Once-Loved EV Startups Teeter on Edge as Buyers Sour on Industry [BNN Bloomberg (Canada)]
Rivian Automotive, Inc. (RIVN)
Company Research
Source: BNN Bloomberg
This week's slew of lackluster quarterly results from once promising electric-vehicle startups made clear what analysts and investors have worried about for a while now: That rapidly dropping prices on EVs will hit the smaller, unprofitable carmakers the hardest. Two of the largest and most prominent in the group — Rivian Automotive Inc. and Lucid Group Inc. — reported wider-than-expected losses, after losing a staggering amount of money for every vehicle they sold. “There really is no room for startups in this environment as rates are too costly to finance growth and margins are not strong enough to attract private capital,” said Brian Mulberry, client portfolio manager at Zacks Investment Management. Rivian shares fell as much as 10% Wednesday following its results, while Lucid dropped 14% Tuesday after its numbers. The pair have been on a steady downward spiral ever since they went public in the EV heyday during the Covid-19 pandemic era. Both stocks now trade more than 90% be
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RIVN
News
- Troubled EV maker Fisker closing Manhattan Beach headquarters [Yahoo! Finance]Yahoo! Finance
- Mercedes-Benz workers in Alabama vote against unionizing in blow to big UAW push [Yahoo! Finance]Yahoo! Finance
- Troubled EV maker Fisker closing Manhattan Beach headquarters [Los Angeles Times (CA)]Los Angeles Times
- Investors in Rivian Automotive, Inc. Should Contact Levi & Korsinsky Before June 18, 2024 to Discuss Your Rights - RIVNAccesswire
- Investors who lost money on Rivian Automotive, Inc. (RIVN) should contact Levi & Korsinsky about pending Class Action - RIVNAccesswire
RIVN
Earnings
- 5/7/24 - Beat
RIVN
Sec Filings
- 5/17/24 - Form 4
- 5/17/24 - Form 4
- 5/17/24 - Form 4
- RIVN's page on the SEC website