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Read previewChinese EV makers are challenging Tesla — but one of the company's rivals still thinks they're years away from overtaking Elon Musk's firm in one respect. Lucid CEO Peter Rawlinson said that despite their success, Chinese automakers are still some distance behind Tesla when it comes to the underlying technology that powers EVs — but warned that they could catch up quickly. Related storiesHowever, Rawlinson warned that Western car makers must not "underestimate" the ability of their Chinese rivals to quickly catch up on core EV technology. After once laughing off Tesla's Chinese rivals, Musk now seems a lot more worried, telling investors that Chinese EVs are likely to "demolish" the competition if trade barriers aren't put in place. The company has slashed prices on its high-end Lucid Air sedan to compete with Tesla, and produced less than 10,000 vehicles last year.
Persons: , Elon Musk's, Peter Rawlinson, EVs, they're, Tesla, Rawlinson, they've, They're, Warren Buffett Organizations: Service, Elon, Business, Financial Times, Geneva, Tesla, Saudi Public Investment Fund Locations: London, China
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
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
Shares of electric vehicle makers Rivian and Lucid plummeted Thursday after the companies reported disappointing results and stagnant production in their fourth-quarter earnings after the bell Wednesday. Rivian forecast it will make 57,000 vehicles in 2024, slightly less than the 57,232 vehicles the company produced last year. Rivian and Lucid make up a fraction of EV sales compared with the industry leader, Tesla. A Cox Automotive analysis found that Rivian accounted for just over 4% of EV sales in 2023, while Lucid made up 0.5%. Electric truck maker Nikola reported worse-than-expected revenue and a slightly better-than-expected loss per share in its earnings Thursday.
Persons: Lucid, RJ Scaringe, Peter Rawlinson, EVs, Tesla, Nikola, — CNBC's Michael Wayland Organizations: Wall, LSEG, Cox, EV Locations: Saudi Arabia
“The district court clearly recognized the gravity of dismissing the case and accordingly provided a thorough analysis, amply supported by factual findings,” Judge Johnnie Rawlinson wrote in Tuesday's 6-page opinion. In dismissing the case in Nevada, Dorsey sanctioned Stovall for “bad faith,” saying he had improperly attempted to use documents that were leaked or stolen in a cyberattack to pursue Mayorga’s case. Mayorga's lawsuit claimed conspiracy, defamation, breach of contract, coercion and fraud. By the time Dorsey threw out the case, Stovall claimed Mayorga should receive for more than $25 million in damages. “The district court did not abuse its discretion when it found that a case-terminating sanction was appropriate,” the ruling said.
Persons: Cristiano Ronaldo, Kathryn Mayorga's, Jennifer Dorsey, Ronaldo, Mayorga, Leslie Mark Stovall, , Johnnie Rawlinson, Stovall, Al Nassr, Dorsey, Mayorga wasn’t, Der Spiegel, Cristiano, Steve Wolfson, Judge Dorsey “, Mayorga's counsel's Organizations: , Associated Press, Spanish, Real Madrid, Juventus, Manchester United, Saudi Arabian, Circuit, Ronaldo, Football Locations: RENO, Nev, Las Vegas, San Francisco, refiling, England, Nevada, Clark
[1/3] Lucid’s Gravity electric SUV is seen in a preview at Lucid’s headquarters in Newark, California, U.S. November 3, 2023. Success of the Gravity, which was unveiled in Los Angeles ahead of the auto show opening on Friday, will be crucial for Lucid. To stoke demand, EV makers have joined a price war sparked this year by market leader Tesla (TSLA.O). Many, including Tesla, Ford (F.N) and General Motors (GM.N), have pushed back planned EV and battery factory expansion or additions. That will be key for the full-size luxury Gravity SUV, which features a steering wheel that is more square than round and a 34-inch curved cockpit display.
