All articles tagged with #ev maker
Fisker's stock has entered the delisting process on the New York Stock Exchange, potentially leading to a default on its 2026 notes and subsequent default on the 2025 notes. The company's decline and uncertain future are discussed by Yahoo Finance reporter Pras Subramanian, who suggests that Fisker may be sold to another company, similar to its previous acquisition by a Chinese company.
Fisker Inc. addressed rumors of potential bankruptcy, stating that it routinely works with advisers and is focused on securing additional capital and a strategic partnership with a major automaker. The company also reaffirmed its plan to transition to a dealer model and revealed its aim to partner with an unnamed carmaker or secure investment. Fisker, which went public in 2020, has faced financial challenges and a sharp decline in its stock value, but remains committed to its business strategy despite comparisons to its predecessor's bankruptcy in 2013.
Fisker Inc addressed rumors of potential bankruptcy, stating it is working with advisers as standard practice and aiming to strike a deal with another carmaker. The company's stock plummeted following reports of exploring bankruptcy and hiring restructuring advisers. Fisker emphasized its focus on raising capital, pursuing a strategic partnership, and transitioning to a dealer model. With previous financial concerns and a sharp decline in stock value, Fisker seeks to secure a partnership amid industry competition and market challenges.
China-based EV maker Nio is facing challenges of persistent unprofitability, sales growth, and declining investor sentiment. Despite touting positive delivery and sales growth numbers, Nio underperformed compared to its peers. The company's latest quarterly results showed improved losses and vehicle margins but still fell short of expectations. Nio's turnaround plans include layoffs and a potential spinoff of its battery segment, but these measures may not guarantee profitability and could worsen its competitive disadvantage. With increasing competition in the Chinese EV market and bearish sentiment for the industry, investors are advised to avoid Nio stock.
Lucid (LCID) stock plunges nearly 10% after the departure of its CFO, Sherry House, who is leaving to pursue other opportunities. The EV maker has been facing challenges in scaling production, with delivery numbers falling and production targets being cut. Lucid's losses are mounting, reaching over $2.17 billion in the first nine months of the year. The company hopes that lower prices and the upcoming launch of its electric SUV, the Gravity, will help improve its performance. However, the stock has fallen almost 50% in the past year and will be dropped from the Nasdaq 100 stock index.
Lucid Group Inc.'s stock dropped 4% after the electric vehicle (EV) maker announced the resignation of its Chief Financial Officer, Sherry House, who will be leaving to pursue other opportunities. The company named Gagan Dhingra as interim CFO while they search for a replacement.
Lucid (LCID), an electric vehicle (EV) maker, is set to be removed from the Nasdaq 100 stock index, along with six other companies, as part of the index's annual changes. Lucid's stock has faced pressure due to lower deliveries, decreased production, and mounting losses. The company believes it is making progress with cost control measures and has identified opportunities for 2024. However, it faces stiff competition from Tesla and others in the premium EV segment. Lucid's stock has dropped over 90% from its all-time high and is down over 4% following the news of its removal from the index.
Rivian CEO RJ Scaringe has taken on the role of chief product officer as Nick Kalayjian transitions to an advisory position. Scaringe will now oversee all product development at the EV maker, focusing on their next-generation platform aimed at delivering more affordable electric vehicles and expanding into the mass market. Kalayjian will become the executive vice president of vehicle engineering and propulsion before moving into a product and technology advisory role. The executive team will undergo further shuffling, with Richard Farquhar assuming a new role in future R&D and other teams reporting directly to Scaringe and Kalayjian.
Lucid Group Inc. (LCID) shares plunged over 8% to reach a record low following the company's disappointing quarterly results and lowered production outlook. The stock is down 93% from its all-time high in February 2021 and has declined 42.17% this year, in contrast to the S&P 500 index's 14% gain.
Lucid Group Inc., an electric vehicle (EV) maker, reported mixed quarterly earnings and lowered its production outlook for the year to 8,000-8,500 vehicles, down from the previous guidance of over 10,000 vehicles. The company posted a loss of $631 million in the third quarter, compared to a loss of $530 million in the same period last year, while revenue fell to $137.8 million from $195.5 million. Lucid appointed Marc Winterhoff as its first chief operating officer to oversee daily operations and execution across various areas. Shares of Lucid dropped over 2% in after-hours trading and ended the regular trading day down 4.3%.
Rivian is expected to report strong Q3 earnings, with deliveries of 15,564 vehicles, up 24% from Q2 and more than double last year's figures. The company has been improving its per-vehicle losses, with a significant decrease from $67,329 in Q1 to $32,595 in Q2. Rivian aims to reach break-even on each vehicle built by next year. Despite plans to issue $1.5 billion in convertible debt, Rivian's CEO reassured investors that it was to free up funds for growth rather than reflect cash concerns. The company's preliminary Q3 earnings suggest revenue between $1.29 billion and $1.33 billion.
Rivian's stock sank after the electric vehicle (EV) maker announced plans to issue $1.5 billion in convertible debt and reported preliminary third-quarter revenue. The company plans to offer green convertible senior notes due in 2030 as a private offering to qualified institutional buyers. Rivian expects its revenue for the third quarter to be in the range of $1.29 billion to $1.33 billion. The bond issuance could dilute current shareholders' interests and comes after the company maintained its full-year guidance for producing 52,000 battery-electric vehicles this year. Rivian is a front-runner in the EV market but has faced supply-chain challenges and a slow ramp since its IPO in November 2021.
Rivian Automotive Inc. shares declined after the company released preliminary sales estimates for the third quarter that aligned with Wall Street expectations and announced plans to offer $1.5 billion in convertible notes. The estimates indicated sales between $1.29 billion and $1.33 billion, slightly below the anticipated $1.31 billion. Rivian also disclosed its intention to privately offer "green" convertible senior notes due in 2030, potentially raising an additional $225 million. The stock fell 8% in after-hours trading, despite a 9.2% increase during regular trading hours.
Asia-Pacific markets mostly rose after the U.S. Federal Reserve raised interest rates to their highest level in over 22 years, while leaving room for further tightening. Japan's Nikkei 225 and South Korea's Kospi both closed higher, while Australia's S&P/ASX 200 also ended in positive territory. Hong Kong's Hang Seng index traded higher, but mainland China's Shanghai Composite edged lower. China's industrial profits continued to decline, recording a year-to-date fall of 16.8%. Shares of Chinese EV maker Xpeng surged after Volkswagen announced a partnership to develop two new electric vehicles for China. HSBC predicts that global oil demand will peak later this decade and then decline due to the shift towards electric vehicles. Samsung Electronics reported a 95% plunge in quarterly profit but expects global demand to recover in the second half of the year. Goldman Sachs highlights the challenge of finding reasonably valued growth stocks. Hong Kong's central bank raised interest rates in line with the Fed, and the Dow Jones Industrial Average closed higher, achieving its best winning streak since 1987.
Lucid stock (LCID) tumbled as the luxury electric vehicle maker announced second quarter deliveries that missed Wall Street expectations. The company delivered 1,404 vehicles, falling short of the estimated 1,873, and produced 2,173 vehicles in the quarter. Lucid's struggle to meet expectations contrasts with rivals like Rivian and legacy automakers like GM and Ford, which have met or exceeded their EV production targets. The high price tag of Lucid's sole EV, starting at $90,000, may be impacting demand. However, the company did strike a "long-term strategic technology partnership" with Aston Martin to supply components for future Aston Martin EVs.