Are the EV stocks still investible?

Despite having lost over 99% of its value over the past year, $Faraday Future Intelligent Electric Inc.(FFIE)$   continues to attempt its dead cat bounces lately, as the traders in the meme stock bet on short-squeezing of the struggling electric vehicle maker and engage in tug-of-war with the fundamentalists. I believe that any recovery in stock prices, at times over 70% intraday fluctuations from trough to peak, is going to be short-lived for a company that is plagued by weak demands and deteriorating balance sheet. In fact, Faraday Future's promise to turnaround the company, attain profitability and defend shareholder value has been fruitless so far, and its sustainability even as a going concern is a big question mark to me.

Likewise, $Rivian Automotive, Inc.(RIVN)$   has just announced that it would lay off 10% of its workforce as its latest output missed forecast and the prevailing EV price war continues to erode profit margins in the EV industry. Rivian has been struggling to expand its customer base beyond its key sponsor Amazon whose orders of delivery vans have fallen significantly short of previous commitment by the e-commerce giant to electrify its delivery fleet. Yet to generate sufficient operating cash flows, Rivian has been burning its cash reserves to sustain operations. However, with just under $8 billion cash balance currently, it is projected that Rivian has only sufficient cash to last through at most another 3 years - thus its urgent need to improve its operating cash flows for long-term viability.

Softening EV demand in their domestic market has also been affecting the Chinese EV startup trio $NIO Inc.(NIO)$  , $XPeng Inc.(XPEV)$  and $Li Auto(LI)$  which are particularly vulnerable to decline in local demands for EVs amidst a price war ignited by Tesla, deflationary Chinese economy and saturating EV industry as a growing number of conventional car makers jumped onto the EV bandwagon. Yet to establish an export market, the trio has to contend with slowing demands and shrinking profit margins. Hence, I prefer not to add my Chinese EV exposure as I await signs of recovery of the Chinese economy.

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