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☆ Lucid to cut 1,300 workers amid signs of flagging demand for its EVs
▼ + stars: | 2023-03-28 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Lucid said it will incur one-time charges totaling between $24 million and $30 million related to the job cuts, with most of that amount being recognized in the first quarter of 2023. News of the job cuts was first reported by Insider earlier on Tuesday. Severance packages will include continued healthcare coverage paid by Lucid, as well as an acceleration of equity vesting, Rawlinson wrote. Lucid said that it had more than 28,000 reservations for the Air as of Feb. 21, its most recent update. With Lucid's factory currently set up to build about 34,000 vehicles per year, the company has warned of continuing losses.

☆ EV startup Lucid to cut about 18% of its workforce
▼ + stars: | 2023-03-28 | by ( ) edition.cnn.com time to read: +1 min

Electric-vehicle maker Lucid Group Inc said on Tuesday it would lay off about 18% of its workforce, or around 1,300 employees, to cut costs as part of a restructuring plan. Lucid, which had about 7,200 employees at the end of last year, will incur between $24 million and $30 million in related charges. The company expects to substantially complete the restructuring plan by the end of the second quarter. “We are also taking continued steps to manage our costs by reviewing all non-critical spending at this time,” Rawlinson said. Industry experts say price cuts by industry leader Tesla Inc and the availability of cheaper EV models from traditional automakers have weighed on demand for new vehicles from startups such as Lucid and Rivian Automotive Inc.Last month, Rivian said it would let go of 6% of its workforce in an effort to cut costs.

☆ EV startup Lucid plans to lay off hundreds of workers at every level of the company, leaked memo says
▼ + stars: | 2023-03-28 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

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.

March 17 (Reuters) - A U.S. appeals court on Friday revived a lawsuit by Uber Technologies Inc (UBER.N) and subsidiary Postmates Inc challenging a California law that makes it more difficult for them to save money by treating workers as independent contractors. Circuit Court of Appeals said the state must face claims that the law known as AB5 is unconstitutional because it improperly singles out the industry while exempting many others. The decision comes after a California state appeals court on Monday revived a ballot measure passed by nearly 60% of voters in 2020 that exempts app-based transportation services such as Uber and rival Lyft Inc (LYFT.O) from the scope of AB5, which had been struck down by a judge. Uber and the California Attorney General's office did not immediately respond to requests for comment on the decision. That means Uber is subject to the law while pet-sitting service Wag, which has been called "Uber for dogs," is not.

☆ Luxury EV maker Lucid appears to have a demand problem
▼ + stars: | 2023-02-24 | by ( John Rosevear | ) www.cnbc.com time to read: +3 min

Luxury electric vehicle maker Lucid appears to have a demand problem. But clearly demand for Lucid's vehicles isn't materializing as quickly as the company expected, which raises some tough questions for investors. Running an auto factory well below capacity isn't exactly a route to profitability, as CFO Sherry House conceded during Lucid's earnings call. That leads to a second, related question: How long will Lucid have to run its factory at a loss? As long as it has the Saudi fund's backing, Lucid should be able to keep going.

Feb 22 (Reuters) - Lucid Group Inc (LCID.O) on Wednesday forecast 2023 production well short of analysts' expectations and reported a major drop in orders during the fourth quarter amid weakening demand, sending the electric carmaker's shares down 11% after hours. "There's probably a lot of frustration from customers having to wait for so long to get the vehicles they ordered." House said Lucid would incur capital expenditures of between $1.5 billion and $1.75 billion in 2023. Lucid reported a cash balance of $1.74 billion in the fourth quarter, after raising $1.52 billion in December. The stock fell 82% last year after Lucid halved its production forecast due to supply chain issues.

☆ Tesla rival Lucid's stock slides 10% after it says it'll make fewer electric cars than expected this year
▼ + stars: | 2023-02-23 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Lucid Group shares fell as much as 10% in Thursday's premarket after a disappointing earnings update. The EV maker missed on revenue and said it will make fewer cars this year than Wall Street expected. Demand for its luxury electric cars has taken a hit as rival Tesla's grows thanks to aggressive price cuts. The EV maker reported a loss of 28 cents per share, narrower than the loss of 40 cents a share forecast. Read more: Tesla's stock is getting trounced by EV challenger Lucid, which is leading techs' 2023 rally thanks to Saudi takeover rumors

☆ Lucid's slow deliveries, cancelled orders, and increasing competition are 'red flags,' experts say
▼ + stars: | 2023-02-23 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

The exact mix is unclear, but accounting for delivered vehicles, Bank of America estimated that indicates a decline of 4,100 orders. "That is not the case for Lucid where new deliveries show wait times within 3-5 months," the note said. "Even assuming 6+ months wait time, LCID likely has as few as ~7-10k "active" order conversions." Lucid recently encouraged customers via email to lease its vehicles in order to qualify for the commercial EV tax credit, as Lucid vehicles do not qualify for the new EV purchase credit. Because it does not qualify, Lucid announced earlier this month "credits" for its customers in the form of a $7,500 price cut on certain trims.

