As Tesla stock slides and Rivian readies for layoffs, former Chrysler CEO Bob Nardelli claims more EV companies 'are just not going to make it' in U.S. markets.
With electric vehicle names like Tesla and Rivian recently announcing financial woes, the former CEO and chairman of Chrysler told a cautionary tale about the market’s future. "They're having one heck of a time. These startups are just not going to make it," Bob Nardelli, who was at the helm of Chrysler during the Great Recession, said Tuesday on "Cavuto: Coast to Coast.
The latest snapshot is another headwind for shareholders, with Tesla's stock down over 30% so far this year. Just last month, Rivian announced it would lay off 10% of its salaried employees while projecting vehicle output to be flat. The company expects to produce the same number, about 57,000 vehicles, in 2024 as it did the year before, the company said in a regulatory filing.
Business’ Daniella Genovese and Breck Dumas contributed to this report.
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