U.S. electric vehicle startups are expected to show the impact of Tesla's price war when they report quarterly results over the next few days, with investors awaiting details on how the companies are managing cash amid a funding drought.
"The only ones that have a chance besides Musk are the legacy auto providers and so far they are proving that they are losing money hand over fist trying to get into the EV game," said Thomas Hayes, chairman of hedge fund Great Hill Capital. Hayes follows the EV industry closely but holds no shares. "Rivian's competitive advantages are shining brighter, with the company emerging as a demand creator when considering that the majority of its buyers have never previously purchased a pickup truck," Needham analyst Chris Pierce said.
It is set to post a cash balance of $2.76 billion for the April-June period, up from $900 million in the prior three months, after it announced a fundraise of about $3 billion, according to six analysts polled by Visible Alpha.
Source: News Formal (newsformal.com)
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