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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":698112726,"tweetId":"698112726","gmtCreate":1640316688078,"gmtModify":1640317458987,"author":{"id":3575188860884045,"idStr":"3575188860884045","authorId":3575188860884045,"authorIdStr":"3575188860884045","name":"Zasper","avatar":"https://static.tigerbbs.com/647533310e84099eea8515d90e6e2f94","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":7,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Ok</body></html>","htmlText":"<html><head></head><body>Ok</body></html>","text":"Ok","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/698112726","repostId":1163369412,"repostType":4,"repost":{"id":"1163369412","kind":"news","pubTimestamp":1640315341,"share":"https://www.laohu8.com/m/news/1163369412?lang=&edition=full","pubTime":"2021-12-24 11:09","market":"us","language":"en","title":"Sumitomo wins big with early bet on EV startup Rivian","url":"https://stock-news.laohu8.com/highlight/detail?id=1163369412","media":"Nikkei Asia","summary":"Once-secretive automaker now worth almost 100 times its original value\nA Rivian R1T all-electric tru","content":"Once-secretive automaker now worth almost 100 times its original value\n<img src=\"https://static.tigerbbs.com/b7e054c0ad4260b9074fbdd6c0947731\" tg-width=\"1400\" tg-height=\"788\" width=\"100%\" height=\"auto\">A Rivian R1T all-electric truck in Times Square in New York on Nov. 10, the automaker's first day of trading. © AP\nTOKYO -- In the spring of 2017, a Saudi business associate made an intriguing proposal to Yoshito Miyazaki, an executive at Japanese trading house Sumitomo Corp., asking if he would like to invest in an interesting electric vehicle startup together.\nThe target of the pitch was Rivian Automotive, which at the time was still operating in stealth mode with hardly any information to its name. The CEO of the outfit, R.J. Scaringe, maintained an especially low profile.\nWhat a difference four years make. Now Rivian's market capitalization hovers at about $100 billion following its debut on Nasdaq in November. Rivian's value has grown by a magnitude of nearly 100, and Sumitomo was one of the investors that got in on the ground floor.\nThe business associate, an executive at Saudi conglomerate Abdul Latif Jameel, had been visiting the U.S. when he met with Miyazaki, then the general manager of Sumitomo's Detroit office. Sumitomo and ALJ operate a joint-venture construction equipment distributor in Saudi Arabia, and the two companies were looking for other collaborative opportunities in the U.S.\nIt was then that Miyazaki heard Scaringe was going to make his first public appearance, at a town meeting hosted by the Original Equipment Suppliers Association at a venue not far from Detroit.\nAt the event, Scaringe made a passionate case for developing large EVs, a \"white space\" where competition was scarce. His plan was to roll out a sport utility vehicle and a pickup truck by approximately 2020. Rivian would leverage the new brand image to secure more funding, which would then be used to develop shared EVs and fully autonomous driving technology by 2023.\nMany EV startups who bill themselves as the next Tesla pour their resources into developing sports cars. However, Scaringe demonstrated he was quick to pick up on shifting consumer tastes while maintaining a focus on next-generation technology.\nMiyazaki was floored by Scaringe's business model.\n\"Large-sized vehicles have a huge market in the U.S. because of their popularity, and I felt it was very rational since you could equip the vehicles with large-capacity batteries and extend driving ranges,\" said Miyazaki, who now heads Sumitomo's Beyond Mobility department.\nMiyazaki immediately launched a due diligence review of Rivian with Tatsuo Ishibashi, a subordinate who now heads the Detroit office. The team discovered the startup had taken the unusual step of spending $16 million buying an Illinois plant from Mitsubishi Motors in early 2017.\nMitsubishi Motors had originally invested 200 billion yen ($1.75 billion at current rates) in the assembly plant, which also handled engines, presswork and coating. The site has the capacity to turn out 250,000 vehicles a year.\n\"This is a company that has a proper footing,\" Ishibashi thought of Rivian.\nWhen Miyazaki and Ishibashi began negotiating with Scaringe, they were drawn to his personality. When a Sumitomo executive visited from the Tokyo home office to tour Rivian, Scaringe discussed his business strategy, balancing logic with passion.\n\"There may be times when a change in course is needed, but I felt we'd certainly arrive at solutions with Mr. Scaringe at the helm,\" said Miyazaki.\nSumitomo decided to invest in Rivian in October 2017, and the transaction closed that December. The Japanese group became the automaker's second corporate investor after ALJ.\nIshibashi relocated to Rivian's Detroit headquarters at the end of October 2017. A&nbsp;year later, Amazon.com founder Jeff Bezos came to observe the startup. Negotiations between Amazon and Rivian proceeded smoothly, and a $700 million infusion was announced just four months later, making Amazon the largest investor. Amazon also apparently&nbsp;ordered&nbsp;100,000 all-electric delivery vehicles from Rivian.\nAfter investing in Rivian, Sumitomo became an eager intermediary between the automaker and Japanese suppliers. But at the time, Tesla was experiencing problems with production, which caused players in the automotive supply chain to be wary of EV startups.\nJapanese suppliers were particularly unwilling to move forward on contract negotiations. Ishibashi's team arranged for Scaringe to personally meet with executives from Denso, Aisin and Panasonic so that they could hear his business model.