Tesla CEO Elon Musk Roasts Lucid Over Mounting Losses: 'Maybe They Can Make It Up In Volume'
Portfolio Pulse from Anan Ashraf
Tesla CEO Elon Musk has criticized Lucid Group following its Q3 earnings report, which showed a loss of 28 cents per share and revenue of $137.8 million. Lucid delivered 1,457 vehicles in the quarter, leading to a loss of $433,081 per vehicle. Musk's comments come after Lucid cut its production guidance to 8,000-8,500 vehicles for the year, down from over 10,000. Lucid's vehicles are expensive, potentially limiting its consumer base.
November 08, 2023 | 12:26 pm
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POSITIVE IMPACT
Tesla's CEO Elon Musk's comments on Lucid's financial performance may strengthen investor confidence in Tesla's competitive position in the EV market.
Elon Musk's comments highlight the financial challenges faced by Tesla's competitors, which could make Tesla's own performance appear more favorable in comparison. This could potentially lead to increased investor confidence in Tesla and a positive impact on its stock price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75
NEGATIVE IMPACT
Lucid Group's Q3 earnings report showed significant losses, and the company has cut its production guidance for the year. This, coupled with criticism from Tesla's CEO, could negatively impact investor confidence.
Lucid's Q3 earnings report showed significant losses, and the company has cut its production guidance for the year. These factors, along with criticism from a high-profile competitor, could negatively impact investor confidence and lead to a decrease in Lucid's stock price.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100