From CNBC: 2024-05-10 12:55:23

Electric vehicle startups like Rivian, Lucid, and Nikola are facing tough market conditions, focusing on reducing costs and increasing operations for profit. EV adoption has been slower than anticipated, leading to a “EV winter” phase. Companies like Tesla are also restructuring. Rivian has been on a cost-cutting mission with $7.86 billion in cash and Lucid raised $1 billion. Nikola focuses on commercial vehicles, with lower cash reserves compared to Rivian and Lucid. Nikola is at risk of being delisted from the Nasdaq. Other EV startups like Lordstown Motors and Electric Last Mile Solutions have gone bankrupt. Canoo is also facing financial challenges.



Read more at CNBC: EV startups Rivian, Lucid, Nikola attempt to shore up cash