Is This Good or Bad News for Rivian and Lucid?
The electric vehicle (EV) industry faces numerous challenges. Those challenges include bringing down the costs of batteries, improving charging infrastructure quality and availability, convincing consumers to make big purchase decisions amid high interest rates, and fierce competition.
It's the outlook for the competitive environment that may have shareholders of Rivian (NASDAQ: RIVN) and Lucid (NASDAQ: LCID) worried over Hyundai's newly announced plan to make a $51 billion investment in EVs and software-defined vehicles over the next three years. But the truth is, that's actually good news for the smaller automakers.
Hyundai intends to spend $51 billion over three years to boost its capabilities in electric vehicles and its mobility business, and hire roughly 80,000 new employees. More than half of that investment will go toward research and development and new assembly lines for EVs.
Source Fool.com
