Rivian Automotive（RIVN.US）：自动驾驶竞赛

Morgan Stanley reviews Rivian's 3Q26 results: adjusted EBITDA of -$435mn beat MSe/consensus of -$611mn/-$576mn, with automotive gross losses narrowing to -$80mn and gross margin ex-regulatory credits of -10.9% versus -19%/-21% expected, despite ~$120mn of incremental R2 ramp costs. R2 is now Rivian's best-selling vehicle, with demo drives nearly doubling sequentially and Launch Edition conversion exceeding expectations, though supplier readiness remains the key constraint on the ramp; management raised FY26 delivery guidance to 67-70k units and adjusted EBITDA guidance to -$1.8bn at the midpoint. With TSLA's paid FSD attach rate above 75% of North American deliveries, autonomy is increasingly critical to demand, share and software monetization;