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☆ Ford names ex-Lucid Motors exec as next CFO, promotes current chief
▼ + stars: | 2024-05-10 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +2 min

Ford Motor on Friday named the former chief financial officer of electric vehicle startup Lucid to replace its current CFO, who is being promoted to more closely oversee the company's ongoing turnaround plan. The ex-Lucid executive, Sherry House, will join Ford first as finance vice president in early June. She's set to transition into the CFO role in early 2025, the company said in a press release. In the meantime, current CFO John Lawler will continue in his position while expanding his role to become vice chair. "Make no mistake, EVs are coming, EVs are part of the future," Lawler had told CNBC back in February.

Persons: John Lawler, Linda Zhang, Sherry House, She's, Lawler, Ford, Sherry, Jim Farley Organizations: New York Stock Exchange, Ford, CNBC, Lucid Motors, General Motors Locations: New York City , New York, U.S, Saudi Arabia

☆ Rivian, Lucid and other EV startups scramble to shore up cash and reassure Wall Street
▼ + stars: | 2024-05-10 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

In this article NKLARIVNLCID Follow your favorite stocks CREATE FREE ACCOUNTR1T trucks on the assembly line at the Rivian electric vehicle plant in Normal on April 11, 2022. Stock Chart Icon Stock chart icon Performance of Rivian, Lucid and Nikola stocks over the past year. Rivian reported $7.86 billion in cash, cash equivalents, and short-term investments to end March, with more than $9 billion in total liquidity. Lucid, for its part, ended the first quarter with approximately $4.6 billion in cash, cash equivalents and investments, with total liquidity of approximately $5.03 billion. Unlike Rivian and Lucid, Nikola is exclusively focused on commercial vehicles rather than ones to retail customers.

Persons: Brian Cassella, Tesla, Itay Michaeli, Rivian, Rivian's, Peter Rawlinson, he's, Rawlinson, " Rawlinson, LSEG, Nikola, Thomas Okray, Okray, Derek Jenkins, David Swanson Organizations: Tribune, Service, Rivian, Lucid Group, Nikola Corp, Wall Street, Citi, Saudi, Public Investment Fund, Wall, Lucid, Los Angeles Auto Locations: Normal, Illinois, Georgia, Normal , Illinois, Los Angeles , California, U.S

☆ Earnings Exchange: Disney, Simon Property Lucid Motors
▼ + stars: | 2024-05-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEarnings Exchange: Disney, Simon Property Lucid MotorsJeff Kilburg, CEO and CIO of KKM Financial, joins CNBC's 'The Exchange' to share outlooks on three stocks: Disney, Simon Property Group, and Lucid Motors.

Persons: Simon, Jeff Kilburg Organizations: Disney, KKM, Simon Property Group, Lucid Motors

☆ No more price cuts planned at the moment, says Lucid CEO Peter Rawlinson
▼ + stars: | 2024-05-06 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNo more price cuts planned at the moment, says Lucid CEO Peter RawlinsonPeter Rawlinson, Lucid Motors CEO, joins 'Closing Bell Overtime' to talk quarterly results, the state of the EV space, Saudi investments and more.

Persons: Peter Rawlinson Peter Rawlinson Organizations: Lucid Motors Locations: Saudi

☆ E-Flight Challenge pitched a car against a plane -- and the car won
▼ + stars: | 2023-11-14 | by ( Miquel Ros | ) edition.cnn.com time to read: +12 min

Members of the E-Flight Challenge team lined up to watch the battery-powered airplane gracefully descend on the island of Norderney, just off the northwest coast of Germany. The long road ahead for electric aviationYou could say that the E-Flight Challenge takes its inspiration from the early days of aviation. The Elektra Trainer used in the E-Flight Challenge, for example, can carry a maximum of two people. Miquel RosIn this context, the E-flight Challenge served as an illustration of the challenges of electric flight – but also of its promise. The progress compared to just three years ago has been astonishing!” explains Morell Westermann, one of the E-Flight Challenge initiators.

