DIRS.INFO top alerts submit data jurnalism about API
login
Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "Lucid's"


25 mentions found


☆ 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 shares stumble on dour EV production target as price war weighs
  + stars: | 2023-02-23 | by ( ) www.reuters.com   time to read: +1 min
Feb 23 (Reuters) - Shares of Lucid Group Inc (LCID.O) slumped 10% in premarket trading on Thursday after the electric vehicle maker's 2023 production targets fell short of expectations amid waning demand and a price war unleashed by market leader Tesla Inc (TSLA.O). Lucid expects to produce 10,000 to 14,000 luxury electric vehicles this year, below analysts' estimates of 21,815 cars, according to Visible Alpha. Tesla shares rose 1.3%. About a quarter of Lucid's free float shares are in short position, according to analytics firm Ortex. Meanwhile, Nikola Corp's shares (NKLA.O) rose 4.7% on receiving an order for 20 hydrogen electric trucks from German logistics company Richter Group.
☆ Bank of America downgrades EV maker Lucid Group, citing near-term demand concern
  + stars: | 2023-02-23 | by ( Samantha Subin | ) www.cnbc.com   time to read: +2 min
Despite a promising long-term outlook for shares of Lucid Group , weak demand is likely to pressure shares near term, according to Bank of America. Analyst John Murphy downgraded shares of the electric vehicle company to a neutral rating from a buy, citing Lucid's disappointing fourth-quarter results, financial guidance and production forecast. Lucid said it expects to deliver 10,000 to 14,000 vehicles in 2023, whereas Bank of America had expected 27,000. The downgrade from Bank of America comes after Lucid posted fourth-quarter revenue that fell short of estimates, with shares tumbling 10% in premarket trading Thursday. LCID YTD mountain Lucid shares so far this year Along with the downgrade, Murphy slashed Bank of America's price target to $10 from $18, suggesting shares should remain rangebound from Wednesday's close.
☆ Lucid sees 2023 EV production far below forecasts, shares dive 11%
  + stars: | 2023-02-22 | by ( Akash Sriram Abhirup Roy | Akash Sriram | Abhirup Roy | ) www.reuters.com   time to read: +2 min
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 fourth quarter, sending the electric carmaker's shares down 11% after hours. Lucid said it expects to produce 10,000 to 14,000 luxury electric vehicles this year, up from 7,180 cars last year. Lucid reported a cash balance of $1.74 billion in the fourth quarter, after raising $1.52 billion in December. Lucid's revenue rose to $257.7 million in the quarter ended Dec. 31 from $26.4 million a year earlier. The stock fell 82% last year after Lucid halved its production forecast due to supply chain issues.
☆ Lucid sees 2023 production far below forecasts, shares dive 10%
  + stars: | 2023-02-22 | by ( ) www.reuters.com   time to read: +1 min
Feb 22 (Reuters) - Lucid Group Inc (LCID.O) on Wednesday forecast 2023 production well short of analysts' expectations after reporting quarterly revenue that missed Wall Street estimates, and the electric carmaker's shares fell 10% after hours. Lucid said expects to produce 10,000 to 14,000 luxury electric vehicles this year, up from 7,180 cars last year. Lucid's revenue rose to $257.7 million in the quarter ended Dec. 31 from $26.4 million a year earlier. Shares of the Newark, California-based company fell about 10% in extended trading. 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.
☆ 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.
☆ Lucid joins Tesla-led EV price war with discounts on some Air models
  + stars: | 2023-02-09 | by ( ) www.reuters.com   time to read: +1 min
Feb 9 (Reuters) - Lucid Group (LCID.O) said on Thursday that customers will get a $7,500 credit on buying certain variants of the Air luxury electric car, revving up a price war started by market leader Tesla Inc (TSLA.O). Ford (F.N) has also slashed prices of its electric crossover Mustang Mach-E by as much as $5,900 in response to Tesla's price cuts. Lucid's credit will be available to customers from Thursday and applies to the Touring and Grand Touring models of the Air series purchased before March 31 this year. Air Touring retails from $107,400, while the Grand Touring model starts at $138,000. Reuters Graphics Reuters Graphics"We think our customers still deserve a $7,500 credit for choosing an EV," said Zak Edson, Lucid's Vice President of Sales and Service.
☆ Lucid joins the EV discounting fray with $7,500 'credits' on some of its Air luxury sedans
  + stars: | 2023-02-09 | by ( John Rosevear | ) www.cnbc.com   time to read: +1 min
Lucid Group said Thursday that buyers of certain versions of its pricey Air electric luxury sedan will be eligible for a $7,500 "credit." Lucid said that customers who buy Air Touring and Air Grand Touring models in "certain configurations" before March 31 will be eligible for the $7,500 discount. The Lucid Air is built in Arizona, but at a starting price of $87,400 it's far too expensive to qualify for the federal tax credits. The trims that Lucid is discounting are even pricier: The Air Touring starts at $107,400; the Air Grand Touring at $138,000. As of Thursday morning, company's website listed 15 Air Grand Tourings and seven Air Tourings available for immediate delivery.
☆ 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.
☆ Morgan Stanley analyst thinks Lucid is headed to an all-time low
  + stars: | 2023-01-31 | by ( Alex Harring | ) www.cnbc.com   time to read: +2 min
Lucid 's stock has boomed in recent days, but Morgan Stanley is warning of a bust on the horizon. Analyst Adam Jonas' price target of $5 implies the electric vehicle maker's stock will tumble 57.4% from where it closed Monday. That means Jonas, who carries an underweight investment recommendation, expects the stock to hit an all-time low sometime in the next 12 months. While Jonas said support from the Saudi Arabia could help the company long-term, he still sees a challenging road ahead for Lucid. The stock previously reached an intraday low of $6.09 and closing low of $6.17 earlier this month.
