Electric vehicle (EV) manufacturers Rivian Automotive and Lucid Group faced significant challenges in their latest quarterly reports, highlighting a tumultuous period for the EV industry amid slowing demand and economic uncertainties. Rivian announced a 10% reduction in its workforce and projected no production growth for 2024, while Lucid Motors reported a substantial net loss, increasing from $1.3 billion in 2022 to $2.8 billion in 2023. Both companies also reported negative free cash flows, with Rivian and Lucid generating $19.0B and $8.9B in negative free cash flows since inception, respectively. Analysts have expressed concerns over the companies' futures, with UBS issuing a rare double downgrade for Rivian from Buy to Sell. The economic outlook and high interest rates have been cited as key factors impacting demand for EVs. Additionally, Tesla CEO Elon Musk advised Rivian to cut costs massively to survive. Rivian's average selling price in Q4 2023 was $94,000, while Lucid's average selling price was $90,542. Lucid's 2023 revenue was $595 million against a cost of revenue of $1.9 billion, with total liquidity at the end of Q4 2023 standing at $4.78 billion and a negative free cash flow for 2023 of $3.4 billion. Rivian's stock dropped by 25%, and Lucid's stock fell by 8.1%.