As the automotive sector adopts electric vehicle technology, a number of startup businesses
are vying for success in the electric car sector. However, it appears that they are having difficulties,
prompting many observers to question if they will last.
A few years ago, younger electric vehicle manufacturers like Rivian, Fisker, and Lucid seemed promising,
and their valuations skyrocketed once they went public. But with their shares on a downward
trajectory, only time will tell if they can survive as their cash reserves quickly run out.
Rivian built 24,337 cars last year, falling barely short of its planned 25,000 target.
The California-based EV startup's $663 million in sales for the fourth quarter of 2022
Rivian plans to manufacture 53,000 vehicles in 2023, doubling last year’s production
According to dot.LA, “With $12.1 billion left in its coffers, the EV hopeful still has some wiggle room,
current burn rate, the company will likely be out of cash before the end of 2025.”
The Washington Post reported Fisker, Rivian, and Lucid experienced rapid growth