Lucid, which according to a Bloomberg Intelligence estimate is set to burn $338,000 for every vehicle it makes this year, said in August that it still expected to produce at least 10,000 cars in 2023. Analysts’ average 2023 sales estimate for the firm has sunk nearly 50% over the past 6 months.
On paper, electric vehicle manufacturer Rivian had a robust third quarter as the Irvine, Calif.-based company, said it’s online to deliver 52,000 vehicles for the fiscal year against expectations of 50,000 vehicles rolling out of manufacturing plants. . . .
The company sells its vehicles for about $80,000 each but it’s losing $33,000 on each vehicle sold due to high production costs, The Wall Street Journal reported.
We have even outlawed gasoline car sales in California and several other states by 2030
That resulted in 918,500 EVS selling in 2022, & presumably a comparable number in 2023.
Now everyone who has more money than brains has bought one.
Now everyone who want to signal “I love the planet & believe the MSM” has bought one.
But that was not enough, despite historically low interest rates, the industry is losing money faster than a teenager trading crypto, and cannot be sustained. If they do not ramp-up sales A LOT in the next few years, they will be as dead as the Stanley Steamer and the Yugo.
NOW, to continue, they have to compete with and gasoline combustion engines and all the eco-friendly alternatives because those are the only buyers left.
Well Rivian is in all the (financial) media.
I am surprised you have not heard of them. They make electric Pick-up Trucks and electric SUVs. They are not selling much (yet) these products compete m/l directly with Elon Musk’s “cybertruck,” except that a Rivian ipck-up looks like a pick-up. the cyber truck looks like a mobile weapon form a sci-fi movie.
The funniest part is, I associate with more barely-20-somethings than all you old people here, with your lack of preschool and elementary school-aged children.
In the middle of nowhere and still more connected than y’all Boomers.
I love the idea and concept of EV but the harsh truth is they remain unaffordable for many plus the US does not have the infrastructure to make them viable as a mass consumer purchase
A few months ago I was in the market for a new car, looked at a couple of EVs but ended up buying a Tucson because I got all the bells and whistles I wanted at a price that did not break the bank.
I’ve dealt with EVs now for over a decade. The Chevrolet Volt was IMO one of the best buys applying electric that’s been created so far and yet…it wasn’t profitable because it didn’t sell well. It had virtually no problems with design either.
One thing I enjoy about driving them is regenerative braking. You must think ahead of hills and stop signs/lights and remove your foot from the throttle, allowing the car to recover as much of the energy used to get to the speed you were at. The braking is the force needed to run the generator for recharging your battery. There’s two speeds too. If you need to slow down faster, down grade the generator into a higher gear that generates even more power to recharge the battery but uses more of the inertia of the moving car. It’s like driving a video game.
