Rivian Automotive Inc RIVN shares are trading higher in Monday’s after-hours session, in possible sympathy with Lucid Group Inc LCID, which jumped after reporting second-quarter financial results.
What Happened With Lucid: Lucid reported second-quarter revenue of $200.6 million, beating average analyst estimates of $192.059 million, according to Benzinga Pro. The EV maker reported an adjusted loss of 29 cents per share, missing estimates for a loss of 26 cents per share.
Lucid said it produced 2,110 vehicles and delivered 2,394 vehicles during the second quarter. The company also reaffirmed expectations to manufacture approximately 9,000 vehicles in 2024.
“I’m very encouraged by our sales and market share momentum we’re experiencing, the benefits we’re realizing from our cost optimization programs, and the excitement that’s been building into the Lucid Gravity launch, setting a strong foundation for the rest of the year,” said Peter Rawlinson, CEO and CTO of Lucid.
Lucid shares also appear to be getting a lift after the company announced a $1.5 billion commitment from an affiliate of Saudi Arabia's Public Investment Fund (PIF). The company said it had approximately $4.28 billion of total liquidity at quarter’s end.
Don’t Miss This: Rivian Stock Down 37% YTD: Can Q2 Results, Guidance, R2 Pre-Orders Kickstart Rally For EV Manufacturer?
Why It Matters For Rivian: Lucid competitor Rivian is due to report second-quarter financial results after the market close on Tuesday. The company is expected to report a loss of $1.21 per share and revenue of $1.32 billion.
According to data from Benzinga Pro, Rivian has beat earnings estimates, but missed revenue estimates in two consecutive quarters.
Investors and analysts will be watching for vehicle production guidance and any updates on the company’s recently announced $5 billion joint venture with Volkswagen. Analysts have varying expectations heading into the print.
Recent analyst updates include a reiterate Overweight from Cantor Fitzgerald and a price target increase to $16 from Truist Securities.
RIVN Price Action: Rivian shares were up 2.19% after hours as Lucid shares climbed nearly 10% following its quarterly results. Rivian shares were hovering around $14.93 at the time of publication Monday, according to Benzinga Pro.
Photo: Courtesy of Rivian.
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