DIRS.INFO The most relevant business & tech news

Larger peers Bank of America (BAC.N), Goldman Sachs (GS.N) and JPMorgan Chase & Co (JPM.N) rose between 0.7% and 1.6% in premarket trade. "Markets are calmer as the tension of the banking situation is lessening. A key inflation reading expected at the end of the week will provide more clues on the Fed's monetary tightening plans. ET, Dow e-minis were up 244 points, or 0.75%, S&P 500 e-minis were up 35.25 points, or 0.88%, and Nasdaq 100 e-minis were up 109.25 points, or 0.86%. Reporting by Amruta Khandekar; Editing by Dhanya Ann Thoppil and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

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

March 28 (Reuters) - Electric-vehicle maker Lucid Group Inc (LCID.O) is planning to lay off about 18% of its workforce, Insider reported on Tuesday, citing sources familiar with the matter and an internal memo. Lucid, which had about 7,200 employees at the end of last year, will communicate details of the layoffs in the next three days, according to the report. Last month, Rivian said it would let go of 6% of its workforce in an effort to cut costs. Companies in the United States have stepped up cost cuts as they brace for a looming recession amid aggressive interest rates hikes by central banks worldwide. Reporting by Akash Sriram in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ South Korea's LGES revives Arizona battery factory plan with $5.6 bln investment
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +2 min

SEOUL, March 24 (Reuters) - South Korea's LG Energy Solution Ltd (LGES) (373220.KS) said on Friday it would invest 7.2 trillion won ($5.58 billion) to build a battery factory in Arizona, reviving a project paused last year due to adverse economic conditions. Friday's announcement comes after LGES in January said it had been in "active discussion" with Tesla and electric vehicle startups to supply batteries from the proposed factory. Automakers and EV battery producers are racing to set up manufacturing in the United States to take advantage of federal subsidies that could generate up to $45 per kilowatt hour (kWh) to offset the costs of production. LGES, which supplies Tesla, General Motors Co (GM.N) and others, also has production sites in South Korea, China, Poland, Canada and Indonesia. Shares of LGES were trading down 1.6% versus a 0.4% fall in the benchmark KOSPI (.KS11) as of 0620 GMT.

☆ Vietnam's VinFast says three sales executives have left EV company
▼ + stars: | 2023-03-17 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

REUTERS/Lisa Baertlein/File PhotoHANOI, March 17 (Reuters) - Vietnamese electric-vehicle (EV) start-up VinFast said on Friday three senior sales and customer-service have left the company this week. In a statement to Reuters, VinFast said Gareth Dunsmore, deputy chief executive for global sales and marketing, had left "due to personal reasons and we respect his decision". VinFast has been selling the first batch of VF8s, rebranded as the City Edition to account for the lower range, on lease in California. In June, VinFast said it had ended its contract with Franck Euvrard, the predecessor as deputy CEO for global sales to just-departed Dunsmore. VinFast lost $2.1 billion in 2022 on revenue of $634 million, it said in a registration statement for an IPO.

REUTERS/Rebecca Cook/File PhotoMarch 6 (Reuters) - American carmakers will lean on technology to keep the horsepower wars going among their electric muscle cars, a tectonic shift from the big, rumbling motors of the past. GM and Dodge have both issued timelines to stop selling gas-powered muscle cars and replace them with electric variants that will wear the same badges. Dodge's Charger and Challenger muscle cars will not be made next year, while Chevrolet has laid out plans for an electric Corvette. Brands such as Polestar and Mercedes-Benz (MBGn.DE) have announced optional power upgrades to their sedans that improve acceleration and total horsepower via paid OTA (over-the-air) software updates. Dodge has said it will transition its muscle cars to an electric platform, and is working to differentiate those models.

