"As the pressure on the supply chain eases, investors can point to a General Motors and say, 'They're building without a problem, why can't you?'"
During quarterly earnings calls, executives at Rivian and Lucid cautioned investors of more trouble heading into 2023 as they raced to ramp up production and their logistics processes in hand.
Accordingly, stock prices have been sinking from blockbuster IPO and SPAC highs, with many EV startups' shares down as much as 80% from earlier last year.
Rivian reported Tuesday it fell a few hundred vehicles short of its goal to build 25,000 electric cars in 2022.
If the startups want to succeed and regain investor faith, they have to get closer to meeting their numbers in 2023.