What's Going On With Lucid, Rivian Shares Thursday?
Portfolio Pulse from Adam Eckert
Shares of EV makers Lucid Group Inc (NASDAQ:LCID) and Rivian Automotive Inc (NASDAQ:RIVN) fell after Tesla Inc (NASDAQ:TSLA) reported disappointing Q3 financial results. Tesla's revenue increased 9% YoY to $23.35 billion, missing the consensus estimate of $24.38 billion. Adjusted earnings were 66 cents per share, below estimates of 73 cents per share. The lower results were due to lower average selling prices and planned downtimes for factory upgrades. Lucid and Rivian are set to report Q3 results on Nov. 7.
October 19, 2023 | 1:11 pm
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NEGATIVE IMPACT
Lucid shares fell 1.1% following Tesla's disappointing Q3 results. The company is set to report its own Q3 results on Nov. 7.
Lucid's stock price fell as Tesla's disappointing Q3 results raised concerns about the overall EV market. The upcoming Q3 results for Lucid could further impact the stock price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
Rivian shares fell 1.82% following Tesla's disappointing Q3 results. The company is set to report its own Q3 results on Nov. 7.
Rivian's stock price fell as Tesla's disappointing Q3 results raised concerns about the overall EV market. The upcoming Q3 results for Rivian could further impact the stock price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
Tesla's Q3 results missed estimates, with revenue increasing 9% YoY to $23.35 billion and adjusted earnings of 66 cents per share. The lower results were due to lower average selling prices and planned downtimes for factory upgrades.
Tesla's disappointing Q3 results were due to lower average selling prices and planned downtimes for factory upgrades. This could negatively impact the stock price in the short term.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100