Persons: Abhirup Roy, Peter Rawlinson, Rawlinson, Tesla, Peter Henderson, Sherry Jacob, Phillips Organizations: REUTERS, Air, U.S, Rivian's, Lucid's, Reuters, stoke, EV, General Motors, Thomson Locations: Newark , California, U.S, Los Angeles, San Francisco
CHICAGO (AP) — The Chicago Sky announced they have hired Naismith Hall of Famer Teresa Weatherspoon as the team's coach on Thursday, two days after her agent confirmed she agreed to take the job. “I’m excited to be a part of the Chicago Sky Family,” Weatherspoon said in a statement. Chicago announced at the end of the season, after it was eliminated from the playoffs by the Las Vegas Aces, that interim coach Emre Vatanseyer wouldn’t return. New York is back there now for the first time since then and trails Las Vegas 1-0. Half of the WNBA’s coaches are now former players, including both finals coaches, Las Vegas’ Becky Hammon and New York’s Sandy Brondello.
Persons: Naismith, Naismith Hall of Famer Teresa Weatherspoon, , ” Weatherspoon, James Wade, Emre Vatanseyer wouldn’t, Wade, Vatanseyer, Teresa, Nadia Rawlinson, Weatherspoon, Becky Hammon, Sandy Brondello Organizations: CHICAGO, Chicago Sky, Naismith Hall of Famer, NBA’s Toronto Raptors, Chicago, Las Vegas Aces, GM, WNBA, NBA’s New Orleans Pelicans, New York Liberty, Liberty, mater Louisiana Tech, Phoenix Mercury Locations: Chicago, . New York, Las
CNN —Californian EV-maker Lucid has opened the first ever car manufacturing plant in Saudi Arabia, as the kingdom looks to establish itself as a global player in the EV race. The factory — the company’s first international plant — will initially focus on re-assembling vehicle kits sent over from the United States. “We look forward to delivering Saudi-assembled cars to customers in Saudi Arabia and beyond.” Saudi Arabia’s powerful Public Investment Fund (PIF), controlled by the Saudi government, is Lucid’s largest shareholder. Saudi Arabia wants 30% of new car sales in the kingdom to be electric by 2030. Earlier this month, The Wall Street Journal reported that Saudi Arabia had also held talks with Tesla over an EV factory in the kingdom.
Persons: Lucid, , Peter Rawlinson, Tesla, Elon Musk Organizations: CNN, King Abdullah Economic, Saudi, Public Investment Fund, Siemens, Street Journal, EV Locations: Saudi Arabia, King Abdullah, Jeddah, United States, Saudi
200 volunteers are searching for the Loch Ness monster this weekend. The operation in the Scottish Highlands is the biggest of its kind in 50 years. These are not just people "with binoculars and a tub of sandwiches," insists Paul Nixon, head of Loch Ness Center. The effort is the biggest since 1972, when the Loch Ness Investigation Bureau carried out a study. They somehow became trapped in Loch Ness when a geological rupture cut it off from the sea.
Persons: Nessie, Paul Nixon, Loch, Alan McKenna, Alan Rawlinson Organizations: Scottish Highlands, Service, Daily Mail, Washington Post, New York Times, Scottish Highlands Getty, BBC, sounders, Inverness Locations: Scottish, Wall, Silicon, Loch Ness, Deepscan, Inverness Loch Ness
And an ongoing EV price war started earlier this year by Tesla's Elon Musk, is forcing deeper losses as companies chase volume over profits in the EV sector. Ford recently adjusted its electric vehicle timeline to reflect this change in EV demand. After several years of rapid growth from eager early adopters to the electric vehicle segment, EV sellers are facing the first plateau. EV sales hit a high of nearly 6% in the US last year, bringing the segment closer to a predicted 7-10% tipping point. At this level of adoption, EV sales are expected to slow considerably.
