Published on 23 Nov 2021 on Zacks via Yahoo Finance
Last week, XPeng XPEV and Fisker FSR made headlines with the launch of Ocean SUV and G9 models, respectively. Fisker’s Ocean will hit the markets in three variants by late 2022. XPeng’s G9 model will be equipped with the company’s most advanced technology. Meanwhile, Arcimoto FUV and Canoo GOEV released third-quarter 2021 results. Both the firms incurred wider year-over-year loss. The loss was also wider than the Zacks Consensus Estimate amid high research & development (R&D) and selling, general & administrative (SG&A) costs. Being in the nascent stages of development, the firms’ high operating expenses are taking a toll on margins.
Inside the Headlines
1. Arcimoto incurred third-quarter loss per share of 31 cents, wider than the Zacks Consensus Estimate of a loss of 24 cents and the year-ago loss of 15 cents. This Oregon-based electric vehicle (EV) manufacturer posted revenues of $1.5 million, surpassing the consensus mark by 10.2%. This compares favorably with the year-ago revenues of $0.68 million.