The Automotive Troublemaker: Trump vs Fain

We’ve got that little something extra to help you through your Friday, as we’re talking about Rivian and Lucid’s Q2 struggles (did someone say dealer network?), Tesla’s Cybertruck struggles, Shawn Fain vs Donald Trump and a little fun to launch you into the weekend with some sock anecdotes.

Rivian and Lucid continue to face significant financial challenges in Q2, despite receiving major investments. Both EV makers report substantial losses, raising concerns about their future sustainability amid competitive pressure from Tesla.

• Rivian lost $32,705 per vehicle delivered and reported a $1.46 billion net loss in Q2, a 21% increase from last year, despite a 9% rise in vehicle sales.

• Lucid lost a whopping $112,688 and posted a $790 million net loss in Q2,. Despite record sales of its Air sedan, the company’s financial performance remains deeply concerning.

• Rivian received a $5 billion investment from Volkswagen Group, while Lucid secured $1.5 billion from the Saudi Public Investment Fund. Both investments aim to support ongoing operations and drive future profitability.

• Lucid’s interim CFO, Gagan Dhingra, stated, "The cash should be enough to fund Lucid's operations through the end of next year."

• Both companies are feeling the heat from Tesla’s aggressive pricing strategies, which continue to squeeze margins in the competitive EV market.

Tesla's Cybertruck has been a subject of fascination and debate since its unveiling, with over 1 million reservations in the bag. However, the reality of converting those reservations into sales is proving to be more challenging.

• Tesla lowered the deposit requirement to $100, raising concerns about the seriousness of these reservations.

• The "Foundation Series" Cybertruck is currently being sold at $100,000, bundling all options together.

• Reports indicate Tesla is struggling to find buyers for these high-priced trucks, even reaching out to recent reservation holders.

• Tesla may soon need to reduce prices and expand to markets like Canada to maintain sales momentum.

In a heated exchange of words, UAW President Shawn Fain takes aim at Donald Trump, calling him a "scab" who "doesn't know sh*t about the auto industry." Meanwhile, Trump has seemingly shifted his stance on electric vehicles after Elon Musk's endorsement.

• UAW President Shawn Fain publicly denounced Trump at a speech in Detroit, calling him a “scab” and accusing him of being clueless about the auto industry.

• At a weekend rally, Trump admits he supports electric vehicles because “"I'm for electric cars. I have to be, because Elon endorsed me very strongly. So I have no choice," Trump also noted that he supports electric vehicles "for a small slice." He went on to add: "You want to have gas-propelled cars, you want to have hybrids, you want to have every kind of a car imaginable."

A new YouGov survey reveals intriguing generational differences in sock preferences, particularly among Gen Z. Here's what the survey found about the sock choices of 5,015 U.S. adults:

• Ankle socks are the most popular overall, with 41% of Americans preferring them.

• No-show socks are favored by 15%, knee-high socks by 3%, with 5% of respondents prefer going sockless.

• Tall socks have a strong fan base among Gen Z, with 41% favoring them, compared to 23% of millennials.

• Gender differences show 40% of men prefer tall socks, versus 21% of women.

• Socks with sandals are making a comeback, especially with Gen Z, where 25% of adults prefer the combo, compared to 18% of all adults.

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