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Search resuls for: "Lucid Motors"


22 mentions found


☆ Tesla cofounder says he was 'basically unemployable' and out of money for 2 years after being ousted from the company
  + stars: | 2023-02-18 | by ( Grace Kay | ) www.businessinsider.com   time to read: +5 min
A Tesla cofounder said he was out of money and "basically unemployable" after he left the carmaker. Martin Eberhard was ousted as CEO of Tesla by Elon Musk and left the company in 2007. "After I left Tesla, I was basically unemployable for about two years because of the intellectual-property agreement I had with Tesla and with Tesla being as litigious as they are," Eberhard told Insider. The Tesla cofounder lost his role as CEO of Tesla about three years after Elon Musk began investing in the electric-car maker. Eberhard previously told Insider that Musk and Tesla's board had met behind his back and voted to replace him as CEO.
☆ Lucid Motors is helping oil-rich Saudi Arabia go electric in its ambitious plan to become a carmaking powerhouse
  + stars: | 2023-02-14 | by ( Zahra Tayeb | ) www.businessinsider.com   time to read: +2 min
Tesla rival Lucid Motors is helping Saudi Arabia to go electric in its carmaking push, per the FT. The oil-rich kingdom plans to invest billions into becoming a hub for EV manufacturers such as Lucid. The move is part of Saudi Arabia's plan to become less reliant on oil income, its main revenue source. US-based Lucid has signed up to build 150,000 cars a year in Saudi Arabia by 2025, the Financial Times reported at the weekend. Its state-owned oil company Saudi Aramco posted a 39% jump in profit in November, thanks to that price surge.
☆ Tesla's stock is getting trounced by EV challenger Lucid, which is leading techs' 2023 rally thanks to Saudi takeover rumors
  + stars: | 2023-02-08 | by ( George Glover | ) www.businessinsider.com   time to read: +3 min
Shares in electric-vehicle manufacturer Lucid Motors have jumped 69% in 2023. Speculation of a takeover by Saudi Arabia's sovereign wealth fund has fueled Lucid's recent rally. Lucid is even beating rival EV manufacturer Tesla, which is up just under 60% so far this year at $196.81, despite analysts' fears. Lucid shares have also risen thanks to rumors of a looming takeover by Saudi Arabia's Public Investment Fund, which invests on behalf of the government and already owns over 60% of the carmaker. The stock jumped 43% on January 27 alone, after the deals website Betaville reported the Saudi PIF could be close to finalizing a full takeover.
☆ Solar electric vehicle startup says its car will go 400 miles on a full battery and never needs to be charged
  + stars: | 2023-01-23 | by ( Tim Levin | ) www.businessinsider.com   time to read: +4 min
The California-based company unveiled in January its Launch Edition solar vehicle, its first model that will hit customer driveways. Aptera Launch Edition vehicle. Aptera Launch Edition vehicle. Aptera Launch Edition vehicle. Aptera Launch Edition vehicle.
☆ Premaket stocks: Auto sales are falling — but profits are surging. Welcome to the new normal
  + stars: | 2023-01-12 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +6 min
New York CNN —The US auto industry just posted its worst sales in more than a decade — but that’s not necessarily a bad sign for the sector. What’s happening: 2022 was the worst year in more than a decade for the auto industry, largely because manufacturers couldn’t keep up with consumer demand. To put that into historical perspective, auto sales topped 17 million each year between 2015 and 2019, before Covid. But the auto industry saw sky-high profits even as sales plummeted. The auto industry has entered a new era: Less choice, higher prices and larger profit margins.
☆ Lucid beats lawsuit claiming it defrauded SPAC investors about production outlook
  + stars: | 2023-01-11 | by ( Jonathan Stempel | Industry Insight | Law Firm Pricing Professionals In | ) www.reuters.com   time to read: +2 min
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.
