⚡️ Electrifying Earnings in 2022: NIO, TSLA, XPENG, RIVN, LCID, and PSNY🚗

Happy Monday, this is Electric Avenue. We're the electrons that keep your electric car going. There's no need to go to a gas station either - we do home delivery⚡️🔋🏠.

Here's what we have for you today:

• 2022 EV startup earnings 🚗

• 3 Links 🔗

• Meme of the week 🤡

Let's plug-in and dive in!

Electrifying Earnings in 2022: NIO, TSLA, XPENG, RIVN, LCID, and PSNY ⚡️

What do the companies behind these ticker symbols have in common?

They're all electric car companies. They´re all considered EV startups. They all started delivering their flagship vehicles in the last 10 years or so.

But one is different from the others: Tesla is the oldest among the bunch AND the only one that´s fully profitable. 

As all these companies just released their 2022 Earnings reports, we took a look at how they're doing.

And the main metric we´re paying attention to: How profitable is each vehicle delivered for these companies on a gross margin basis. 

Why is that important? It shows us the companies' ability to manufacture cars profitably, excluding overhead costs, sales and engineering. 

Take aways:

• Tesla is in another league, with both revenues and vehicle deliveries >10x larger than the next closest company (NIO) 🚀

• Rivian and Lucid are still burning heaps of cash with every car that leaves their factory doors 💵 🔥

• NIO, Xpeng and Polestar achieved gross margin profitability in 2022, but they still have ways to go in achieving full profitability with annual net losses of $2.1b, $1.3b and $465m respectively 💸

3 Links 🔗

• Google's Waze gets EV charging stations 🗺️: In its press release the company underlines the importance of consistent, updated and reliable charging station data to successfully route electric vehicle owners. We're all ears (and eyes) to see how the Waze Community can amp up the accuracy. For those that want to jump into the Waze App to see it in action, nothing to see yet 🤨 According to Electrek, the release is limited to a list of 15 countries of which the US and Germany are not a part. The US version of Waze is set to receive the feature in mid-April.

• VW - ID.2all - the EV for the rest of us 🚙: Electric SUVs, Pickups, and large Sedans are taking the limelight in EV registration stats, revealing the E-Mobility industry's little predicament. Apparently, eco-friendly driving is still reserved for those with deep pockets. So, what's the solution? More wallet-friendly EV compact cars, like VW's ID.2all, which made its grand entrance last week. The only bummer: The car is not due to be launched until 2025.

• Sales Ban for Easee Wallbox in Sweden ❌🇸🇪: We reported about the ongoing investigation of Swedish Electrical Safety Authority "Elsäkerhetsverket". Now the authority made the official decision to ban the sale of the Easee wallbox in Sweden. Easee filed an appeal as the company is convinced that there is no legal and technical basis for the sales ban.

Meme of the Week 🤡

That's a wrap for this week! Let us know how you feel:

A Reader´s review

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DISCLAIMER: None of this is financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. The Electric Avenue team may hold investments in the companies discussed.