☆ Lucid spikes 98% on speculation Saudi investment fund may buy out remaining stake in the EV maker
  + stars: | 2023-01-27 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +2 min
Lucid stock skyrocketed on Friday on speculation that Saudi Arabia's Public Investment Fund would buy out the remaining stake. Saudi Arabia's PIF currently owns 65% of Lucid, and has not confirmed if it will buy the remaining shares. Shares were halted 12 times on the New York Stock Exchange Friday afternoon due to increased volatility. The fund also bought 41 million shares of Tesla around that time, but has since sold off the stake in the rival EV maker. The fund has not publicly confirmed if it will buy the remaining shares of Lucid.
☆ 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.
☆ Electric luxury-car maker Lucid delivered more vehicles in 2022 than expected
  + stars: | 2023-01-12 | 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. Electric luxury vehicle maker Lucid Group said it produced just over 7,100 vehicles in 2022, slightly more than expected. Lucid's fourth-quarter production total was up 53% from the third quarter, when it produced 2,282 Air sedans and delivered 1,398. Lucid's 2022 production beat its guidance, but that guidance was much reduced from the company's original plan for the year. Lucid had originally expected to build 20,000 of its Air electric luxury sedans in 2022, but it was forced to lower that target twice – once in February amid global supply chain disruptions, and again in August, when it cited logistics challenges.
☆ Electric luxury-car maker Lucid produced more vehicles in 2022 than expected
  + stars: | 2023-01-12 | by ( John Rosevear | ) www.cnbc.com   time to read: +2 min
Electric luxury vehicle maker Lucid Group said it produced just over 7,100 vehicles in 2022, slightly more than expected. Lucid said in a statement that it produced 3,493 vehicles at its Arizona factory in the fourth quarter and delivered 1,932, bumping its total production to 7,180 for the full year. Lucid's fourth-quarter production total was up 53% from the third quarter, when it produced 2,282 Air sedans and delivered 1,398. Lucid's 2022 production beat its guidance, but that guidance was much reduced from the company's original plan for the year. Correction: Lucid produced more vehicles than expected in 2022.
☆ Rivian and Lucid's Q4 struggles signal an even tougher 2023 for EV startups
  + stars: | 2023-01-12 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com   time to read: +5 min
The results from Rivian and Lucid signal a tough year ahead for EV startups, said Sam Fiorani, vice president of global vehicle forecasting for AutoForecast Solutions. "As an investor you're going to be watching for every sign of trouble because you're now expecting a larger return on your investment." Rivian and Lucid's results came just after Tesla also missed analyst expectations for its fourth-quarter delivery results — and it has investors concerned. Previously, Rivian delivered more vehicles than it built in Q2 (accounting for vehicles built before the quarter that didn't make their way to customers), but only delivered about 89% of what it built in Q3. "With newcomers like Rivian and Lucid, that is going to be a warning sign for some people to begin with."
☆ The $360 billion electric car battery market will determine the fate of electric vehicles
  + stars: | 2023-01-03 | by ( Alexa St. John | ) www.businessinsider.com   time to read: +14 min
There's also money to be made: The EV battery market could hit $360 billion by 2030, according to McKinsey. At Insider, we've looked at white-hot EV battery technologies that give automakers the EV performance they need at the price their customers want. We've investigated how automakers are securing enough battery supply, especially amid the call for domestic sourcing brought on by requirements in President Joe Biden's climate bill. It just led a $400 million investment into the little-known EV battery startup that could make it work. The soon-to-be $339 billion battery industry is on a hiring tear to power the shift to electric cars.
☆ 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?
☆ How to play the beaten-up EV stocks from here — Evercore ISI sees one doubling next year
  + stars: | 2022-11-30 | by ( Michelle Fox | ) www.cnbc.com   time to read: +5 min
Electric vehicle stocks have had a tough year, but don't count them out just yet, according to Evercore ISI. Analyst Chris McNally said the past year has been a much-needed expectation reset for nascent EV players, such as Fisker , Rivian Automotive , and Lucid Group . Each has separate, premium "go-to-market" niches within the growing EV market, he said. "Then we would begin to see vertical integration & branding advantages take charge," McNally wrote. Lucid Lucid epitomizes an aspirational EV, McNally said.
☆ 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.
☆ 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.
☆ 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.
☆ Electric vehicle makers burning cash, slammed by sky-high costs
  + stars: | 2022-11-14 | by ( Akash Sriram | ) www.reuters.com   time to read: +5 min
[1/2] A Canoo Lifestyle Vehicle is displayed during the 2021 LA Auto Show in Los Angeles, California, U.S. November, 17, 2021. Quarterly reports from electric vehicle (EV) makers from the past two weeks show them struggling to hit delivery targets and rapidly burning through cash. At the end of September, it had $6.8 million in cash and equivalents, down sharply from $415 million a year earlier. Still, higher output would ultimately reduce the cost per car and limiting production can threaten the path to profitability, analysts said. Rivian, backed by Amazon.com (AMZN.O) and Ford Motor (F.N), had $13.8 billion cash on hand at the end of September.
☆ 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.
<< prev 2 next >>
Total: 25