor Corporation","7203",{"$f":"INDIRECT(C16&\"_LTM!$C$14\")","v":3118},null,{"$f":"INDIRECT(C16&\"_LTM!$C$15\")","v":40638107.600000001},64548947.600000001,{"$f":"G16/INDIRECT(C16&\"_LTM!$H$6\")","v":1.3070555523055813},{"$f":"INDIRECT(C16&\"_LTM!$C$16\")","v":37492119},1.0839106639984792]
[null,"Volkswagen AG","VOW3",{"$f":"INDIRECT(C17&\"_LTM!$C$14\")","v":94.22},null,{"$f":"INDIRECT(C17&\"_LTM!$C$15\")","v":47683.5},258035.5,{"$f":"G17/INDIRECT(C17&\"_LTM!$H$6\")","v":0.79140826754507032},{"$f":"INDIRECT(C17&\"_LTM!$C$16\")","v":183290},0.26015330896393696]
[]
[null,null,null,null,null,null,"High",{"$f":"_xlfn.MAXIFS(H12:H17,H12:H17,\">0\")","v":1.3070555523055813},null,{"$f":"_xlfn.MAXIFS(J12:J17,J12:J17,\">0\")","v":1.1106347062795408}]
[null,null,null,null,null,null,"Mean",{"$f":"AVERAGEIF(H12:H17,\">0\")","v":0.81192321200564155},null,{"$f":"AVERAGEIF(J12:J17,\">0\")","v":0.80528783149099414}]
[null,null,null,null,null,null,"Median",{"$f":"MEDIAN(IF(H12:H17>0,H12:H17))","v":0.87636516292930944},null,{"$f":"MEDIAN(IF(J12:J17>0,J12:J17))","v":0.94258002820975506}]
[null,null,null,null,null,null,"Low",{"$f":"_xlfn.MINIFS(H12:H17,H12:H17,\">0\")","v":0.17780117989081343},null,{"$f":"_xlfn.MINIFS(J12:J17,J12:J17,\">0\")","v":0.26015330896393696}]
[]
[]
[null,null,null,"Implied price per share","Diluted shares outstanding","Implied Equity Value","Implied Enterprise Value","Range of EV/Sales",null,"Range of Price-to-Book"]
[null,{"$f":"RIVN_DCF!C2","v":"Rivian Automotive"},null,{"$f":"F26/E26","v":2.5375702250388628},{"$f":"RIVN_DCF!$I$103","v":1196.8141689373299},{"$f":"G26-SUM(RIVN_LTM!$H$10:$H$12)","v":3037},{"$f":"H26*RIVN_LTM!$H$6","v":1167},0.2]
[null,null,null,{"$f":"F27/E27","v":7.9005582031132597},{"$f":"RIVN_DCF!$I$103","v":1196.8141689373299},{"$f":"G27-SUM(RIVN_LTM!$H$10:$H$12)","v":9455.5},{"$f":"H27*RIVN_LTM!$H$6","v":7585.5},1.3]
[null,null,null,{"$f":"F28/E28","v":1.2698713296062114},{"$f":"RIVN_DCF!$I$103","v":1196.8141689373299},{"$f":"J28*RIVN_LTM!$C$16","v":1519.8},null,null,null,0.3]
[null,null,null,{"$f":"F29/E29","v":4.6561948752227753},{"$f":"RIVN_DCF!$I$103","v":1196.8141689373299},{"$f":"J29*RIVN_LTM!$C$16","v":5572.6},null,null,null,1.1000000000000001]

{"sheet":"RIVN_DCF","index":6,"n_rows":185,"n_cols":27,"rows_kept":185,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Company Name","Rivian Automotive"]
[null,"Ticker","RIVN"]
[null,"Share Price",14.68]
[null,"Valuation Date ","2025-09-30"]
[]
[null,{"$f":"C2&\" (\"&C3&\") DISCOUNTED CASH FLOWS MODEL\"","v":"Rivian Automotive (RIVN) DISCOUNTED CASH FLOWS MODEL"}]
[null,"Fiscal year ends in December USD in millions except per share data."]
[]
["x","FORECASTING CASH FLOWS"]
[]
[null,"  Cost of Revenues: Software Service",null,null,null,"Historical",null,null,null,null,"Projected"]
[]
[null,null,null,null,null,2020,{"$f":"F14+1","v":2021},2022,2023,2024,2025,2026,2027,2028,2029,{"$f":"O14+1","v":2030},{"$f":"P14+1","v":2031},{"$f":"Q14+1","v":2032},{"$f":"R14+1","v":2033},{"$f":"S14+1","v":2034},2035,2036,2037]
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[null,"Revenues: Software Service",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B16,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$G$14,0))","v":"-"},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B16,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$G$14,0))","v":"-"},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B16,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$G$14,0))","v":104},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B16,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$G$14,0))","v":302},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B16,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$G$14,0))","v":484},{"$f":"J16*(1+K38)","v":1388},2082,3123,4684.5,6558.2999999999993,8525.7899999999991,10657.237499999999,13321.546875,16651.93359375,20814.9169921875,24977.900390625,29973.48046875,35968.176562499997]
[null,"  Total Revenues",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B17,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$G$14,0))","v":0},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B17,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$G$14,0))","v":55},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B17,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$G$14,0))","v":1658},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B17,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$G$14,0))","v":4434},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B17,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$G$14,0))","v":4970},{"$f":"K16+K15","v":5035.4926011766802},{"$f":"L16+L15","v":7696.3839860937787},11122.013561528085,16977.202025758019,22709.273305421233,28689.8835409694,34176.286787551842,40292.213500671234,47209.698880635508,55436.865062228775,63062.043267670408,71104.354775959044,79155.594585069484]
[null,"  Cost of Revenues: Automotive",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B18,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$G$14,0))","v":0},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B18,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$G$14,0))","v":520},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B18,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$G$14,0))","v":4666},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B18,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$G$14,0))","v":6150},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B18,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$G$14,0))","v":5693},{"$f":"K15*K40","v":4012.2418612943488},5052.9455874844007,6799.1615272988729,10448.796721894316,12920.778644336988,16131.274832775523,18815.239430041471,21576.533300536987,24446.212229508405,27697.558456033021,30467.314301636328,32904.699445767234,34549.9344180556]
[null,"  Cost of Revenues: Software Service",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B19,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$G$14,0))","v":0},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B19,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$G$14,0))","v":0},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B19,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$G$14,0))","v":115},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B19,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$G$14,0))","v":314},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B19,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$G$14,0))","v":477},{"$f":"K16*K41","v":1110.4000000000001},1457.3999999999999,2186.1,3044.9250000000002,3934.9799999999996,5115.4739999999993,6394.3424999999997,7992.9281249999995,9991.16015625,12488.9501953125,14986.740234375,17984.088281249999,21580.905937499996]
[null,"Gross Profit",null,null,null,{"$f":"F17-F18-F19","v":0},-465,-3123,-2030,-1200,-87.149260117668746,1186.0383986093782,2136.7520342292123,3483.4803038637028,5853.5146610842457,7443.1347081938775,8966.7048575103727,10722.752075134249,12772.326494877103,15250.356410883254,17607.988731659079,20215.567048941812,23024.754229513888]
[]
[null,"  Selling, General and Administrative",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B22,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$G$14,0))","v":255},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B22,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$G$14,0))","v":1242},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B22,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$G$14,0))","v":1789},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B22,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$G$14,0))","v":1714},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B22,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$G$14,0))","v":1876},{"$f":"K17*K42","v":1913.4871884471386},2308.9151958281336,2780.5033903820213,3395.440405151604,3406.3909958131849,3944.8589868832919,4272.0358484439794,4532.8740188255133,4720.9698880635506,4850.7256929450177,4729.6532450752802,4444.0221734974402,3957.7797292534742]
[null,"  Research and Development",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B23,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$G$14,0))","v":766},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B23,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$G$14,0))","v":1850},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B23,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$G$14,0))","v":1944},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B23,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$G$14,0))","v":1995},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B23,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$G$14,0))","v":1613},{"$f":"K17*K43","v":1611.3576323765376},1924.0959965234447,2224.4027123056171,3395.440405151604,2270.9273305421234,2725.5389363920931,3075.8658108796658,3424.8381475570545,3776.77591045084,4157.7648796671574,4414.3430287369274,4621.7830604373357,4749.3356751041665]
[null,"EBIT",null,null,null,{"$f":"F20-F22-F23","v":-1021},{"$f":"G20-G22-G23","v":-3557},-6856,-5739,-4689,-3611.9940809413447,-3046.9727937422003,{"$f":"M20-M22-M23","v":-2868.1540684584261},{"$f":"N20-N22-N23","v":-3307.4005064395051},{"$f":"O20-O22-O23","v":176.19633472893747},{"$f":"P20-P22-P23","v":772.7367849184925},{"$f":"Q20-Q22-Q23","v":1618.8031981867275},{"$f":"R20-R22-R23","v":2765.0399087516812},{"$f":"S20-S22-S23","v":4274.5806963627128},{"$f":"T20-T22-T23","v":6241.8658382710792},8463.9924578468708,11149.761815007036,14317.638825156248]
