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Why EV Startups Rivian, Lucid Are Crashing Premarket Today - Lucid Gr (NASDAQ:LCID), Rivian Automotive (NASDAQ:RIVN)

Summary by Ground News
Rivian Automotive and Lucid Group plummeted in premarket trading on Thursday. Rivian beat revenue expectations but missed production targets. Lucid missed revenue expectations and offered weak delivery guidance of 9,000 units, reflecting production challenges. The company also announced a 10% workforce reduction.

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BenzingaBenzinga
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Why EV Startups Rivian, Lucid Are Crashing Premarket Today - Lucid Gr (NASDAQ:LCID), Rivian Automotive (NASDAQ:RIVN)

Rivian beat revenue expectations but missed production targets, guiding for 57,000 units in 2024, significantly lower than analysts' estimates.

·Detroit, United States
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WIONWION
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EV startups Rivian and Lucid adjust 2024 production forecasts amid market challenges

Electric vehicle (EV) startups Rivian and Lucid have adjusted their production forecasts for 2024, citing challenges in the market landscape and persistent borrowing costs hindering consumer adoption of battery-powered cars. Rivian, backed by Amazon, announced a 10 per cent reduction in its workforce and revealed plans for a production shutdown to upgrade efficiency and cut costs.

·Noida, India
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WION broke the news in Noida, India on Thursday, February 22, 2024.
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