Electric vehicle (EV) manufacturers Rivian Automotive and Lucid Group faced significant challenges in their latest quarterly reports, highlighting a tumultuous period for the EV industry amid slowing demand and economic uncertainties. Rivian announced a 10% reduction in its workforce and projected no production growth for 2024, while Lucid Motors reported a substantial net loss, increasing from $1.3 billion in 2022 to $2.8 billion in 2023. Both companies also reported negative free cash flows, with Rivian and Lucid generating $19.0B and $8.9B in negative free cash flows since inception, respectively. Analysts have expressed concerns over the companies' futures, with UBS issuing a rare double downgrade for Rivian from Buy to Sell. The economic outlook and high interest rates have been cited as key factors impacting demand for EVs. Additionally, Tesla CEO Elon Musk advised Rivian to cut costs massively to survive. Rivian's average selling price in Q4 2023 was $94,000, while Lucid's average selling price was $90,542. Lucid's 2023 revenue was $595 million against a cost of revenue of $1.9 billion, with total liquidity at the end of Q4 2023 standing at $4.78 billion and a negative free cash flow for 2023 of $3.4 billion. Rivian's stock dropped by 25%, and Lucid's stock fell by 8.1%.
🗞️ @Rivian and @LucidMotors hit new lows as quarterly results disappoint, raising concerns about slow evolution in the EV market. https://t.co/TOxE550Px4 https://t.co/q7CK2i9xrO
Biden Pulling Plug on EV Plans https://t.co/laIgUMw3EK via @JohnLockeNC #ncpol
Rivian shares are once again making all-time lows. Now down 92% from the peak. Whenever Rivian is in the news for earnings or another stock price low, I turn back to this @InsideOrchard essay that I wrote in 2023. Rivian Is Early https://t.co/7n4936HARG https://t.co/SAfvvSsQbT
Elon Musk just said $RIVN needs to ‘cut costs massively’ and its execs should ‘live in the factory’ or its company will die 😂
A new Rivian bear emerges after rare two-notch downgrade; EV maker ‘heading off-road’ https://t.co/lN78Z5mUDp
Elon Musk says Rivian needs to "cut costs massively" and its execs should "live in the factory" or the Tesla rival will die. https://t.co/5W6nrRgi4y
BIDEN WASTING BILLLIONS TO PROP UP FAILING CORPORATIONS: @Rivian and @LucidMotors shares plunge after weak EV earnings reports https://t.co/OWv8DwDQMo #ClimateScam
Charging ahead: @GovKemp blasts Biden’s ‘counterproductive’ investments for sapping EV momentum https://t.co/W6509qh9wO https://t.co/W6509qh9wO
Joe Biden is 'caving' on his green agenda as US sentiment sours on EVs https://t.co/ET5O4ntmER
📉 Rivian Disappointed with its Q4 Results & 2024 Production Guidance https://t.co/4wHuXBJKIq 66% of retail CFD accounts lose money.
Rivian has backed itself into a corner, writes @chrismbryant https://t.co/iFtIpy6rGD via @opinion
$RIVN Rivian — Shares fell 2.4%, a day after sinking nearly 26%. The electric-vehicle manufacturer reported a wider-than-expected fourth quarter loss of $1.36 per share on Thursday and its 2024 production forecast missed estimates. On Friday, UBS double-downgraded the stock to…
$NIO JPMorgan downgrades Nio JPMorgan downgraded the electric vehicle maker to underweight from neutral. “All in all, our downgrade – admittedly a late one – is to reflect our cautious view on the company’s sales and earnings momentum in a very competitive market. We also…
$RIVN UBS double-downgrades Rivian The firm said to sell the electric vehicle maker’s stock, joining a growing group of concerned analysts following the company’s earnings report. “We had been optimistic on RIVN’ s product and brand ultimately winning out. But a rapidly…
Rivian Stock Drops After Rare Double Downgrade. EV Demand Is a Problem. https://t.co/QK11uSsGRw
Tesla competitor Rivian predicts zero growth this year as its founder blames the Fed for making him cut a tenth of his staff. https://t.co/U6XxUwPQQO
Tesla CEO Musk has warned Rivian that massive cost cuts are needed to survive. He’s saying $RIVN CEO should sleep on factory floor and make cuts to survive. Agreed.
