Tesla Enthusiast Sees Lucid Being Taken Private — 'Good Guess,' Says Elon Musk
Portfolio Pulse from Anan Ashraf
Tesla CEO Elon Musk has agreed with a prediction that Lucid Group, an EV maker led by a former Tesla employee, may go private due to its loss-making streak. Lucid recently reported a quarterly loss of 28 cents per share and revenue of $137.8 million. The company is now aiming to produce only 8,000-8,500 vehicles this year, down from its initial projection of over 10,000 units. Lucid is 60% owned by Saudi Arabia’s Public Investment Fund, which has invested about $5.4 billion into Lucid since 2018.
November 09, 2023 | 3:22 am
News sentiment analysis
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NEGATIVE IMPACT
Lucid's financial struggles and potential privatization could negatively impact its stock price in the short term.
The news about Lucid's financial struggles and potential privatization could lead to uncertainty among investors, potentially leading to a decrease in its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Elon Musk's comment on Lucid's potential privatization may reflect positively on Tesla as it indicates his confidence in Tesla's business model compared to its competitors.
Elon Musk's comment on Lucid's potential privatization may reflect positively on Tesla as it indicates his confidence in Tesla's business model compared to its competitors. This could potentially boost investor confidence in Tesla.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70