Two of probably the most high-profile US electrical car (EV) startups have signalled 2024 could possibly be a dire yr, saying job losses and manufacturing cuts because of cooling demand for battery-powered autos.
Reuters studies Rivian – partially owned by know-how large Amazon – introduced it will reduce its workforce by 10 per cent, whereas estimating it wouldn’t exceed its 2023 manufacturing output of 57,232 EVs in 2024, and nicely wanting the 81,700 unit determine predicted by analysts.
Rivian at the moment sells simply two fashions, the R1T electrical pickup and R1S electrical SUV, each based mostly on the identical platform and largely sharing the identical gear. It additionally manufactures an electrical supply van.
In contrast to EV large Tesla, Rivian doesn’t construct any mid-sized fashions, limiting its share of the market, nonetheless it’s aiming to launch a smaller Model Y-sized SUV, known as the Rivian R2, in 2026.
The publication additionally studies Lucid Motors – lengthy touted as a possible rival to Tesla with its flagship Model S-sized Lucid Air sedan – will miss estimated manufacturing targets beforehand forecasted by business consultants.
Whereas Wall Road analysts anticipated Lucid to supply roughly 22,500 EVs in 2024, the corporate says it solely expects to construct 9000 Airs this yr, an enchancment on its 8428 constructed final yr however nonetheless nicely wanting expectations.
Lucid’s lineup is at the moment restricted to the Air sedan, although it’s additionally planning to launch a brand new EV within the Gravity SUV later this yr.
A smaller mid-size electrical mannequin has been teased for 2026, nonetheless given Lucid’s present scenario it’s not clear whether or not this goal might be met.
At current, neither Rivian or Lucid promote autos in right-hand drive markets resembling Australia.
Rivian and Lucid are the most recent manufacturers to regulate manufacturing plans because of slowing EV demand, with Ford and General Motors each saying elevated investments in hybrids.
Regardless of this, EV gross sales reached an all-time excessive in Australia final yr, with 87,430 battery-powered autos bought all through 2023 – a rise of 161 per cent on the yr prior.
Whereas gross sales solely rose by 0.8 per cent in January 2024 in comparison with the identical month a yr prior, this was attributed to market chief Tesla – which accounted for greater than half of all native EV gross sales in 2023 – experiencing delivery delays for its incoming autos.
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