\nSumitomo also brokered discussions concerning post-mass production tie-ups. One automaker wanted to jointly use a charging system while a Japanese non-life insurance provider pitched a partnership for an insurance business, according to Sumitomo.\n\"We're not planning to sell Rivian shares for the time being,\" said Ishibashi. \"As a shareholder, we intend to support [Rivian] in distribution and after-sales services outside the U.S. and take an active approach in our collaboration.\"\nRivian started delivering its R1T pickup this September, which sells for about $67,000. In its first quarterly report since the float, the company revealed that it made only $1 million in revenue in the July-September period. The net loss exceeded $1.2 billion.\nThe semiconductor shortage this year limited production to about 1,000 vehicles. Rivian's next task is to develop an infrastructure for mass production.\nOn Dec. 16, the same day as the earnings report, Rivian announced it would build an additional assembly plant and expand the Illinois plant. The goal is to lift annual capacity to 600,000 units in 2024.\n\"Manufacturing cars is really difficult,\" said Miyazaki. \"Moreover, I'd expect [Rivian] to face various barriers because it's a startup.\"\nWhen Amazon invested in Rivian, the valuation of the startup was estimated at between $1 billion and $2 billion, giving it unicorn status. By the time the company ended its first day of trading on Nov. 10, its market capitalization stood at $85.9 billion. If a company with a valuation of $10 billion qualifies as a decacorn, then Rivian would be a superdecacorn.\nSumitomo had not disclosed its&nbsp;investment amount, so Rivian's valuation in late 2017 was unclear. But if Amazon's investment is used as a starting point, Rivian's enterprise value would have multiplied 40 to more than 80 times over.\nAmid the soaring fortunes, Sumitomo President Masayuki Hyodo is keeping a cool head.\n\"Making money off investments in startups is not the role of a trading company,\" said Hyodo. \"Rivian is a company that is very important to our EV platform. I can't speak to whether or not we'll make additional investments, but there is potential for all forms of collaboration.\"\nRivian's share price once approached $180 -- more than twice its original offer price of $78. Since then, its price has tumbled to about $100. This largely stems from an announcement in late November that Ford Motor and Rivian were scrapping plans to jointly develop EVs. Ford owns 12% of Rivian.\nAmerican EV startups Nikola and Lordstown Motors were consumed by fraud scandals in 2020 and 2021, respectively. Their market caps fell to less than one sixth of their peak values. Although Sumitomo had the foresight to invest in Rivian early, the Japanese group's ability to further develop&nbsp;its close relationship with the startup will come under scrutiny.","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sumitomo wins big with early bet on EV startup Rivian</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSumitomo wins big with early bet on EV startup Rivian\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-24 11:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://asia.nikkei.com/Business/Startups/Sumitomo-wins-big-with-early-bet-on-EV-startup-Rivian>Nikkei Asia</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nOnce-secretive automaker now worth almost 100 times its original value\nA Rivian R1T all-electric truck in Times Square in New York on Nov. 10, the automaker's first day of trading. © AP\nTOKYO -- In ...\n\n<a href=\"https://asia.nikkei.com/Business/Startups/Sumitomo-wins-big-with-early-bet-on-EV-startup-Rivian\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RIVN":"Rivian Automotive, Inc."},"source_url":"https://asia.nikkei.com/Business/Startups/Sumitomo-wins-big-with-early-bet-on-EV-startup-Rivian","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163369412","content_text":"Once-secretive automaker now worth almost 100 times its original value\nA Rivian R1T all-electric truck in Times Square in New York on Nov. 10, the automaker's first day of trading. © AP\nTOKYO -- In the spring of 2017, a Saudi business associate made an intriguing proposal to Yoshito Miyazaki, an executive at Japanese trading house Sumitomo Corp., asking if he would like to invest in an interesting electric vehicle startup together.\nThe target of the pitch was Rivian Automotive, which at the time was still operating in stealth mode with hardly any information to its name. The CEO of the outfit, R.J. Scaringe, maintained an especially low profile.\nWhat a difference four years make. Now Rivian's market capitalization hovers at about $100 billion following its debut on Nasdaq in November. Rivian's value has grown by a magnitude of nearly 100, and Sumitomo was one of the investors that got in on the ground floor.\nThe business associate, an executive at Saudi conglomerate Abdul Latif Jameel, had been visiting the U.S. when he met with Miyazaki, then the general manager of Sumitomo's Detroit office. Sumitomo and ALJ operate a joint-venture construction equipment distributor in Saudi Arabia, and the two companies were looking for other collaborative opportunities in the U.S.\nIt was then that Miyazaki heard Scaringe was going to make his first public appearance, at a town meeting hosted by the Original Equipment Suppliers Association at a venue not far from Detroit.\nAt the event, Scaringe made a passionate case for developing large EVs, a \"white space\" where competition was scarce. His plan was to roll out a sport utility vehicle and a pickup truck by approximately 2020. Rivian would leverage the new brand image to secure more funding, which would then be used to develop shared EVs and fully autonomous driving technology by 2023.