Rivian, Lucid losses continue to burn up cash |
Rivian Automotive and Lucid Motors racked up billions in losses last year amid modest sales numbers, rising factory incentives and growing uncertainty in the U.S. electric vehicle market following the November election of President Donald Trump.
Rivian, which launched its first model in late 2021, posted a $4.7 billion net loss in 2024, according to the company's Feb. 20 earnings report. That was a moderate improvement over its $5.4 billion net loss in 2023.
Lucid, which also sold its first model in late 2021, reported a $2.7 billion net loss last year, the company said Feb. 25. A year earlier, Lucid posted a net loss of $2.8 billion.
The cash burn for the California startups comes as the U.S. EV market faces new challenges
— Laurence Iliff
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