From CNBC:

Shares of electric vehicle makers Rivian and Lucid plummeted after disappointing fourth-quarter earnings reports. Rivian’s stock fell by 25% while Lucid’s sank by almost 17%. Rivian forecasted producing 57,000 vehicles in 2024, slightly less than the 57,232 made last year. Lucid expects to produce 9,000 vehicles, up from 8,428 in 2023.

Rivian’s revenue for the quarter beat estimates at $1.32 billion, but its net loss per share of $1.36 was worse than expected. The company also announced a 10% job cut. Lucid reported lower-than-expected revenue of $157.2 million and a net loss of 30 cents per share. Both CEOs cited economic uncertainties impacting demand.

Despite significant investments in EVs, sales have grown more slowly than expected, making up 6.9% of sales heading into December. Rivian and Lucid make up a fraction of EV sales compared to Tesla, with Rivian accounting for just over 4% and Lucid 0.5% of the market in 2023.

Rivian’s shares have dropped about 40% in the past year, while Lucid’s stock is down about 70%. Nikola, another EV maker, reported worse-than-expected revenue in its latest earnings, trading flat on Thursday after losing much of its value since hitting an all-time high in 2020.



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