11/1/2022 0 Comments Lucid motors careers![]() ![]() Spak has an "outperform" rating on Fisker's stock and a price target of $13. RBC analyst Joseph Spak said following Fisker's second-quarter report that the company will likely need more cash, despite its contract-manufacturing model - what he estimated to be about $1.25 billion over "the coming years." Fisker will have considerable expenses in the interim - money for prototypes and final engineering, as well as payments to Magna - but with $852 million on hand at the end of June, it should have no trouble covering those costs. Production of the Ocean is scheduled to begin in November at an Austrian factory owned by Magna. That represents something of a cash tradeoff: Fisker won't have to spend nearly as much money up front to get its upcoming Ocean SUV into production, but it will almost certainly give up some profit to pay the manufacturers later on. Instead, the company founded by former Aston Martin designer Henrik Fisker will use contract manufacturers - global auto-industry supplier Magna International and Taiwan's Foxconn - to build its cars. Unlike Rivian and Lucid, Fisker isn't planning to build its own factory to construct its electric vehicles. Rivian ended trading Friday at roughly $32 per share. Jonas currently has an "overweight" rating on Rivian's stock, with a $60 price target. ![]() The company burned about $1.5 billion in the second quarter, but it also said it plans to reduce its near-term capital expenditures to about $2 billion this year from $2.5 billion in its earlier plan to ensure it can meet its longer-term goals.Īt least one analyst thinks Rivian will need to raise cash well before 2025: In a note following Rivian's earnings report, Morgan Stanley analyst Adam Jonas said that his bank's model assumes Rivian will raise $3 billion via a secondary stock offering before the end of next year and another $3 billion via additional raises in 20. Rivian has struggled to ramp up production of its R1-series pickup and SUV amid supply chain snags and early manufacturing challenges. That should be enough to fund the company's operations and expansion through the planned launch of its smaller "R2" vehicle platform in 2025, CFO Claire McDonough said during the company's earnings call on Aug. Rivian is by far the best-positioned of the new EV startups, with over $15 billion on hand as of the end of June. Here's where some of the most prominent American EV startups of the last few years stand when it comes to cash on hand: Rivian ![]() And in the current environment, where deflated stock prices and rising interest rates have made it harder to raise money than it was just a year or two ago, EV startups' cash balances are getting close attention from Wall Street. Musk said later called the experience of launching the Model 3 "production hell" and said it nearly brought Tesla to the brink of bankruptcy.Īs newer EV startups ramp up production, more investors are learning that taking a car from design to production is capital-intensive. Tesla learned a lot of expensive lessons in the process. But some of that automation didn't work as expected, and Tesla moved some final-assembly tasks to a tent outside its factory. When the automaker began preparations to launch its Model 3, CEO Elon Musk and his team planned a highly automated production line for the Model 3, with robots and specialized machines that reportedly cost well over a billion dollars. ![]() For newer automakers, the financial risks to designing a new electric vehicle can be existential. ![]()
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