Rivian Stock Tanks 25%, Lucid Declines 9% on Slowing Demand and Low Production Growth
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.
Sources
Axios
EV startups are struggling: Rivian and Lucid are both getting punished in the market. https://t.co/kpI8DScZWf https://t.co/Nwx9HgsTKM
- Axios
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
TheStreet Rivian and Lucid, two formerly-hyped EV makers, have largely disappointed markets over the past two years. https://t.co/gScbbcwEAJ
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