What's Going On With Lucid, Rivian Shares Thursday?

Shares of EV makers including Lucid Group Inc LCID and Rivian Automotive Inc RIVN are backing up Thursday after Tesla Inc TSLA reported disappointing third-quarter financial results. 

What Happened: Tesla reported earnings after the close on Wednesday, missing analyst estimates on both the top and bottom line for the first time since the second quarter of 2019, according to Benzinga Pro.

Tesla said third-quarter revenue increased 9% year-over-year to $23.35 billion, but the number missed the consensus estimate of $24.38 billion. The EV maker said its top-line results were negatively impacted by lower average selling prices. 

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

Third-quarter production totaled 430,488 units. The lower production numbers were due to planned downtimes for factory upgrades. 

Tesla did note that Cybertruck pilot production began in the third quarter and deliveries are expected to start next month, but on a conference call following the print, Tesla CEO Elon Musk warned that it will take some time for the vehicle to be a "significant cash flow contributor."

Tesla's soft quarterly results are weighing on several other EV companies including Lucid and Rivian. Both Lucid and Rivian are set to report third-quarter results on Nov. 7. 

Check This Out: Tesla Q3 Earnings Highlights: Revenue Miss, EPS Miss, Cybertruck Launch Set For November And More

LCID, RIVN Price Action: At publication time, Lucid shares were down 1.1% at $4.48 and Rivian shares were down 1.82% at $17.76, according to Benzinga Pro.

Photos: courtesy of Lucid & Rivian.