PSNY - Fisker Lucid earnings disappointments lead EV startups lower

2023-05-09 14:24:56 ET

Some hiccups in production signaled by both Fisker ( NYSE: FSR ) and Lucid Group ( LCID ) in their respective earnings results pushed many EV startups lower on Tuesday.

Lucid ( LCID ) -7.13% led off the drop, marking a double-digit percentage decline during the day’s trading after a disappointing Q1 print posted on Monday evening. The company produced 2,314 vehicles during Q1 and indicated its full-year production will fall on the lower end of prior guidance . Additionally, analysts called attention to cash burn and perhaps flagging demand.

Fisker ( FSR ) -6.27% likewise tempered production expectations amid some supply chain snarls. The automaker expects to produce 32,000 to 36,000 units by the close of the calendar year, down from a prior target of up to 42,400 units. CEO Henrik Fisker told CNBC that the cut to production guidance is related to the bankruptcy of a hardware supplier and is not related to software issues. However, the quarterly loss was also wider than expected, adding to the negative earnings reaction.

Given Fisker and Lucid are generally considered to be two of the stronger EV startups, their respective earnings disappointments rippled across EV startups. Shares of Faraday Future ( FFIE ) -5.7% , Canoo ( GOEV ) -7.07% , Lordstown Motors ( RIDE ) -8.38% , and Mullen Automotive ( MULN ) -4.72% all fell sharply. Additionally, shares of Polestar ( PSNY ) -3.86% , Workhorse Group ( WKHS ) -3.37% , and Proterra ( PTRA ) -4.57% marked notable declines.

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