[null,"NOL carryforward balance",null,null,null,null,null,null,12650,{"$f":"14552+739","v":15291},{"$f":"IF(K24<0,J25-K24*0.9,J25-MIN(0.8*K24,J25))","v":18541.794672847209},{"$f":"IF(L24<0,K25-L24*0.9,K25-MIN(0.8*L24,K25))","v":21284.070187215191},23865.408848827774,26842.069304623328,26701.112236840178,26082.922808905383,24787.880250356,22575.848323354654,19156.183766264483,14162.69109564762,7391.4971293701237,0,0]
[null,"Taxes",0.25,null,null,null,null,null,null,null,{"$f":"IF(K24<0,0,IF(J25>K24,K24*0.2*$C$26,(K24-J25)*$C$26))","v":0},{"$f":"IF(L24<0,0,IF(K25>L24,L24*0.2*$C$26,(L24-K25)*$C$26))","v":0},0,0,8.8098167364468747,38.636839245924627,80.940159909336387,138.25199543758407,213.72903481813566,312.09329191355397,423.19962289234354,939.56617140922799,{"$f":"IF(W24<0,0,IF(V25>W24,W24*0.2*$C$26,(W24-V25)*$C$26))","v":3579.4097062890619}]
[null,"Tax-effected EBIT",null,null,null,{"$f":"F24-F26","v":-1021},{"$f":"G24-G26","v":-3557},-6856,-5739,{"$f":"J24-J26","v":-4689},{"$f":"K24-K26","v":-3611.9940809413447},{"$f":"L24-L26","v":-3046.9727937422003},{"$f":"M24-M26","v":-2868.1540684584261},-3307.4005064395051,167.38651799249061,734.09994567256786,1537.8630382773911,2626.7879133140973,4060.8516615445774,5929.7725463575252,8040.7928349545273,10210.195643597808,10738.229118867186]
[]
[null,"Depreciation and amortization",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B29,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$G$14,0))","v":29},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B29,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$G$14,0))","v":197},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B29,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$G$14,0))","v":652},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B29,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$G$14,0))","v":937},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B29,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$G$14,0))","v":1031},{"$f":"-K30*K45","v":1699.4787528971297},{"$f":"-L30*L45","v":2078.0236762453205},{"$f":"-M30*M45","v":3336.6040684584254},3734.9844456667647,3548.3239539720676,4130.8949504692655,4517.6779097295084,4869.6917410576862,5193.0668768699034,5522.0314808079411,5655.8770055691839,5705.0134652273327,5639.8361141861942]
[null,"Capex",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B30,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$G$14,0))","v":-914},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B30,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$G$14,0))","v":-1794},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B30,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$G$14,0))","v":-1369},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B30,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$G$14,0))","v":-1026},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B30,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$G$14,0))","v":-1141},{"$f":"-K44*K17","v":-1888.3097254412551},-2308.9151958281336,-3336.6040684584254,-3395.440405151604,-2838.6591631776541,-3406.9236704901159,-3844.8322635995819,-4281.0476844463183,-4720.9698880635497,-5197.2060995839465,-5517.9287859211581,-5777.2288255466692,-5936.6695938802077]
[null,"Change in Net Working Capital",null,null,null,null,{"$f":"-G83","v":313},-47,-1340,-186,-23.323890176502005,-399.13370773756481,{"$f":"-M83","v":-513.84443631514591},-878.27826963449002,-733.6480624749197,-704.47768101823794,-572.13219098338459,-591.61126452329972,-621.62480476968267,-697.55994962679506,{"$f":"-U83","v":-539.25943914779964},-498.56597438785411,{"$f":"-W83","v":-410.09978771127135}]
[null,"Unlevered free cash flows",null,null,null,{"$f":"SUM(F27:F31)","v":-1906},-4841,-7620,-7168,-4985,-3824.1489436619722,{"$f":"SUM(L27:L31)","v":-3676.9980210625781},-3381.9985047735718,-3846.1347355588341,143.40324631198428,753.59354463347927,1638.5764934239328,2623.8207054021659,3911.323845581248,5557.0379779547247,7639.4816154547534,9639.4143088906167,10031.295851461902]
[]
[null,null,null,null,null,"Historical",null,null,null,null,"Projected"]
[null,null,null,null,null,{"$f":"F14","v":2020},{"$f":"F35+1","v":2021},2022,2023,2024,2025,2026,2027,2028,2029,{"$f":"O35+1","v":2030},{"$f":"P35+1","v":2031},{"$f":"Q35+1","v":2032},{"$f":"R35+1","v":2033},{"$f":"S35+1","v":2034},2035,2036,2037]
[null,"Assumptions"]
[null,"Automotive Growth",null,null,null,null,{"$f":"IFERROR(G15/F15-1,0)","v":0},0,1.6589446589446588,8.5672797676669799E-2,-0.18691649550230038,0.53924479086882304,0.42473574684965898,0.53677724524443604,0.31386681883109402,0.24847544229431201,0.16638267124509401,0.14675837003098,0.13300000000000001,0.13300000000000001,0.1,0.08,0.05,null,"Step"]
[null,"Software Services Growth",null,null,null,null,0,0,1.9038461538461537,0.60264900662251653,1.8677685950413223,0.5,0.5,0.5,0.4,0.3,0.25,0.25,0.25,0.25,0.2,0.2,0.2,null,"Step"]
[null,"Total Revenue Growth",null,null,null,null,0,29.145454545454545,1.6743063932448732,0.12088407758231834,1.3177585749835075E-2,0.52842722562938693,0.44509598034920161,0.52645039783834546,null,null,null,null,null,null,null,null,null,null,"Step"]
[null,"COGS-Automotive (as a % of Automotive)",null,null,null,{"$f":"IFERROR(F18/F15,0)","v":0},0,3.0025740025740024,1.4883833494675702,1.2690592955862683,1.1000000000000001,0.9,0.85,0.85,0.8,0.8,0.8,0.8,0.8,0.8,0.8,0.8,0.8,null,"Step"]
[null,"COGS-Software Services (as a % of Software)",null,null,null,0,0,1.1057692307692308,1.0397350993377483,0.98553719008264462,0.8,0.7,0.7,0.65,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,null,"Step"]
[null,"SGA (as a % of total revenue)",null,null,null,{"$f":"IFERROR(F22/F17,0)","v":0},{"$f":"IFERROR(G22/G17,0)","v":22.581818181818182},{"$f":"IFERROR(H22/H17,0)","v":1.0790108564535585},{"$f":"IFERROR(I22/I17,0)","v":0.38655841226883175},{"$f":"IFERROR(J22/J17,0)","v":0.37746478873239436},0.38,0.3,0.25,0.2,0.15,{"$f":"O42+$AA42","v":0.13749999999999998},0.12499999999999999,0.11249999999999999,9.9999999999999992E-2,8.7499999999999994E-2,7.4999999999999997E-2,6.25E-2,0.05,null,"Step",0.05,{"$f":"(Z42-O42)/($W$35-$O$35)","v":-1.2499999999999999E-2}]
[null,"R&D (as a % of total revenue)",null,null,null,{"$f":"IFERROR(F23/F17,0)","v":0},{"$f":"IFERROR(G23/G17,0)","v":33.636363636363633},{"$f":"IFERROR(H23/H17,0)","v":1.1724969843184561},{"$f":"IFERROR(I23/I17,0)","v":0.44993234100135315},{"$f":"IFERROR(J23/J17,0)","v":0.32454728370221331},0.32,0.25,0.2,0.2,0.1,9.5000000000000001E-2,0.09,8.4999999999999992E-2,7.9999999999999988E-2,7.4999999999999983E-2,6.9999999999999979E-2,6.4999999999999974E-2,5.999999999999997E-2,null,"Step",0.06,{"$f":"(Z43-O43)/($W$35-$O$35)","v":-5.000000000000001E-3}]
[null,"Capex (as a % of total revenue)",null,null,null,{"$f":"IFERROR(-F30/F17,0)","v":0},{"$f":"IFERROR(-G30/G17,0)","v":32.618181818181817},{"$f":"IFERROR(-H30/H17,0)","v":0.82569360675512671},{"$f":"IFERROR(-I30/I17,0)","v":0.23139377537212449},{"$f":"IFERROR(-J30/J17,0)","v":0.22957746478873239},0.375,0.3,0.3,0.2,0.125,0.11874999999999999,0.11249999999999999,0.10624999999999998,9.9999999999999978E-2,9.3749999999999972E-2,8.7499999999999967E-2,8.1249999999999961E-2,7.4999999999999956E-2,null,"Step",7.4999999999999997E-2,{"$f":"(Z44-O44)/($W$35-$O$35)","v":-6.2500000000000003E-3}]
[null,"Depreciation and amortization (as % of capex)",null,null,null,{"$f":"-F29/F30","v":3.1728665207877461E-2},{"$f":"-G29/G30","v":0.10981047937569677},{"$f":"-H29/H30","v":0.47626004382761139},{"$f":"-I29/I30","v":0.91325536062378165},{"$f":"-J29/J30","v":0.90359333917616125},0.9,0.9,1,1.1000000000000001,1.25,1.2124999999999999,1.1749999999999998,1.1374999999999997,1.0999999999999996,1.0624999999999996,1.0249999999999995,0.98749999999999949,0.94999999999999951,null,"Step",0.95,{"$f":"(Z45-O45)/($W$35-$O$35)","v":-3.7500000000000006E-2}]
[null,"Gross margin"]
[]
["x","TERMINAL VALUE AND EQUITY VALUE PER SHARE"]
[]
[null,null,null,null,null,"Terminal Value - Perpetuity Growth",null,null,null,null,"Terminal Value - Exit Multiple",null,null,null,null,"Option Drag"]
[null,null,null,null,null,"Unlevered FCF in terminal year",null,{"$f":"W32","v":10031.295851461902},null,null,"Terminal year EBITDA",null,null,{"$f":"W24+W29","v":19957.474939342443},null,"Implied Equity Value (Using PG)",null,null,{"$f":"H60-H62","v":47877.459262099444}]
[null,null,null,null,null,"Terminal growth rate",null,0.02,null,null,"Terminal year EBITDA multiple",null,null,9.1999999999999993,null,"Basic Shares",null,null,{"$f":"I95","v":1131.4000000000001}]
[null,null,null,null,null,"Terminal value",null,{"$f":"(H51*(1+H52))/(H54-H52)","v":135980.55589088221},null,null,"Terminal value",null,null,{"$f":"N52*N51","v":183608.76944195046},null,"Value of Options",null,null,{"$f":"Option_Value!E30","v":1793.8913321961556}]
[null,null,null,null,null,"WACC - current",null,{"$f":"F129","v":9.5245476836421816E-2},null,null,"WACC - current",null,null,{"$f":"F129","v":9.5245476836421816E-2},null,"Implied Equity Value per Share",null,null,{"$f":"(S51-S53)/(S52+I102)","v":38.64774230954653}]
[null,null,null,null,null,"PV of Terminal Value",null,{"$f":"H53/(1+H54)^(W14-J14)","v":41670.405282215535},null,null,"PV of Terminal Value",null,null,{"$f":"-PV(N54,W14-J14,,N53)","v":56265.778484936804}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Treasury Outstanding Options"]
[null,null,null,null,null,"PV of Unlevered Free Cash Flows",null,{"$f":"NPV(H54,K32:W32)","v":3937.2061554049692},null,null,"PV of Unlevered Free Cash Flows",null,null,{"$f":"NPV(N54,K32:W32)","v":3937.2061554049692},null,"Implied Equity Value",null,null,{"$f":"H60-H62","v":47877.459262099444}]
