EV makers are having a bad week

Electrical automobile makers are having a nasty week. First up is Lucid Group, which announced This fall 2023 outcomes yesterday. Whereas the company produced and delivered 37% further autos in 2023 than it did in 2022, its 2024 outlook was pretty grim info to merchants.

Lucid said its manufacturing steering for 2024 was solely 9,000 autos, suggesting the company is struggling to hunt out patrons for its EVs. As TechCrunch notes, that’s merely 10% of the 90,000 EVs the company predicted when it went public that it’d make and promote in 2024.

Shares in Lucid (ticker: LCID) are at current down over 8.6% to $3.38 in premarket shopping for and promoting. Which may be a fraction of Lucid’s all-time extreme share value of over $52 per share in late 2021.

Competitor Rivian Automotive moreover announced its This fall 2023 outcomes. Whereas the company delivered 50,000 autos in 2023, it moreover reported a quarterly lack of $1.5 billion. Sadly, Rivian moreover launched it’d lay off 10% of its salaried staff.

Rivan has 16,700 employees however it absolutely’s not sure what variety of of those the company considers salaried, notes CNN, so the exact number of these laid off is simply not recognized. Saying the layoffs, Rivian CEO RJ Scaringe instructed employees in an e mail that the company’s “enterprise goes via a tough macroeconomic setting — along with historically extreme charges of curiosity and geopolitical uncertainty — and we’ve got to make purposeful changes now to ensure our promising future.”

Rivian stock (ticker: RIVN) is at current shopping for and promoting down larger than 16% in premarket to $12.88 a share. The company’s shares had been shopping for and promoting at over $129 per share in late 2021.

Whereas Lucid and Rivian shares are down on the knowledge, merchants don’t look like worrying an extreme quantity of that the companies’ struggles are a nasty sign for competitor Tesla. As of the time of this writing, Tesla shares (ticker: TSLA) are roughly flat in premarket shopping for and promoting, sitting merely above $195.