Several electric vehicle makers are expected to report quarterly results in the upcoming weeks. Lucid (LCID) is scheduled to report earnings on Monday, May 8, while Rivian (RVN), Nikola (NKLA), and Fisker (FSR) are expected to announced quarterly results the day after. Li Auto (LI) will hold its earnings call on May 10, with Nio (NIO), Xpeng (XPEV), and Lordstown Motor (RIDE) also expected to announced results soon. What to watch for:
TARGET CUT: In a research note ahead of earnings, Wells Fargo lowered its price target on Rivian to $14 from $18, while keeping an Equal Weight on the shares. The firm notes that Q1 deliveries of 7,946 outperformed its 7,010 estimate and, therefore, is lowering its EPS estimate given current negative margins. Wells also highlights that the company’s electric vans, which are solely for Amazon (AMZN), saw very little production in an effort to integrate its in-house Enduro dual motor & LFP battery production. Management indicated the Enduro launch was successful and will begin integration on R1 lines. The firm views successful integration of Enduro as required for the company to achieve 2023 guidance of 50,000 vehicles produced and volume ramp sufficient to flex fixed costs, as it cuts Rivian’s reliance on semi-chips in half, according to management.
Keywords: earnings watch, earnings, quarterly results, EV, electric vehicles
Published first on TheFly
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