Good news for us wot loves those internal combustion engines in our cars, bad news for EVs and their watermelon supporters:
Rivian Lays Off 10% Of Workforce As Lucid Production Underwhelms
EV startup stocks Rivian (RIVN) and Lucid (LCID) sank Thursday after both companies reported fourth-quarter earnings and revenue late Wednesday, and announced they are not ramping up production in 2024.
Rivian reported Wednesday a loss of $1.36 per share in Q4 with sales doubling to $1.31 billion. Wall Street expected a loss of $1.35 and revenue totaling $1.28 billion. Looking to 2024, Rivian said it expects production of 57,000 vehicles, remaining flat compared with 2023.
The company also announced that it predicts vehicle deliveries in Q1 2024 to be about 10%-15% lower than in Q4 2023 and that it is laying off 10% of its salaried workers.
Along with Rivian, Lucid reported Wednesday a Q4 loss of 29 cents per share with revenue falling 39% to $157 million. Analysts predicted a loss of 30 cents and sales hitting $180 million. Lucid produced 8,428 vehicles in 2023 and delivered 6,001.
For 2024, the company forecasts producing 9,000 vehicles, well below Wall Street’s expectations of more than 14,000.
Yeah, nobody wants to buy them now (even at subsidy-lowered prices), and still fewer will buy them when said subsidies disappear and the costs of these boutique vehicles assume a trajectory opposite to Rivian/Lucid’s share prices.
And the children will laugh and play, in the playgrounds to which they were driven in their mommies’ gasoline-powered SUVs:
And the oil rigs will pump again, their oil being carried along the completed XL pipeline, filling up cars will no longer require a letter of credit from the banks, natural gas will flow into people’s houses in greater amounts and at lowered prices, windmills and solar panel farms will rust away and fall over, and nuclear power generators will become a feature of every town in the land.
And the watermelon socialists who supported the whole Global Warming Climate Cooling Change© pack of lies will dangle limply from lamp poles in many streets, those that did escape the Air Pinochet helicopter flights, said choppers fueled with the cheaper avgas and therefore able to fly many missions…
Hey, a man can dream, can’t he? So mote it be.
That Toyota is rather nice looking and having a gasoline powered engine I’m sure it is tremendously more useful than the glorified golf carts.
Electric cars can probably be used effectively for short trips across town or within a short range from home. Their problems are numerous that have all been catalogued here. No need to repeat the obvious. The faster that this fad dies out the better off we all will be. This is nothing more than the pet rock fad of the 70s with more nefarious intentions and results.
And more money required to play.
I was reading down to here and thinking that I might be persuaded to buy a toy car if my purchase price was as low as an ordinary gasoline car and included a coupon covering 100% of the cost of the complete battery pack exchange that will be required sooner in the future than the battery lovers expect. Might be persuaded.