All articles tagged with #production forecast
Lucid Group has lowered its full-year EV production forecast to 18,000-20,000 vehicles after missing Q2 earnings estimates, reporting a net loss of $855 million and facing slower demand for EVs amid industry challenges and policy changes. Despite recent investments and increased vehicle deliveries, the company's stock has declined nearly 19% this year.
Rivian Automotive reported a significant gross loss of $39,130 per electric vehicle delivered in Q3 2023, with deliveries dropping to 10,018 units, the lowest since Q1 2023. The company attributed the decline to a component shortage, which led to a reduced annual production forecast. Despite this, Rivian reaffirmed its 2024 delivery targets, aiming for 50,500 to 52,000 vehicles, and expects to achieve a gross profit in Q4 2023, easing investor concerns.
Rivian Automotive has lowered its earnings guidance for the year after missing Wall Street's third-quarter expectations, reporting a larger-than-expected loss per share and lower revenue. The company now anticipates a greater adjusted EBITDA loss than previously forecasted but maintains its goal of achieving a modest positive gross profit in Q4. Despite supplier disruptions affecting production, Rivian's net loss narrowed year-over-year, and it announced a strategic partnership with LG Energy Solution for future battery supply. Shares rose slightly after the earnings report.
Faraday Future has withdrawn its 2024 production forecast due to weak market conditions and funding issues, causing its shares to drop over 11%. The company is seeking additional strategic investors and financing options to reduce reliance on dilutive funding. Faraday also faces potential delisting from Nasdaq for failing to file its quarterly report on time and previously received a delisting notice for not maintaining a minimum share price. Despite a recent stock price increase, the company's cash balance has significantly decreased.
Rivian stock plummeted after reporting mixed earnings and a weak production forecast for 2024, causing a 38% drop. Despite this, Bank of America remains optimistic, reiterating a "buy" rating and setting a $25 price target, implying a 135% upside. However, with significant cash burn, mounting debt, and a questionable production outlook, some analysts doubt the achievability of this target and advise caution.
Lucid Group Inc. exceeded analyst estimates by delivering 1,734 electric vehicles in the fourth quarter, but fell short of its original target for the year with 8,428 EVs produced. The company struggled with supply issues and inconsistent output at its Arizona plant, leading to a 57% stock decline in the past 12 months.
Lucid's stock dropped over 8% after the luxury electric vehicle maker reported Q3 results that missed expectations and cut its production forecast due to slowing demand. The company now expects to produce 8,000 to 8,500 vehicles, down from its previous guidance of over 10,000. Lucid's Q3 revenue was $137.8 million, lower than the expected $177 million, but its adjusted loss per share and adjusted EBITDA loss were better than consensus estimates. The company has been implementing price cuts to boost demand, and it announced the upcoming debut of its Gravity SUV at the LA Auto Show. However, an analyst warned of "major issues" due to weak demand and falling price realizations.
ConocoPhillips, a US oil and gas producer, reported lower-than-expected quarterly profit due to weak oil and gas prices. However, the company slightly raised its full-year output expectations, with a 6% increase in production to 1.81 million barrels of oil and gas per day. ConocoPhillips also narrowed its capital spending guidance range and noted some deflation in oilfield service costs. Despite the earnings miss, shares rose 1% in midday trading.
Rivian reported a narrower Q1 loss than expected and a revenue beat, reaffirming its 50,000 unit annual production guidance. The company still sees an adjusted EBITDA loss for the year of $4.3 billion, which is a narrowing of the $5.2 billion EBITDA loss it had in 2022. Rivian reports it has $11.24 billion in cash and cash equivalents at the end of the quarter, down from the $12 billion it had at the end of Q4.
Rivian beat Wall Street estimates for quarterly revenue as it sold more higher-priced electric vehicles and stood by its annual production forecast of 50,000 cars. The company expects production ramp up of its in-house Enduro powertrains to help offset parts supply issues in the second half of the year, enabling it to meet its annual production target. Rivian's revenue for the quarter ended March 31 stood at $661 million, compared with Wall Street estimates of $652.1 million. The company reported a net loss of $1.35 billion for the first three months of the year.
Fisker Inc has lowered its 2023 production target due to supply chain issues, easing demand, and a tight cash position. The company now expects to produce between 32,000 and 36,000 units in 2023, compared with its previous target of 42,400 cars. Many US electric-vehicle startups are struggling to ramp up output, with market leader Tesla also cutting prices to stoke demand. Fisker had about $652.5 million in cash and cash equivalents as of March 31, compared with $1.04 billion a year earlier.
Rivian, the electric vehicle (EV) maker, announced that it delivered 7,946 vehicles in Q1, beating Street estimates, and produced 9,395 vehicles, also beating estimates. The company believes it is on track to deliver on its 50,000 annual production guidance. Amazon, an investor and client of Rivian, revealed that it now has a fleet of 3,000 Rivian electric delivery vans in use. Rivian's Q1 delivery beat is another positive piece of news for the EV sector, following Tesla's delivery and production beat, and strong delivery numbers from China's Li Auto, Nio, and XPeng.