A Little Bad News for Rivian and Lucid
Rivian (NASDAQ: RIVN) and Lucid Motors (NASDAQ: LCID) entered 2025 in different gears. Rivian was entering a year with no major vehicle launch, stagnating deliveries, and a lack of any visible catalysts, while Lucid has strung together six consecutive quarters of record deliveries and is ramping the production of its new Gravity SUV. One thing they both have in common is a growing, albeit more slowly than hoped, electric vehicle (EV) market. Here's the bad news: Some recent data says that the EV market sentiment looks to be souring.Tesla changed the game when it made EVs "cool" for the first time. Since then, the hype surrounding EVs as the future of transportation has swept the globe, in some countries (like China) faster than in others. But according to a recent survey, that hype could be in decline in the U.S.Interest in EVs spiraled to its lowest level since 2019, according to a consumer survey commissioned by AAA. Only 16% of respondents reported being "likely" or "very likely" to purchase an EV as their next vehicle, signaling consumer caution. The percentage of respondents who indicated they would be "unlikely" or "very unlikely" to purchase an EV as their next vehicle jumped from 51% to 63%, the highest mark since 2022. The percentage who believe that most cars will be electric within the next decade fell from 40% in 2022 to 23% this year.Continue reading
Rivian (NASDAQ: RIVN) and Lucid Motors (NASDAQ: LCID) entered 2025 in different gears. Rivian was entering a year with no major vehicle launch, stagnating deliveries, and a lack of any visible catalysts, while Lucid has strung together six consecutive quarters of record deliveries and is ramping the production of its new Gravity SUV. One thing they both have in common is a growing, albeit more slowly than hoped, electric vehicle (EV) market. Here's the bad news: Some recent data says that the EV market sentiment looks to be souring.
Tesla changed the game when it made EVs "cool" for the first time. Since then, the hype surrounding EVs as the future of transportation has swept the globe, in some countries (like China) faster than in others. But according to a recent survey, that hype could be in decline in the U.S.
Interest in EVs spiraled to its lowest level since 2019, according to a consumer survey commissioned by AAA. Only 16% of respondents reported being "likely" or "very likely" to purchase an EV as their next vehicle, signaling consumer caution. The percentage of respondents who indicated they would be "unlikely" or "very unlikely" to purchase an EV as their next vehicle jumped from 51% to 63%, the highest mark since 2022. The percentage who believe that most cars will be electric within the next decade fell from 40% in 2022 to 23% this year.