☆ Lucid's revenue falls short of estimates as it guides to higher EV production in 2023
▼ + stars: | 2023-02-22 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Electric vehicle start-up Lucid on Sept. 28, 2021 said production of its first cars for customers has started at its factory in in Casa Grande, Arizona. Electric vehicle maker Lucid on Wednesday reported fourth-quarter revenue that fell short of expectations after building just 7,000 of its Air luxury sedans last year amid manufacturing challenges. But the company said it expects to make between 10,000 and 14,000 vehicles in 2023. The company's bottom line likewise improved, coming in narrower than the 64-cent loss per share it posted in the year-ago period. The company said in April that Saudi Arabia's government had agreed to buy up to 100,000 of its vehicles over the next 10 years.

☆ Analysis: Tesla's price cuts promise more pain for money-losing U.S. EV startups
▼ + stars: | 2023-01-20 | by ( Akash Sriram | ) www.reuters.com time to read: +4 min

Tesla's move will "strengthen their ... competitive advantage over other automakers," CFRA Research analyst Garrett Nelson said. 'GAME OF THRONES' FOR EV STARTUPSBoth Rivian and Lucid have yet to turn a profit. Reuters GraphicsStill, Rivian had $13.8 billion in cash at the end of the third quarter - the most among the U.S. EV startups. "It's a 'Game of Thrones' battle for EV startups and they face some dire options over the next 12 to 18 months if they do not succeed in their financial targets," said Wedbush Securities analyst Daniel Ives. Rivian sells its R1T pickup truck at a starting price of $73,000 while its R1S SUV starts at $78,000.

Jan 11 (Reuters) - Lucid Group Inc (LCID.O) on Wednesday won the dismissal of a lawsuit accusing the luxury electric car maker of defrauding investors in the special-purpose acquisition company that helped take it public, by significantly overstating its production outlook. Rogers said the Churchill shareholders had standing to sue over statements made by a different company, Lucid, because they alleged a "discernible" loss from "specific alleged misconduct." In Dec. 2021, Lucid received a U.S. Securities and Exchange Commission subpoena for documents related to the merger. Lawyers for Churchill shareholders did not immediately respond to requests for comment. The case is In re CCIV/Lucid Motors Securities Litigation, U.S. District Court, Northern District of California, No.

☆ EV maker Lucid closes $1.5 billion raise from the Saudi public wealth fund and other investors
▼ + stars: | 2022-12-19 | by ( John Rosevear | ) www.cnbc.com time to read: +1 min

Lucid Motors CEO Peter Rawlinson claps after ringing the opening bell at the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) begins trading on the Nasdaq stock exchange after completing its business combination with Churchill Capital Corp IV in New York City, July 26, 2021. Electric vehicle maker Lucid Group said Monday that it has completed a planned $1.5 billion equity offering. Lucid raised the majority of that cash, about $915 million, via a private sale of nearly 86 million shares to an affiliate of its largest investor, Saudi Arabia's Public Investment Fund. The remaining $600 million was raised via a traditional secondary stock offering, in which Lucid sold an additional 56 million shares. The funding round was structured to keep the Saudi public wealth fund's stake in Lucid at its previous level, about 62%.

☆ The direct-to-consumer sales model Rivian and Lucid tout as a key unlock could hamstring them in booking revenue — while Ford and GM reap the benefits of working with dealers
▼ + stars: | 2022-11-19 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +4 min

Many EV startups like Rivian and Lucid have opted to sell their vehicles directly to consumers. The DTC model means their revenue depends on getting cars to customers — which isn’t always so easy. Competing with the legaciesWith direct-to-consumer sales, Rivian and Lucid are responsible for getting vehicles into customers' hands after they're produced. The revenue they bring in, logged once a customer has their vehicle, depends on the startups' ability to deliver efficiently. The messy business of putting a car in a customer's driveway — and finding customer financing — are outsourced to franchised dealerships.

☆ See the electric Lucid Gravity SUV, a Tesla rival that will have 7 seats and more range than any competitor
▼ + stars: | 2022-11-16 | by ( Tim Levin | ) www.businessinsider.com time to read: +3 min

EV startup Lucid revealed new details about the Gravity, its SUV launching in 2024. The Lucid Gravity. Lucid MotorsThe Gravity will have a spacious interior and options for five, six, or seven seats. The Lucid Gravity. The Lucid Gravity.

