Rivian E-pickup Trucks: "Even though Rivian exceeded first-quarter estimates, the outlook over the next couple of years may not have enough growth, especially since the company is yet to turn a profit," said Michael Ashley Schulman, chief investment officer at Running Point Capital.
Amazon.com-backed Rivian delivered 13,588 vehicles in the first quarter, topping expectations by 16 analysts of 12,415 units according to Visible Alpha.
EV sector grapples with layoffs, production cuts and altered plans autoblog.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from autoblog.com Daily Mail and Mail on Sunday newspapers.
Shares in Rivian and Lucid plummeted 15% and 8% respectively after the announcements - the latest signs of a slowdown in EV demand flagged by automakers including Ford, General Motors and market leader Tesla. The plateauing demand sparked a price war last year as companies drained margins to woo customers.