EV makers burn through cash amid sky-high costs

STORY: Some auto makers like Rivian and Lucid are losing tens of thousands of dollars for every electric car they sell

That’s because of staggering raw material and production costs, their latest earnings statements show

Customers are also canceling orders, fearing long wait times

Lucid’s cost of revenue surged to $492.5 million in the July-September quarter from $3.3 million a year earlier

Lucid saw its market value shrink to $20 billion this year from $95 billion at its peak in November 2021

Arrival warned recently that it may not have enough cash to keep its business going toward the end of 2023

At the end of September, Canoo said it had $6.8 million on hand, down from $415 million a year earlier

Rivian, backed by Amazon and Ford, was better positioned with $13.8 billion in cash at the end of September

Source: CFRA

But its cost of goods sold was about $220,000 per car, versus an average selling price of $81,000