Electric Vehicle Stocks Show Mixed Results as Rivian Falls Short and Tesla Thrives
Investors in electric vehicle stocks had a mixed day, with Lucid and Rivian both reporting earnings that led to fluctuations in their stock prices. Rivian's Q3 sales fell below expectations, resulting in significant losses, raising concerns about its future growth plans, particularly in a challenging market. Lucid showed some improvement with a 45% increase in sales, yet it also reported losses, indicating challenges in profitability despite higher delivery numbers. Meanwhile, Tesla's stock rose significantly, crossing the $1 trillion market cap again, buoyed by its positive cash flow and profitability, contrasting with the struggles of its competitors.
- Rivian reported $874 million in sales and a $1.44 per-share loss in Q3.
- Lucid's sales increased by 45% year over year, but it still posted a $0.41 per-share loss.
- Tesla's market cap surpassed $1 trillion, with a year-to-date profit of $4.8 billion, outperforming both Rivian and Lucid.
What were Rivian's sales figures for Q3?
Rivian reported $874 million in sales for Q3, which was below Wall Street expectations and represented a 35% decline year over year.
How did Lucid perform in Q3?
Lucid's sales totaled $200 million in Q3, showing a 45% increase year over year, but it still reported a loss of $0.41 per share.
Why did Tesla's stock rise despite not reporting earnings?
Tesla's stock rose because it achieved a significant market cap milestone and maintained positive cash flow and profitability, distinguishing it from Rivian and Lucid.