Rivian gets a double downgrade from UBS, which says profitability will be harder to achieve https://t.co/VDJ1J8COxm
$RIVN double downgrade - from Buy to Sell at UBS. PT slashed to $8 from $24.
EV truck and SUV maker and rival Lucid offer weaker than expected 2024 production forecasts. https://t.co/IpSJVZrqtx
Rivian has backed itself into a corner, writes @chrismbryant https://t.co/j5HiSO8SAC
Once the darling of the EV world, the electric truck-maker Rivian is reeling - Los Angeles Times https://t.co/oAJDA8v5ln
Environmentalists in Denial About Biden's Unpopular EV Mandate https://t.co/DctoxE8wT7
Breakingviews - Rivian swerves dangerously into crowded slow lane https://t.co/t1UycY5h4o https://t.co/t1UycY5h4o
From Breakingviews - Breakingviews - Rivian swerves dangerously into crowded slow lane https://t.co/iYyP4FtVB1 https://t.co/iYyP4FtVB1
Joe Biden's EV Mandate "Vision" For America Is In Full Collapse https://t.co/qFfBmZ4JRO
EV automakers Rivian Automotive and Lucid Group shares fell as uncertain economic outlook and high interest rates hit demand https://t.co/v3yx6u89mM https://t.co/UzFSDAglFc
Analyst overhauls Lucid stock price target after earnings https://t.co/vIX0SN0dlA
Analysts revamp Home Depot stock price targets after earnings https://t.co/Adg2nGc3n1
Cool trucks don't mean great stocks. Manufacturing business is hard. Selling even harder... $RIVN https://t.co/DoR6OjQ06k
Is Rivian making trucks or making excuses? Stock tanks after earnings flop. EVs getting rear-ended by reality. Earnings report reads like a breakup text: 📱"It's not you, it's our cash flow.. #AntiHero #Rivian #EVdreams #WhereDidPetesDepositGo $RIVN Rebel's Edge 🏴☠️ 1pm weekday… https://t.co/03Y5wD3c9v
No one should be surprised $RIVN https://t.co/qna9FXTDv0 https://t.co/nsZleA742h
Lucid's anticipated 2024 vehicle production is lower than what Wall Street was expecting. https://t.co/psKIEAMtBW
After losing $2B in 2023, California-based Rivian lays off hundreds of workers https://t.co/Q2LiOxbx73
Rivian, Lucid tumble as analysts grow wary of 'lackluster' growth, new product timelines https://t.co/EZdrWVyFpL by @Pras_S
$RIVN hit an all time low today. $TSLA
Rivian decimates staff to put a brake on spending https://t.co/wujuMczlpM
Analysts revamp Rivian stock price targets after earnings https://t.co/flxwRPqhJy
$RIVN loses $43K per car… ouch
$RIVN & $LCID are both driving the wrong way today 📉 @TheFuturumGroup’s @CoryTV & @KraneShares’ Henry Greene share their respective outlooks for EVs with @NPetallides, detailing which stocks in the space are best positioned going forward: https://t.co/v3v8ecFyAG
$LCID fell just a weee bit short of it's projection in their SPAC deck of 10 Billion dollars in revenue for 2023 Coming in at a cool $585 million
$LCID feel just a weee bit short of it's projection in their SPAC deck of 10 Billion dollars in revenue for 2023 Coming in at a cool $585 million
A 'messy' quarter: What analysts are saying after Rivian's latest quarterly report https://t.co/EyBtvitp3z
Kemp: Biden's electric vehicle push spawned a backlash https://t.co/1ZIIItmF8X
"I do think that we are watching the denouement of an era." @jimcramer and @carlquintanilla contextualize what Rivian and Lucid's suboptimal results mean for the greater EV race. $RIVN $LCID https://t.co/vQMBLy7rob
$RIVN feel sorry for this company. Wait, wait. No I don’t.
