Rivian and Lucid Shares Drop After Earnings. Tesla’s Not the Only One Having Trouble Selling EVs.

Lucid shares were tumbling on Monday after the electric-car maker (JONATHAN NACKSTRAND/AFP via Getty Images)

Lucid and Rivian Automotive stocks were sliding on Wednesday after the EV makers reported losses for the second quarter late Tuesday. Tesla isn’t the only company having trouble selling EVs.

The selloff came after Lucid reported an adjusted loss of 24 cents a share, and Rivian reported an adjusted loss of 97 cents a share. Analysts were expecting losses of 24 cents a share for Lucid and 80 cents a share for Rivian, according to a FactSet poll. Rivian also cut its guidance for full-year earnings.

Lucid stock tumbled more than 7% in early trading, while Rivian dropped 1.6%. The benchmark S&P 500 was up 0.3%.

Created with Highcharts 9.0.1Source: FactSetAs of Aug. 6, 4 p.m. ET

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The disappointing results come as EV makers grapple with the end of federal tax credits and struggle to keep a lid on their costs due to U.S. tariffs and China’s restrictions on exports of rare-earth minerals.

While those worries have weighed on Tesla stock, which is down 24% this year, there’s a massive difference in scale between the Magnificent Seven member and its smaller peers: Tesla delivered 384,122 vehicles over the second quarter—fewer than during the same quarter the year before—while Lucid delivered 3,309 and Rivian shipped 10,661.

Tesla stock, however, is doing just on Wednesday: It has climbed 2% to $314.56.

Tesla does have a huge advantage over both Rivian and Lucid—it’s been a long time since investors saw Tesla as just an electric-car maker. The stock trades at 181-times future earnings, an eye-watering valuation that assumes CEO Elon Musk’s company will end up dominating the robo-taxi industry.

So while Tuesday’s earnings reports look like bad news for Lucid and Rivian, they’re unlikely to change the picture much for Tesla.

Write to George Glover at george.glover@dowjones.com