Electrical-vehicle maker Rivian Automotive will report its first-quarter earnings after market shut on Wednesday. Wall Avenue analysts polled by Refinitiv count on a lack of $1.44 per share on income of about $130.5 million – however these numbers are more likely to be only a small a part of the story.

The larger story is Rivian’s outlook for the subsequent few quarters. Like most automakers, Rivian has been battling international provide chain disruptions that started throughout preliminary Covid-19 lockdowns and have been exacerbated since Russia invaded Ukraine in February. CEO RJ Scaringe warned traders in March that Rivian would not have the ability to produce as many automobiles in 2022 because it had initially deliberate, regardless of a swelling order guide.

The electrical truck maker may face questions on whether or not its largest traders – Amazon and Ford Motor – are shedding confidence. Rivian’s shares slid over 15% on Monday following a CNBC report that Ford bought 8 million of its whole 102 million shares of the start-up.

Listed here are three themes which will come up in Rivian’s outcomes, if stories final week from high-profile corporations within the EV house — Fisker, Nikola, and Lucid Group — supply any steering.

Fisker, Nikola and Lucid all reported sturdy order books once they launched quarterly outcomes final week.

Lucid stated it now has over 30,000 orders for its expensive Air sedan, up from 25,000 final quarter – and that does not embrace a current order for as much as 100,000 Lucids over the subsequent 10 years from the federal government of Saudi Arabia, CEO Peter Rawlinson stated.

Nikola stated that it has obtained “buy orders, letters of intent, and memoranda of understanding” for greater than 500 of its battery-electric heavy vans. That won’t sound like a lot, however Nikola has lots to show after allegations that founder Trevor Milton misled traders. (Milton denies these allegations, however they nonetheless led to his abrupt departure.) That quantity can be more likely to develop as extra fleets have an opportunity to judge Nikola’s battery-powered Tre semitruck, which has obtained strongly constructive critiques from early prospects, the corporate stated.

As for Fisker, it now has over 40,000 reservations for its fashionable Ocean SUV, set to launch late this yr. In reality, demand is so sturdy that CEO Henrik Fisker stated he’s working with the corporate’s manufacturing associate, Magna Worldwide, to extend manufacturing capability from a deliberate 50,000 per yr to as many as 150,000 per yr by the top of 2023.

Again in March, Rivian stated it had about 83,000 reservations for its R1T pickup and R1S SUV. Buyers will likely be desirous to see the place that quantity stands on Wednesday.

Automakers of all sizes have been battling a worldwide scarcity of semiconductor chips since final yr, a consequence of surging demand for private computer systems and gaming gadgets throughout Covid lockdowns. Extra not too long ago, the Russian invasion of Ukraine has led to shortages of sure parts and a surge in costs for key commodities.

Fisker will not start manufacturing till mid-November, however each Lucid and Nikola have already needed to reset expectations for this yr’s manufacturing totals. In February, Lucid lower its full-year manufacturing steering from 20,000 automobiles to between 12,000 and 14,000. The chip scarcity was a consider that call, Rawlinson stated, however so had been shortages of extra mundane supplies like glass and carpet. Lucid reiterated that steering in final week’s earnings report.

Nikola may in all probability promote fairly a number of greater than 500 vans this yr based mostly on demand, however it expects to construct solely 300 to 500 as a result of elements shortages. Though additional expansions are underway, Nikola’s Arizona manufacturing unit already has the capability to construct 2,500 vans per yr. The problem is that the corporate is not assured that it may possibly safe sufficient chips – particularly, management models for its battery modules – CEO Mark Russell advised traders on Thursday.

Rivian has likewise already slashed its manufacturing forecasts for 2022. It stated in March that it expects to construct 25,000 automobiles this yr, down from the 50,000 it predicted in its IPO roadshow presentation final yr. Wall Avenue will likely be searching for an replace on manufacturing capability when the corporate stories this week.

As Tesla traders know, elevating money is not tough when an organization’s inventory value is excessive. However when the inventory is below stress, fundraising might be difficult.

With Rivian’s inventory down roughly 90% from its excessive in 2020, the corporate has needed to lower offers with personal funds to lift money on less-than-favorable phrases. In its most up-to-date deal, introduced final week, a personal investor agreed to purchase $200 million value of convertible notes – notes that can pay 8% curiosity if Nikola repays in money, and 11% if it repays in inventory.

Lucid nonetheless has loads of money from the deal that took it public, almost $5.4 billion, Chief Monetary Officer Sherry Home stated Thursday. However with huge plans to develop its personal Arizona manufacturing unit, and a deliberate second manufacturing unit in Saudi Arabia – a complete of $2 billion in deliberate capital expenditures in 2022 – even comparatively cash-rich Lucid could discover itself in want of extra funds earlier than it may possibly get to sustainable profitability. Except its inventory value surges, it might be exhausting to drag off a multibillion-dollar increase with out diluting present shareholders considerably.

Fisker stated that it nonetheless has about $1 billion in money, however a lot of that’s earmarked for prices associated to beginning up manufacturing of its Ocean SUV. Its chief monetary officer, Geeta Gupta-Fisker, stated she expects Fisker’s working bills and capital expenditures to whole between $715 million and $790 million this yr.

At that charge, Fisker would possibly want to lift $1 billion or extra of further capital as quickly because the second quarter of subsequent yr – and like Lucid, its inventory is properly off its highs, which can make a giant secondary providing a problem.

Not like its rivals, Rivian could not want to fret about money any time quickly. It had a hefty $18.4 billion available as of the top of 2021, and it stated in March that it expects to burn about $8 billion by the top of 2023 as it really works to ramp up manufacturing of the R1S, R1T and an electrical supply van for Amazon.

That money benefit often is the edge Rivian must revive its inventory value in an EV panorama dealing with manufacturing challenges.