☆ VinFast delivers first 45 cars in US market
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +3 min

[1/3] VinFast electric vehicles are parked before delivery to their first customers at a store in Los Angeles, California, U.S., March 1, 2023. REUTERS/Lisa BaertleinMarch 2 (Reuters) - Vietnamese electric vehicle maker VinFast delivered its first 45 cars to customers in California on Wednesday, its first sales outside Vietnam. Last week, the company slashed the lease price on the VF8 electric crossover by 50%. It also dropped an option for consumers to rent the electric car's battery, a plan it had advertised as a way to bring down the cost of ownership. Andrew and Nikki Le, who ordered 11 VinFast cars, took delivery of the first of those at the store.

"We will not engage in a price war...we are aiming to become a very premium sportscar company...," chief executive Thomas Ingenlath told Reuters. "It's very clear that this is a completely different aim from where Tesla is going, with 20 million cars per year." Demand for electric cars has weakened for U.S. EV startups Rivian (RIVN.O) and Lucid (LCID.O), with both carmakers forecasting 2023 production well below analyst estimates. But Polestar reaffirmed the 2023 production outlook it gave in January of 80,000 cars, up from the roughly 51,000 it delivered in 2022. The company reported a gross profit of $61.9 million versus a loss of $0.2 million in the same quarter in 2021.

That is one of the cheapest prices in the EV group, and Fisker, which has produced only 56 vehicles so far, saw orders improve. Nikola said issues hurting demand for its battery-powered trucks would not ease any time soon. Rivian forecast 2023 production well below analyst estimates on Tuesday, citing nagging supply chain shortages, sending shares down 8% in after-hours trading. Bowe oversees investments in a host of startups, including EV charging companies, and said she was looking at investment opportunities in EV makers. But the four companies have already lost a combined $84 billion in value over the past year, given production woes and supply chain disruptions.

1 EV maker worldwide in 2022, but China's BYD (002594.SZ) and others are closing the gap fast, according to a Reuters analysis of global and regional EV sales data provided by EV-volumes.com. In fact, BYD passed Tesla in EV sales last year in the Asia-Pacific region, while the Volkswagen Group (VOWG_p.DE) has been the EV leader in Europe since 2020. Reuters GraphicsThe most significant challenges to Tesla are coming from established automakers and a group of Chinese EV manufacturers. Tesla's vehicles offered features, such as the ability to navigate into a parking space or make rude sounds, that other vehicles lacked. IDRA, the Italian company that builds huge presses to form large one-piece castings that are the building blocks of Tesla vehicles, said it is now getting orders from other automakers.

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 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.

☆ 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.

☆ Here are Thursday's biggest analyst calls: Tesla, Apple, Intel, Teladoc, Nvidia, Salesforce & more
▼ + stars: | 2023-02-23 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Bank of America reiterates Target as neutral Bank of America said it sees "modest upside" at current levels. Bank of America downgrades Lucid Group to neutral from buy Bank of America said it's concerned about slowing demand for the luxury vehicle company. Bank of America reiterates Nvidia as buy Bank of America said Nvidia remains "best-in-class" after its earnings report on Wednesday. Bank of America reiterates CVS as buy Bank of America said it sees "significant free cash flow generation potential" for CVS. Goldman Sachs upgrades Nvidia to buy from neutral Goldman upgraded Nvidia after its "impressive" earnings report on Wednesday.

☆ 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.

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.

☆ Tesla to halt some China production for upgrades - Bloomberg News
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

Feb 15 (Reuters) - Tesla Inc (TSLA.O) will suspend some production until the end of February as the electric-vehicle maker upgrades the facility to make a refreshed version of the Model 3 compact sedan, Bloomberg News reported on Wednesday. Tesla is developing a revamped version, codenamed "Highland", of the Model 3, which was first launched in 2017, Reuters reported in November. Some workers will not be allowed on production lines from as soon as Sunday, the Bloomberg report said. To spur demand, Tesla had cut prices across the globe in January, unleashing a price war. Tesla did not immediately respond to a Reuters request for comment.