☆ Lucid Motors CEO unveils new Lucid Air Pure electric luxury sedan
▼ + stars: | 2022-11-15 | 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 Motors CEO unveils new Lucid Air Pure electric luxury sedanLucid Motors CEO Peter Rawlinson joins CNBC's Phil LeBeau to discuss the company's latest quarterly earnings report, the company's Lucid Air Touring and more.

☆ Lucid reveals new lower-cost versions of the Air electric luxury sedan
▼ + stars: | 2022-11-15 | by ( John Rosevear | ) www.cnbc.com time to read: +1 min

Luxury electric vehicle maker Lucid Group on Tuesday revealed several new versions of its Air sedan – including its lowest-cost model yet. CEO Peter Rawlinson said in an interview with CNBC's Phil LeBeau the Lucid Air Pure will start at $87,400. The company also announced the Lucid Air Touring, with all-wheel drive, 620 horsepower and an EPA-estimated 425 miles of range. Lucid also said the high-performance Air Sapphire, which it revealed in August, is undergoing final tuning now. The Air Sapphire starts at $249,000, and production will begin in the first half of next year.

☆ Lucid owners are reporting glitches like bricking and cars driving the wrong way — just as the EV startup gets production under control
▼ + stars: | 2022-11-10 | by ( Alexa St. John | ) www.businessinsider.com time to read: +10 min

Lucid hasn't yet publicly addressed the latest issues, which include reports of cars bricking or driving the wrong way. "It's critical that we maintain our competitive advantages by delivering a unique combination of hardware and software," Rawlinson told investors on a February earnings call. Insider spoke with 19 Lucid owners for this story — all of whom reported some software or hardware problems — as well as seven current former and Lucid software engineers. "If the car sits in the sun for the afternoon, DreamDrive won't read speed-limit signs," an owner in Arizona told Insider. But while Lucid has worked to service individual cars, owners told Insider, it hasn't publicly addressed these issues.

☆ 4 auto experts share their takeaways from 3rd-quarter woes at Rivian, Lucid, and Canoo — and what they expect for the end of 2022
▼ + stars: | 2022-11-10 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +7 min

The electric-vehicle startups Rivian, Lucid, and Canoo released third-quarter results this week. Rivian and Lucid each made progress toward their production goals for the year and steadily increased customer deliveries. Canoo has yet to make any production vehicles. After it closed the gap in the second quarter, Rivian's pace of deliveries again fell behind production by 779 vehicles. Lucid underwent some changes in the third quarter following a rough second quarter.

☆ EV maker Lucid slumps as quarterly reservations slip
▼ + stars: | 2022-11-08 | by ( Akash Sriram | ) www.reuters.com time to read: +2 min

FILE PHOTO: A Lucid Air electric vehicle is displayed in Scottsdale, Arizona, U.S., September 27, 2021. Lucid said it had $3.85 billion in cash, which would sustain the company at least into the fourth quarter of next year. Chief Finance Officer Sherry House told Reuters in an interview that Lucid would tap into the capital markets as it looks to build a factory in Saudi Arabia. High prices for battery materials such as lithium, cobalt and nickel, exacerbated by the Russian invasion of Ukraine, have been eating into margins of electric vehicle makers, hurting their bottom line. Lucid’s revenue rose to $195.5 million in the third quarter after it delivered 1,398 vehicles, up from 679 vehicles last quarter.

☆ Insiders say morale 'sucks' at electric-vehicle startups like Rivian and Lucid — and it could be a death blow for struggling Tesla wannabes
▼ + stars: | 2022-10-01 | by ( Alexa St. John | ) www.businessinsider.com time to read: +8 min

As EV startups face a storm of troubles, many employees say they're losing faith in the mission. "They kept saying, 'Tesla, Tesla, the next Tesla,'" a now former supervisor at the electric-vehicle startup said. Canoo has lost several key leaders, as have Xos, Lucid, and others. Some current and former startup workers said they had a continued appetite for industry opportunities. Are you a current or former EV startup employee?

☆ 2023 will be critical for Lucid's bid to one-up Tesla — and it will have to overcome its production constraints and a sinking stock price
▼ + stars: | 2022-05-05 | by ( Alexa St. John | ) www.businessinsider.com time to read: +10 min

Based in Newark, California, EV startup Lucid Motors has been racing to up its production in 2022. Much like many other EV upstarts, Lucid's stock has dropped around 80% this year. Quality control may prove vital for any EV startup trying to outdo Tesla. He's determined to lead in the same space that's seen the rise and fall of other EV startups, such as Nikola, Lordstown, and Faraday Future. Churchill Capital IV soars 33% after report says the SPAC is nearing a deal to take EV-maker Lucid Motors publicAre you a current or former Lucid employee?

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