What happened
It's a busy week for some high-profile quarterly reports in the electric vehicle (EV) sector. Ahead of those business and operational updates, stocks in the sector have been mixed today.
ChargePoint Holdings (CHPT -3.73%), Rivian Automotive (RIVN -2.21%), and Lucid Group (LCID 1.19%) were all down at least 3% in early trading today. But by 12:05 p.m. ET, ChargePoint and Rivian had turned positive by 3.2% and 2.8%, respectively. Lucid remained down, but only by 0.9% at that time.
So what
ChargePoint had the biggest news today, but investors are probably more focused on what Lucid and Rivian will say when they report their respective third-quarter reports after the market closes today and tomorrow, respectively. ChargePoint, however, did announce a new partnership with electric heavy truck maker Nikola today.
Image source: Nikola.
Now what
ChargePoint will provide its charging infrastructure, as well as software and services that will monitor utilization to Nikola's electric semi truck fleet customers. ChargePoint vice president Rick Mohr noted that's an area of growth for the charging company, stating, "ChargePoint is committed to supporting OEMs, dealers, and fleets with the right tools to adopt and transition to EV transportation without disrupting their core operation."
In its fiscal second-quarter report released on Aug. 30, the charging company reiterated its expectations to approximately double revenue year over year to a range of $450 million to $500 million. Investors will want to see if it boosts that guidance due to this new arrangement when it reports its fiscal third quarter ended Oct. 31.
Rivian and Lucid investors will focus more on production levels than revenue guidance, but that focus could likely move the stocks over the next two days. Lucid has reduced its 2022 full-year production guidance twice, but reaffirmed its revised range of 6,000 to 7,000 vehicles when it announced its third-quarter production last month.
Lucid manufactured 2,282 vehicles in the third quarter, so it should be able to confirm it is at least on track to hit its conservative guidance. Any change from that guidance could certainly impact the stock after it reports tonight.
Rivian similarly dropped its projections due to supply chain constraints and now expects to make 25,000 total EVs in 2022. That includes its R1T and R1S pickup and SUV models aimed at consumers as well as commercial delivery vans. Those vans are currently promised to its customer Amazon, which expects to have 1,000 of Rivian's electric delivery vehicles servicing more than 100 U.S. cities this holiday season. Rivian also had more than $15 billion in cash and cash equivalents on its balance sheet as of June 30.
Investors will want to see how much it has gone through when they tune into that report due out after market close tomorrow.
