Shares of electric vehicle makers Rivian and Lucid plummeted Thursday after the companies reported disappointing results and stagnant production in their fourth quarter earnings after the bell Wednesday.Rivian shares plunged about 25% and Lucid's stock sank more than 15% as of Thursday afternoon.Rivian forecast it will make 57,000 vehicles in 2024, slightly below the 57,232 vehicles the company produced last year. Lucid said it expects to make 9,000 vehicles in 2024, about 7% higher than (please double chec ...

Shares of electric vehicle (EV) firms Rivian Automotive Inc (NASDAQ:RIVN) and Lucid Group Inc (NASDAQ:LCID) are plummeting this afternoon, following quarterly results.Rivian Automotive Stock Hits Record Low After EarningsRivian Automotive stock is down 25.2% at $11.52 at last glance, after the EV maker announced worse-than-expected fourth-quarter results. Also weighing on RIVN is news that the company laid off 10% of its workforce and word that it expects to see lower-than-expected car production going forw ...

Lucid (NASDAQ:LCID) stock is down by nearly 20% after the electric vehicle (EV) company reported its Q4 earnings. During the quarter, revenue tallied in at $157.2 million, falling short of the analyst estimate of $180 million by about 12.6%. Earnings per share (EPS) came in at a loss of 29 cents, beating the analyst estimate of a loss of 30 cents.Lucid delivered a total of 1,734 vehicles during Q4, down from 1,932 deliveries year-over-year (YOY). That brought its total 2023 deliveries to 6,001 vehicles, up ...

About this content About William Farrington William kickstarted his career as a researcher and reporter for a global legal publication, covering everything from public law to M&A. Before moving to Proactive Investors, he worked as a reporter for a major fintech company with a focus on cryptocurrency and blockchain technology. Harking from Queensland, Australia, William obtained first-class honours in journalism and media from Birkbeck University before going on to complete an MA in creative and critical ...

Electric vehicle start-up Lucid Group (LCID -19.59%) failed to impress in its most recent quarter and gave disappointing guidance about the year ahead. Investors are headed for the exit ramp, sending Lucid shares down 20% as of 10:45 a.m. ET.Slower-than-expected growth up aheadLucid is one of a number of young electric vehicle companies trying to replicate the success of Tesla. The company's first car, the Air luxury sedan, is in production in Arizona and Saudi Arabia.The company lost $0.29 per share in the ...

Lucid (NASDAQ:LCID) stock is slipping on Thursday after the electric vehicle (EV) company’s shares were hit with a downgrade by Cantor Fitzgerald analysts.That downgrade drops shares of LCID stock from a “neutral” rating to an “underweight” rating. For comparison, the analysts’ consensus rating for LCID is reduce based on 10 opinions.The downgrade for LCID stock also comes with a price target cut from $6 per share to $4 per share. Despite the drop, that still represents an 8.1% upside for the EV company’s s ...

As hard as it tries to advance its business, the electric vehicle (EV) maker Lucid Motors (NASDAQ: LCID) has so far failed to meet investor expectations and has recorded loss after loss since its initial public offering (IPO) in 2021.Last year, 2023, was in many ways particularly bad for the LCID as a company as, for example, its attempt to offset dwindling demand by offering a $10,000 cashback on new vehicles failed to prevent it from missing its delivery targets.On the stock market, LCID shares experience ...

Electric vehicle (EV) stocks will be in the spotlight on Thursday as investors reflect on more bad news in the industry. Most of these companies have already crashed by double-digits this year and analysts caution that the situation may worsen soon. Lucid Motors and Rivian earningsCopy link to sectionThere have been several bad news in the EV industry lately. Earlier this week, Ford announced that it was slashing prices of its Mach E vehicle again in a sign that demand was waning. It was also reported by WS ...

Lucid Group (LCID) came out with a quarterly loss of $0.29 per share versus the Zacks Consensus Estimate of a loss of $0.28. This compares to loss of $0.40 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -3.57%. A quarter ago, it was expected that this an electric vehicle automaker would post a loss of $0.27 per share when it actually produced a loss of $0.28, delivering a surprise of -3.70%.Over the last four quarters, the co ...

Lucid Motors plans to build just 9,000 electric vehicles in 2024, only 500 to 1,000 more than it made in 2023, as it struggles with demand for its luxury sedans. If it sticks to that number, that means Lucid will wind up building around 10% of the 90,000 EVs it predicted it could make and sell in 2024 when it went public three years ago.The chasm between the new figures and those original expectations spotlights how much freedom companies like Lucid had in promoting the reverse mergers that helped so many b ...