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Thursday, July 7, 2022

Add Another Tesla Competitor -- July 7, 2022

Disruptive:

 Add Genesis EV70 -- 2023.

Genesis Motor, LLC, commonly referred to as Genesis is the luxury vehicle division of the South Korean vehicle manufacturer Hyundai Motor Company. 

Rivian:

  • stock is 86% below peak;
  • 25,000 EV target falls short;
  • Forbes, July 7, 2022
    • reported $95 million in revenue for the March 2022-ending quarter
    • a whopping net let loss of $1.6 billion
    • estimate: 25,000 EVs in 2022
  • one quarter: 6,250 vehicles per quarter
    • a net loss of $1.6 billion
    • losing $256,000 per car -- yeah, that sounds about right
  • which begs the question: how does one lose a quarter-of-a- million dollars per car?
  • and, yes, I get it.

GM, link here.

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