[null,null,null,null,null,"Total Enterprise Value",null,{"$f":"H57+H55","v":45607.611437620508},null,null,"Total Enterprise Value",null,null,{"$f":"N57+N55","v":60202.984640341776},null,"Diluted Shares Outstanding",null,null,{"$f":"N103","v":1252.4000000000001}]
[null,null,null,null,null,"Net debt + Preferred stock + NCI",null,{"$f":"RIVN_BS!G40+RIVN_BS!G42+RIVN_BS!G43-RIVN_BS!G19-RIVN_BS!G20","v":-2780},null,null,"Net debt + Preferred stock + NCI",null,null,{"$f":"RIVN_BS!G40+RIVN_BS!G42+RIVN_BS!G43-RIVN_BS!G19-RIVN_BS!G20","v":-2780},null,"Total Proceeds",null,null,{"$f":"N100","v":816}]
[null,null,null,null,null,"Implied Equity Value",null,{"$f":"H58-H59","v":48387.611437620508},null,null,"Implied Equity Value",null,null,{"$f":"N58-N59","v":62982.984640341776},null,"Implied Equity Value per Share",null,null,{"$f":"(S57+S59)/S58","v":38.880117583918427}]
[null,null,null,null,null,"Diluted Shares Outstanding",null,{"$f":"I103","v":1196.8141689373299},null,null,"Diluted Shares Outstanding",null,null,{"$f":"I103","v":1196.8141689373299}]
[null,null,null,null,null,"Value of Warrants & Convertible debt",null,{"$f":"Convertible_Debt!C11+Convertible_Debt!C22+Warrant_Value!E30","v":510.15217552106236},null,null,"Value of Warrants & Convertible debt",null,null,{"$f":"Convertible_Debt!C11+Convertible_Debt!C22+Warrant_Value!E30","v":510.15217552106236}]
[null,null,null,null,null,"Implied Equity Value per Share",null,{"$f":"(H60-H62)/H61","v":40.004087940077277},null,null,"Implied Equity Value per Share",null,null,{"$f":"(N60-N62)/N61","v":52.199275448327391}]
[]
[]
[]
["x","WORKING CAPITAL SCHEDULE"]
[]
[]
[null,null,null,null,null,"Historical",null,null,null,null,"Projected"]
[null,null,null,null,null,{"$f":"F14","v":2020},{"$f":"F71+1","v":2021},2022,2023,2024,2025,2026,2027,2028,2029,{"$f":"O71+1","v":2030},{"$f":"P71+1","v":2031},{"$f":"Q71+1","v":2032},{"$f":"R71+1","v":2033},{"$f":"S71+1","v":2034},2035,2036,2037]
[null," Total Current Assets",null,null,null,{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B72,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!F$71,RIVN_BS!$A$14:$G$14,))","v":3016},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B72,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!G$71,RIVN_BS!$A$14:$G$14,))","v":18559},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B72,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!H$71,RIVN_BS!$A$14:$G$14,))","v":13130},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B72,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!I$71,RIVN_BS!$A$14:$G$14,))","v":12313},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B72,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!J$71,RIVN_BS!$A$14:$G$14,))","v":10583}]
[null,"  Cash and Cash Equivalents",null,null,null,{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B73,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!F$71,RIVN_BS!$A$14:$G$14,))","v":2979},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B73,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!G$71,RIVN_BS!$A$14:$G$14,))","v":18133},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B73,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!H$71,RIVN_BS!$A$14:$G$14,))","v":11568},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B73,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!I$71,RIVN_BS!$A$14:$G$14,))","v":7857},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B73,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!J$71,RIVN_BS!$A$14:$G$14,))","v":5294}]
[null,"  Short-term Investments",null,null,null,{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B74,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!F$71,RIVN_BS!$A$14:$G$14,))","v":0},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B74,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!G$71,RIVN_BS!$A$14:$G$14,))","v":0},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B74,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!H$71,RIVN_BS!$A$14:$G$14,))","v":0},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B74,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!I$71,RIVN_BS!$A$14:$G$14,))","v":1511},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B74,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!J$71,RIVN_BS!$A$14:$G$14,))","v":2406}]
[null,"Total non-cash current assets",null,null,null,{"$f":"F72-F73-F74","v":37},{"$f":"G72-G73-G74","v":426},1562,2945,2883]
[]
[null," Total Current Liabilities",null,null,null,{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B77,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!F$71,RIVN_BS!$A$14:$G$14,))","v":611},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B77,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!G$71,RIVN_BS!$A$14:$G$14,))","v":1313},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B77,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!H$71,RIVN_BS!$A$14:$G$14,))","v":2424},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B77,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!I$71,RIVN_BS!$A$14:$G$14,))","v":2487},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B77,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!J$71,RIVN_BS!$A$14:$G$14,))","v":2251}]
[null,"  Current Portion of Long-term Debt",null,null,null,{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B78,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!F$71,RIVN_BS!$A$14:$G$14,))","v":28},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B78,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!G$71,RIVN_BS!$A$14:$G$14,))","v":0},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B78,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!H$71,RIVN_BS!$A$14:$G$14,))","v":0},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B78,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!I$71,RIVN_BS!$A$14:$G$14,))","v":0},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B78,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!J$71,RIVN_BS!$A$14:$G$14,))","v":0}]
[null,"  Current portion of lease liabilities",null,null,null,{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B79,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!F$71,RIVN_BS!$A$14:$G$14,))","v":18},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B79,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!G$71,RIVN_BS!$A$14:$G$14,))","v":46},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B79,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!H$71,RIVN_BS!$A$14:$G$14,))","v":68},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B79,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!I$71,RIVN_BS!$A$14:$G$14,))","v":88},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B79,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!J$71,RIVN_BS!$A$14:$G$14,))","v":100}]
[null,"Total non-debt current liabilities",null,null,null,{"$f":"F77-F78-F79","v":565},{"$f":"G77-G78-G79","v":1267},2356,2399,2151]
[]
[null,"Non-cash Net Working Capital",null,null,null,{"$f":"F75-F80","v":-528},{"$f":"G75-G80","v":-841},-794,546,732,{"$f":"K88*K17","v":755.323890176502},1154.4575979140668,1668.3020342292127,2546.5803038637027,3280.2283663386224,3984.7060473568604,4556.838238340245,5148.4495028635447,5770.0743076332274,6467.6342572600224,7006.8936964078221,7505.4596707956762,7915.5594585069475]
[null,"Change in NWC",null,null,null,null,{"$f":"G82-F82","v":-313},{"$f":"H82-G82","v":47},1340,186,{"$f":"K82-J82","v":23.323890176502005},{"$f":"L82-K82","v":399.13370773756481},513.84443631514591,878.27826963449002,733.6480624749197,704.47768101823794,572.13219098338459,591.61126452329972,621.62480476968267,697.55994962679506,539.25943914779964,498.56597438785411,410.09978771127135]
[]
[]
[null,null,null,null,null,"Historical",null,null,null,null,"Projected"]
[null,null,null,null,null,{"$f":"F71","v":2020},{"$f":"F87+1","v":2021},2022,2023,2024,2025,2026,2027,2028,2029,{"$f":"O87+1","v":2030},{"$f":"P87+1","v":2031},{"$f":"Q87+1","v":2032},{"$f":"R87+1","v":2033},{"$f":"S87+1","v":2034},2035,2036,2037]
[null,"Non-cash NWC as a % of Sale",null,null,null,{"$f":"IFERROR(F82/F17,\"\")","v":""},{"$f":"IFERROR(G82/G17,\"\")","v":-15.290909090909091},{"$f":"IFERROR(H82/H17,\"\")","v":-0.47889022919179736},{"$f":"IFERROR(I82/I17,\"\")","v":0.12313937753721245},{"$f":"IFERROR(J82/J17,\"\")","v":0.14728370221327969},0.15,0.15,0.15,0.15,{"$f":"N88+$AA$88","v":0.14444444444444443},0.13888888888888887,0.1333333333333333,0.12777777777777774,0.12222222222222219,0.11666666666666664,0.11111111111111109,0.10555555555555554,9.9999999999999992E-2,null,"Step",0.1,{"$f":"(Z88-N88)/(W87-N87)","v":-5.555555555555554E-3}]
[]
[]
["x","DILUTED SHARES"]
[]
[]
[null,null,null,null,null,"Treasury with a Twist- All Outstanding Options",null,null,null,null,"Treasury Method- All Outstanding Options"]
[null,"Class A Shares",1123,null,null,"Basic share count",null,null,{"$f":"C95+C96*(1+C97)","v":1131.4000000000001},null,"Basic share count",null,null,{"$f":"C95+C96*(1+C97)","v":1131.4000000000001}]
[null,"Class B Shares",8,null,null,"Outstanding options",null,null,60,null,"Oustanding options",null,null,60]
[null,"Voting Premium",0.05,null,null,"Exercise price",null,null,13.6,null,"Exercise price",null,null,13.6]
[null,null,null,null,null,"Current share price",null,null,{"$f":"C4","v":14.68}]
[null,null,null,null,null,"In-the-money options",null,null,{"$f":"IF(I97<I98,I96,0)","v":60}]
[null,null,null,null,null,"Total proceeds",null,null,{"$f":"I97*I96","v":816},null,"Total proceeds",null,null,{"$f":"N96*N97","v":816}]
[null,null,null,null,null,"Total shares repurchased",null,null,{"$f":"I100/I98","v":55.585831062670302}]
[null,null,null,null,null,"Unvested RSUs",null,null,61,null,"Unvested RSUs",null,null,61]
