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In October, electric vehicles (EVs) accounted for 10% of all light-duty vehicle sales, up from 6.8% at the end of 2022. The performance of EV stocks, particularly of Rivian Automotive (NASDAQ: RIVN) and Lucid Group (NASDAQ: LCID), has been highly volatile due to factors like rising vehicle prices and uncertainty around tax credits.
Rivian Automotive Overview
Rivian has partnerships with Amazon and Volkswagen, with Amazon holding a 17% stake and placing an order for at least 100,000 electric delivery vans. As of now, over 20,000 vans have been delivered, with the rest expected by 2030. In Q3, Rivian’s losses improved to $1.1 billion from $1.37 billion year-over-year, with projections for gross profitability by the end of Q4.
Lucid Group Status
In contrast, Lucid reported widened losses of $992 million in Q3 compared to $631 million a year prior. The company raised funds through the sale of 262 million shares, diluting stock value. However, it secured $1.5 billion from Saudi Arabia’s Public Investment Fund, extending its financial runway into 2026.
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