Q1 financials show EV start-ups are low on cash

  Companies like Rivian, Lucid Motors and Nikola Motor Company have fewer months of cash on hand than they did last quarter. Once the darlings of automotive investors, electric vehicle start-ups are now limping along under the weight of a heavy cash burn, forcing companies to find new ways to stanch the bleeding. Rivian Automotive Inc., Lucid Group Inc., Nikola Corp. and Faraday Future all had fewer months of cash on hand in the first quarter of this year than they did at the end of last year, according to an analysis of quarterly Securities and Exchange Commission filings released last week. Fisker Inc has seen a boost of about four additional months of cash to cover expenses, while Lordstown Motors has about two months more cash than it did in the fourth quarter of 2022, but still issued a warning that it may have to file for bankruptcy. Cash “really just means how long you can survive without a strategy pivot,” said Jeff Osborne, a senior analyst focused on the sustainability and mobility technology sectors at TD Bank. #ev #electricvehicles #emobility #automotiverecruitment