Are EV's dead?

The EV revolution is losing steam. After a spike in EV sales in 2022, the market is not growing at the rate expected this year. U.S. EV sale Show More

The EV revolution is losing steam. After a spike in EV sales in 2022, the market is not growing at the rate expected this year. U.S. EV sales grew 6% YoY in the third quarter, a significant slowdown from 14% in the second quarter.

Inventory levels in the EV industry swell as automakers overestimate the current demand. Competition in the EV industry is also intensifying, a looming headwind for EV startups that are still struggling to expand production to break even. Automakers have been forced to lower the price to compete with Tesla, even though they've been losing money continuously.

Here's how EV companies got through the third quarter:

- $Tesla (TSLA.US)$'s revenue total fell short of Wall Street's estimates. The company attributed the revenue volatility to increased deliveries, lower average selling prices and negative FX impacts, among other things.
- Investor confidence took a hit after $Lucid Group (LCID.US)$ lowered its full-year production guidance from 10,000 units to between 8,000 and 8,500 units to "carefully align with deliveries".
- $Rivian Automotive (RIVN.US)$ continues to make steady improvements in production and deliveries, and is realizing operational cost efficiencies.

🎙️Discussion:
How much more room do you see for growth in EV stocks?

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Jessica Amir

Jun 26, 2024 10:13

Columns Rivian shares jump 48% after hours. No wonder Aussies are ripping into trading US stocks

You don't get these moves on the ASX often, right?
So what's the Rivian story?
1- Rivian $Rivian Automotive (RIVN.US)$ partnered with Volkswagen, who plans to invest an $5 billion in the company
2- In exchange VW will access Rivian's technology to develop “next-generation” battery-powered vehicles, while will also access its software.
3- Still, the EV industry is still struggling with margin compression....

Are EV's dead?

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Apr 4, 2024 23:22

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Are EV's dead?

Moomoo Down Under

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It could potentially be...

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Moomoo AI

Nov 22, 2023 07:39

The union's victory shows their resolve to better worker conditions. However, this may increase labor costs per vehicle, potentially impacting automakers' competitiveness, especially amid the transition to electric vehicles.

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Are EV's dead?

Movers and Shakers

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