EV Sector Slides as Tesla, Rivian, and Lucid Suffer Delivery Setbacks
Wednesday, 3 April 2024, 00:48
EV stocks hit the skids
The first quarter showcases challenges for the EV industry with Tesla's 8.5% decline in deliveries and missed production targets. Lucid faces potential bankruptcy with weak operating performance, while Rivian's growth outlook remains muted. Notable disruptions in production underline the companies' struggles amidst industry-wide demand challenges.
Stock Performance
- Tesla: Closed down around 5%.
- Rivian: Dropped 3.5%.
- Lucid: Yet to report first-quarter numbers, indicating cash flow concerns.
Towards the end of the quarter, Tesla announced price hikes and confronted production challenges, highlighting ongoing obstacles in the EV market.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.