Shares of Rivian and Lucid hit new all-time lows on Thursday after reporting quarterly results that disappointed the Street and raised concerns that the pure-play EV makers are not evolving quickly enough, particularly with EV demand slipping.
Electric adventure vehicle maker Rivian reported fourth quarter results after the bell on Wednesday.
Shares of Rivian (RIVN) and LUCID (LCID) are falling after both EV companies deliver disappointing outlooks for 2024. For Rivian, while the company did see a 167% increase in revenue in 2023, production guidance and vehicle costs have been called into question by some on Wall Street. Lucid reported a quarterly loss of $0.29 per share. Yahoo Finance Anchors Brad Smith and Seana Smith break down the latest developments for the companies and what it could mean for the EV market moving forward. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Nicholas Jacobino