https://fortune.com/2024/02/24/next-...nvestors-flee/
Some highlights:
For investors, the sense of gloom has been building since October, when Tesla Inc. warned of sagging interest in EVs. Though shares of the EV giant have fared poorly since then, losing around 20% and massively underperforming the broader market, the impact on smaller rivals like Rivian and Lucid has been nothing short of disastrous.
Both Rivian and Lucid are now worth a fraction of the prices they fetched at their public-market debuts in 2021. Rivian’s market value is around $9.6 billion, and Lucid’s is about $6.9 billion. That’s a long way down from their $153 billion and $91 billion valuation peaks, respectively, in 2021.
Global sales of EVs are estimated to grow 20% this year, to about 16.7 million units, according to BloombergNEF’s most recent analysis. That’s a marked cooling from the 33% jump seen in 2023.
So, yes, still growing, but leveling off to that ~25% market share plateau.