From an earlier post:
It appears the White House, via the press secretary, is telling Americans:
- it's going to get worse ...
- it's going to stay worse for a long time ...
- cardigan sweaters won't work this time ...
- the high price of gasoline is due to Russia invading Ukraine ...
- the answer to the high price of oil is more renewable energy ...
- to transition to renewable energy we need Saudi Arabia to produce more oil ...
- until Saudi Arabia produces more oil, we need to release more crude oil from the SPR ...
- those folks driving Teslas do not have to worry about the high price of gasoline ...
So, I was curious. With all this "free advertising" I was curious how the EVs were doing. But instead of looking at Tesla, I looked at the other three first: RIVN, LCID, and RIDE.
Today:
- RIVN: down over 6%; down almost $3; closed at $41 vs 52-week high of $180;
- LCID: down over 4%; down over $1; closed at $24 vs 52-week high of $58;
- RIDE: flat today; closed at $2.34 vs 52-week high of $18;
And then this story from Bloomberg: Rivian's $117 billion wipeout has turned some into skeptics -- Wall Street’s embrace of Rivian Automotive Inc., last year’s electric-vehicle startup darling, is waning already as the company has lost about $117 billion in market value in just four months.
Analysts are paring back their expectations for this once-hyped stock ahead of Rivian’s fourth-quarter results, which are due after the market close on Thursday. At least four analysts have lowered their price targets this month by an average of 40%.
So, I was curious. Are these three "different" than Tesla?
So, let's check TSLA.
TSLA closed down 2.4%; closed down $21; closed at $838;
- after hours, closed down another 0.75%, down another $6.
- TSLA's 52-week high is $1,243.
So, all this "free advertising" and incredibly high gasoline prices, investors are very, very skeptical about EVs, not just the newest, smallest startup.
My hunch: high commodity prices are going to mess with margins for these EV manufacturers.
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