I just placed this one inside that $LCID thread, but it’s too good to not have its own headline.
I don’t guess any of these guys will be receiving $SIVB loans to get them “over the hump” anytime soon.
The earnings results over the past few weeks for these EV makers illustrated the urgency of their predicament. While these companies are now producing vehicles, losses continue to mount as they have struggled to spool up assembly lines and boost sales as planned, whittling down their financial cushions and increasing the likelihood of needing to raise more money.
Rivian, once flush with capital after raising nearly $12 billion in an initial public offering in 2021, burned through $6.6 billion in cash last year. Analysts predict it could go through another roughly $6 billion based on projected expenses for this year.
Despite cost-cutting measures and efforts to increase output at its sole factory in Normal, Ill., executives are still anticipating a difficult year. Rivian forecast in February it would make 50,000 electric trucks, sport-utility vehicles and vans in 2023, well below Wall Street’s estimates and a figure that sent its stock down 18% the following day.