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What’s Going On With Lucid, Rivian Shares Thursday? – Lucid Gr (NASDAQ:LCID)

Shares of EV makers together with Lucid Group Inc LCID and Rivian Automotive Inc RIVN are backing up Thursday after Tesla Inc TSLA reported disappointing third-quarter monetary outcomes

What Occurred: Tesla reported earnings after the shut on Wednesday, lacking analyst estimates on each the highest and backside line for the primary time because the second quarter of 2019, in line with Benzinga Professional.

Tesla mentioned third-quarter income elevated 9% year-over-year to $23.35 billion, however the quantity missed the consensus estimate of $24.38 billion. The EV maker mentioned its top-line outcomes had been negatively impacted by decrease common promoting costs. 

Tesla reported adjusted earnings of 66 cents per share, which missed estimates of 73 cents per share. Working margins got here in at 7.6%. 

Third-quarter manufacturing totaled 430,488 models. The decrease manufacturing numbers had been because of deliberate downtimes for manufacturing facility upgrades. 

Tesla did word that Cybertruck pilot manufacturing started within the third quarter and deliveries are anticipated to begin subsequent month, however on a convention name following the print, Tesla CEO Elon Musk warned that it’ll take a while for the automobile to be a “important money movement contributor.”

Tesla’s comfortable quarterly outcomes are weighing on a number of different EV firms together with Lucid and Rivian. Each Lucid and Rivian are set to report third-quarter outcomes on Nov. 7. 

Examine This Out: Tesla Q3 Earnings Highlights: Income Miss, EPS Miss, Cybertruck Launch Set For November And Extra

LCID, RIVN Value Motion: At publication time, Lucid shares had been down 1.1% at $4.48 and Rivian shares had been down 1.82% at $17.76, in line with Benzinga Professional.

Images: courtesy of Lucid & Rivian.



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