Rivian Automotive RIVN and Lucid Group LCID plummeted in premarket trading on Thursday following underwhelming earnings reports.
Rivian beat revenue expectations but missed production targets, guiding for 57,000 units in 2024, significantly lower than analysts’ estimates, CNBC reported. Despite working on its new R2 platform, the company also announced a 10% workforce reduction.
Lucid missed revenue expectations and offered weak delivery guidance of 9,000 units, reflecting production challenges.
In premarket trading, Rivian slumped 14.62% to $13.14, and Lucid fell 8.38% to $3.39, according to data from Benzinga Pro.
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