Last week, Rivian Automotive Inc (RIVN  ) and Lucid Group Inc (LCID  ) reported stagnant production in their fourth-quarter earnings, causing their shares to take a dive. On Monday, Li Auto (LI  ) shares advanced more than 25% which is the most since March 2022 as the automaker deliver a better-than-expected report and reached the profit line before its major EV startup peers in China.

Although these players make a fraction of EV sales compared to the EV King, Tesla Inc (TSLA  ), their reports also show the demand slowdown that even Tesla isn't resistant to.

The growth space is as green as it gets.

Today, a green technology innovator from the automotive accessory front, Worksport Ltd (WKSP  ), a company that specializes in innovative off-grid energy solutions revealed it will be presenting at the Centurion One 7th Annual Growth Conference to be held on March 7th 2024 in Toronto, Ontario. Worksport specializes in made-in-North America aftermarket automotive accessories. Its upcoming products, the solar-powered tonneau cover SOLIS and its power partner, COR portable battery system, promise to equip pickup drivers with power on the go. With off grid mobile power from the Sun, Worksport promises to extend the mileage of EV pickups.

Recently, Worksport revealed it will customize its SOLIS cover for the electric version of America's best-selling pickup, Ford F-150 the Lightning built by Ford Motor (F  ). Unlike Ford who is the maker of iconic pickups, Tesla does not have this expertise yet. Even Elon Musk openly admitted the challenges Tesla continues to face in order to mass produce its electric pickup. Just getting the Cybertruck on the road was quite a long journey for Tesla with several setbacks due to its complexities. While Ford scaled down its EV efforts, its pickup expertise remains one of its greatest strengths. With the help of revolutionary technology Worksport is bringing to the market, Ford will certainly have better odds on the EV front considering that legacy automakers need help on the software front which is what EVs are all about, compared to internal-combustion-engine hardware.

Li Auto became the first of China's big EV startups to turn a profit.

Early Monday, Li Auto revealed it now has something its startup peers in China don't - an annual profit. For the fourth quarter that ended on December 31st, Li Auto reported revenue soared 130% to $5.88 billion with American depositary receipt that represents two Li Auto shares being 60 cents. Fourth quarter operating margin went from breakeven in last year's comparable quarter to 7.3%.

On January 1st, Li Auto already revealed that it delivered a record of 131,805 new energy vehicles. For 2023, Li Auto reported a net income of $1.7 billion. However, Li Auto also warned of lower deliveries in the current quarter. Li Auto guided for first quarter deliveries between 100,000 and 103,000 vehicles, which is still a great improvement from 2023's comparable quarter when it delivered 53,000. Li Auto also announced the expansion of its product line to eight models. In simple words, growth was better than expected, and more is on the way.

Rivian and Lucid are stagnating.

Upon their weak reports, Rivian shares plummeted about 25% and Lucid's followed suit with almost a 17% plunge.

Rivian did beat Wall Street revenue estimate as it reported 1.32 billion in sales but its net loss per share of $1.36 was worse than analysts feared. Moreover, Rivian announced it will be laying off 10% of its workforce. Although Rivian succeeded to surpass Tesla by becoming the first EV maker to bring an electric pickup to life and on the road, it's not enough for Rivian to secure its place in this constantly evolving, competitive and hefty landscape.

On the other hand, Lucid's net loss of 30 cents per share was in line with LSEG's estimates but revenue of $157.2 million came short of estimates.

Rivian guided for 2024 production of 57,000 vehicles, which is a slight decrease from 2023's 57,232 output, while Lucid guided for 9,000 vehicles, topping its 2023's production of 8,428 vehicles.

EV enthusiasm dimmed by macroeconomic and geopolitical uncertainties.

To sum up, Lucid and Rivian are two EV startups facing similar problems amid a tough environment. Even Tesla warned that its 2024 vehicle growth rate could be notably lower compared to 2023's figure.

DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.