business-electric-vehicles1.77 min read
"Rivian and Lucid Stock Prices Plummet Amid EV Concerns"
1 year ago•Source: Yahoo Finance
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1.84 min•1 year ago
Lucid's Q1 EV Deliveries Soar 40% After Price Cuts
Lucid Motors reported higher-than-expected first-quarter deliveries, attributing the increase to price cuts that boosted demand for its luxury electric sedans. The company delivered 1,967 vehicles, surpassing estimates, and plans to ramp up deliveries to Saudi Arabia in the second half of the year. Lucid also announced plans to introduce a mid-size car in 2026 targeting a $50,000 price point, aiming to attract a broader customer base.
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Canoo's Bleak Forecast Sparks Stock Tumble
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BYD's Rollercoaster Ride: From Soaring Profits to Slowdown
Chinese EV powerhouse BYD reported its slowest quarterly profit growth in two years, with revenue rising 15.1% to 180.04 billion yuan in the fourth quarter of 2023 and net profit skyrocketing 80.7% to 30.04 billion yuan for the full year. BYD faced challenges from lost momentum in EV sales and a price war, but navigated the backdrop with exemplary cost control and higher-priced exports. Despite this, it dethroned Tesla as the top EV maker in the last quarter of 2023 and unveiled a new subcompact electric SUV, the Yuan Up, as it aggressively expands globally and into the premium market, posing a challenge to Tesla.
"BYD's Remarkable Rise: Overtaking Tesla with Record-Breaking Profits"
Chinese electric vehicle maker BYD reported record earnings of US$4.16 billion for 2023, driven by strong EV deliveries and cost-cutting measures. The company cautioned about weak consumer demand and global headwinds despite its robust growth. BYD's revenue surged 42% to 602.3 billion yuan, fueled by record deliveries of new energy vehicles (NEVs). The company aims to strengthen R&D, enhance product competitiveness, and expand overseas to lead the global NEV market. Despite a sequential slowdown in profitability in the final quarter of 2023, BYD remains a dominant force in the Chinese EV market, facing stiff competition and a price war.
"Nio's Q4 Earnings: Loss Narrows, Sales Dip Expected Amid China's EV Battle"
Nio Inc., a Chinese electric-vehicle maker, reported an annual loss of $2.9 billion as it faced intense competition in the country's EV market. Despite better-than-expected sales in the final quarter of 2023, the company's net loss widened, and it anticipates shipping fewer cars in the first quarter of 2024. Nio plans to unveil a mass-market brand to compete with Tesla's locally built models and is aggressively promoting its battery-swap technologies. The company has received a capital injection and is considering cost-cutting measures, including potentially spinning off non-core businesses.
"Fisker's Potential Lifeline: Partnership Talks with Nissan Amid Bleak Financial Outlook"
Nissan is in talks to potentially invest $400 million in Fisker, sparking optimism and boosting Fisker's position in the electric vehicle market. Henrik Fisker, CEO of Fisker Inc, confirmed ongoing discussions with original equipment manufacturers (OEMs) regarding a strategic investment, expressing hope for a finalized deal soon. The potential partnership with Nissan could significantly bolster Fisker's growth strategy and facilitate local manufacturing, potentially marking a significant milestone for Fisker's future in the electric vehicle market.
"Fisker's Cash Warning Sends Investors Running for Cover, Stock Slumps"
Fisker's shares plummeted nearly 47% after the electric vehicle startup warned of going-concern risks, job cuts, and a pause in future investments until securing a manufacturing partnership, leading to concerns about its ability to operate. The company's struggles reflect broader challenges in the EV sector, including high interest rates, range anxiety, and consumer preference for hybrids. Fisker's cash and cash equivalents decreased significantly, and it anticipates challenges in covering expenses over the next 12 months. The company is seeking a manufacturing partner and considering a shift to a dealer-partner model, while also exploring investment and joint development opportunities with a large automaker.
"Tesla's Supercharger Network: Opening to Ford and Other EVs for Profitable Partnerships"
Tesla's decision to open its Supercharger network to other automakers is not only a strategic move for EV adoption, but also a smart business decision. By charging non-Tesla EV owners a 30% premium per kWh of charging at Superchargers, Tesla is offering a $13 per month Supercharging membership to align their charging costs with Tesla owners. With the potential to sell memberships to as many as 1 million EVs in North America alone, Tesla could generate over $1 billion a year in revenue from non-Tesla EVs using the Supercharger network by the end of the decade, contributing to a projected $10 billion annual business by 2030.
"Lotus Tech's EV Game Plan: SPAC Merger, Nasdaq Debut, and Global Luxury Success"
Luxury EV maker Lotus Technology is set to debut on the Nasdaq through a SPAC, with plans to expand its presence in different markets and offer a range of electric vehicles, including sports cars, a sedan, and an SUV. The company's CFO, Alexious Lee, highlights the upcoming delivery of the Lotus Eletre SUV in the US by the third quarter of 2024 and emphasizes the importance of tailoring strategies and products to specific markets.
Rivian Slashes Workforce by 10% Amid EV Market Challenges
Rivian is laying off 10% of its salaried workforce and a limited number of non-manufacturing hourly employees as it faces financial challenges in the electric vehicle market. The company plans to shut down its sole factory in Illinois to upgrade its manufacturing line and expects to lose around $2.7 billion in 2024. Despite doubling the number of electric vehicles built and shipped in 2023, Rivian still reported a net loss of $5.4 billion for the year. The company's production and profit loss guidance, combined with the layoffs, caused Rivian shares to drop more than 15.6% in after-hours trading.
"Xpeng's Aggressive Expansion: Hiring 4,000, Investing in AI, and Launching 30 New EVs"
Xpeng, an electric vehicle maker, plans to hire 4,000 new employees and invest in AI technology, particularly in "intelligent driving," amidst intense competition in the EV space. The CEO warned of a potential "bloodbath" in the industry but expressed optimism, stating that the company has "bottomed out" and is prepared for the fierce competition ahead. Xpeng aims to launch 30 new or upgraded cars over the next three years and has been engaged in a price war in China, sparked by Tesla, while also facing pressure from the cautious consumer market in China.
"Elon Musk's Power Play: Controversy and Control in the Electric Vehicle Industry"
Electric vehicle stocks experienced a decline due to broader market weakness and negative sentiment towards the sector, with Tesla pulling back and resuming price cuts, leading to anxiety over margins. Elon Musk's desire for more control in Tesla drew criticism, while Rivian's stock fell after Deutsche Bank downgraded it and predicted significant losses. Canoo began delivering electric delivery vans, BYD unveiled a new smart car system, and Fisker is cooperating with an investigation into reported braking issues with its 2023 Fisker Ocean model.