EV startups are haemorrhaging cash, which has been compounded by Tesla's multiple price cuts throughout 2023 car auto cars
. For Lucid, losses have been compounded by supply chain problems hampering production from April through June. Nikola, meanwhile, is expected to register a 15 percent decline in revenue. Layoffs and the liquidation of a recently acquired battery business have helped Nikola’s share price, rising some 40 percent this year, but that may not be enough for the company’s continued funding requirements.
Amidst the doom and gloom, however, there is one star performer expected, and that comes in the form of Rivian. Analysts expect a three-fold surge in revenue for the April-June quarter, bringing it to $983.1 million. Cash outflow is expected to have been reduced by $600 million to $1.19 billion, improving gross margin from negative 58.6% to negative 51.3%.
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