Lucid Report, Nicola, Fisker as Production The Eyes of Wall Street

Lucid Motors CEO Peter Rawlinson stands at the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) begins trading on the Nasdaq Stock Exchange after completing its business merger with Churchill Capital Corp. IV in New York City, New York, July 26, 2021.

Andrew Kelly | Reuters

Investors who own rickety electric car stocks are bracing for first-quarter earnings reports, which start in earnest over the next few days.

Year-to-date, the asset group has had a rough ride: The S&P Kensho Electric Vehicle Index is down nearly 25% since the start of 2022, and is down 43% from its peak in February of last year. The index tracks electric car manufacturers such as Tesla And Honda As well as major auto industry suppliers such as festoon And ler.

Some of the sector’s most popular stocks fared worse. They mostly claim little or no income, minimal production, if any – and three of them are due to report their earnings within the next couple of days.

First, Fisker

EV startup in California Fisker A report will be released after markets close on Wednesday.

Founded by former Aston Martin chief designer Henrik Fisker, Fisker has more than 40,000 reservations for its upcoming Ocean, a stylish electric SUV that will start at around $38,000.

Fisker does not have its own factory; global auto supplier Magna International It will build the Ocean at its own manufacturing facility in Austria. Production is expected to start in November.

Fisker announced last year Plan a second cara low-cost model codenamed “Pear” to be built by the Taiwanese contract manufacturer Foxconn Technology Group starting in 2023. Earlier on Wednesday, Fisker announced a third model, a sports car called the Ronin, planned for late 2024.

Analysts will likely have questions about what’s shaping up to be a solid model launch schedule, set before Fisker ships even one vehicle.

The company’s stock is down about 37% this year, as of Tuesday’s close, and far from 64% from an all-time high of $28.50 in February 2021.

Production plans in Nikola

Electric heavy duty truck maker Nikola Motors He will report before the markets open on Thursday.

Nicola, based in Phoenix, is probably best known for the scandals that led to The sudden departure of founder Trevor Melton In September 2020. Melton now faces federal charges over Allegations that he misled investors About the state of Nikola’s technology – but after paying a settlement to the US government, his former company came forward.

Under the leadership of Milton’s successor, CEO Mark Russell, Nikola streamlined her plan to get to market, forged some key partnerships, and began producing a battery-electric version of her Tre heavy duty truck. A longer-range version of the Tre, powered by hydrogen fuel cells, is expected to be released next year.

Nicola said on Monday it had raised about $200 million from a private sale of convertible bonds. Its current cash balance – believed to be around $1 billion – and projected funding needs will likely be topics of interest during its Thursday morning earnings call.

Nikola’s stock is down about 32% this year through Tuesday, and is down 91% from its all-time high of $79.73, set in June 2020.

Clarity from Lucid

Unlike Nicholas and Fisker, Lucid It will have some revenue to report when first-quarter results are released after markets close on Thursday. The luxury electric car maker is based in Arizona Production of its first model beganAir sedan, last fall.

Peter Rawlinson, CEO of Lucid, served as the chief engineer for the Model S.

The Air’s ratings were very good – among other accolades, the Air was Motor Trend’s Car of the Year. But Lucid has struggled to ramp up Air production amid ongoing global turmoil in the supply chain. In February, it Reduce production target for 2022 From 20,000 vehicles to between 12,000 and 14,000.

The case for Lucid’s ramp-up is likely to be a hot topic on Thursday’s earnings call.

Lucid’s stock is down about 49% this year through Tuesday, and far from 66% from its all-time high of $58.05, set in February 2021.

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