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What Rivian, Lucid, and Fisker tell us about the current state of EVs

White Lucid Air with cable connecting between it and a white Tesla
Image: Lucid

It’s earnings season, and anyone invested in the idea that electric vehicles are the future of transportation is all over Tesla. But Elon Musk’s company isn’t the only one putting all its bets on battery-electric vehicles. Three other so-called “pure EV plays” — Rivian, Lucid Motors, and Fisker — also posted their earnings this week. And sifting through the numbers reveals some worrisome trends.

For years, it was assumed that Tesla as well as the dozen or so other pure EV companies it helped spawn, would outmaneuver the legacy automakers thanks to a laser focus on electric powertrains and battery production. But today, it’s the legacy automakers that are posting healthy profits while the pure EV companies flounder.

Price cuts, politics,…

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