Persons: Louis, Charles Lindbergh’s, Heart Aerospace –, –, Miquel Ros Italy’s Tecnam, China’s, Cuberg, ” Robin Riedel, Riedel, Norbert Werle, Tesla, Werle, ”, John Langford, Miquel Ros, Morell Westermann, Westermann Organizations: CNN, Lucid Motors Air, Louis Blériot’s, Channel, Heart Aerospace, United Airlines, Royce, Norwegian, Widerøe, Airbus, Boeing, Aerospace, McKinsey, Alamy, “ Aircraft, Lucid Motors Locations: Norderney, Germany, Gelnhausen, Frankfurt, Norway, Swedish, California, Berlin, The Virginia, “, Swiss

☆ Saudi Arabia's stake in Lucid dropped in value more than $50 billion as the EV startup struggles, report says
▼ + stars: | 2023-11-11 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +2 min

Saudi Arabia's sovereign fund has a 60% stake in Lucid Motors, an EV startup. Months after the company went public, the stake was valued at more than $55B, per Bloomberg. That value dropped about 90% to $5.4 billion as Lucid reports millions in net loss. The steep drop in the value of Saudi's stake coincides with Lucid's latest quarterly earnings. In 2018, PIF invested $1.3 billion in Lucid, and it seems the Saudis have more considerable expectations for the EV company.

Persons: —, Chris Bryant, Nora Naughton, Sherry House, PIF, Lucid Organizations: Lucid Motors, Bloomberg, Service, Public Investment Fund, EV Locations: Saudi, Saudi Arabia

☆ Lucid cuts full-year production forecast
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: 1 min

[1/2] A Lucid Motors facility is pictured in Costa Mesa, California, U.S.,November 1, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsCompanies Lucid Group Inc FollowNov 7 (Reuters) - Lucid Group (LCID.O) said on Tuesday it now expects to produce 8,000–8,500 vehicles this year from its earlier projection of more than 10,000 units. The company said it was cutting production forecast "to prudently align with deliveries". The company reported third-quarter revenue of $137.8 million compared with analysts' estimates of $183.8 million, according to LSEG. Reporting by Zaheer Kachwala in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Zaheer Kachwala, Krishna Chandra Organizations: REUTERS, Thomson Locations: Costa Mesa , California, U.S, Bengaluru

☆ Lucid opens first international EV factory in Saudi Arabia
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 27 (Reuters) - Electric-vehicle maker Lucid Group (LCID.O) said on Wednesday it had opened its first international manufacturing plant in Saudi Arabia's Jeddah city, under a deal designed to further the Middle Eastern country's electrification push. Lucid announced plans for the Jeddah factory last year and said the kingdom had signed an agreement to buy up to 100,000 vehicles from the company over 10 years. In 2022, the kingdom launched its first EV brand Ceer and announced $6 billion in investments for a steel plate mill complex and an EV battery metals plant. Industry leader Tesla (TSLA.O) is also reportedly in early discussions to set up a manufacturing plant in Saudi Arabia. Lucid's other manufacturing plant is in Arizona, United States.

Persons: Andrew Kelly, Lucid, Tesla, Yuvraj Malik, Devika Organizations: Nasdaq, Lucid Motors, Churchill Capital Corp, REUTERS, Industry, King Abdullah Economic City, Saudi's Public Investment Fund, EV, Thomson Locations: New York City , New York, U.S, Saudi Arabia's Jeddah, Jeddah, China, United States, Saudi Arabia, King Abdullah, Arizona, Bengaluru

☆ AOC says she'll trade in her Tesla for a union-made EV. Her options are slim.
▼ + stars: | 2023-09-25 | by ( Tim Levin | ) www.businessinsider.com time to read: +3 min

Rep. Alexandria Ocasio-Cortez wants to trade in her Tesla for a union-made electric vehicle. In an interview on CBS's Face the Nation on Sunday, AOC was asked why she bought a Tesla rather than a union-made electric vehicle. AOC only has 2 real choicesThat leaves AOC choosing between the Chevrolet Bolt EV and Bolt EUV, a hatchback and a small SUV, respectively. The Chevrolet Bolt EV electric hatchback. ChevroletI think the winner here is the Bolt EV, since it offers just a bit more range than the EUV.

Persons: Alexandria Ocasio, Cortez, Tesla, —, Elon Musk, Cadillac, it's, Ram, Bolt EUV, I'd, Bolt Organizations: Service, Democrat, Ford, General Motors, United Auto Workers, Ford's, Hummer EV, GMC, Volkswagen, Lucid Motors, Chrysler, Chevrolet Bolt, Chevrolet Locations: Alexandria, New York, Washington, DC, New York City, Mexico

☆ Elon Musk denied a report that Tesla planned to build a factory in Saudi Arabia. It's the latest development in his complicated history with the nation.
▼ + stars: | 2023-09-20 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +8 min

Elon Musk has denied a report suggesting Tesla has plans to set up a factory in Saudi Arabia. It marks the latest twist in a long and complex history between Musk and Saudi Arabia. "Obviously, the Saudi sovereign fund has more than enough capital needed to execute on such a transaction." Funding secured. Funding secured."

