Rivian, Lucid and Nikola this week each detailed plans to reduce costs while attempting to grow operations and make their first profits.
The efforts have ranged from job cuts and production changes to supplier rearrangements and shifting priorities.Brian Cassella | Tribune News Service | Getty Images
"US EV adoption likely entered an air pocket after having penetrated initial adopters & specific regions," Citi analyst Itay Michaeli wrote in a Thursday investor note. "The situation will not change overnight, but we see reason for optimism over the next 12-18 months."Rivian has been on a cost-cutting mission for months. It has cut staff, retooled its Illinois plant to increase efficiencies and paused production of a new multibillion factory in Georgia.
Lucid CEO Peter Rawlinson said he's never been "more optimistic" about the startup's future, despite notable demand issues, significant losses and capital needs. The company"We have identified additional opportunities in cost of goods sold, and we'll continue to focus on implementation and further areas for cost out. Longer term, our technology will be key driver of our gross margin," Rawlinson told investors Monday.
Nikola actually beat the Street, slightly, with a 9-cent per-share loss during the first three months of the year, but revenue of $7.5 million was less than half of what analyst compiled by LSEG were anticipating. Nikola's cash reserves are far lower than Lucid and Rivian. The company's assets included $469.3 million to end the first quarter, consisting primarily of cash and cash equivalents of $345.6 million and truck inventory of $61.3 million.
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