Rivian Lays Off 10% Of Body of workers As Fellow EV Startup Lucid Manufacturing Forecast Underwhelms. Elon Musk Expects Bankruptcies.

EV startup shares Rivian (RIVN) and Lucid (LCID) sank early Thursday after each firms reported fourth-quarter profits and earnings overdue Wednesday, and introduced they aren’t ramping up manufacturing in 2024.

Rivian reported Wednesday a lack of $1.36 in step with percentage in This fall with gross sales doubling to $1.31 billion. Wall Side road anticipated a lack of $1.35 and earnings totaling $1.28 billion. Taking a look to 2024, Rivian mentioned it expects manufacturing of 57,000 cars, last flat when compared with 2023.
The corporate additionally introduced that it predicts car deliveries in Q1 2024 to be about 10%-15% not up to in This fall 2023 and that it’s shedding 10% of its salaried staff.
Tesla Leader Govt Elon Musk posted on X, previously Twitter, overdue Wednesday that in line with Rivian’s quarterly money readily available, the corporate may just pass bankrupt in round six quarters.
“Perhaps that trajectory will exchange, however up to now it hasn’t,” Musk mentioned.
Rivian inventory plunged greater than 25% all over Thursday’s marketplace motion. In the meantime, Lucid inventory dove just about 10% early Thursday.

In conjunction with Rivian, Lucid reported Wednesday a This fall lack of 29 cents in step with percentage with earnings falling 39% to $157 million. Analysts predicted a lack of 30 cents and gross sales hitting $180 million. Lucid produced 8,428 cars in 2023 and delivered 6,001.
For 2024, the corporate forecasts generating 9,000 cars, smartly underneath Wall Side road’s expectancies of greater than 14,000.
Please observe Equipment Norton on X, previously referred to as Twitter, @KitNorton for extra protection.
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