Core Insights - The electric vehicle startups Rivian and Lucid reported disappointing first-half results and provided a pessimistic outlook for the year due to changes in U.S. policies and trade tensions [1] Rivian Summary - Rivian's revenue for the first half of 2025 was $2.543 billion, with a net loss of $1.656 billion [1] - The company attributes its increased losses to a reduction in credit value, estimating a loss of about $300 million, with no further income from such sales in the second half [3] - Rivian's CEO noted that policy changes have led to increased costs, resulting in a significant drop in production [3] - The cost per vehicle reached $118,375, an 8% increase from the previous year [3] - Rivian expects adjusted core losses to be between $2 billion and $2.25 billion, up from a previous forecast of $1.7 billion to $1.9 billion [4] - The company anticipates record delivery volumes in the third quarter due to increased demand [4] Lucid Summary - Lucid's revenue for the first half of 2025 was $495 million, with a net loss of $905 million [1] - The interim CEO of Lucid expects weak demand for electric vehicles in the fourth quarter and has plans to attract consumers, though details were not disclosed [4] - Lucid's production has also been affected by China's restrictions on rare earth exports, impacting costs and profit margins [6]