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Shares of EV automakers Rivian Automotive and Lucid Group plummeted as their earnings reports indicated slowing demand and low production growth prospects. Rivian's stock tanked 25% to a record low, while Lucid saw a 9% decline. Concerns over high interest rates and affordability issues have led to plans of moving downmarket to compete.
EV startups are struggling: Rivian and Lucid are both getting punished in the market. https://t.co/kpI8DScZWf https://t.co/Nwx9HgsTKM
There isn't a single reason startups are struggling, but pure-play electric vehicle companies are getting punished in the market. • For Rivian and Lucid, part of the problem might be the price points. https://t.co/krjdgs2E7V https://t.co/Fodw6SYM1A
Rivian and Lucid, two formerly-hyped EV makers, have largely disappointed markets over the past two years. https://t.co/gScbbcwEAJ
