Rivian and Lucid, still burning huge piles of cash, now have tariffs to contend with
Both Rivian and Lucid reported earnings after the bell Tuesday.
Running an EV-only company ain’t cheap. Just ask Rivian and Lucid.
Both electric vehicle makers reported earnings after the bell on Tuesday, logging another quarter of heavy losses. Lucid reported a net loss of $366 million on the quarter, while Rivian lost $541 million.
Shares of both companies ticked down in after-market trading.
Rivian lowered its delivery outlook to between 40,000 and 46,000 vehicles this year, down from its earlier range of between 46,000 and 51,000. Though Rivian’s manufacturing is entirely US-based and a majority of its parts come from the US or USMCA-qualified locations, the company said it’s “not immune to the impacts of the global trade and economic environment.”
The EV maker said tariffs will push its expenditures up by $1.8 billion to $1.9 billion. Those costs are in line with the tariff loss estimates of major automaker rivals like Ford ($1.5 billion) and GM (up to $5 billion).
Lucid reported $235 million in total revenue, shy of the $248 million Wall Street expected. Despite tariffs, Lucid maintained its annual production forecast.
Lucid’s loss per share of -$0.24 came in slightly worse than Wall Street estimates of -$0.22, while Rivian’s -$0.48 loss beat analysts’ expectations of a -$0.77 per share loss.
Losses are nothing new for the EV makers, which have been steadily burning cash for years without gas-powered or hybrid sales to lean on. Unlike now bankrupt rival Fisker, Rivian and Lucid each rely on steep investments from backers. For Rivian, there’s Volkswagen and Amazon; for Lucid, Saudi Arabia’s Public Investment Fund.
Last month, the EV makers reported their first-quarter delivery totals. Lucid, which sells significantly fewer EVs, reported a 58% surge in year-over-year deliveries to 3,100 vehicles. Rivian delivered about 8,600 vehicles, down 36% from a year earlier.
