Benzinga - by Shanthi Rexaline, Benzinga Editor.
Electric vehicle stocks may face a downturn on Thursday, given the premarket trading activity, influenced by Tesla, Inc. (NASDAQ:TSLA) reporting its second consecutive earnings and revenue miss.
According to Benzinga Pro data during premarket:
- Rivian Automotive, Inc. (NASDAQ:RIVN) declined by 2.22% to $15.
- Lucid Group, Inc. (NASDAQ:LCID) experienced a steeper decline of 2.48% to $2.75.
- Fisker, Inc. (NYSE:FSR), already in penny-stock territory, saw a loss of 1.15% to 80.66 cents.
CFO Vaibhav Taneja stated, “In 2024, our volume growth will be lower, as we have said because we’re trying to focus the team on the launch of the next-generation vehicle.”
Tesla’s performance could have a ripple effect on its smaller counterparts as they prepare to unveil their quarterly results. Rivian, despite beating its full-year deliveries guidance, faced a Deutsche Bank downgrade citing a slow production ramp-up in 2024.
Lucid reported weak production and delivery figures for the fourth quarter and 2023, raising concerns about its sustainability amid an industry slowdown and price competition.
Both Rivian and Lucid are scheduled to report their quarterly results on Feb. 21.
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