Posted on 02/23/2024 7:00:39 AM PST by Red Badger
EV startup stocks Rivian (RIVN) and Lucid (LCID) sank Thursday after both companies reported fourth-quarter earnings and revenue late Wednesday, and announced they are not ramping up production in 2024.
Rivian reported Wednesday a loss of $1.36 per share in Q4 with sales doubling to $1.31 billion. Wall Street expected a loss of $1.35 and revenue totaling $1.28 billion. Looking to 2024, Rivian said it expects production of 57,000 vehicles, remaining flat compared with 2023. The EV startup also predicts consumer and commercial vehicle deliveries to grow by low single-digits in 2024.
The company also announced that it predicts vehicle deliveries in Q1 2024 to be about 10%-15% lower than in Q4 2023 and that it is laying off 10% of its salaried workers.
Elon Musk Weighs In On Rivian Stock Tesla Chief Executive Elon Musk posted on X, formerly Twitter, late Wednesday that based on Rivian's quarterly cash on hand, the company could go bankrupt in around six quarters.
"Maybe that trajectory will change, but so far it hasn't," Musk said.
Rivian CFO Claire McDonough told investors Wednesday the company remains "confident that our cash, cash equivalents and short-term investments can fund our operations through 2025."
"We aim to maintain a strong balance sheet position by continuing to drive cost efficiencies and improve our vehicle unit economics, while opportunistically evaluating a variety of capital markets available to Rivian ranging across the capital structure," McDonough said on the earnings call.
Rivian stock plunged 25.6% during Thursday's market action and continued to angle lower early Friday. Meanwhile, Lucid stock dove 17% Thursday. Musk took to X once more Thursday afternoon claiming that Rivian needs to "cut costs massively and the exec team needs to live in the factory or they will die."
(Excerpt) Read more at investors.com ...
Which Freeper told us not to dare short Rivian?
🤷‍♂️............................
The economy. It just keeps booming.
A little off topic, but there was a story awhile back about some kid that watched the sticks that Nancy Pelosi and h7bby were investing in, and he invested I. Them too, and has made a staggering amount of money apparently, and I heard last night there is an app that watches the investments of politicians or whoever, and alerts to what they, or whoever works for them, are buying
I’m sure that if politicians had stock in rivian or lucid, that they got out in time thanks to little birdies telling them to, in order to stave off losses
If I had to WAG it I’d have to say teslagator 🤣
I just saw a tv show saying how we need to spend trillions updating our roadway guardrails to handle the heavier battery trucks like rivian. So getting rid of rivian et al could save a bunch.
Fisker (FSR) is at $0.5286 and has a 52-week low of $0.5212, so not doing great. 52-week high was $7.86.
VinFast (VFS) is at $4.98 and has a 52-week low of $4.59, so not doing great. 52-week high was $93.00.
Even though I own an EV, live in the south (no harsh winters), can charge at home, have a 2nd car like a lot of married couples so we're not tethered to just one driving technology, and drive enough miles for the gas savings to be worth an EV ... if I was honest I'd bet only 5% or 10% of the people I know personally are also in a situation where an EV is practical.
Of course, that's free market and practical thinking ... something the warmageddon control-freak Dims and their cult followers are incapable of.
Maybe we should invest in those guardrail manufacturers? Who are they?
Rivian = Edsel
Dunno, but anyone taking stock advice from FReepers or any other group of anonymous strangers on the internet is a moron.
Probably Japanese steel companies and local government transportation workers paid for my higher taxes.
Edsel was good looking by comparison
It was a car well before its time.
They are pretty though.
They will make great looking ‘Lawn Art’ for rich Rednecks.................
What companies are making EV car suitable guardrails and what are their stock
Imagine what he would be like if he actually owned a Tesla.
I was actually wondering if the US Federal Government wasn’t more like 100% insider trading. Maybe the CSPAN cameras are of a small, animatronic model, and the Senate or House really sits around all day trying to come up with stocks to buy that they can influence with legislation.
It seems a better explanation of the Biden Cabal’s energy stances than most.
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