Persons: Elon Musk, Tesla, Musk, — Elon, Yasir al, hadn't, Jty05oJUTk, Saudi Prince Alwaleed bin Talal, Yasir Organizations: Street Journal, Service, Wall, Journal, Democratic, Saudi, Public Investment Fund, Tesla, New York Times, Lucid Motors, JPMorgan, Financial Times, Lucid, @elonmusk, Twitter, Kingdom Holding Co, Reuters, Bloomberg Locations: Saudi Arabia, Wall, Silicon, Democratic Republic of the Congo, Saudi, Here's, Tesla, Saudi Prince, San Francisco

☆ I drove fancy, six-figure electric cars from Mercedes and Lucid. Here's why I'd go with the startup over the old guard.
▼ + stars: | 2023-09-20 | by ( Tim Levin | ) www.businessinsider.com time to read: +1 min

I drove the Mercedes-Benz EQS and Lucid Motors Air, two high-tech, high-performance electric sedans. Here's why I'd pick the Lucid over the Mercedes. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. On the other, you have Lucid Motors, a high-tech newcomer from Silicon Valley looking to generate some clout of its own and compete with the big dogs. I drove the two companies' large luxury sedans — the Mercedes-Benz EQS and Lucid Air — and came away impressed by their technology, comfort, and performance.

Organizations: Mercedes, Benz, Lucid Motors, Service Locations: Wall, Silicon

Most of the supply chain has now come through out of the COVID era," CEO Peter Rawlinson told Reuters. Although logistics and labor costs have come down, there was a "significant amount of opportunity" to cut costs further, she said. Lucid on Monday reported revenue in the April-June period of $150.9 million, missing estimates of $175 million, according to seven analysts polled by Refinitiv. Cash stood at $2.78 billion at the end of June, compared with $900 million three month prior. Lucid is set to unveil its Gravity SUV in November ahead of its launch in 2024.

Persons: Andrew Kelly, Peter Rawlinson, Sherry House, Rawlinson, Cash, Garrett Nelson, Akash Sriram, Abhirup Roy, Anil D'Silva, Jamie Freed, Leslie Adler Organizations: Nasdaq, Lucid Motors, Churchill Capital Corp, REUTERS, Saudi, Public Investment Fund, Reuters, Air, Refinitiv, Thomson Locations: New York City , New York, U.S, Bengaluru, San Francisco

☆ Klein's UK SPAC deal is more swan song than encore
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +3 min

The northern English county is the home of serial acquirer CorpAcq, led by the brother of “Take That” singer Jason Orange, which Klein’s Churchill Capital Corp VII (CVII.N) special-purpose acquisition company vehicle now hopes to buy. The deal, which values the investor in plumbing to fork-lift leasing groups at $1.6 billion including debt, may struggle to relight the fire of the depressed SPAC sector. Klein’s planned deal comes amid a growing lack of patience by SPAC investors. CorpAcq could yet be magic for SPAC investors. Churchill’s sponsors, including Klein, will waive most of their founder shares, which typically vest when a deal is done.

Persons: Peter Rawlinson, Michael Klein, acquirer, “, Jason Orange, Klein’s, SPACs, Klein, Simon Orange’s, Pamela Barbaglia, Aston Martin, Neil Unmack, Streisand Neto Organizations: Lucid, Churchill Capital Corp, Nasdaq, Lucid Motors, Reuters, Blank, Cotton Traders, Twitter, Thomson Locations: New York City , New York, U.S, Cheshire, Stockholm, Brexit, Japan

☆ How the Middle East is preparing for the post-oil, EV era of transportation
▼ + stars: | 2023-07-20 | by ( Natalie Rose Goldberg | ) www.cnbc.com time to read: +3 min

U.S. electric vehicle maker Lucid Group will set up its first overseas factory in Saudi Arabia, the company announced. The Middle East, a region long known for its oil and gas riches, is investing in a new, more sustainable future potentially dominated by electric vehicles. The electric vehicle sector is booming in Israel, with electric vehicle deliveries in the first half of this year over 210% higher than the same period last year. "There's a growing recognition that countries need to do something on climate," said Tammy Klein, chairperson of the Electric Vehicle Council. "I think Middle Eastern countries are no different."

