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Lucid, Rivian Stocks Fall After Earnings. One Was Better Than The Other.

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Lucid and Rivian posted very different third-quarter results. Both stocks are down in Wednesday trading.

Electric vehicle start-ups Lucid and Rivian Automotive both reported third-quarter earnings Tuesday evening. The results were very different. On the surface, Rivian’s numbers look much better than Lucid’s. Both stocks are down anyway because investor sentiment toward EVs these days is just awful.

Rivian will miss Wall Street’s initial estimates by roughly 10% while Lucid will miss by more than 58%. Lucid probably disagrees with that assessment. It has some leading EV battery technology which it supplies to Aston Martin . The company didn’t immediately respond to a request for comment. Cantor Fitzgerald analyst Andres Sheppard downgraded shares of Lucid to Hold from Buy following the quarter and cut his price target to $6 a share from $10. The reason for the cut includes “lower expected revenues, persistent large negative gross margins, revision of the company’s annual production guidance, and industry demand slowdown.”

Those announcements could be sales of its delivery van to other fleets besides Amazon.com . Amazon is an investor in Rivian and up until recently had the exclusive right to use Rivian’s electric delivery vehicles.

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