The Tesla Owners Silicon Valley YouTube channel posted an interview with Elon Musk of Tesla (etc) who said “you know unless something changes significantly with Rivian and Lucid they will both go bankrupt.”
He said Lucid Motors is currently “tracking to bankruptcy,” and as you can see in the screenshot above, Elon is using a hand motion to show “airplane they’re like they’re going like that,” he said. He said both EV companies are “currently the intersection with doom” unless they can “cut their costs dramatically.”
He lumped not just Lucid and Rivian in this bucket but also any other company but Ford and his own, Tesla. He said “they’ll deep trouble, and will end up in the in the cemetery like every other company with the exception of Tesla and Ford.”
Here is the video interview and it starts at the 10:49 mark of this interview:
Here is the transcript of this portion of the interview:
You know unless something changes significantly with Rivian and Lucid they will both go bankrupt.They’re tracking to bankruptcy. They may not. I’m saying like that is currently like, if that’s an airplane they’re like they’re going like that. So if something happens to go is change okay but currently the intersection with doom. Yeah, so, you know I hope they are able to do something but unless they cut their costs dramatically they’ll deep trouble, and will end up in the in the cemetery like every other company with the exception of Tesla and Ford.
I hope Elon is wrong, I want my car to turn on and run for the next several years…
Hat tip to Electrek for spotting this first who dug a lot deeper about Musk’s comments saying “this is where you’d expect Rivian and Lucid to be at this stage in their evolution and Tesla was in a very similar situation around the same time. Tesla was losing money and relied on raising more capital for a long time before it got its costs under control. Both Lucid and Rivian have good products that are getting people excited, and they are now focusing on ramping those products up while reducing the costs. Yes, it is something to keep an eye on, but Musk’s “doom” comments are very similar to the naysayer’s comments that frustrated him a lot when Tesla’s was in the same growth phase.”