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Money

It’s no longer cool to be an EV startup

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EV startups are burning through more cash as demand for electric vehicles falters, according to a report.

The impact of Tesla’s price war is expected to be evident in the quarterly results of U.S. electric vehicle startups, leaving investors concerned about how these companies are managing their finances during a funding drought.

Even Tesla, the market leader, has warned of challenging times, and traditional automakers with more significant financial resources, like Ford Motor, are also facing losses in the EV market. The tough conditions have already led to the bankruptcy of Lordstown Motors, an electric truck manufacturer.

Lucid and Nikola are among the companies likely to report another quarter of significant cash burn due to ongoing struggles with production and demand. However, the Amazon-backed Rivian Automotive is expected to be a standout, with a three-fold surge in revenue for the April-June quarter and a reduced cash outflow compared to the previous quarter.

While Rivian seems to be thriving, Lucid, majority-owned by Saudi Arabia’s Public Investment Fund, is expected to report deepening losses, and Nikola is anticipated to report declining revenue and widening losses.

Fisker, on the other hand, is expected to report its first revenue from vehicle sales after starting deliveries of its Ocean SUVs in the June quarter, but it missed its production target due to parts shortages. Investors will be closely monitoring Fisker’s reservation numbers, as its Ocean SUV does not qualify for the $7,500 federal tax credit.

Overall, the EV startup landscape is facing challenges, with cash burn and funding needs being significant areas of concern for investors.

[Note: The original text mentions the date as August 4, 2023, but that date is in the future from the current date of August 4, 2023. It appears to be a typographical error or an outdated timestamp, so it is treated as the current date in this rewritten version.]

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Nvidia surpasses Microsoft as the most valuable company in the world

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Nvidia has emerged as the world’s most valuable company, surpassing Microsoft with a market value of over $3.3 trillion.

This shift comes on the heels of Nvidia’s consistent growth in the semiconductor sector and its strategic advancements in artificial intelligence and gaming technologies.

This milestone marks a significant validation of Nvidia’s aggressive expansion and innovation strategies under CEO Jensen Huang, who has steered the company towards dominance in high-performance computing.

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Money

Finance expert empowers his social audience with accessible wealth tips

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The right strategy can change the game for your financial freedom. Meet the advisor making his tips accessible to all.

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by James Wrigley, Financial Advisor at First Financial. #wyld money #trending

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It takes a village: coordinated financial teams prove paramount to maximising wealth

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The pursuit of wealth is often faced by significant challenges including debt, lifestyle costs, and burnout – so what methods can help overcome these challenges?

Maximising financial opportunities involves a suite of tasks, from leveraging favourable loan rates, strategic tax planning, and coordinated financial advising.

Mark Wyld from MW Wealth joins to discuss more. #featured

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