☆ Former Tesla employee Gore to lead U.S. zero emission advocacy group
  + stars: | 2023-01-04 | by ( David Shepardson | Industry Insight | Reuters Professional | ) www.reuters.com   time to read: +2 min
WASHINGTON, Jan 4 (Reuters) - Albert Gore III, a former Tesla public policy employee, has been named executive director of the Zero Emission Transportation Association (ZETA), the Washington-based group said on Wednesday. Congress in 2021 approved $5 billion for EV charging stations and in August passed new electric vehicle tax credits. "Lots of work ahead, starting with implementation of the National Electric Vehicle Infrastructure Program and new industrial policies in the Inflation Reduction Act," said Gore in a LinkedIn post. Gore worked for Tesla for nearly seven years in public policy and business development. The IRA lifts the 200,000-vehicle per manufacturer cap that had made Tesla and General Motors (GM.N) ineligible for EV tax credits.
☆ Tesla's cratering share price goes beyond Musk's preoccupation with Twitter. The entire EV market is slowing down.
  + stars: | 2022-12-22 | by ( Hasan Chowdhury | ) www.businessinsider.com   time to read: +5 min
Tesla's share price has been cut in half and a distracted CEO isn't the only issue. The wider EV market is facing a tough mix of challenges. At the time of writing, its share price sits at $126.31, down 60% since the beginning of the year. Tesla's woes are symptomatic of wider issues plaguing the EV market. Tesla's stock market value slid below ExxonMobil this week for the first time since 2020, falling to $435 billion on Tuesday-compared with the oil and gas company's $439 billion market value, according to the Financial Times.
☆ 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%.
☆ California invested an enormous amount of money into getting EVs on the road, but practically nothing when it comes to dealing with the waste: 'It's totally like the Wild West.'
  + stars: | 2022-12-11 | by ( Hanna Kang | ) www.businessinsider.com   time to read: +13 min
"It's totally like the Wild West," said Zora Chung, co-founder of ReJoule, Inc., a startup project based in Signal Hill that is exploring repurposing used batteries from EVs. However, there are no EV battery recycling plants that exist in California, nor tried-and-true recycling programs in place to deal with the fallout. Currently, the company has used batteries deployed at the American Museum of Ceramic Art in Pomona, where solar panels feed electricity into the used battery storage units. Charging station for electric and hybrid cars using solar panels to generate electricity to charge car batteries. "Imagine if it just took you one full work week to qualify one used battery," Chung said.
☆ Leaked email reveals Tesla-wannabe Lucid is worried over canceled orders — and will call customers up to 14 times to ask them not to ditch their six-figure EV
  + stars: | 2022-12-08 | by ( Alexa St. John | ) www.businessinsider.com   time to read: +4 min
"Every cancellation is a failure," read an email sent to Lucid retail employees. If they don't reach the customer, they must try calling again three more times on consecutive days. After that, the case goes to a regional manager, who must try calling the customer within 24 hours, then try calling again three more times on consecutive days. Are you a current or former Lucid employee? Do you own a Lucid vehicle or hold a Lucid order reservation?
☆ Lucid is offering employees $18,000 discounts to buy its cars by the end of the year as it looks to rack up orders
  + stars: | 2022-12-01 | by ( Alexa St. John | ) www.businessinsider.com   time to read: +3 min
EV startup Lucid Motors just launched an employee purchase program. Employees who buy the $154,000 Air Grand Touring get a sizable discount, paid out over time. This week, Lucid began offering all full-time regular US employees a "stipend" to buy the 2022 Grand Touring, according to an internal email viewed by Insider. The Grand Touring is the company's third variant behind the limited Air Dream Edition and Grand Touring Performance. Are you a current or former Lucid employee?
☆ 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.
☆ Introducing Insider's 100 people transforming business
  + stars: | 2022-11-16 | by ( Matt Weinberger | ) www.businessinsider.com   time to read: +5 min
It's my pleasure to introduce to you Insider's list of 100 People Transforming Business in 2022 — our annual celebration of the people who are bucking trends and upending convention across industries. Insider's annual list of the 100 People Transforming Business. 100 People Transforming Business. Twitter insiders worry that a crash is incoming. TCI, a major investor in Google's parent company Alphabet, sent a letter on Tuesday urging Alphabet CEO Sundar Pichai to cut costs.
