Shares of EV Makers Plunge on Disappointing Reports

It was a tough day for electric vehicle (EV) stocks as some of the biggest producers reported news that disappointed investors.

Nikola Corporation (NKLA) significantly missed revenue estimates as the maker of heavy electric trucks delivered fewer than two dozen to dealers in the quarter.

Nikola reported fourth quarter revenue of $6.56 million, just one-fifth of what analysts had estimated. The company said it had manufactured 133 of its Nikola Tre trucks but only delivered 20 to dealerships.

Lordstown Motors (RIDE), which makes smaller electric trucks, announced that it has temporarily stopped production and customer deliveries of its Endurance pickup. The company indicated that it has “experienced performance and quality issues” with certain components.

Lordstown is also recalling 19 vehicles to address a specific electrical connection problem that could result in the loss of propulsion while driving.

Lucid Misses Production Forecasts

Lucid Group (LCID) said that it expects to build 10,000 to 14,000 of its luxury sedans this year, well below what had been anticipated. In addition, it indicated that, as of Feb. 21, it had reservations for more than 28,000 cars, some 6,000 fewer than what it predicted in November.

Lucid also reported fourth quarter revenue of $257.7 million, missing estimates. Bank of America downgraded the stock, citing concerns about near-term demand.

Shares of Nikola Corporation, Lordstown Motors, and Lucid Group all plunged, and shares of several other EV makers also fell.