Rivian R3X

Hot or Not: What’s the State of the EV Sector?

March 14, 2024
This earnings season has been marked by lower production forecasts, missed revenues and layoffs. However, things are looking up for one company that nearly tripled its revenue.

Welcome back to Hot or Not, the electric-vehicle sector round-up where we rank a selection of publicly traded companies based on their performance in the previous two quarters. With 2023’s Q4 and full-year reporting season coming to a close, it’s time to see how this set of ambitious players fared. If you missed the first edition, catch up right here

This edition, we’re adding charging companies into the mix for a more thorough look at all facets of EVs. As before, we’ve given each company a rating based on its stated production/delivery goals, financials, major news/deals, and the potential for its business to perform better. The ratings are, from worst to best:

  • Not: The company isn’t doing well at all and the outlook isn’t too good, either.
  • Mixed: The company is meeting some goals but is still lacking in key areas.
  • Okay: The company is meeting most of its goals and has a pretty decent outlook.
  • Hot: The company is hitting (or exceeding) stated goals and looks to have a good future.

There are also special designations of It’s Complicated, where a company has so much good and bad happening that it’s too hard to accurately place it, and Too Soon to Tell, where there’s not enough material for us to say where it might go next. A company’s designation can change drastically between updates since these are all startups in the relatively new EV space. So, while a startup may not be doing so well in this round of Hot or Not, it could lead the pack next time around.

With that, let’s dive in.

Rivian: Mixed

Last time, Rivian led the pack with its designation of “Hot,” but in just two quarters, things have taken a bit of a turn.

For starters, Rivian smashed all its production goals. The company produced just over 57,000 vehicles in 2023 against its original goal of 50,000 (although executives raised the goal repeatedly through the year). But 2024’s guidance contained no growth expectations.

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