One’s burning cash, one’s moving out, and another’s laying off. Four high-profile EV makers are having a rough quarter.
First quarter 2024 earnings are out, and if you’re bullish on electric vehicle startups and stalwarts, it’s an ugly day. The news for four of the major independent players is grim, although three of them could say that there’s potential for an upside down the road. As for the last one, well, let’s tackle that first.
After a raft of bad news earlier this year, it seems like Fisker is headed directly for bankruptcy, and it may cease operations as well. The latest news hails from the contract manufacturer that actually builds the Ocean SUV for Fisker, Magna International of Austria., it says “Our current Outlook assumes no further production of the Fisker Ocean,” and furthermore that the company could suffer $75 million in losses related to the abbreviated Ocean contract.
In other words, the factory that builds Oceans is all but saying no more Oceans will be built. Since that’s the only vehicle that Fisker actually produces, and it doesn’t currently have another place to build the Ocean, this appears to be the beginning of the tragic final act for Fisker’s operation. Rivian’s Q1 earnings report is sobering. The good news, if you can call it that, is that deliveries are up, production is up, and revenue is up—the latter up $661 million. Deliveries for Q1 are up 71 percent to 13,588, no small figure. And the smaller, more affordable R2 is on the horizon. And there are even rumors that, and not a little. The company’s net loss for all of 2023 is a staggering $5.4 billion. Its Q1 2024 net loss is $1.45 billion, up from $1.2 billion from the same time last year.
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