[null,null,null,null,null,"Diluted shares outstanding",null,null,{"$f":"I95+I96-I101+I102","v":1196.8141689373299},null,"Diluted shares outstanding",null,null,{"$f":"N95+N102+N96","v":1252.4000000000001}]
[]
[]
["x","WACC"]
[]
[null,null,null,null,null,"Current"]
[null,"Percent of Capital"]
[null,"Total debt",null,null,null,{"$f":"RIVN_BS!G40+RIVN_BS!G43+RIVN_BS!G42-Convertible_Debt!C3-Convertible_Debt!C14+Convertible_Debt!C10+Convertible_Debt!C21","v":4551.5448065012479}]
[null,"Share price",null,null,null,{"$f":"C4","v":14.68}]
[null,"Shares outstanding",null,null,null,{"$f":"I103","v":1196.8141689373299}]
[null,"Market value of equity",null,null,null,{"$f":"F112*F111+Convertible_Debt!C11+Convertible_Debt!C22","v":17664.244693498753}]
[]
[null,"Weight of debt",null,null,null,{"$f":"F110/(F113+F110)","v":0.20487882307766953}]
[null,"Weight of equity",null,null,null,{"$f":"F113/(F110+F113)","v":0.79512117692233053}]
[]
[null,"Cost of debt"]
[null,"Default Spread",null,null,null,0.03]
[null,"Pre-tax cost of debt",null,null,null,{"$f":"F119+F124","v":7.1599999999999997E-2}]
[null,"Marginal tax rate",null,null,null,{"$f":"C26","v":0.25}]
[]
[null,"Cost of equity"]
[null,"Risk-free rate",null,null,null,4.1599999999999998E-2]
[null,"Market risk premium (Rm - Rf)",null,null,null,5.8099999999999999E-2]
[null,"Beta",null,null,null,{"$f":"D147","v":1.1075817075737917}]
[null,"Cost of equity",null,null,null,{"$f":"F124+F125*F126","v":0.1059504972100373}]
[]
[null,"Weighted average cost of capital",null,null,null,{"$f":"F115*F120*(1-F121)+F116*F127","v":9.5245476836421816E-2}]
[]
["x","BOTTOM UP BETA"]
[]
[]
[null,null,null,null,"MV","Book Value","Debt/","Reg","Unlevered",null,"Marginal "]
[null,"Company","Ticker",null,"Equity","Debt","Equity","Beta","Beta",null,"Tax Rate"]
[null,"Tesla, Inc. ","TSLA",null,1440089.6,13134,{"$f":"F136/E136","v":9.1202658501248809E-3},2.09,{"$f":"H136/(1+G136*(1-K136))","v":2.0758011065422632},null,0.25]
[null,"General Motors Company","GM",null,54516,135362,{"$f":"F137/E137","v":2.4829774745028983},1.34,{"$f":"H137/(1+G137*(1-K137))","v":0.46816592165344872},null,{"$f":"$K$136","v":0.25}]
[null,"Lucid Group, Inc. ","LCID",null,6762.6,2507.64,0.37081004347440327,0.82,0.64157356019034328,null,{"$f":"$K$136","v":0.25}]
[null,"Ford Motor Company","F",null,47439.9,159326,3.3584809411486956,1.54,0.43764164845592041,null,0.25]
[null,"THOR Industries, Inc.","THOR",null,5318.6,967.04000000000008,0.18182228405971496,1.35,1.1879967835231675,null,0.25]
[null,"Winnebago Industries, Inc.","WGO",null,842.6,580.9,0.6894137194398291,1.1499999999999999,0.7580450216111555,null,0.25]
[]
[null,"Average unlevered beta",null,{"$f":"AVERAGE(I136:I141)","v":0.92820400699604966}]
[null,"Average unlevered beta (Full industry)",null,1.39]
[null,{"$f":"C3&\" Debt/Equity ratio\"","v":"RIVN Debt/Equity ratio"},null,{"$f":"F110/F113","v":0.25766993638717106}]
[null,{"$f":"C3&\" Tax Rate\"","v":"RIVN Tax Rate"},null,{"$f":"C26","v":0.25}]
[null,{"$f":"C3&\" Levered Beta\"","v":"RIVN Levered Beta"},null,{"$f":"D143*(1+D145*(1-D146))","v":1.1075817075737917}]
[]
["x","SENSITIVITY ANALYSIS"]
[]
[null,null,null,null,null,{"$f":"H63","v":40.004087940077277}]
[null,null,null,null,{"$f":"E153-$C$153","v":0.85999999999999988},53.41722060497456]
[null,"Beta Step",0.05,null,0.90999999999999992,50.286485295988712]
[null,null,null,null,0.96,47.391080300975574]
[null,null,null,null,1.01,44.707434921479773]
[null,null,null,null,{"$f":"E157-$C$153","v":1.06},42.214972462631366]
[null,null,null,"Beta",1.1100000000000001,39.895651031558494]
[null,null,null,null,{"$f":"E157+$C$153","v":1.1600000000000001},37.733586286382135]
[null,null,null,null,{"$f":"E158+$C$153","v":1.2100000000000002},35.714739567641502]
[null,null,null,null,1.2600000000000002,33.826658564621233]
[null,null,null,null,1.3100000000000003,32.058260475380017]
[null,null,null,null,1.3600000000000003,30.399649754314556]
[null,null,null,null,1.4100000000000004,28.841964178646169]
[]
[]
[null,"Exit Multiple Step",1]
[]
[null,null,null,{"$f":"E168-$C$166","v":5.1999999999999993},6.1999999999999993,7.1999999999999993,{"$f":"H168-$C$166","v":8.1999999999999993},9.1999999999999993,{"$f":"H168+$C$166","v":10.199999999999999},{"$f":"I168+$C$166","v":11.2},12.2,13.2,14.2,15.2,16.2,17.2,18.2,19.2,20.2]
[null,null,{"$f":"N63","v":52.199275448327391},31.758857391032873,36.8689619053565,41.97906641968013,47.089170934003761,52.199275448327391,57.309379962651029,62.41948447697466,67.529588991298269,72.639693505621921,77.74979801994553,82.859902534269168,87.970007048592805,93.080111562916429,98.190216077240052,103.30032059156369,108.41042510588731]
[]
[]
[null,"WACC Step",0.01]
[null,"Terminal Growth Rate Step",5.0000000000000001E-3]
[]
[null,null,{"$f":"H63","v":40.004087940077277},{"$f":"E175-$C$172","v":5.5000000000000014E-2},6.5000000000000016E-2,7.5000000000000011E-2,{"$f":"H175-$C$172","v":8.5000000000000006E-2},9.5000000000000001E-2,{"$f":"H175+$C$172","v":0.105},{"$f":"I175+$C$172","v":0.11499999999999999},{"$f":"J175+$C$172","v":0.12499999999999999},{"$f":"K175+$C$172","v":0.13499999999999998},{"$f":"L175+$C$172","v":0.14499999999999999}]
[null,null,5.0000000000000001E-3,94.172365094400632,70.685473886762679,54.479565350149265,42.776231694673328,34.036513222691688,27.340685415148322,22.106400979465576,17.947805936222711,14.599714972435505,11.874311922662741]
[null,null,{"$f":"C176+$C$173","v":0.01},103.87218637617406,76.59122833500119,58.30857191633703,45.374673502846072,35.862182405631749,28.659021769907707,23.07976708184664,18.679829487470592,15.158867493790201,12.307155941253248]
[null,null,{"$f":"C177+$C$173","v":1.4999999999999999E-2},115.99690859991573,83.678082483545168,62.775698563424157,48.344277191956422,37.916019672390739,30.123802762590358,24.150435810359379,19.478369631101057,15.764587811790268,12.773269937822315]
[null,null,0.02,131.58577629274245,92.339735996964464,68.054977079090392,51.770694209516137,40.243657223940183,31.76087014291948,25.33376937281237,20.352927462068486,16.422948815386057,13.276645246138397]
[null,null,2.5000000000000001E-2,152.37086470810138,103.16673886118227,74.390052178796765,55.768126555179208,42.903765028257943,33.602526055985926,26.648543741908721,21.314904229540257,17.141127490831988,13.821938361628423]
[null,null,3.0000000000000002E-2,181.46991094161203,117.0870989473796,82.132855449132578,60.492304350368684,45.973065366998,35.68968651526432,28.11795270494893,22.37810137538094,17.927667798427546,14.414615537681945]
[null,null,3.5000000000000003E-2,225.11839186573386,135.64749721545809,91.811284785476175,66.16124996761981,49.553854664215756,38.074957796761005,29.770988433978218,23.559387252769522,18.792822412344755,15.061136817110027]
[null,null,0.04,297.86575814832923,161.6319612851448,104.25489483450144,73.089884940336717,53.785628143840029,40.827132713509116,31.644374286703645,24.879599158295047,19.74900237850197,15.769192643847862]
[null,null,4.4999999999999998E-2,443.36037051124515,200.60854956963871,120.84627797425586,81.750592098094529,58.863679301592342,44.03793503651287,33.785325954742362,26.36478362770011,20.811376658824845,16.548011458052375]
[null,null,4.9999999999999996E-2,879.84405206200449,265.56940401704361,144.07410263066839,92.885688173473199,65.070099055981714,47.832442704780654,36.255586994171999,28.047932852430826,21.998683280143872,17.408764426481721]

{"sheet":"Scenario Summary","index":7,"n_rows":34,"n_cols":6,"rows_kept":34,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Scenario Summary"]
[null,null,null,"Optimistic_Growth","Moderate Growth","Low_Growth"]
[null,null,null,null,"\nModified by David Moore on 10/28/2025","Created by David Moore on 10/28/2025\nModified by David Moore on 10/28/2025"]
[null,"Changing Cells:"]
[null,"Automotive Revenue 2026",null,0.53924479086882304,0.28199999999999997,0.2]
[null,"Automotive Revenue 2027",null,0.42473574684965898,0.26800000000000002,0.15]
[null,"Automotive Revenue 2028",null,0.53677724524443604,0.39900000000000002,0.2]
[null,"Automotive Revenue 2029",null,0.31386681883109402,0.20699999999999999,0.15]
[null,"Automotive Revenue 2030",null,0.24847544229431201,0.214,0.15]
[null,"Automotive Revenue 2031",null,0.16638267124509401,0.124,0.15]
[null,"Automotive Revenue 2032",null,0.14675837003098,0.125,0.1]
[null,"Automotive Revenue 2033",null,0.13300000000000001,0.125,0.1]
[null,"Automotive Revenue 2034",null,0.13300000000000001,0.125,0.1]
[null,"Software/Services Revenue 2026",null,0.5,0.5,0.25]
[null,"Software/Services Revenue 2027",null,0.5,0.4,0.25]
[null,"Software/Services Revenue 2028",null,0.5,0.3,0.25]
[null,"Software/Services Revenue 2029",null,0.4,0.2,0.2]
[null,"Software/Services Revenue 2030",null,0.3,0.2,0.2]
[null,"Software/Services Revenue 2031",null,0.25,0.2,0.2]
[null,"Software/Services Revenue 2032",null,0.25,0.2,0.2]
[null,"Software/Services Revenue 2033",null,0.25,0.2,0.2]
[null,"Software/Services Revenue 2034",null,0.25,0.2,0.2]
[null,"SGA Margin",null,0.05,7.4999999999999997E-2,0.1]
[null,"R&D Margin",null,0.06,0.08,7.4999999999999997E-2]
[null,"CAPEX Margin",null,7.4999999999999997E-2,0.09,7.4999999999999997E-2]
[null,"D&A Margin",null,0.95,0.9,0.95]
[null,"Default Spread",null,0.03,4.4200000000000003E-2,4.4200000000000003E-2]
[null,"Result Cells:"]
[null,"Implied Equity Value per Shared (PG)",null,40.248543558038698,16.161343467393699,8.9453705826959595]
[null,"Implied Equity Value per Shared (EM)",null,52.625533917488099,21.652569865101299,11.878289295023301]
[null,"Notes:  Current Values column represents values of changing cells at"]
[null,"time Scenario Summary Report was created.  Changing cells for each"]
[null,"scenario are highlighted in gray."]

