Rivian and Lucid Are Still Bleeding Cash, Now Have To Deal With Tariffs

Running a luxury EV startup is already a high-wire act. Now Rivian and Lucid are doing it with tariffs on their backs.

Both electric vehicle makers posted earnings Tuesday evening, and the results were familiar: heavy losses, soft guidance, and even softer demand. Rivian lost $541 million and slashed its full-year delivery forecast to as low as 40,000 vehicles, blaming macro uncertainty and a “more cautious” consumer mood. Tariffs imposed by President Trump’s administration could cost Rivian an extra $3,000 per car and raise expenses by up to $1.9 billion this year.

Lucid didn’t fare much better. The company reported a $366 million net loss and revenue that came in below estimates. But unlike Rivian, Lucid kept its full-year production target intact, betting on the success of its upcoming $50K midsize EV and the recently launched Gravity SUV to spark a turnaround. For now, it’s cutting prices and dangling financing deals to move its $70K Air sedans.

Not Built for Tough Terrain

Neither company is profitable, and both remain dependent on big-name backers—Amazon and VW for Rivian, Saudi Arabia’s PIF for Lucid. Even with slightly better-than-expected per-share losses, Wall Street wasn’t impressed: both stocks dipped in after-hours trading.

These aren’t isolated struggles. EV demand across the U.S. has cooled as high interest rates and economic jitters send consumers toward cheaper hybrids. The new tariffs could slow things further, disrupting supply chains and raising input costs for an industry that’s still trying to scale.

TL;DR: Rivian and Lucid were already in a cash-burning marathon. Now they’ve got a tariff sprint to survive, too—and investors are wondering if either has the stamina to last the race.