☆ 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.
☆ EV startup Lucid undercuts Tesla Model S with a car that can go 5 miles farther for $12,000 cheaper
  + stars: | 2022-11-15 | by ( Tim Levin | ) www.businessinsider.com   time to read: +2 min
It'll offer more range than Tesla's flagship Model S for $12,000 less. The all-wheel-drive Air Pure gets a range rating of 410 miles and is set to hit streets this year. It costs $92,900, around $12,000 less than the $104,990 Model S.The Lucid Air Pure. The Model S was the longest-range EV you could buy until the Air unseated it in 2021. The Lucid Air Pure.
☆ The method to Elon Musk's Twitter madness reveals itself
  + stars: | 2022-11-14 | by ( Matt Weinberger | ) www.businessinsider.com   time to read: +5 min
The theme of last week was chaos and hubris, amid a massive wave of tech layoffs and the turmoil at Twitter under new owner Elon Musk. The method to the Twitter madness emerges. Salesforce insiders say they were set up to fail. Last week, Salesforce laid off workers who it said were underperforming. The jokester behind the popular Jesus Christ account on Twitter tells Insider how Elon Musk's new Twitter Blue got him verified after 14 years on the platform.
☆ Lucid's fight to sell cars in Texas could give it a leg up in the ultracompetitive electric-vehicle market
  + stars: | 2022-11-11 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com   time to read: +4 min
The resulting legal battles could slow crucial deliveries for EV startups. It's also a sign that there could be more legal confrontations to come for other budding EV makers, like Rivian and Fisker. What consumers can expectLast year, Tesla, Rivian, and Lucid joined forces to push for bills allowing direct sales in eight states. Many of these efforts are still in progress while Rivian, Lucid, and Tesla continue to sell vehicles remotely. Even with the legal troubles, EV startups are moving full speed ahead on direct to consumer.
☆ Stocks making the biggest moves midday: Disney, Meta Platforms, Lucid Motors, Roblox and more
  + stars: | 2022-11-09 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +4 min
Meta Platforms — The stock jumped 8% after the company announced it will lay off more than 11,000 employees. News Corp — Shares slid 5% after the company reported a slight miss on its fiscal first quarter earnings, compared to FactSet estimates. AMC Entertainment — Shares dropped 9.8% after the company reported another quarterly loss as operational costs increased. SeaWorld Entertainment — The stock fell 8% after the company reported weaker-than-expected earnings or $1.99 per share on revenue or $565 million. Roblox — Shares tumbled more than 15% after the company reported a bigger loss than expected for the third quarter.
☆ I drove Mercedes-Benz's $141,000 Tesla rival and experienced the electric, screen-filled future of luxury cars
  + stars: | 2022-10-21 | by ( Tim Levin | ) www.businessinsider.com   time to read: +7 min
The 2022 Mercedes-Benz EQS 580. The 2022 Mercedes-Benz EQS 580. The 2022 Mercedes-Benz EQS 580. The 2022 Mercedes-Benz EQS 580. The 2022 Mercedes-Benz EQS 580.
☆ Biden administration awards $2.8 billion in grants for electric vehicle battery manufacturing
  + stars: | 2022-10-19 | by ( Emma Kinery | ) www.cnbc.com   time to read: +1 min
President Joe Biden announced $2.8 billion in grants for 20 companies to produce batteries for electric vehicles in the United States. The grants are being allocated through the Department of Energy with funds from the Bipartisan Infrastructure Law to companies in 12 states. Increasing manufacturing capacity of in the United States has been a priority for the Biden administration. In all, the Bipartisan Infrastructure Law, the CHIPS and Science Act and the Inflation Reduction Act allocated more than $135 billion toward electric vehicle manufacturing. "This is critically important because the future of vehicles is electric, but the battery is a key part of that electric vehicle and right now 75% of that battery manufacturing is done in China."
☆ 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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