{"sheet":"RIVN_Forecast","index":8,"n_rows":114,"n_cols":17,"rows_kept":114,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Key Metrics (Annual)"]
[null,"Dollars in millions",null,"Actual",null,null,null,"Projected"]
[null,null,null,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034]
[null,"Production",null,1015,24337,57232,49476]
[null,"Delivery",null,920,20332,50122,51579,44000,{"$f":"I7+I9+I11","v":81800},{"$f":"J7+J9+J11","v":121070},{"$f":"K7+K9+K11+K16","v":162154.5},190160.55499999999,216226.01425000001,244748.61567500001,269223.47724250006,296145.82496675005,325760.40746342507]
[null," R1",null,null,null,{"$f":"F6-F9","v":43332},{"$f":"G6-G9","v":40361},{"$f":"H6-H9","v":32000},35000,{"$f":"I7*(1+J8)","v":39200.000000000007},43904.000000000015,49172.480000000018,54089.728000000025,59498.700800000035,65448.570880000043,71993.427968000047,79192.770764800065]
[null,"  R1 Growth",null,null,null,null,null,null,null,0.12,0.12,0.12,0.1,0.1,0.1,0.1,0.1]
[null," RCV or EDV",null,null,null,{"$f":"SUM(G58:J58)","v":6790},{"$f":"SUM(K58:N58)","v":11218},12000,{"$f":"H9*(1+I10)","v":13799.999999999998},15869.999999999996,18250.499999999993,20988.07499999999,24136.286249999986,26549.914874999988,29204.906362499987,32125.396998749988,35337.936698624988]
[null,"  RCV Growth",null,null,null,null,{"$f":"G9/F9-1","v":0.65213549337260668},{"$f":"H9/G9-1","v":6.9709395614191427E-2},0.15,0.15,0.15,0.15,0.15,0.1,0.1,0.1,0.1]
[null," R2",null,null,null,null,null,null,33000,66000,100000,{"$f":"K11*(1+L12)","v":120000},138000,158700,174570,192027.00000000003,211229.70000000004]
[null,"  R2 Growth",null,null,null,null,null,null,null,null,null,0.2,0.15,0.15,0.1,0.1,0.1]
[null," R3",null,null,null,null,null,null,null,null,33000,66000,100000,{"$f":"M13*(1+N14)","v":114999.99999999999},{"$f":"N13*(1+O14)","v":132249.99999999997},{"$f":"O13*(1+P14)","v":145474.99999999997},{"$f":"P13*(1+Q14)","v":160022.49999999997}]
[null,null,null,null,null,null,null,null,null,null,null,null,0.2,0.15,0.15,0.1,0.1]
[null,"Price Increases",0.03]
[]
[]
[]
[]
[null,"Rev per R1",null,null,null,null,{"$f":"C91/1000000","v":8.5999999999999993E-2},{"$f":"G20","v":8.5999999999999993E-2},{"$f":"H20*(1+$C$15)","v":8.8579999999999992E-2},9.1237399999999996E-2,9.3974522000000005E-2,9.6793757660000007E-2,9.9697570389800011E-2,0.10268849750149402,0.10576915242653884,0.10894222699933501,0.11221049380931505]
[null,"Rev per RCV",null,null,null,null,{"$f":"C92/1000000","v":6.0791050098056708E-2},{"$f":"G21","v":6.0791050098056708E-2},{"$f":"H21*(1+$C$15)","v":6.2614781600998412E-2},6.4493225049028366E-2,6.6428021800499212E-2,6.8420862454514189E-2,7.0473488328149619E-2,7.2587692977994112E-2,7.4765323767333941E-2,7.7008283480353962E-2,7.9318531984764587E-2]
[null,"Rev Per R2",null,null,null,null,null,null,0.05,{"$f":"I22*(1+$C$15)","v":5.1500000000000004E-2},5.3045000000000009E-2,5.4636350000000007E-2,5.627544050000001E-2,5.7963703715000009E-2,5.9702614826450014E-2,6.1493693271243516E-2,6.3338504069380824E-2]
[null,"Rev per R3",null,null,null,null,null,null,null,null,0.05,{"$f":"K23*(1+$C$15)","v":5.1500000000000004E-2},{"$f":"L23*(1+$C$15)","v":5.3045000000000009E-2},5.4636350000000007E-2,5.627544050000001E-2,{"$f":"O23*(1+$C$15)","v":5.7963703715000009E-2},5.9702614826450014E-2]
[]
[null,null,null,null,null,null,null,{"$f":"H26/G26-1","v":-0.18691649550230038},{"$f":"I26/H26-1","v":0.53924479086882271},0.42473574684965865,0.53677724524443615,0.31386681883109424,0.24847544229431229,0.16638267124509376,0.14675837003098025,0.13300000000000023,0.13300000000000023]
[null,"Revenues: Automotive",null,0,1554,4132,4486,{"$f":"H9*H21+(H6-H9)*H20+H44","v":3647.4926011766806},{"$f":"I7*I20+I9*I21+I11*I22","v":5614.3839860937778},{"$f":"J7*J20+J9*J21+J11*J22","v":7999.0135615280815},{"$f":"K7*K20+K9*K21+K11*K22+K13*K23","v":12292.702025758012},16150.973305421227,20164.093540969396,23519.049287551825,26970.666625671216,30557.765286885493,34621.948070041268]
[null,"Revenues: Software Service",null,"-",104,302,484,{"$f":"694*2","v":1388},{"$f":"H27*(1+I33)","v":2082},3123,4684.5,6558.2999999999993,8525.7899999999991,10657.237499999999,{"$f":"N27*(1+O33)","v":13321.546875},16651.93359375,20814.9169921875]
[null,"  Total Revenues",null,55,1658,4434,4970,{"$f":"H27+H26","v":5035.4926011766802},7696.3839860937778,11122.013561528081,16977.202025758012,22709.273305421226,28689.883540969393,34176.286787551828,{"$f":"O27+O26","v":40292.21350067122},47209.698880635493,55436.865062228768]
[]
[null,"% Automotive",null,null,{"$f":"E26/E$28","v":0.93727382388419778},{"$f":"F26/F$28","v":0.93188994136220116},0.90261569416498999,0.72435665982794706,0.72948335169322831,0.71920552130931559,0.72407114005637552,0.71120608256388451,0.70282939671661271,{"$f":"N26/N$28","v":0.68816865429974872},0.66937664333635871,0.64727727588662287,0.6245293277528875]
[null,"% Software",null,null,{"$f":"E27/E$28","v":6.2726176115802168E-2},{"$f":"F27/F$28","v":6.8110058637798829E-2},9.7384305835010065E-2,0.27564334017205305,0.27051664830677169,0.28079447869068441,0.27592885994362448,0.28879391743611549,0.29717060328338735,{"$f":"N27/N$28","v":0.31183134570025112},0.33062335666364118,0.35272272411337707,0.3754706722471125]
[]
[null,"Software",null,null,null,{"$f":"F27/E27-1","v":1.9038461538461537},{"$f":"G27/F27-1","v":0.60264900662251653},{"$f":"H27/G27-1","v":1.8677685950413223},0.5,0.5,0.5,0.4,0.3,0.25,0.25,0.25,0.25]
[null,"Non VW growth",null,null,null,null,null,{"$f":"(H27-349*2)/G27-1","v":0.42561983471074383}]
[]
[null,"Revenue/Vehicle",null,{"$f":"D28/D6*1000000","v":59782.608695652176},{"$f":"(E26-E44)/E6*1000000","v":76431.241392878233},{"$f":"(F26-F44)/F6*1000000","v":80982.402936834114},80517.264778301251,{"$f":"(H26-H44)/H6*1000000","v":79124.831844924556},{"$f":"(I26-I44)/I6*1000000","v":68635.501052491163},66069.328169885863,75808.577780807886,84933.351742800849,93254.706705437027,96094.7183406447,{"$f":"(O26-O44)/O6*1000000","v":100179.47506627621},103184.85931826451,106280.40509781246]
[]
[]
[null,"Guidance (at beginning of year)"]
[null,"Production",null,null,25000,57000,"47000-49000"]
[null,"Delivery",null,null,null,null,"50500-52000"]
[]
[null,null,null,null,2022,2023,2024,2025]
[null,"Regulatory credits",null,null,0,73,333,166,0,0,0]
[]
[null,"Revenue Projection (CAPIQ)",null,null,null,null,null,5285.1,7022.88,11307.93,20094.37,28320.94,37384.86,42189.2,49914.9,56179,59490.85]
[null,"  Growth (%)",null,null,null,null,null,null,{"$f":"I46/H46-1","v":0.32880740194130653},{"$f":"J46/I46-1","v":0.61015566263413312},0.77701577565478375,0.40939676138142178,0.32004304941855755,0.12851031139343561,0.18312032463284456,0.12549559350013717,5.8951743534060741E-2]
[null,"EBITDA",null,null,null,null,null,-2130.59,-1760.91,-785.29,762.93,1777.95]
[]
[null,"Quarterly"]
[null,null,"2022Q1","2022Q2","2022Q3","2022Q4","2023Q1","2023Q2","2023Q3","2023Q4","2024Q1","2024Q2","2024Q3","2024Q4","2025Q1","2025Q2"]
[null,"Production",2553,4401,7363,10020,9395,13992,16304,17541,13980,9612,13157,12727,14611,5979]
[null,"Delivery",1227,4467,6584,8054,7946,12640,15564,13972,13588,13790,10018,14183,8640,10661]
[null,"Y-o-Y",null,null,null,null,{"$f":"G52/C52-1","v":2.6799843321582451},{"$f":"H52/D52-1","v":2.1792774369461485},1.2143148173298925,0.75059880239520949,0.48802554550292698,-0.31303602058319036,-0.19302011776251227,-0.274442734165669,4.5135908440629535E-2,-0.37796504369538075]
[null,"Y-o-Y",null,null,null,null,{"$f":"G53/C53-1","v":5.4759576202118989},{"$f":"H53/D53-1","v":1.8296395791358853},1.3639125151883356,0.7347901663769556,0.71004278882456573,9.0981012658227778E-2,-0.35633513235672065,1.5101631835098717E-2,-0.36414483367677364,-0.22690355329949241]
[]
[null,"Estimated split of R1S and R1T and RSV (generated by ChatGPT)"]
[null,"RCV",0,0,0,0,397,1264,2335,2794,2718,3034,2204,3262,2074,2665]
[null,"R1S",25,223,527,966,3774,5460,5953,5589,5652,5378,3751,5460,3283,3998]
[null,"R1T",1202,4244,6057,7088,3775,5916,7276,5589,5218,5378,4063,5461,3283,3998]
[]
[null,"Guidance for 2025"]
[null,"As of ","2024Q4","2025Q1","2025Q2"]
[null,"Delivery","46000-51000","40000-46000","40000-46000"]
[null,"EBITDA","(1700)-(1900)","(1700)-(1900)","(2000-2520)"]
[null,"Capex","1600-1700","1800-1900","1800-1900"]
[]
[]
[null,"Normal Factory",2025,2026,2027,2028,2029]
[null,"Annual Production ",150000,215000,215000,215000,215000]
[null,"  R1",85000,85000,85000,85000,85000]
[null,"  RCV",65000,65000,65000,65000,65000]
[null,"  R2",null,155000,155000,155000,155000]
[null,null,null,"**Does not total as these are up to. "]
[]
[null,"Georgia Factory ***R2 and R3 models"]
[null,"Phase 1 ",null,null,null,200000]
[null,"Phase 2",null,null,null,null,400000]
[]
[null,"Total capacity",{"$f":"C78+C77+C70","v":150000},215000,215000,{"$f":"F78+F77+F70","v":415000},615000]
[]
[null,"RCV orders","Ordered","Delivered","Remaining"]
[null,"Amazon",100000,20000,80000]
[null,"Hello Fresh/Factor",70]
[null,"AT&T","Pilot program"]
[]
[]
[]
[]
[null,"Average Price"]
[null,"R1",86000]
[null,"RCV",{"$f":"(G26-G44-G20*(G6-G9))/G9*1000000","v":60791.050098056709}]
[null,"R2",50000]
[]
[null,"Midsize SUV Models sold in 2024"]
[null,null,null,2024,"RS2 Market","Projected"]
[null,null,"Tesla Model Y",313699,0.05,{"$f":"E97*D97","v":15684.95}]
[null,null,"Toyota RAV4",248295,0.01,{"$f":"E98*D98","v":2482.9500000000003}]
[null,null,"Honda CR-V",196204,0.01,1962.04]
[null,null,"Nissan Rogue",141160,0.01,1411.6000000000001]
[null,null,"Chevrolet Equinox",107468,0.01,1074.68]
[null,null,"Jeep Grand Cherokee",106751,0.01,1067.51]
[null,null,"Ford Explorer",104803,0.01,1048.03]
