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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

☆ 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 shares fall after third-quarter EV deliveries disappoint
▼ + stars: | 2023-10-17 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Analysts polled by FactSet had expected Lucid to deliver about 2,000 vehicles in the third quarter. Lucid's third-quarter deliveries compare with 1,404 deliveries in the second quarter and 1,398 deliveries in the third quarter of 2022. That compares to 2,173 Airs built in the second quarter and 2,282 Airs a year earlier. Through the end of September, Lucid produced 6,037 EVs in 2023, not including the units in transit to Saudi Arabia at quarter-end. Lucid will report its third-quarter results after the U.S. markets close Nov. 7.

Persons: FactSet, Lucid, Sherry House Organizations: Lucid, CNBC Locations: Saudi Arabia, Saudi, Monday's, U.S

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

☆ Lucid misses revenue expectations after EV deliveries disappoint
▼ + stars: | 2023-08-07 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +3 min

In an aerial view, a sign is posted on the exterior of Lucid headquarters on March 29, 2023 in Newark, California. A year ago, Lucid reported a net loss of $555.3 million, or 33 cents per share. Revenue in the second quarter rose to $150.9 million from $97.3 million in the second quarter of 2022. Lucid said on July 12 that it delivered 1,404 Air sedans in the second quarter. The company delivered 1,406 vehicles in the first quarter of 2023, and 679 vehicles in the second quarter of 2022.

Persons: Lucid, Sherry House, Aston Organizations: Lucid, Refinitiv, Refinitiv ., Revenue, Air, EV, Aston Martin, British Locations: Newark , California

☆ EV maker Lucid to raise about $3 billion from Saudi's PIF, others
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

PIF, which owns more than 60% of the company, has agreed to buy 265.7 million shares in a private placement for about $1.8 billion, Lucid said in a statement. The rest will be raised from a public offering of 173.5 million shares of common stock. The private placement implies a price of about $6.80 per Lucid share, compared with the stock's Wednesday close of $7.76. Lucid's cash and cash equivalents had dropped to $900 million at the end of the first quarter, from $1.74 billion in the previous quarter. Bank of America Corp (BAC.N) is acting as the book-running manager for the public offering and Lucid intends to use the net proceeds from both the public offering and the private placement for general corporate purposes.

Persons: Lucid, Sherry House, Kanjyik Ghosh, Akriti Sharma, Devika Organizations: Saudi Arabia's Public Investment Fund, Bloomberg News, Bank of America Corp, Thomson Locations: Saudi, Bengaluru

☆ EV startups conserve cash as make-or-break moment approaches. Here's where everyone stands
▼ + stars: | 2023-05-24 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +14 min

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.

☆ EV maker Lucid's quarterly revenue misses estimates on weak demand
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +2 min

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.

☆ Lucid posts widening losses as demand concerns linger, says it has enough cash to last into 2024
▼ + stars: | 2023-05-08 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +3 min

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 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.

☆ 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.

☆ 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.

☆ 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?

☆ Lucid delivered a startlingly small share of its produced cars to customers — revealing a problem plaguing EV companies vying to be the next Tesla
▼ + stars: | 2022-11-23 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +5 min

Rivian and Lucid have reported delivering far fewer cars than they've built this year. Lucid reported that in the third quarter of this year, it built 2,282 cars but delivered just 1,393 of them to customers. Rivian, too, has seen a gap, though less extreme: The Amazon-backed startup built 7,363 vehicles and delivered 6,584 in Q3. For the first nine months of 2022, Rivian had produced 14,317 cars, and delivered 12,278, a rate of 86%. Still, House said she expects vehicles produced to continue to outpace vehicles delivered in the near-term as Lucid accelerates production and starts delivering internationally.

☆ 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.

☆ Electric vehicle maker Lucid reports third-quarter loss, confirms it's on track to meet production guidance
▼ + stars: | 2022-11-08 | 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. Here's what the company reported:Revenue: $195.5 million, versus $232,000 in the year-ago quarter, when it was beginning production of the Air sedan. $195.5 million, versus $232,000 in the year-ago quarter, when it was beginning production of the Air sedan. On Oct. 12, Lucid said that it produced 2,282 vehicles and delivered 1,398 vehicles to customers in the third quarter. The funding round is structured to keep the Saudi public wealth fund's stake in Lucid at its current level.

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