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☆ EV maker Lucid slashes prices of Air sedan as part of offer amid heating competition
▼ + stars: | 2023-08-05 | by ( Abhirup Roy | ) www.reuters.com time to read: +2 min

[1/2] A Lucid Air electric vehicle is displayed in Scottsdale, Arizona, U.S., September 27, 2021. REUTERS/Hyunjoo Jin/File PhotoSAN FRANCISCO, Aug 5 (Reuters) - Electric vehicle maker Lucid (LCID.O) cut prices of its Air luxury sedans by as much as $12,400 as part of an offer, it said on Saturday, amid rising competition in the U.S. EV industry and a price war sparked by Tesla (TSLA.O). A spokesperson for Lucid said the company was unable to provide details on how much stock will be part of this offer. But rising interest rates to curb inflation and fears of recession have dampened consumer demand, prompting market leader Tesla to slash prices this year. Newark, California-based Lucid is expected to show deepening losses in its second-quarter earnings on Monday after reporting a fall in April-June production due to supply-chain problems.

Persons: Hyunjoo Jin, Tesla, Lucid, Abhirup Roy, Jonathan Oatis Organizations: REUTERS, FRANCISCO, U.S, EV, Plaid, Saudi Arabia's Public Investment Fund, Thomson Locations: Scottsdale , Arizona, U.S, Newark , California, San Francisco

☆ 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's second quarter deliveries fell short of estimates amid demand concerns
▼ + stars: | 2023-07-12 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

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

☆ Lucid, Activision, EA, Uber: Here's where Saudi Arabia's sovereign wealth fund has invested
▼ + stars: | 2023-07-11 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Saudi Arabia's sovereign wealth fund, known as the Public Investment Fund, is an active player in U.S. public and private markets. But among the documents disclosed in the recent PGA-LIV merger hearings was a previously unreported list of the sovereign wealth fund's top public equity holdings, valued at about $35.5 billion. The list, which was updated as of March 31, shows a $8.9 billion stake in electric automaker Lucid , constituting about 25% of PIF's equity holdings. PIF's second-largest stake, in Activision Blizzard , was valued at $3.3 billion and amounted to 9.1% of PIF's public equity holdings. Google accounts for 2.87% of the Nasdaq by weight but made up a mere 1.2% of the PIF's $35.51 billion public portfolio.

Persons: PIF, PIF's, Prince Mohammed bin Salman Organizations: Public Investment Fund, Activision Blizzard, Trade, Electronic Arts, Nasdaq, Meta, Booking Holdings Locations: Saudi, Saudi Arabia

☆ 'It's just a plug': A rival EV CEO isn't sold on Tesla's charging tech
▼ + stars: | 2023-07-03 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

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

☆ Lucid CEO says Aston Martin EV tech deal is just the beginning
▼ + stars: | 2023-06-28 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

"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

[1/3] A Lucid Air electric vehicle is displayed in Scottsdale, Arizona, U.S., September 27, 2021. REUTERS/Hyunjoo Jin/File PhotoJune 26 (Reuters) - British luxury carmaker Aston Martin (AML.L) has reached a deal that will give U.S. electric vehicle (EV) maker Lucid Group (LCID.O) a 3.7% stake in the company in return for access to its "high performance" technology, Aston Martin said on Monday. Subject to shareholder approval, Aston Martin will issue about 28.4 million new ordinary shares to Lucid Group. Smaller carmakers such as Aston Martin are more reliant on partnerships to make the transition. Lucid and Aston Martin have a common shareholder in Saudi Arabia's Public Investment Fund (PIF).

Persons: Hyunjoo Jin, Aston Martin, Lucid, Aston Martin's, PIF, Aby Jose Koilparambil, Rashmi Aich, Barbara Lewis Organizations: REUTERS, Lucid, Mercedes, Benz, Aston, Public Investment Fund, U.S, Tesla Inc, Thomson Locations: Scottsdale , Arizona, U.S, Aston Martin, Saudi, Bengaluru

☆ Stocks making the biggest premarket moves: GameStop, Wynn Resorts, Lucid, Adobe & more
▼ + stars: | 2023-06-08 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Check out the companies making the biggest moves in premarket trading:GameStop — Shares plummeted nearly 21% in premarket trading. Wynn Resorts , Las Vegas Sands — The casino operators both shed about 2% following a downgrade by Jeffries to hold from buy. Signet Jewelers — Shares tumbled nearly 11% after the jeweler provided second-quarter revenue and operating-income guidance that fell short of expectations. T-Mobile — Shares of the wireless provider added about 1% in premarket trading after Wolfe Research upgraded T-Mobile to outperform from peer perform. HashiCorp - The stock sank more than 22%, a day after the company reported a first-quarter earnings miss and revenue beat.

Persons: Matthew Furlong, Ryan Cohen, Jeffries, Zhu Jiang, Wolfe, HashiCorp, Jesse Pound, Sarah Min, Brian Evans Organizations: GameStop, Wynn Resorts, Sands, Signet, Reuters, Mobile, Wolfe Research, Adobe, Adobe Express Locations: New York, Las, China

☆ 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

☆ 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.

☆ I drove the $180,000 Lucid Air. It solved my EV range anxiety and charged faster than I've ever seen.
▼ + stars: | 2023-05-18 | by ( Tim Levin | ) www.businessinsider.com time to read: +5 min

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

☆ 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's Gravity SUV is taking another step toward production with tests on public roads
▼ + stars: | 2023-04-25 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +1 min

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.

☆ Lucid's first-quarter vehicle production, deliveries fall sequentially
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: 1 min

Companies Lucid Group Inc FollowApril 13 (Reuters) - Lucid Group Inc (LCID.O) on Thursday reported March quarter production and delivery figures that were lower than the preceding December quarter. The luxury electric car maker produced 2,314 vehicles and delivered 1,406 in the first quarter, lower than 3,493 vehicles produced and 1,932 delivered in the previous quarter. Shares of the company fell 3% in after-market trade. Reporting by Yuvraj Malik in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

☆ Lucid first-quarter deliveries underwhelm as demand concerns plague the EV maker
▼ + stars: | 2023-04-13 | by ( John Rosevear | ) www.cnbc.com time to read: +1 min

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.

☆ 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.

☆ 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 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.

☆ Rivian is forcing some customers to wait years for their vehicle deliveries — and it risks alienating them at a critical time in its fight to become the next Tesla
▼ + stars: | 2023-03-01 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +6 min

Rivian runs the risk of alienating customers who have been waiting years for their vehicles. He's hedged his bet on Rivian with orders for the Tesla Cybertruck and the electric Ram 1500. Some feel embarrassed by their early support of Rivian while their wait times increase to nearly half a decade. Rivian has previously said timing of deliveries is "based on a number of factors, including delivery location, configuration and original preorder or reservation date." Are you a current or former Rivian employee, Rivian vehicle owner, or Rivian order holder?

☆ 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 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.

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