[null,null,"Subaru Forester",92849,0.01,928.49]
[null,null,"Hyundai Tucson",92146,0.01,921.46]
[null,null,"Chevrolet Trax",90463,0.01,904.63]
[null,null,"Subaru Outback",81703,0.01,817.03]
[null,null,"Kia Sportage",79853,0.01,798.53]
[null,null,"Subaru Crosstrek",79500,0.01,795]
[null,null,"Jeep Wrangler",77204,0.01,772.04]
[null,null,"Honda HR-V",76263,0.01,762.63]
[null,null,"Ford Escape",74538,0.01,745.38]
[null,null,"Mazda CX-5",70214,0.01,702.14]
[null,null,null,{"$f":"SUM(D97:D113)","v":2033113},null,{"$f":"SUM(F97:F113)","v":32879.090000000004}]

{"sheet":"RIVN_Forecast_Scenario","index":9,"n_rows":114,"n_cols":17,"rows_kept":114,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Key Metrics (Annual)"]
[null,"Dollars in millions",null,"Actual",null,null,null,"Projected"]
[null,null,null,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034]
[null,"Production",null,1015,24337,57232,49476]
[null,"Delivery",null,920,20332,50122,51579,44000,{"$f":"I7+I9+I11","v":63200},{"$f":"J7+J9+J11","v":82320},{"$f":"K7+K9+K11+K16","v":106796},116659.12000000002,127443.23360000004,139235.21468800004,152130.20650304007,166232.41512728328,181655.97965186596]
[null," R1",null,null,null,{"$f":"F6-F9","v":43332},{"$f":"G6-G9","v":40361},{"$f":"H6-H9","v":32000},35000,{"$f":"I7*(1+J8)","v":37800},40824,44089.920000000006,47617.113600000012,51426.482688000018,55540.601303040021,59983.849407283225,64782.557359865888]
[null,"  R1 Growth",null,null,null,null,null,null,null,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08]
[null," RCV or EDV",null,null,null,{"$f":"SUM(G58:J58)","v":6790},{"$f":"SUM(K58:N58)","v":11218},12000,{"$f":"H9*(1+I10)","v":13200.000000000002},14520.000000000004,15972.000000000005,17569.200000000008,19326.12000000001,21258.732000000011,23384.605200000013,25723.065720000017,28295.372292000022]
[null,"  RCV Growth",null,null,null,null,{"$f":"G9/F9-1","v":0.65213549337260668},{"$f":"H9/G9-1","v":6.9709395614191427E-2},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[null," R2",null,null,null,null,null,null,15000,30000,50000,{"$f":"K11*(1+L12)","v":55000.000000000007},60500.000000000015,66550.000000000015,73205.000000000029,80525.500000000044,88578.050000000061]
[null,"  R2 Growth",null,null,null,null,null,null,null,null,null,0.1,0.1,0.1,0.1,0.1,0.1]
[null," R3",null,null,null,null,null,null,null,null,15000,30000,50000,{"$f":"M13*(1+N14)","v":55000.000000000007},{"$f":"N13*(1+O14)","v":60500.000000000015},{"$f":"O13*(1+P14)","v":66550.000000000015},{"$f":"P13*(1+Q14)","v":73205.000000000029}]
[null,null,null,null,null,null,null,null,null,null,null,null,0.1,0.1,0.1,0.1,0.1]
[null,"Price Increases",0.03]
[]
[]
[]
[]
[null,"Rev per R1",null,null,null,null,{"$f":"C91/1000000","v":8.5999999999999993E-2},{"$f":"G20","v":8.5999999999999993E-2},{"$f":"H20*(1+$C$15)","v":8.8579999999999992E-2},9.1237399999999996E-2,9.3974522000000005E-2,9.6793757660000007E-2,9.9697570389800011E-2,0.10268849750149402,0.10576915242653884,0.10894222699933501,0.11221049380931505]
[null,"Rev per RCV",null,null,null,null,{"$f":"C92/1000000","v":6.0791050098056708E-2},{"$f":"G21","v":6.0791050098056708E-2},6.2614781600998412E-2,6.4493225049028366E-2,6.6428021800499212E-2,6.8420862454514189E-2,7.0473488328149619E-2,7.2587692977994112E-2,7.4765323767333941E-2,7.7008283480353962E-2,7.9318531984764587E-2]
[null,"Rev Per R2",null,null,null,null,null,null,0.05,5.1500000000000004E-2,5.3045000000000009E-2,5.4636350000000007E-2,5.627544050000001E-2,5.7963703715000009E-2,5.9702614826450014E-2,6.1493693271243516E-2,6.3338504069380824E-2]
[null,"Rev per R3",null,null,null,null,null,null,null,null,0.05,{"$f":"K23*(1+$C$15)","v":5.1500000000000004E-2},5.3045000000000009E-2,5.4636350000000007E-2,5.627544050000001E-2,5.7963703715000009E-2,5.9702614826450014E-2]
[]
[null,null,null,null,null,null,null,{"$f":"H26/G26-1","v":-0.18691649550230038},{"$f":"I26/H26-1","v":0.28220002848653869},0.26800294627576138,0.39955360196622625,0.20724644619642918,0.21422494282846083,0.12496178209668396,0.12505154011633723,0.12514092291836532,0.12522991789958682]
[null,"Revenues: Automotive",null,0,1554,4132,4486,{"$f":"H9*H21+(H6-H9)*H20+H44","v":3647.4926011766806},{"$f":"I7*I20+I9*I21+I11*I22","v":4676.8151171331792},{"$f":"J7*J20+J9*J21+J11*J22","v":5930.2153477118918},{"$f":"K7*K20+K9*K21+K11*K22+K13*K23","v":8299.654250325575},10019.72809836464,12166.203777393526,13686.514282768028,15398.033972652418,17324.958155118486,19494.561242497752]
[null,"Revenues: Software Service",null,"-",104,302,484,{"$f":"694*2","v":1388},{"$f":"H27*(1+I33)","v":2082},2914.7999999999997,3789.24,4547.0879999999997,5456.5055999999995,6547.8067199999996,7857.3680639999993,9428.8416767999988,11314.610012159997]
[null,"  Total Revenues",null,55,1658,4434,4970,{"$f":"H27+H26","v":5035.4926011766802},6758.8151171331792,8845.0153477118911,12088.894250325575,14566.816098364639,17622.709377393527,20234.321002768029,23255.402036652416,26753.799831918484,30809.171254657747]
[]
[null,"% Automotive",null,null,{"$f":"E26/E$28","v":0.93727382388419778},{"$f":"F26/F$28","v":0.93188994136220116},0.90261569416498999,0.72435665982794706,0.69195784114256087,0.67045845762675516,0.68655197724986727,0.68784613128256056,0.69037078901161331,0.67640096650121007,0.66212718870152654,0.64756999992386255,0.63275188681196848]
[null,"% Software",null,null,{"$f":"E27/E$28","v":6.2726176115802168E-2},6.8110058637798829E-2,9.7384305835010065E-2,0.27564334017205305,0.30804215885743913,0.3295415423732449,0.31344802275013273,0.3121538687174395,0.30962921098838658,0.32359903349878993,0.33787281129847357,0.35243000007613751,0.36724811318803158]
[]
[null,"Software",null,null,null,{"$f":"F27/E27-1","v":1.9038461538461537},{"$f":"G27/F27-1","v":0.60264900662251653},{"$f":"H27/G27-1","v":1.8677685950413223},0.5,0.4,0.3,0.2,0.2,0.2,0.2,0.2,0.2]
[null,"Non VW growth",null,null,null,null,null,{"$f":"(H27-349*2)/G27-1","v":0.42561983471074383}]
[]
[null,"Revenue/Vehicle",null,{"$f":"D28/D6*1000000","v":59782.608695652176},{"$f":"(E26-E44)/E6*1000000","v":76431.241392878233},{"$f":"(F26-F44)/F6*1000000","v":80982.402936834114},80517.264778301251,{"$f":"(H26-H44)/H6*1000000","v":79124.831844924556},{"$f":"(I26-I44)/I6*1000000","v":74000.239195145245},72038.57322293357,77715.029123989429,85888.939487668322,95463.709086188173,98297.792792124717,101216.15112870246,104221.29848653681,107315.82455946699]
[]
[]
[null,"Guidance (at beginning of year)"]
[null,"Production",null,null,25000,57000,"47000-49000"]
[null,"Delivery",null,null,null,null,"50500-52000"]
[]
[null,null,null,null,2022,2023,2024,2025]
[null,"Regulatory credits",null,null,0,73,333,166,0,0,0]
[]
[null,"Revenue Projection (CAPIQ)",null,null,null,null,null,5285.1,7022.88,11307.93,20094.37,28320.94,37384.86,42189.2,49914.9,56179,59490.85]
[null,"  Growth (%)",null,null,null,null,null,null,{"$f":"I46/H46-1","v":0.32880740194130653},{"$f":"J46/I46-1","v":0.61015566263413312},0.77701577565478375,0.40939676138142178,0.32004304941855755,0.12851031139343561,0.18312032463284456,0.12549559350013717,5.8951743534060741E-2]
[null,"EBITDA",null,null,null,null,null,-2130.59,-1760.91,-785.29,762.93,1777.95]
[]
[null,"Quarterly"]
[null,null,"2022Q1","2022Q2","2022Q3","2022Q4","2023Q1","2023Q2","2023Q3","2023Q4","2024Q1","2024Q2","2024Q3","2024Q4","2025Q1","2025Q2"]
[null,"Production",2553,4401,7363,10020,9395,13992,16304,17541,13980,9612,13157,12727,14611,5979]
[null,"Delivery",1227,4467,6584,8054,7946,12640,15564,13972,13588,13790,10018,14183,8640,10661]
[null,"Y-o-Y",null,null,null,null,{"$f":"G52/C52-1","v":2.6799843321582451},{"$f":"H52/D52-1","v":2.1792774369461485},1.2143148173298925,0.75059880239520949,0.48802554550292698,-0.31303602058319036,-0.19302011776251227,-0.274442734165669,4.5135908440629535E-2,-0.37796504369538075]
[null,"Y-o-Y",null,null,null,null,{"$f":"G53/C53-1","v":5.4759576202118989},1.8296395791358853,1.3639125151883356,0.7347901663769556,0.71004278882456573,9.0981012658227778E-2,-0.35633513235672065,1.5101631835098717E-2,-0.36414483367677364,-0.22690355329949241]
[]
[null,"Estimated split of R1S and R1T and RSV (generated by ChatGPT)"]
[null,"RCV",0,0,0,0,397,1264,2335,2794,2718,3034,2204,3262,2074,2665]
[null,"R1S",25,223,527,966,3774,5460,5953,5589,5652,5378,3751,5460,3283,3998]
[null,"R1T",1202,4244,6057,7088,3775,5916,7276,5589,5218,5378,4063,5461,3283,3998]
[]
[null,"Guidance for 2025"]
[null,"As of ","2024Q4","2025Q1","2025Q2"]
[null,"Delivery","46000-51000","40000-46000","40000-46000"]
[null,"EBITDA","(1700)-(1900)","(1700)-(1900)","(2000-2520)"]
[null,"Capex","1600-1700","1800-1900","1800-1900"]
[]
[]
[null,"Normal Factory",2025,2026,2027,2028,2029]
[null,"Annual Production ",150000,215000,215000,215000,215000]
[null,"  R1",85000,85000,85000,85000,85000]
[null,"  RCV",65000,65000,65000,65000,65000]
[null,"  R2",null,155000,155000,155000,155000]
[null,null,null,"**Does not total as these are up to. "]
[]
[null,"Georgia Factory ***R2 and R3 models"]
[null,"Phase 1 ",null,null,null,200000]
[null,"Phase 2",null,null,null,null,400000]
[]
[null,"Total capacity",{"$f":"C78+C77+C70","v":150000},215000,215000,{"$f":"F78+F77+F70","v":415000},615000]
[]
[null,"RCV orders","Ordered","Delivered","Remaining"]
[null,"Amazon",100000,20000,80000]
[null,"Hello Fresh/Factor",70]
[null,"AT&T","Pilot program"]
[]
[]
[]
[]
[null,"Average Price"]
[null,"R1",86000]
[null,"RCV",{"$f":"(G26-G44-G20*(G6-G9))/G9*1000000","v":60791.050098056709}]
[null,"R2",50000]
[]
[null,"Midsize SUV Models sold in 2024"]
[null,null,null,2024,"RS2 Market","Projected"]
[null,null,"Tesla Model Y",313699,0.05,{"$f":"E97*D97","v":15684.95}]
