Significant losses for Rivian, Fisker and Lucid in the first quarter of the year

Fisker, Lucid, Rivian. Apart from the fact that all three are electric car start-ups, they also have one thing in common. All three had high valuations when they went public, even though they hadn’t started selling cars and now things are different.

Fisker filed for an IPO in late 2020 valuing it at $8 billion, but today its market value is $2.07 billion.

In the summer of 2021, Lucid went public at a valuation of $91 billion, with its current market value at $12.91 billion. Rivian was valued at $121 billion and now its market value is $12.5 billion.

Last week Lucid reported a loss of more than $779 million in the first three months of 2023, compared with a loss of more than $81 million it reported in the same quarter last year. Its cash reserves fell to $900 million, compared with more than $1.7 billion reported at the end of 2022. The company also said it planned to produce more than 10,000 cars this year, at the lower end of its previous estimate.

Fisker reported a loss of $120 million in the first three months of 2023, saying it saw its cash reserves drop by $84 million. The company also lowered this year’s production target to between 32,000 and 36,000 cars, from the 42,400 it had previously forecast.

Rivian, for its part, reported losses of $1.3 billion for the first three months of this year, ending the quarter with about $11.2 billion in cash and cash equivalents.

Source: by

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