EV Startup Lucid Sees Widening Losses; Fisker, Nikola, Rivian On Deck

Lucid (LCID) missed Wall Street’s estimates late Monday, as several EV startups tee up to report earnings. LCID stock tanked in extended trading.

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A price war in the electric-vehicle market and a bankruptcy warning from a troubled peer set the tone for the week’s earnings reports. The EV startups Fisker (FSR) and Nikola (FSR) are due early Tuesday, with Rivian (RIVN) on deck late Tuesday.

Lordstown Motors (RIDE), which in early May warned that it may go bankrupt, has not given an earnings date.

Lucid Earnings, LCID Stock

Estimates: Analysts polled by FactSet expected Lucid to widen losses to 39 cents per share from five cents a year ago. Revenue was seen leaping 254% to $204.4 million.

Results: Lucid lost 43 cents a share on revenue of roughly $149 million, up 159% vs. a year earlier, but far below expectations. Sales were well below Q3 and Q4 levels.

The startup ended the quarter with about $3.4 billion in cash and cash equivalents, with total liquidity of approximately $4.1 billion. That should be sufficient to fund the company at least into Q2 2024, said Lucid CFO Sherry House in an earnings release.

The luxury EV maker built 2,314 vehicles and delivered 1,406 vehicles during the quarter. It make just 7,180 of its Air electric sedans in 2022 amid the chip shortage and other production challenges.

Lucid now expects to produce “more than 10,000” EVs this year vs. prior guidance for 10,000-14,000 EVs. Reservations also have fallen recently, a sign of flagging demand.

Lucid stock sank nearly 9% in late trade. Shares dipped 0.3% at 7.71 on the stock market today, just below a falling 50-day moving average. LCID stock remains well below the 200-day line after cratering in the past year.

Fisker Earnings, FSR Stock

Estimates: Analysts expect Fisker to narrow losses to 31 cents per share from 41 cents a year ago. Revenue is seen reaching $5.3 million, up from roughly 300,000 the prior quarter.

Results: Check back Tuesday before the market open.

The start began deliveries of its Ocean SUV May 5 to a customer in Denmark. It expects to build more than 40,000 EVs in 2023.

FSR stock popped 6.4% to 6.62 Monday.

Nikola Earnings, NKLA Stock

Estimates: Analysts expect Nikola to lose 26 cents per share, swelling from a 21-cent loss a year ago. Revenue is seen reaching vaulting 583% to $12.9 million.

Results: Check back Tuesday before the market open.

Semi-truck maker Nikola expects it to deliver 250-350 all-electric trucks and 125-150 fuel-cell trucks in 2023.

The upcoming fuel-cell version of its heavy truck is supposed to begin production in the second half of 2023. The startup built 258 trucks in 2022.

Nikola lost 0.6% at 98 cents Monday, below a sharply falling 50-day average.

Rivian Earnings, RIVN Stock

Estimates: Analysts expect Rivian to lose $1.61 per share, widening from a $1.42 loss a year ago. Revenue is seen surging 596% to $661 million.

Results: Check back Tuesday after the market close.

Rivian, backed by Amazon (AMZN) and Ford (F), is on track to make 50,000 vehicles in 2023.

In Q1, Rivian produced 9,395 vehicles but delivered 7,946.

The startup is looking to end a deal requiring it to make electric vans exclusively for Amazon. Rivian makes an electric truck and SUV, apart from an electric van for the e-commerce giant.

RIVN stock rose 3.4% to 13.87, testing the 50-day average. Rivian stock has collapsed in the past year, due both to market conditions and execution hiccups.

EV Startups Burning Cash

When the startups report, outlook will be key. Lucid’s report underscored the heightened emphasis being placed on cash burn and production targets for the EV startups, amid recession fears and the Lordstown warning.

Even Tesla (TSLA) recently gave a cautious production outlook. Its price cuts earlier this year set off an EV price war, while adding to pressure on the startups.

Going forward, traditional auto giants such as General Motors (GM)  and Ford Motor (F) are set to significantly expand their EV output.

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