This week’s earnings reports make two things clear about the viability of the electric vehicle future: EV-only companies are continuing to struggle and lose lots of money, and having wealthy investors who are willing to pour money into your money-losing operation is the difference between survival and bankruptcy. Two of the big US-based EV-only companies — and — reported their second quarter earnings this week. Lo and behold, there’s still of red ink being spilled.
Lucid reported a net loss of $643 million for the second quarter, a slight improvement over the $764 million it lost in the second quarter of 2023. And Rivian said it lost a staggering $1.46 billion, $300 million worse than the same period last year.
Lo and behold, there’s still of red ink being spilled Fortunately, both companies have rich friends in their corner who are willing to help tide things over until the balance sheets become more, well, balanced. Rivian has Volkswagen, which recently announced its in the adventure-themed EV company. And Lucid has Saudi Arabia’s Public Investment Fund, a majority shareholder, which said it would into the luxury EV firm to help extend its lifespan.
We should have Fisker, another EV-only company’s earnings to pour through, but it . Unlike Rivian and Lucid, Fisker didn’t have a wealthy backer that could shore up its finances — but not for lack of trying. These situations help emphasize a stark reality for .
With no gas or hybrid vehicle sales on which to fa.