Rivian and Lucid earnings show EV makers going in different directions

Contrasting results and forecasts from electric-vehicle makers on Tuesday showed that Rivian Automotive Inc. has a more tangible business model than Lucid Group Inc.

“We believe these changes will meaningfully reduce our material costs and position Rivian to exit 2024 with a much improved margin profile,” Chief Financial Officer Claire Rauh McDonough told analysts. Lucid said its forecast was taking into account the vehicles it can deliver for the rest of the year. Many are going to government and retail customers in Saudi Arabia. Lucid recently opened a plant in Saudi Arabia, where the vehicle kits it builds in Arizona will be shipped, and then assembled and delivered.

“We’re looking at all measures here, looking at our efficiency of making the cars, looking our working capital, looking at inventory all aspects of the business,” he said. “We’re also pushing like crazy to improve our delivery numbers.” Rawlinson added that its forthcoming Gravity electric SUV is a “transformative product” coming in late 2024, “with a considerably greater market potential” that will transform Lucid.

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