\nMany EV startups who bill themselves as the next Tesla pour their resources into developing sports cars. However, Scaringe demonstrated he was quick to pick up on shifting consumer tastes while maintaining a focus on next-generation technology.\nMiyazaki was floored by Scaringe's business model.\n\"Large-sized vehicles have a huge market in the U.S. because of their popularity, and I felt it was very rational since you could equip the vehicles with large-capacity batteries and extend driving ranges,\" said Miyazaki, who now heads Sumitomo's Beyond Mobility department.\nMiyazaki immediately launched a due diligence review of Rivian with Tatsuo Ishibashi, a subordinate who now heads the Detroit office. The team discovered the startup had taken the unusual step of spending $16 million buying an Illinois plant from Mitsubishi Motors in early 2017.\nMitsubishi Motors had originally invested 200 billion yen ($1.75 billion at current rates) in the assembly plant, which also handled engines, presswork and coating. The site has the capacity to turn out 250,000 vehicles a year.\n\"This is a company that has a proper footing,\" Ishibashi thought of Rivian.\nWhen Miyazaki and Ishibashi began negotiating with Scaringe, they were drawn to his personality. When a Sumitomo executive visited from the Tokyo home office to tour Rivian, Scaringe discussed his business strategy, balancing logic with passion.\n\"There may be times when a change in course is needed, but I felt we'd certainly arrive at solutions with Mr. Scaringe at the helm,\" said Miyazaki.\nSumitomo decided to invest in Rivian in October 2017, and the transaction closed that December. The Japanese group became the automaker's second corporate investor after ALJ.\nIshibashi relocated to Rivian's Detroit headquarters at the end of October 2017. A year later, Amazon.com founder Jeff Bezos came to observe the startup. Negotiations between Amazon and Rivian proceeded smoothly, and a $700 million infusion was announced just four months later, making Amazon the largest investor. Amazon also apparently ordered 100,000 all-electric delivery vehicles from Rivian.\nAfter investing in Rivian, Sumitomo became an eager intermediary between the automaker and Japanese suppliers. But at the time, Tesla was experiencing problems with production, which caused players in the automotive supply chain to be wary of EV startups.\nJapanese suppliers were particularly unwilling to move forward on contract negotiations. Ishibashi's team arranged for Scaringe to personally meet with executives from Denso, Aisin and Panasonic so that they could hear his business model.\nSumitomo also brokered discussions concerning post-mass production tie-ups. One automaker wanted to jointly use a charging system while a Japanese non-life insurance provider pitched a partnership for an insurance business, according to Sumitomo.\n\"We're not planning to sell Rivian shares for the time being,\" said Ishibashi. \"As a shareholder, we intend to support [Rivian] in distribution and after-sales services outside the U.S. and take an active approach in our collaboration.\"\nRivian started delivering its R1T pickup this September, which sells for about $67,000. In its first quarterly report since the float, the company revealed that it made only $1 million in revenue in the July-September period. The net loss exceeded $1.2 billion.\nThe semiconductor shortage this year limited production to about 1,000 vehicles. Rivian's next task is to develop an infrastructure for mass production.\nOn Dec. 16, the same day as the earnings report, Rivian announced it would build an additional assembly plant and expand the Illinois plant. The goal is to lift annual capacity to 600,000 units in 2024.\n\"Manufacturing cars is really difficult,\" said Miyazaki. \"Moreover, I'd expect [Rivian] to face various barriers because it's a startup.\"\nWhen Amazon invested in Rivian, the valuation of the startup was estimated at between $1 billion and $2 billion, giving it unicorn status. By the time the company ended its first day of trading on Nov. 10, its market capitalization stood at $85.9 billion. If a company with a valuation of $10 billion qualifies as a decacorn, then Rivian would be a superdecacorn.\nSumitomo had not disclosed its investment amount, so Rivian's valuation in late 2017 was unclear. But if Amazon's investment is used as a starting point, Rivian's enterprise value would have multiplied 40 to more than 80 times over.\nAmid the soaring fortunes, Sumitomo President Masayuki Hyodo is keeping a cool head.\n\"Making money off investments in startups is not the role of a trading company,\" said Hyodo. \"Rivian is a company that is very important to our EV platform. I can't speak to whether or not we'll make additional investments, but there is potential for all forms of collaboration.\"\nRivian's share price once approached $180 -- more than twice its original offer price of $78. Since then, its price has tumbled to about $100. This largely stems from an announcement in late November that Ford Motor and Rivian were scrapping plans to jointly develop EVs. Ford owns 12% of Rivian.\nAmerican EV startups Nikola and Lordstown Motors were consumed by fraud scandals in 2020 and 2021, respectively. Their market caps fell to less than one sixth of their peak values. Although Sumitomo had the foresight to invest in Rivian early, the Japanese group's ability to further develop its close relationship with the startup will come under scrutiny.","news_type":1},"isVote":1,"tweetType":1,"viewCount":313,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/698112726"}