Lordstown Motors Corp (NASDAQ:RIDE) and Lucid Group Inc (NASDAQ:LCID) shares are hitting the brakes Wednesday after the EV startups failed to dazzle investors with their quarterly results.
Rivian Automotive Inc (NASDAQ:RIVN) is the next EV company in line to report third-quarter results. Here’s a look at what to expect and how we got here.
What Happened: Lordstown reported a third-quarter net loss of 73 cents per share, which missed average analyst estimates for a loss of 31 cents per share, according to Benzinga Pro.
The company also reaffirmed plans to start delivering its flagship Endurance vehicle in the fourth quarter.
“Production is expected to increase towards the end of the month as the remaining supplier part pedigree and availability issues are resolved,” the company said.
See Also: Key Apple Supplier To Scoop Up $170M Of Lordstown Motors Stock As EV Maker Seeks End To Struggles
Lucid reported third-quarter revenue of $195.5 million, which missed average analyst estimates of $209.06 million, according to Benzinga Pro. The company reported a quarterly net loss of 40 cents per share, which also missed average analyst estimates for a loss of 31 cents per share.
Lucid didn’t cite any supply chain issues in its quarterly report. Instead, the company touted its ability to produce 300 cars per week and noted that it has a “visible pathway” to its next “incremental ramp up.”
Why It Matters: Amazon.com Inc (NASDAQ:AMZN)-backed Rivian is set to report its third-quarter results after the market close. The company is expected to report a net loss of $1.82 per share on quarterly revenue of $551.57 million, according to Benzinga Pro.
Rivian said it produced 4,401 vehicles in the second quarter, noting that “supply chain continues to be the limiting factor.” At the beginning of October, the company reported third-quarter production totals of 7,363 vehicles. Investors should be looking for Rivian to reaffirm that it’s on track to reach its full-year production target of 25,000 vehicles.
Continued strong demand is also something to watch for. In the second quarter, Rivian said it had a net customer preorder backlog of 98,000 vehicles and noted that “momentum continues to increase.”
RIVN Price Action: Rivian has a 52-week high of $106.80 and a 52-week low of $19.25.
The stock was down 12.5% at $27.87 Wednesday afternoon ahead of its report.
