Summary of Q2 2024 Mobility Tech Public Company Performance
Market Overview:
- Large Cap Tech: S&P 500 Information Technology Index gained 13%, while Nasdaq increased by 8%. In contrast, the S&P 500 was up 4%, and the Russell 2000 experienced a decline of 3%.
EV Sector:
- Tesla: Suffered a second consecutive sequential decline in sales for Q2 2024, indicating a slowdown in EV sales in the US.
- Rivian & Fisker: Notably, Rivian saw double-digit growth, particularly at the end of the quarter following an announcement of a multibillion-dollar investment by Volkswagen. Fisker, however, filed for bankruptcy during the quarter.
Advanced Air Mobility (AAM):
- Shares of AAM companies witnessed a decline of 5%, with Boeing and Airbus seeing share decreases, whereas Lockheed Martin's shares rose 3% due to a more robust outlook for defense spending.
Auto Commerce:
- Carvana: Showcased strong performance with shares up 48%.
- Traditional Car Vendors: Experienced a downturn due to softer pricing, higher interest rates, and a weaker consumer outlook in the US.
Autonomous Driving:
- Shares were generally down, with AEye up 47% but remaining volatile, and lidar-related companies averaging a decline of 72% from their market peak at the end of 2021.
Ride-Hailing Industry:
- Lyft: Shares decreased by 27%.
- Toosla: Shares rose by 58%.
- Uber: Continued to outperform competitors, with shares up 65% since the end of 2021, compared to significant double-digit declines for its rivals over the same period.
EV Charging:
- Shares of charging companies, such as ChargePoint, showed double-digit declines.
Disclaimer:
- Any -0 values represent negative values rounded up to 0.
- The full interactive Excel data pack for this report is accessible to PitchBook clients through the Excel plugin.
