Toronto, Ontario — It’s all about electric vehicles in this weekly Tuesday Ticker, as Tesla reports significant decreases in deliveries and Rivian hits an all-time trading low. Meanwhile, California-based Lucid Motors faces a similarly glum situation.
Tesla deliveries dwindle
For the first time in nearly four years, Tesla has reported a decline in quarterly deliveries. The OEM delivered 386,810 vehicles in Q1 2024, down 8.5 percent versus last year’s Q1 figures.
As a result, shares of Tesla were down 5.2 percent following the news, which Reuters reports made the automaker lose approximately US$30 billion in market value.
As of Monday at 7 a.m. ET, shares of Tesla traded at US$171.05, down 3.55 percent in pre-market trading.
Tesla also missed analyst estimates for Q1 2024. The last time Tesla posted similarly disappointing results for investors was Q2 2020, when the pandemic forced a production shutdown.
Reuters also reported that Tesla is “bracing for a slowdown” this year. The EV maker is currently regarded as the world’s most valuable automaker.
Rivian hits new low
Shares of Rivian hit an all-time low last week, which some analysts suggest is a fallout from Ford’s EV incentive announcements.
Ford cut prices on 2024 F-150 Lightning electric SUVs last week, which could save customers up to US$5,500 on EV purchases. When local incentives are considered, that price could be even lower.
Rivian stock closed at US$9.20 per share last Thursday, then dropped to US$9.13 on Friday. As of Monday morning at 7 a.m. ET, shares were still trading at US$9.13 per share.
The EV startup’s market valuation sits at US$8.92 billion, marking a 93 percent drop from Rivian’s debut on the New York Stock Exchange in 2021.
Lucid losses
In a similar vein to other EV makers, Lucid Motors has hit record lows, despite the fact that the carmaker reported Q1 2024 delivery estimates that exceeded analyst expectations.
As of 7 a.m. ET Monday, shares of Lucid traded at just US$2.49.
The Newark, California-based company has continued to suffer due to the ongoing EV “price wars,” accordingly to analysts, which has seen EV makers slash prices across the board in an effort to draw in sales.
Regardless of the current market, Lucid was keen to announce a US$1 billion investment from the Saudi Arabian Public Investment Fund, the kingdom’s sovereign wealth fund, about a month ago.
The automaker made history last fall when it opened Saudi Arabia’s first-ever car manufacturing facility.
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