☆ Factbox: Potential winners and losers from the new U.S. EV charging standards
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +5 min

EV CHARGING COMPANIES: Many, including Volkswagen's (VOWG_p.DE) Electrify America, ChargePoint(CHPT.N) and EVGo (EVGO.O), will accelerate the rollout of chargers due to the federal funding. U.S. EV AUTO SECTOR: The rollout of more charging stations will encourage EV adoption in the United States. INTERSTATE HIGHWAY REST STOPS: They could see an influx of investment as companies establish charging stations along heavily traveled routes. TESLA: Under the new charging standards, the White House said EV market leader Tesla (TSLA.O) has agreed to open part of its U.S. charging network to EVs made by rivals. EV CHARGING COMPANIES: While the charging companies get financial support in their expansion efforts, only a handful of the dozen who commented to the Biden administration ahead of Wednesday's announcement said that they could meet the "Buy American" standards under the proposed timelines.

☆ Saudi Arabia's PIF says U.S. stocks value falls nearly $6 billion in fourth quarter
▼ + stars: | 2023-02-14 | by ( Yousef Saba | ) www.reuters.com time to read: +1 min

That was equivalent to roughly 5.6% of Lucid shares, according to calculations based on Refinitiv data. PIF's stake in Lucid, despite increasing, nearly halved in value to $7.57 billion at the end of December from $14.18 billion three months earlier, the filing showed. Shares of Lucid, which plans to build its first overseas factory in Saudi Arabia, were down 51% in the fourth quarter. PIF, at the centre of Saudi Arabia's ambitious plans to diversify the economy away from oil, invested over $1 billion in Lucid in 2018. The value of PIF's stake in Uber fell by nearly $129 million, the filing showed.

☆ 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.

☆ Panasonic cuts full-year outlook as costly raw materials weigh
▼ + stars: | 2023-02-02 | by ( Daniel Leussink | ) www.reuters.com time to read: +2 min

TOKYO, Feb 2 (Reuters) - Japan's Panasonic Holdings Corp (6752.T) cut its annual operating profit forecast by 12.5% on Thursday after lower-than-expected third-quarter earnings, hit by headwinds from a slowing global economy and persistently high raw materials prices. The conglomerate slashed its operating profit forecast to 280 billion yen ($2.18 billion) for the financial year to Mar. 31, from 320 billion yen, in part due to a less rosy outlook for its industry segment this quarter. Panasonic's third-quarter result, with its operating profit rising 16% to 84.4 billion yen in the three months ended Dec. 31, fell short of a mean estimate of 95.31 billion yen profit from nine analysts. Most investors were focused on more clarity and details about U.S. Inflation Reduction Act benefits for Panasonic's EV battery cell production, such as the size and sustainability of subsidies, the analysts added.

The company is focusing resources on ramping up vehicle production and reaching profitability, Chief Executive R.J. Scaringe said in an email to employees on Wednesday announcing the job cuts. Layoffs at Rivian come amid falling EV prices kicked off by cuts made recently by Elon Musk-led Tesla (TSLA.O) and Ford Motor Co (F.N). The price cuts by Tesla and Ford are expected to hurt EV upstarts such as Rivian, Lucid Group (LCID.O) and British startup Arrival , which Monday said it would lay off half its staff. To further conserve its cash, Rivian late last year shelved plans to build delivery vans in Europe with Mercedes (MBGn.DE). As of Sept. 30, 2022, the automaker reported having $13.27 billion in cash and cash equivalents, down from over $18 billion a year earlier.

☆ This electric vehicle ETF soared 20% in January. Analysts give 2 of its stocks another 100% upside
▼ + stars: | 2023-02-01 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

The Global X Lithium & Battery Tech ETF was up nearly 8% last week – its best week since March 2022, according to CNBC analysis. Lithium and EV battery producers, such as Albemarle and CATL , also did well, soaring 30% and 18% respectively. Rivian shares are seen rising by 100% over the next 12 months on average, while Tesla has 13% upside, and Lucid has 18% potential upside, according to analysts. Battery makers Freyr and Enovix Corporation stood out for having the biggest potential upside, at 108% and 285% respectively. Both are also popular among analysts, with Enovix the only company on the list to have a 100% buy rating from analysts.

☆ 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.

Search resuls for: "LCID"

25 mentions found