Persons: Larry Fink, Amin Nasser's, Tammy Klein, Klein, Robert Falck, we'll, " Falck Organizations: BlackRock, Saudi, Lucid, Gauss Auto, Marson Group, Electric Vehicle Council, EV, Einride, UAE Ministry of Energy, Infrastructure Locations: Saudi Arabia, Saudi Aramco, Israel, Bahrain, American, U.S, Europe, UAE, Sweden, It's, Abu Dhabi, Dubai, Sharjah

☆ Tesla vs. Lucid: What to know about each company's electric vehicles before you buy
▼ + stars: | 2023-07-18 | by ( Tim Levin | ) www.businessinsider.com time to read: +4 min

A front view of the Lucid Air Grand Touring Performance. The Tesla Model S. TeslaOver the years, Tesla has developed a lineup of cars with a price range spanning from reasonably attainable (think the $40,000 Model 3 sedan) to downright expensive (like the six-figure Model S Plaid). The $180,000 Air Grand Touring Performance that I tested recently was one of the most impressive vehicles I've ever driven. The Lucid Air Grand Touring Performance costs $180,00. An aerial view of the Lucid Air Grand Touring Performance.

Persons: Elon Musk's, Tim Levin, Tesla, Peter Rawlinson, Lucid Organizations: Morning, Lucid Motors, Elon Musk's carmaker, Motors, Air, Tesla Locations: California, Arizona

☆ Lucid CEO Peter Rawlinson: Aston Martin partnership adds value as a validation point
▼ + stars: | 2023-06-26 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLucid CEO Peter Rawlinson: Aston Martin partnership adds value as a validation pointPeter Rawlinson, Lucid Motors CEO, joins 'Closing Bell Overtime' to discuss the company's new partnership with British automaker Aston Martin.

Persons: Peter Rawlinson, Aston Martin, Aston Organizations: Lucid Motors, British, Aston Martin

☆ Factbox: Toyota unveils battery, production innovations for new EVs
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +3 min

Toyota released a technology briefing, including details on new solid-state batteries, a day before its annual shareholder meeting where governance, climate lobbying and EV strategy are under scrutiny. Here are Toyota's key announcements:BATTERY TECHNOLOGYToyota has a number of initiatives to improve battery performance and reduce cost, and said it was ready to move from research toward production of solid-state batteries. It aims to sell vehicles powered by solid-state batteries by 2027 or 2028. Toyota said, without providing details, it had achieved a "technological breakthrough" overcoming problems previously identified with solid-state batteries' durability. Those chips promise to reduce power loss to the electric motor of an EV by up to 50%, Toyota said.

Persons: Daniel Leussink, Kevin Krolicki, Christopher Cushing Organizations: Toyota, EV, Tesla, Mitsubishi Heavy Industries, Mitsubishi, Denso, Thomson Locations: TOKYO, U.S, Tokyo, Singapore

☆ US luxury EV maker Lucid set to enter China market
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +2 min

[1/2] Arizona Governor Doug Ducey speaks at the Lucid Motors plant in Casa Grande, Arizona, U.S. September 28, 2021. REUTERS/Caitlin O'HaraSHANGHAI, June 8 (Reuters) - U.S. luxury electric vehicle (EV) maker Lucid Group (LCID.O) is preparing to enter the world's largest auto market, its head of China operations Zhu Jiang said on Thursday. He declined to comment on any plans for local production. Zhu said the funding would help Lucid "bring the advanced EV technology and product experience to the industry and users globally at a faster pace." Lucid, like its peers, is battling mounting losses and tightening cash reserves amid recession fears and a price war sparked by market leader Tesla (TSLA.O).

Persons: Doug Ducey, Caitlin O'Hara SHANGHAI, Zhu Jiang, Zhu, Ford, Tesla, Peter Rawlinson, Zhang Yan, Zhuzhu Cui, Brenda Goh, Jamie Freed Organizations: Arizona, Lucid, REUTERS, Reuters, Baidu, HK, Saudi Arabia's Public Investment Fund, Air, Thomson Locations: Casa Grande , Arizona, U.S, China, Saudi

☆ I drove the $180,000 Lucid Air and experienced the stunningly fast, screen-filled future of luxury cars
▼ + stars: | 2023-05-21 | by ( Tim Levin | ) www.businessinsider.com time to read: +9 min

I drove the Lucid Air Grand Touring Performance, a $180,000 electric car. The Lucid Air Grand Touring Performance. The Lucid Air Grand Touring Performance. The Lucid Air Grand Touring Performance. The Lucid Air Grand Touring Performance.

