Rivian, Lucid, Fisker Zapped After Tesla Earnings: Why EV Stocks Are Losing Charge Premarket
Portfolio Pulse from Shanthi Rexaline
Electric vehicle stocks Rivian (RIVN), Lucid (LCID), and Fisker (FSR) are trading lower in the premarket following Tesla's (TSLA) earnings and revenue miss. Tesla's Q4 adjusted EPS was $0.71, below the $0.74 consensus, with revenue at $25.17 billion versus the expected $25.58 billion. Tesla's CFO mentioned a focus on launching a next-generation vehicle, implying lower volume growth in 2024. Rivian faces a Deutsche Bank downgrade due to slow production ramp-up, while Lucid struggles with weak production and delivery figures. Both Rivian and Lucid are set to report quarterly results on Feb. 21.
January 25, 2024 | 10:41 am
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NEGATIVE IMPACT
Fisker's stock saw a premarket loss of 1.15% to 80.66 cents, following the trend set by Tesla's disappointing earnings report.
Fisker's stock is likely to be impacted negatively in the short term due to the overall downturn in the EV sector caused by Tesla's earnings miss.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Lucid's stock experienced a 2.48% drop to $2.75 in premarket trading. The company has reported weak production and delivery figures, raising sustainability concerns.
Lucid's premarket drop, coupled with its own weak production and delivery figures, suggests a negative short-term impact on the stock price, influenced by Tesla's performance.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
Rivian's stock declined by 2.22% to $15 in premarket trading following Tesla's earnings miss. The company also faces a Deutsche Bank downgrade due to a slow production ramp-up in 2024.
Rivian's premarket decline and the recent downgrade by Deutsche Bank may negatively impact the stock price in the short term, especially in the context of Tesla's earnings miss.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
Tesla reported lower-than-expected Q4 earnings and revenue, with adjusted EPS at $0.71 and revenue at $25.17 billion. The company's focus on a next-generation vehicle indicates lower volume growth for 2024.
Tesla's earnings miss and the lack of concrete volume guidance for 2024 may lead to negative investor sentiment and a potential short-term decline in stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100