Persons: Peter Rawlinson, Chris McNally, Evercore, Lucid, Tesla's Elon, Rivian, Ford Organizations: Morning, Tesla, Air EV, Ford, EV
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
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
Visitors walk at the Lucid Air during the Mobile World Congress 2023 (MWC), the telecom industry's biggest annual gathering on February 28, 2023 in Barcelona, Spain. Luxury electric vehicle maker Lucid Group said Wednesday that it delivered 1,404 of its Air sedans to customers in the second quarter, a bearish update amid demand concerns. Lucid's second-quarter deliveries compare with 1,406 deliveries in the first quarter of 2023 and 679 in the second quarter of 2022. Wall Street analysts polled by FactSet had expected Lucid to deliver about 2,000 Airs in the second quarter. Lucid's stock has fallen about 58% in the last year through Tuesday amid growing concerns about demand for the Air luxury sedan.
Persons: FactSet, Wall, Peter Rawlinson, Lucid, Aston, Aston Martin Organizations: Mobile, Lucid, Wall Street, Air, Aston Martin, British, Saudi Arabia's Public Investment Fund Locations: Barcelona, Spain, U.S
But Peter Rawlinson, the CEO of Tesla rival EV-maker Lucid, isn't convinced the tech is a shoo-in. Rawlinson told Bloomberg in an interview that the hype around the charger is "rather bizarre." While automaker after automaker signs on to use Tesla's well-regarded charging technology, one rival executive isn't completely sold yet. "What we're really comparing is, is it a screw cap or is it a cork on the bottle, not the quality of the wine," Rawlinson told Bloomberg. "Whoever controls this — if it isn't an open, impartial standard, if it's owned by one company — has access to a lot of consumer data," the executive told Bloomberg.
Persons: Tesla, Peter Rawlinson, isn't, Rawlinson, Gabriel Daoud, Cowen, they'll, carmakers, Elon Musk, Lucid's Rawlinson, Musk, NACS, you've, haven't, It's Organizations: Bloomberg, Ford, GM, Volvo, Tesla's
"This (deal) really kicks off that wing of the Lucid Group's business," CEO Peter Rawlinson told Reuters. Lucid's initial focus will be on providing high-performance, ultra-high voltage technology that would not be suitable for the mass-market, reflected in the Aston deal, Rawlinson said. However, he continued, its business licensing out parts should grow as the company moves to more mass-market models. Aston and Lucid share a common shareholder in Saudi Arabia's Public Investment Fund (PIF), but Rawlinson said the Saudi wealth fund played no role in the deal. "Aston Martin had options and they chose quite independently what they felt is the best technology available on the planet," he added.
Persons: Aston Martin, Peter Rawlinson, Rawlinson, Tesla, I'm, Aston, Nick Carey, Emma Rumney Organizations: EV, Aston, Reuters, Tesla's, Public Investment Fund, Thomson Locations: U.S, Arizona, Croatian, Aston, Saudi
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
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
As legacy automakers increasingly ramp production of all-electric vehicles, cushioned by the profits of gas-powered models, a handful of EV startups are scrambling to conserve cash and stay in the mix. It also means the amount of cash Fisker had left as of the end of March, $652.5 million, isn't yet cause for alarm. Still, Fisker cut its production guidance for 2023 to between 32,000 vehicles and 36,000 vehicles, from 42,400 in its original plan. Or as Evercore ISI analyst Doug Dutton wrote before Fisker's earnings report, "Fisker is beginning to turn into a story of binary and 'show me' outcomes." It had $108.1 million remaining as of the end of March, but it lost $171.1 million in the first quarter .
