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Rivian, Lucid and other EV startups scramble to shore up cash and reassure Wall Street - TL;DR CNBC

Rivian, Lucid and other EV startups scramble to shore up cash and reassure Wall Street

Publishing timestamp: 2024-05-10 12:59:45


Summary

Rivian, Lucid, and Nikola are all struggling to reduce costs and grow operations in order to make their first profits. The EV market is facing a slowdown, impacting even industry leader Tesla. Companies are cutting jobs, rearranging suppliers, and shifting priorities to survive in the tough market conditions. Many high-profile EV startups are near all-time lows, with some facing bankruptcy. Wall Street analysts are referring to the current state of the electric vehicle market as "EV winter."


Sentiment: NEGATIVE

Tickers: TSLANKLALCIDFRIVNGOEV

Keywords: breaking news: businesscanoo inctechnologyclimatetransportationrivian automotive incautosbusinessbreaking news: technologyford motor cotesla incbusiness newsnikola corplucid group inc

Source: https://www.cnbc.com/2024/05/10/rivian-lucid-nikola-shore-up-cash.html


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