Why EV Stocks Tesla, Rivian, Lucid Are Sliding Premarket Today

Shares of electric vehicle makers Lucid Group, Inc. LCID, Rivian Automotive Inc. RIVN and Tesla, Inc. TSLA were moving to the downside on Friday following the release of Lucid's first-quarter production and deliveries numbers.

The Newark, California-based company produced 2,314 vehicles in the quarter, down from 3,493 units in the fourth quarter. Deliveries also fell from 1,932 units in the fourth quarter of 2022 to 1,406 units in the first quarter of 2023.

Lucid targets full-year production of 10,000 to 14,000 units for the full year.

The company did not offer any insight into the numbers and more details could be gleaned when it reports its first-quarter earnings on May 8.

Start Futures Trading Fast — with a $200 Bonus

Join Plus500 today and get up to $200 to start trading real futures. Practice with free paper trading, then jump into live markets with lightning-fast execution, low commissions, and full regulatory protection.

Rivian, meanwhile, reported in early April above-consensus first-quarter deliveries of 7,946 vehicles and production of 9,395 units. The production number, however, looks anemic when weighed against the full-year target of 50,000 units.

The soft numbers could trigger anxiety concerning issues with production ramp-up as well as EV demand amid uncertain economic conditions.

According to Benzinga Pro data, Lucid plunged 6.91% to $7.68 in premarket trading on Friday. Tesla fell 1.51% to $183.10. and Rivian declined 4.11% to $13.78.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

LCIDLucid Group Inc

$2.53-%