Persons: Tesla, Rivian, Claire McDonough, Rivian's, It's, McDonough, Deutsche Bank's Emmanuel Rosner, Rosner, Sherry House, Peter Rawlinson, Bank of America's John Murphy, Murphy, Aston Martin, Henrik Fisker, Fisker, Doug Dutton, Dutton, Nikola Nikola, Trevor Milton, Nikola, Voltera, TD Cowen, Jeffrey Osborne, Osborne, Polestar Polestar, it's, Johan Malmqvist isn't, aren't, Deutsche Bank's Rosner, Lordstown, Foxconn, Foxconn doesn't Organizations: EV, Amazon, Deutsche, Lucid's, Bank of America's, BMW, Global, Magna International, Nikola, Iveco, Volvo Cars, Geely, Lordstown, Nasdaq, General Motors Locations: Georgia, Magna, Austria, U.S, Europe, North America, Nikola's, Swedish, China, Ohio, Lordstown
May 8 (Reuters) - Electric vehicle (EV) maker Lucid Group Inc (LCID.O) reported lower-than-expected first-quarter revenue on Monday and trimmed its 2023 production forecast as a price war sparked by Tesla, rising interest rates and recession fears hurt sales. Shares in the maker of the Air luxury sedan dropped about 9% in after hours trade. The company reported quarterly revenue of $149.4 million, compared with analysts' average estimate of $209.9 million, according to Refinitiv. Chief Financial Officer Sherry House said the company had $4.1 billion in liquidity, enough to fund the luxury EV maker at least into the second quarter of next year. The EV maker is set to unveil its Gravity sport utility vehicle later this year ahead of its launch in 2024.
The company reported quarterly revenue of $149.4 million, compared with analysts' average estimate of $209.9 million, according to Refinitiv. Net loss for the first three months of the year stood at $779.5 million, compared with $604.6 million, a year earlier. Musk has said Tesla is willing to sacrifice margin for sales volume but is also looking to move prices back higher, where it can, to match deliveries with output. Lucid had cash and cash equivalents of $900 million at the end of the first quarter, compared with $1.74 billion in the fourth quarter. Lucid is set to unveil its Gravity sports utility vehicle later this year ahead of its launch in 2024.
Luxury electric vehicle maker Lucid Group on Monday reported widening first-quarter losses, but said that it still has enough cash to continue operations into next year. Lucid guided to 2023 production of between 10,000 and 14,000 vehicles in February. Lucid ended the first quarter with about $3.4 billion in cash and about $700 million in available credit lines. Lucid had about $4.4 billion in cash and an additional $500 million in credit available as of the end of 2022. The company's expected 2023 production of "over 10,000" Air sedans is well below the "more than 28,000" reservations it recorded as of its fourth-quarter earnings report in February.
Lucid showing a preproduction version of the Gravity, a luxury electric SUV, testing on US public roads. The Gravity is expected to begin shipping in 2024. Luxury electric-vehicle maker Lucid Group said Tuesday that it has begun testing its next model, a large SUV called Gravity, on public roads in the U.S., a key milestone ahead of the Gravity's expected launch next year. The interior will feature new high-resolution displays powered by a new generation of Lucid's proprietary software operating system, Lucid said on Tuesday. CEO Peter Rawlinson said in a statement that development of the Gravity is driving further advancements of Lucid's in-house software and battery technology.
With 1,050 horsepower, the new Grand Touring Performance edition becomes the most powerful version of Lucid's electric Air sedan. Luxury electric vehicle maker Lucid Group said late Thursday that it produced 2,314 of its Air sedans in the first quarter. But it delivered just 1,406 Airs to customers during the period, another sign that the company is seeing weaker-than-expected demand. Wall Street analysts polled by FactSet had expected Lucid to deliver about 2,000 Airs in the first quarter. Lucid said on Thursday that it will report its first-quarter results after the U.S. markets close on May 8.
Lucid is planning to lay off hundreds of workers, the company told staff Tuesday. The cuts will affect about 18% of the company, according to five sources and a copy of an internal memo seen by Insider. Lucid CEO Peter Rawlinson told employees the company will cut about 18% of its workforce, per the sources and the internal memo, which was sent after the short meeting. Given Lucid employed approximately 7,200 employees globally as of the end of 2022, according to regulatory filings, that would be about 1,290 employees. Lucid has also emailed customers about utilizing the commercial EV tax credit for leasing, given its EV does not currently qualify for the new EV purchase credit.
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