For PIF, the Lucid (LCID.O) bet is proving challenging. "The EV manufacturing plan is still one of the boldest parts of the Saudi plan," said Justin Alexander, director at Khalij Economics and Gulf analyst at GlobalSource Partners. Its investment was worth about $17.4 billion in mid-2022, the wealth fund's bond prospectus showed, and around $26 billion when Lucid was listed in 2021. The Saudi government has agreed with Lucid to buy up to 100,00 of its vehicles over the next decade. "Rather than fixing on short term results, the future of PIF's stake in Lucid will be dependent on the plans to build a Lucid factory in Saudi, on taking Lucid private again and/or on the potential integration with Ceer," said Global SWF Managing Director Diego Lopez of plans for a new Saudi EV maker.

☆ Get America's cheapest electric car while you still can
▼ + stars: | 2023-04-25 | by ( Tim Levin | ) www.businessinsider.com time to read: +3 min

Launched in 2016, the Bolt EV is the cheapest electric car in America. General Motors is axing the electric hatchback (and its SUV relative, the Bolt EUV) from its lineup this year, it announced Tuesday. The Chevrolet Bolt EV electric hatchback. The Bolt EV, which launched in 2016, is America's cheapest EV at $26,500 (or $19,000 after a $7,500 federal tax credit). The 2022 Chevrolet Bolt EUV.

☆ 17 electric cars with the longest range money can buy
▼ + stars: | 2023-04-24 | by ( Tim Levin | ) www.businessinsider.com time to read: 1 min

Here they are, ranked in order of lowest to highest range. The Lucid Air Sapphire. Lucid MotorsThis list excludes any 2023 vehicles that don't have public EPA results yet, and some that are classified as too big for regular EPA testing, like the GMC Hummer EV pickup and SUV. We'll update this post as new results come out.

☆ 2023 Lucid Air Touring: A Much Maligned EV Deserves a Second Look
▼ + stars: | 2023-04-21 | by ( Dan Neil | ) www.wsj.com time to read: 1 min

HOLLOW CHEEKS The sinuous Lucid Air Touring features dramatic negative drafts between the wheel wells, which create a lower, more slender side view. In deliberate contrast to Tesla’s monochromatic sobriety, the Lucid design features intricate brightwork adorning the nose of the car and the lower perimeter. Photo: LUCID MOTORSTHE CALIFORNIA-BASED luxury EV car maker Lucid Motors—makers of our wondrous test car, the 2023 Lucid Air Touring Edition sedan—is a bit of a hot mess, business-wise. Eighteen months ago the company opened the doors of its assembly hall outside of Phoenix and invited journalists to drive the company’s mega-output flagship, the Air Dream Edition Performance, a catapult drawn taut with 1,111 electric horsepower. Executives then had hoped to deliver 20,000 sedans a year, even as the company added capacity for the real rainmaker, the Lucid Gravity SUV.

☆ Tesla shares slip as margin worries overshadow record deliveries
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

April 3 (Reuters) - Tesla Inc (TSLA.O) shares fell 5% on Monday, dragged down by growing worries about the electric-vehicle maker's profit margins after aggressive price cuts led to only a modest increase in quarterly deliveries. After slashing prices on its vehicles by as much as 20% in January, Tesla posted record deliveries of 422,875 vehicles in the first quarter but they were up just 4% on the prior quarter. Bernstein analysts said Tesla "will need to further lower prices this year and/or next year to achieve its volume targets, incrementally pressuring margins." "We maintain that price cuts have and will undermine industry profitability (including Tesla's), but that incumbents are deep pocketed and not likely to back down," they added. Tesla shares were trading at $197, having gained 9% last week in the run-up to the deliveries report.

☆ Tesla rival Lucid plans layoffs, as manufacturing and production challenges mount for EV startups
▼ + stars: | 2023-03-29 | by ( Paayal Zaveri | ) www.businessinsider.com time to read: +5 min

Lucid, a Tesla rival, is planning layoffs. The EV startup is planning to lay off hundreds of employees, my colleague Alexa St. John reported. Lucid has had a challenging few months, as it works to nail down manufacturing and production and get cars on the roads. It's not the only EV company that's struggling. Insider's Tim Levin tested out charging a KIA EV at a former Tesla supercharger that's open to all EVs.

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