Electric vehicle stocks may face a downturn on Thursday, given the premarket trading activity, influenced by Tesla, Inc. TSLA reporting its second consecutive earnings and revenue miss.
According to Benzinga Pro data during premarket:
- Rivian Automotive, Inc. RIVN declined by 2.22% to $15.
- Lucid Group, Inc. LCID experienced a steeper decline of 2.48% to $2.75.
- Fisker, Inc. FSR, already in penny-stock territory, saw a loss of 1.15% to 80.66 cents.
Tesla’s fourth-quarter adjusted earnings per share came in at 71 cents, falling short of the 74-cent consensus estimate, and revenue slightly missed the consensus at $25.17 billion compared to $25.58 billion. While the core auto gross margin exceeded the Street estimate at 17.2%, Tesla did not provide concrete volume guidance for 2024.
CFO Vaibhav Taneja stated, “In 2024, our volume growth will be lower, as we have said because we’re trying to focus the team on the launch of the next-generation vehicle.”
Tesla’s performance could have a ripple effect on its smaller counterparts as they prepare to unveil their quarterly results. Rivian, despite beating its full-year deliveries guidance, faced a Deutsche Bank downgrade citing a slow production ramp-up in 2024.
Lucid reported weak production and delivery figures for the fourth quarter and 2023, raising concerns about its sustainability amid an industry slowdown and price competition.
Both Rivian and Lucid are scheduled to report their quarterly results on Feb. 21.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
See Also: Best Electric Vehicle Stocks
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