[null,null,"Toyota RAV4",248295,0.01,{"$f":"E98*D98","v":2482.9500000000003}]
[null,null,"Honda CR-V",196204,0.01,1962.04]
[null,null,"Nissan Rogue",141160,0.01,1411.6000000000001]
[null,null,"Chevrolet Equinox",107468,0.01,1074.68]
[null,null,"Jeep Grand Cherokee",106751,0.01,1067.51]
[null,null,"Ford Explorer",104803,0.01,1048.03]
[null,null,"Subaru Forester",92849,0.01,928.49]
[null,null,"Hyundai Tucson",92146,0.01,921.46]
[null,null,"Chevrolet Trax",90463,0.01,904.63]
[null,null,"Subaru Outback",81703,0.01,817.03]
[null,null,"Kia Sportage",79853,0.01,798.53]
[null,null,"Subaru Crosstrek",79500,0.01,795]
[null,null,"Jeep Wrangler",77204,0.01,772.04]
[null,null,"Honda HR-V",76263,0.01,762.63]
[null,null,"Ford Escape",74538,0.01,745.38]
[null,null,"Mazda CX-5",70214,0.01,702.14]
[null,null,null,{"$f":"SUM(D97:D113)","v":2033113},null,{"$f":"SUM(F97:F113)","v":32879.090000000004}]

{"sheet":"Option_Value","index":10,"n_rows":30,"n_cols":7,"rows_kept":30,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Valuing Options or Warrants"]
[null,"Enter the current stock price =",null,null,{"$f":"RIVN_DCF!S54","v":38.64774230954653}]
[null,"Enter the strike price on the option =",null,null,13.6]
[null,"Enter the expiration of the option =",null,null,5.2]
[null,"Enter the standard deviation in stock prices =",null,null,0.625,"(volatility)"]
[null,"Enter the annualized dividend yield on stock =",null,null,0]
[null,"Enter the treasury bond rate =",null,null,{"$f":"RIVN_DCF!F124","v":4.1599999999999998E-2}]
[null,"Enter the number of options outstanding =",null,null,60]
[null,"Enter the number of shares outstanding =",null,null,{"$f":"RIVN_DCF!F112","v":1196.8141689373299}]
[]
[null,"Circuit Breaker","OFF"]
[]
[null,"Do not input any numbers below this line"]
[null,"VALUING WARRANTS WHEN THERE IS DILUTION"]
[null,"Stock Price=",null,{"$f":"E3","v":38.64774230954653},"# Warrants issued=",null,{"$f":"E9","v":60}]
[null,"Strike Price=",null,{"$f":"E4","v":13.6},"# Shares outstanding=",null,{"$f":"E10","v":1196.8141689373299}]
[null,"Adjusted S =",null,{"$f":"(D16*G17+D29*G16)/(G17+G16)","v":38.230040775499923},"T.Bond rate=",null,{"$f":"E8","v":4.1599999999999998E-2}]
[null,"Adjusted K =",null,{"$f":"D17","v":13.6},"Variance=",null,{"$f":"E6^2","v":0.390625}]
[null,"Expiration (in years) =",null,{"$f":"E5","v":5.2},"Annualized dividend yield=",null,{"$f":"E7","v":0}]
[null,null,null,null,"Div. Adj. interest rate=",null,{"$f":"G18-G20","v":4.1599999999999998E-2}]
[]
[null,"d1 = ",{"$f":"(LN(D18/D19)+(G21+(G19/2))*D20)/(((G19)^(0.5))*(D20^0.5))","v":1.5895777240437152}]
[null,"N (d1) =",{"$f":"NORMSDIST(C23)","v":0.94403498922458629}]
[]
[null,"d2 = ",{"$f":"C23-((G19^0.5)*(D20^(0.5)))","v":0.1643584426697926}]
[null,"N (d2) =",{"$f":"NORMSDIST(C26)","v":0.56527551171723189}]
[]
[null,"Value per option = ",null,{"$f":"IF(C12=\"OFF\",((EXP((0-G20)*D20))*D18*C24-D19*(EXP((0-G18)*D20))*C27),0)","v":29.898188869935929}]
[null,"Value of all options outstanding =",null,null,{"$f":"D29*E9","v":1793.8913321961556}]

{"sheet":"Warrant_Value","index":11,"n_rows":30,"n_cols":7,"rows_kept":30,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Valuing Options or Warrants"]
[null,"Enter the current stock price =",null,null,{"$f":"RIVN_DCF!H63","v":40.004087940077277}]
[null,"Enter the strike price on the option =",null,null,6.84]
[null,"Enter the expiration of the option =",null,null,4]
[null,"Enter the standard deviation in stock prices =",null,null,0.625,"(volatility)"]
[null,"Enter the annualized dividend yield on stock =",null,null,0]
[null,"Enter the treasury bond rate =",null,null,{"$f":"RIVN_DCF!F124","v":4.1599999999999998E-2}]
[null,"Enter the number of options outstanding =",null,null,12]
[null,"Enter the number of shares outstanding =",null,null,{"$f":"RIVN_DCF!F112","v":1196.8141689373299}]
[]
[null,"Circuit Breaker","OFF"]
[]
[null,"Do not input any numbers below this line"]
[null,"VALUING WARRANTS WHEN THERE IS DILUTION"]
[null,"Stock Price=",null,{"$f":"E3","v":40.004087940077277},"# Warrants issued=",null,{"$f":"E9","v":12}]
[null,"Strike Price=",null,{"$f":"E4","v":6.84},"# Shares outstanding=",null,{"$f":"E10","v":1196.8141689373299}]
[null,"Adjusted S =",null,{"$f":"(D16*G17+D29*G16)/(G17+G16)","v":39.950391040316681},"T.Bond rate=",null,{"$f":"E8","v":4.1599999999999998E-2}]
[null,"Adjusted K =",null,{"$f":"D17","v":6.84},"Variance=",null,{"$f":"E6^2","v":0.390625}]
[null,"Expiration (in years) =",null,{"$f":"E5","v":4},"Annualized dividend yield=",null,{"$f":"E7","v":0}]
[null,null,null,null,"Div. Adj. interest rate=",null,{"$f":"G18-G20","v":4.1599999999999998E-2}]
[]
[null,"d1 = ",{"$f":"(LN(D18/D19)+(G21+(G19/2))*D20)/(((G19)^(0.5))*(D20^0.5))","v":2.170000583018513}]
[null,"N (d1) =",{"$f":"NORMSDIST(C23)","v":0.9849965991097468}]
[]
[null,"d2 = ",{"$f":"C23-((G19^0.5)*(D20^(0.5)))","v":0.92000058301851295}]
[null,"N (d2) =",{"$f":"NORMSDIST(C26)","v":0.82121377272033824}]
[]
[null,"Value per option = ",null,{"$f":"IF(C12=\"OFF\",((EXP((0-G20)*D20))*D18*C24-D19*(EXP((0-G18)*D20))*C27),0)","v":34.594956835192548}]
[null,"Value of all options outstanding =",null,null,{"$f":"D29*E9","v":415.13948202231057}]

{"sheet":"Convertible_Debt","index":12,"n_rows":22,"n_cols":3,"rows_kept":22,"cut":false,"hidden":false,"merged":[]}
[]
[null,"2029 Green Convertible Debt"]
[null,"Face Value",1500]
[null,"Coupon Rate",4.6249999999999999E-2]
[null,"Last trade price",98.25]
[null,"Market Value of Debt",{"$f":"C3*C5/100","v":1473.75}]
[null,"Cost of debt",{"$f":"RIVN_DCF!F120","v":7.1599999999999997E-2}]
[null,"Time to Maturity",3.5]
[null,"Frequency",2]
[null,"Value of straight debt",{"$f":"-PV(C7/C9,C8*C9,C3*C4/C9,C3)","v":1384.0935195008551}]
[null,"Value of Equity Portion",{"$f":"C6-C10","v":89.656480499144891}]
[]
[null,"2030 Green Convertible Debt"]
[null,"Face Value",1725]
[null,"Coupon Rate",3.6249999999999998E-2]
[null,"Last trade price",85.67]
[null,"Market Value of Debt",{"$f":"C14*C16/100","v":1477.8074999999999}]
[null,"Cost of debt",{"$f":"RIVN_DCF!F120","v":7.1599999999999997E-2}]
[null,"Time to Maturity",5]
[null,"Frequency",2]
[null,"Value of straight debt",{"$f":"-PV(C18/C20,C19*C20,C14*C15/C20,C14)","v":1472.451287000393}]
[null,"Value of Equity Portion",{"$f":"C17-C21","v":5.3562129996068961}]

{"sheet":"RIVN_IS","index":13,"n_rows":55,"n_cols":7,"rows_kept":55,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
["Rivian Automotive, Inc. (NasdaqGS:RIVN) > Financials > Income Statement"]
[]
[null,"Template:","As Presented"," ","Restatement:","Latest Filings"]
[null,"Period Type:","Annual"," ","Order:","Latest on Right"]
[null,"Currency:","Reported Currency"," ","Conversion:","Historical"]
[null,"Units:","S&P Capital IQ (Default)"," ","Decimals:","Capital IQ (Default)"]
[null,"Source:","Capital IQ & Proprietary Data"," "]
[]
[]
["Income Statement",2019,2020,2021,2022,2023,2024]
["For the Fiscal Period Ending\n","12 months\nDec-31-2019","12 months\nDec-31-2020","12 months\nDec-31-2021","12 months\nDec-31-2022","12 months\nDec-31-2023","12 months\nDec-31-2024"]
["Currency","USD","USD","USD","USD","USD","USD"]
["Units","Millions","Millions","Millions","Millions","Millions","Millions"]
["Revenues"]
["Revenues: Automotive","-","-",null,1554,4132,4486]
["Revenues: Software Service","-","-","-",104,302,484]
["  Revenues","-","-",55,"-","-","-"]
["  Total Revenues",null,null,{"$f":"D21","v":55},1658,4434,4970]
[]
["Expenses",{"$f":"0*(-1)","v":0},0,0,0,0,0]
["  Cost of Revenues",{"$f":"0*(-1)","v":0},0,{"$f":"-520*(-1)","v":520},{"$f":"0*(-1)","v":0},{"$f":"0*(-1)","v":0},{"$f":"0*(-1)","v":0}]
["  Cost of Revenues: Software Service",0,0,{"$f":"0*(-1)","v":0},{"$f":"-115*(-1)","v":115},{"$f":"-314*(-1)","v":314},{"$f":"-477*(-1)","v":477}]
["  Cost of Revenues: Automotive",0,0,{"$f":"-520*(-1)","v":520},{"$f":"-4666*(-1)","v":4666},{"$f":"-6150*(-1)","v":6150},{"$f":"-5693*(-1)","v":5693}]
["  Selling, General and Administrative",{"$f":"-108*(-1)","v":108},{"$f":"-255*(-1)","v":255},{"$f":"-1242*(-1)","v":1242},{"$f":"-1789*(-1)","v":1789},{"$f":"-1714*(-1)","v":1714},{"$f":"-1876*(-1)","v":1876}]
["  Research and Development",{"$f":"-301*(-1)","v":301},{"$f":"-766*(-1)","v":766},{"$f":"-1850*(-1)","v":1850},{"$f":"-1944*(-1)","v":1944},{"$f":"-1995*(-1)","v":1995},{"$f":"-1613*(-1)","v":1613}]
["  Other Expenses","-","-",{"$f":"-663*(-1)","v":663},"-","-","-"]
["  Interest Expense",{"$f":"-34*(-1)","v":34},{"$f":"-8*(-1)","v":8},{"$f":"-29*(-1)","v":29},{"$f":"-103*(-1)","v":103},{"$f":"-220*(-1)","v":220},{"$f":"-318*(-1)","v":318}]
["  Interest Income",18,10,3,193,522,385]
["  Other Income/expense-net",-1,1,-1,18,6,-7]
["  Loss on Convertible Notes, Net","-","-",-441,"-","-",-112]
["  Earnings before Taxes",-426,-1018,-4688,-6748,-5431,-4741]
[]
["Taxes and Other Expenses"]
["  Provision for Income Tax","-","-","-",-4,-1,-5]
["  Minority Interest (After Tax)","-","-","-","-","-",-1]
["  Net Income (Loss)",-426,-1018,-4688,-6752,-5432,-4747]
[]
["Charges on Net Income"]
["  Premiums on Preferred Stock Redemption","-",-1,"-","-","-","-"]
["  Net Income Available to Common Shareholders",-426,-1019,"-","-","-","-"]
[]
["Supplementary Info"]
["  Gross Profit/loss","-","-",-465,-3123,-2030,-1200]
["  Operating Income (Loss)",-409,-1021,-4220,-6856,-5739,-4689]
["  Basic EPS - Continuing Operations",-4.3499999999999996,-10.09,-22.98,-7.4,-5.74,-4.6900000000000004]
["  Diluted EPS - Continuing Operations",-4.3499999999999996,-10.09,-22.98,-7.4,-5.74,-4.6900000000000004]
[]
["Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as primary ADRs, per share items are ADR-equivalent."]