“Interest rates are so high that I’m currently leasing a Rivian,” he said. $RIVN CEO @RJScaringe spoke to @decodethefirm last night after earnings. Our earnings report here: https://t.co/kcygkVfvcE
Rivian, Lucid tumble as slowing EV demand upsets ramp-up plans https://t.co/8Fowhluh29 https://t.co/xHueIm3awH
🤖💬 Rivian stock plunges more than 25% in one day: Shares hit new lows amid concerns over short-term growth, even as analysts express long-term confidence.
Biden begins to admit defeat on electric vehicles | @DCExaminer Editorial https://t.co/BZfw7y69q3 https://t.co/BZfw7y69q3
*RIVIAN SLUMPS 25% AT THE OPEN, HITTING LOWEST LEVEL ON RECORD
It's been a tough year to be an EV company Feels like $RIVN, $LCID, & $FSR are all on the verge of collapsing after another disappointing quarter https://t.co/8wW1D948eI
$RIVN (-19.4% pre) Rivian stock falls as EV maker reports fourth-quarter results, announces 10% job cuts - CNBC https://t.co/B2FboVFEr2
$LCID (-8.1% pre) Lucid Group (LCID) Reports Q4 Loss, Misses Revenue Estimates - Zacks https://t.co/EDbzwS3Td7
$RIVN Morgan Stanley reiterates overweight rating on Rivian Automative Morgan Stanley kept its overweight rating on Rivian , but cited concerns on the company’s outlook. “While consumers love the R1 and investors would love a ‘non-Tesla’ way to play the long-term EV theme,…
$RIVN RBC reiterates Rivian Automotive as sector perform RBC said Rivian could be in trouble as the EV market stays under pressure. ” Rivian reported a messy Q4 with worse FCF vs expectations but more importantly issued 2024 production guidance well below consensus. ... We would…
Lucid Motors will only build 9,000 EVs in 2024 after once predicting it would ship 90,000. Just missed? Lol. $LCID. If they missed by only one zero. Did they actually miss? #PayTheUnder https://t.co/AqYwGsOf2U
Rivian has few catalysts in 2024 beyond its new SUV, but longer-term story is intact, analysts say https://t.co/q2H4NQgLJJ
Biden’s sweeping green vision crashes into reality https://t.co/3Vez7q8hlE
Anyone who thinks "I'll buy the dip" should think twice. It's impossible to predict what the stock market does in the short term but Rivian's outlook over the next few quarters is extremely poor. At still $12.5B market value (accounting for the after hours drop), Rivian, just… https://t.co/x0fKifzVXm
Any investor in the EV space should look at this chart carefully: Rivian and Lucid have generated a shocking $19.0B and $8.9B in negative free cash flows since inception. 🤯 (updated for Rivian's and Lucid's results from yesterday) https://t.co/4PE2kG08Z0
"R2 represents the essence of our brand while targeting the significant midsize SUV segment, a massive market with limited compelling EV options beyond Tesla" — @RJScaringe, $RIVN CEO
"Our business is not immune to existing economic and geopolitical uncertainties, most notably the impact of historically high interest rates, which has negatively impacted demand" — @RJScaringe, $RIVN CEO
Crazy stat of the night: Rivian's average selling price in Q4 2023 ($94,000) was higher than Lucid's average selling price ($90,000) in the same quarter. Lucid air now starts at $69,900. https://t.co/wHwiZyBNGW
Electric-truck maker Rivian projects no production growth in 2024 $RIVN https://t.co/3yaDtfEbqF
Average selling price of a Lucid Air? $90,542 $LCID
Lucid Net Loss $LCID 2022: $1.3 billion 2023: $2.8 billion
Lucid 2023 $LCID Revenue: $595 million Cost of Revenue: $1.9 billion
Lucid reported $4.78 billion in total liquidity at the end of the fourth quarter For 2023, they had negative free cash flow of $3.4 billion. $LCID
I missed Lucid and Rivian earnings. Can someone fill me in on what happened? https://t.co/IsVvPcbUHV
Analysts update stock price target for Walmart after earnings beat https://t.co/orUvP9hESr