Rivian and Lucid shares plunge after weak EV earnings reports
Publishing timestamp: 2024-02-22 16:36:57
Summary
Rivian and Lucid shares fell after reporting stagnant production in their fourth-quarter earnings, with Rivian forecasting a slight decrease in vehicle production for 2024 and Lucid expecting a slight increase. Both companies cited economic and geopolitical uncertainties, as well as the impact of high interest rates. Despite billions of dollars invested in EVs, sales have grown more slowly than expected, with Rivian and Lucid making up only a fraction of EV sales compared to Tesla. Nikola also reported disappointing earnings, with its stock trading flat.
Sentiment: NEGATIVE
Tickers: LCID, RIVN, NKLA, TSLA,
Keywords: rivian automotive inc, business news, autos, stock markets, electric vehicles, nikola corp, earnings, tesla inc, lucid group inc,
Source: https://www.cnbc.com/2024/02/22/rivian-and-lucid-shares-plunge-after-weak-ev-earnings-reports.html