["\n               \n               \n               \n               \n               "]
["Depreciation and amortization",7,29,197,652,937,1031]
["Capex",-199,-914,-1794,-1369,-1026,-1141]

{"sheet":"RIVN_BS","index":14,"n_rows":57,"n_cols":7,"rows_kept":57,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
["Rivian Automotive, Inc. (NasdaqGS:RIVN) > Financials > Balance Sheet"]
[]
[null,"Template:","As Presented"," ","Restatement:","Latest Filings"]
[null,"Period Type:","Annual"," ","Order:","Latest on Right"]
[null,"Currency:","Reported Currency"," ","Conversion:","Historical"]
[null,"Units:","S&P Capital IQ (Default)"," ","Decimals:","Capital IQ (Default)"]
[null,"Source:","Capital IQ & Proprietary Data"," "]
[]
[]
["Balance Sheet",2019,2020,2021,2022,2023,2024]
["Balance Sheet as of:\n","2019-12-31","2020-12-31","2021-12-31","2022-12-31","2023-12-31","2024-12-31"]
["Currency","USD","USD","USD","USD","USD","USD"]
["Units","Millions","Millions","Millions","Millions","Millions","Millions"]
["Current Assets"]
["  Cash and Cash Equivalents",2264,2979,18133,11568,7857,5294]
["  Short-term Investments",null,null,null,null,1511,2406]
["  Accounts Receivable, Net","-",6,26,102,161,443]
["  Inventory",null,null,274,1348,2620,2248]
["  Other Current Assets",29,31,126,112,164,192]
[" Total Current Assets",2293,3016,18559,13130,12313,10583]
[]
["Non Current Assets"]
["  Operating Lease Assets – Net",null,80,228,330,356,416]
["  Property, Plant and Equipment, Net",313,1445,3183,3758,3874,3965]
["  Other Non-current Assets",27,61,324,658,235,446]
["  Total Assets",2633,4602,22294,17876,16778,15410]
[]
["Current Liabilities"]
["  Accounts Payable",27,90,483,1000,981,499]
["  Accrued Liabilities",137,443,667,1154,1145,835]
["  Current Portion of Long-term Debt",null,28]
["  Customer Deposits",18,28]
["  Current portion of lease liabilities and other Current liabilities",3,22,163,270]
["  Current portion of deferred revenues, lease liabilities, and other liabilities","-","-","-","-",361,917]
[" Total Current Liabilities",185,611,1313,2424,2487,2251]
["  Current portion of lease liabilities",null,18,46,68,88,100]
["Non Current Liabilities"]
["  Noncurrent Portion of Long-term Debt",71,47,1226,1231,4431,4441]
["  Non Current Lease Liabilities","-",83,218,311,324,379]
["  Minority Interest","-","-","-","-","-",4]
["  Preferred Stock Convertible",2750,5244,"-","-","-","-"]
["  Other Non-current Liabilities",2,1,23,111,395,1777]
[]
["Shareholders' Equity"]
["  Common Stock - Par Value","-","-",1,1,1,1]
["  Additional Paid in Capital",293,302,25887,26926,27695,29866]
["  Accumulated Deficit",-668,-1686,-6374,-13126,-18558,-23305]
["  Accumulated Other Comprehensive Income (Loss)","-","-","-",-2,3,-4]
["  Total Shareholders Equity",-375,-1384,19514,13799,9141,6558]
["  Total Liabilities & Shareholders Equity",2633,4602,22294,17876,16778,15410]
[]
["Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are ADR-equivalent."]
["\n               \n               \n               \n               \n               "]

{"sheet":"RIVN_CFS","index":15,"n_rows":57,"n_cols":7,"rows_kept":57,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
["Rivian Automotive, Inc. (NasdaqGS:RIVN) > Financials > Cash Flow"]
[]
[null,"Template:","As Presented"," ","Restatement:","Latest Filings"]
[null,"Period Type:","Annual"," ","Order:","Latest on Right"]
[null,"Currency:","Reported Currency"," ","Conversion:","Historical"]
[null,"Units:","S&P Capital IQ (Default)"," ","Decimals:","Capital IQ (Default)"]
[null,"Source:","Capital IQ & Proprietary Data"," "]
[]
[]
["Cash Flow"]
["For the Fiscal Period Ending\n","12 months\nDec-31-2019","12 months\nDec-31-2020","12 months\nDec-31-2021","12 months\nDec-31-2022","12 months\nDec-31-2023","12 months\nDec-31-2024"]
["Currency","USD","USD","USD","USD","USD","USD"]
["Units","Millions","Millions","Millions","Millions","Millions","Millions"]
["Operating Activities"]
["  Net Income",-426,-1018,-4688,-6752,-5432,-4746]
["  Depreciation and Amortization",7,29,197,652,937,1031]
["  Stock Based Compenation Expense","-","-",570,987,821,692]
["  Inventory LCNRV write-downs and losses on firm purchase Commitments","-","-",95,920,107,"-"]
["  Other Non-current Assets",-5,-8,-8,"-","-","-"]
["  Other Non-current Liabilities",-14,-1,18,"-","-","-"]
["  Other Expenses","-","-",643,"-","-","-"]
["  Other Non-cash Activities",37,41,36,82,115,28]
["  Loss on Convertible Notes, Net","-","-",441,"-","-",112]
["  Accounts Receivable",-16,11,-20,-76,-59,-282]
["  Inventory","-","-",-369,-1657,-1604,307]
["  Accounts Payable and Accrued Liabilities",43,121,461,623,105,-572]
["  Deferred Revenue","-","-","-",61,149,1619]
["  Other Liabilities",15,11,83,144,141,316]
["  Customer Deposits",14,"-","-","-","-","-"]
["  Other Current Assets",-8,-34,-81,-36,-146,-221]
["  Cash Flow from Operating Activities",-353,-848,-2622,-5052,-4866,-1716]
[]
["Investing Activities"]
["  Capital Expenditures",-199,-914,-1794,-1369,-1026,-1141]
["  Purchases of Short-term Investment","-","-","-","-",-2410,-4392]
["  Maturities of Short-term Investments","-","-","-","-",925,3553]
["  Cash Flow from Investing Activities",-199,-914,-1794,-1369,-2511,-1980]
[]
["Financing Activities"]
["  Proceeds from Issuance of Convertible Notes","-","-",2500,"-",3195,1000]
["  Proceeds from Issuance of Long - Term Debt, Net of Discount and Debt Issuance Costs",61,"-",1226,"-","-","-"]
["  Proceeds from Issuances of Capital Stock",2750,2506,2658,102,61,64]
["  Proceeds from Share Issuance Upon Initial Public Offering, Net of Underwriting Discounts and Commissions and Offering Costs","-","-",13530,"-","-","-"]
["  Other Financing Activities","-","-",-86,-3,-18,-7]
["  Purchase of Capped Call Option","-","-","-","-",-108,"-"]
["  Principal Payments and Other Financing Activities","-",-6,"-","-","-","-"]
["  Proceeds from funding of 50% interest in Rivian and VW Group Technology, LLC","-","-","-","-","-",79]
["  Cash Flow from Financing Activities",2811,2500,19828,99,3130,1136]
[]
["Other Adjustments"]
["  Foreign Exchange Rate Effect on Cash and Cash Equivalents","-","-","-",-2,5,-3]
["  Cash Flow Net Changes in Cash",2259,738,15412,-6324,-4242,-2563]
["\n               \n               \n               \n               \n               "]

{"sheet":"RIVN_LTM","index":16,"n_rows":16,"n_cols":8,"rows_kept":16,"cut":false,"hidden":false,"merged":[]}
[]
[null,"LTM Calculations For","RIVN"]
[]
[null,null,"Fiscal year ended",null,"9-Months Ended",null,null,"LTM"]
[null,null,"2024-12-31",null,"2025-09-30","2024-09-30",null,"2025-09-30"]
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[null,"Share Price",1511]
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[null,"Share Price",20]
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[null,null,null,null,null,null,null,"As of"]
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[null,null,"Fiscal year ended",null,"6-Months Ended",null,null,"LTM"]
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[null,null,null,null,null,null,null,"As of"]
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[null,"Share Price",0.75]
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[null,"LTM Calculations For","7270"]
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[null,null,"Fiscal year ended",null,"3-Months Ended",null,null,"LTM"]
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[null,null,null,null,null,null,null,"As of"]
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[null,"Share Price",3309]
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[null,"LTM Calculations For","TSLA"]
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[null,null,null,null,null,null,null,"As of"]
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[null,"Share Price",429.5]
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[null,"LTM Calculations For","7203"]
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[null,"Share Price",3118]
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[null,"LTM Calculations For","VOW3"]
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[null,null,null,null,null,null,null,"As of"]
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[null,"Share Price",94.22]
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[null,"LTM Calculations For","XPEV"]
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[null,"LTM Calculations For","9863"]
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