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Here’s What Wall Street Experts Are Saying About These EV Names Ahead of Results

Posted November 2, 2023 at 10:00 am
Jessica de Sa-Mota
The Fly

Citi has lowered auto price targets on revised estimates and higher discount rates to reflect slowing EV demand and macro risks

Several electric vehicle makers are expected to report quarterly results in the upcoming weeks. Nikola (NKLA) is scheduled to report quarterly results on November 2, while Lucid (LCID) and Rivian (RIVN) are expected to report earnings on November 7. Fisker (FSR) and Li Auto (LI) will hold their earnings calls on November 8 and 9, respectively, and Xpeng (XPEV) on November 15. Nio (NIO) and Lordstown (RIDE) are also expected to announce results soon. What to watch for:


Cantor Fitzgerald upgraded Rivian Automotive on Thursday to Overweight from Neutral with an unchanged price target. The company’s Q3 production and deliveries were above expectations, and Rivian looks well-positioned to achieve and exceed its annual guidance, though the stock has underperformed by 27% in the past month and is down about 12% year-to-date, the firm tells investors in a research note.

Click here to check out Rivian’s recent Media Buzz Sentiment as measured by TipRanks.

Back on October 19, Truist lowered the firm’s price target on Rivian Automotive but kept a Buy rating on the shares. The current equity market for “growthy” EV names remains challenging, but Rivian is executing in areas that matter most for long-term success – ramping production, reducing costs, and investing in next gen technologies, the firm tells investors in a research note. The company’s near-term catalyst slate appears to be improving with a potential R2 production announcement early next year and a possible expansion of Rivian’s commercial business beyond Amazon (AMZN), even though the 2024 Street estimates for production and deliveries will likely continue to trend down, Truist added.


On Tuesday, Citi lowered the firm’s price target on Lucid Group but kept a Neutral rating on the shares. The firm updated the company’s model ahead of the Q3 report. The firm lowered auto price targets on revised estimates and higher discount rates to reflect slowing electric vehicle demand and macro risks. Citi also cut the firm’s price target on Fisker, keeping a Buy rating on the shares.


Nio said it delivered 16,074 vehicles in October, increasing by 59.8% year-over-year. The deliveries consisted of 11,086 premium smart electric SUVs, and 4,988 premium smart electric sedans. Cumulative deliveries of NIO vehicles reached 415,623 as of October 31.

XPeng also announced its vehicle delivery results for October. In October, the company’s Smart EV monthly deliveries reached a record high of 20,002 units, representing a 31% increase over the prior month and a 292% increase year-over-year. This month’s strong results boasts XPeng’s growth momentum for the ninth consecutive month. At the same time, the production output of XPeng G6 significantly ramped up, spurring the G6’s single-month delivery volume to reach 8,741 units, making it a battery electric SUV in the RMB 200,000-RMB 250,000 price segment.

Meanwhile, Li Auto announced that the company delivered 40,422 vehicles in October, representing an increase of 302.1% year over year. Monthly deliveries exceeded the 40,000 milestone for the first time, and the cumulative deliveries of Li Auto vehicles in 2023 reached 284,647 as of the end of October.

Originally Posted November 1, 2023 – Here’s what Wall Street experts are saying about these EV names ahead of results

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