Shares of Rivian (RIVN) and LUCID (LCID) are falling after both EV companies deliver disappointing outlooks for 2024. For Rivian, while the company did see a 167% increase in revenue in 2023, production guidance and vehicle costs have been called into question by some on Wall Street. Lucid reported a quarterly loss of $0.29 per share. Yahoo Finance Anchors Brad Smith and Seana Smith break down the latest developments for the companies and what it could mean for the EV market moving forward. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Nicholas Jacobino
Q4 and Full Year 2023 Financial Results Highlight Key Developments and Financial Health
Nikola set a target to deliver as many as 350 hydrogen-powered fuel cell electric trucks in 2024, after cost controls and its first revenue from the vehicles helped the startup post a smaller loss for the fourth quarter. Its net loss narrowed to $153.6 million in the final three months of 2023 from $222.1 million a year earlier, thanks to a 27% decline in total operating expenses.