Streetbeat News

LCID

Lucid Group, Inc.

https://www.lucidmotors.com

Industry

Auto - Manufacturers

Lucid Group, Inc. a technology and automotive company, develops electric vehicle (EV) technologies. The company designs, engineers, and builds electric vehicles, EV powertrains, and battery systems. As of December 31, 2021, it operates twenty retail studios in the United States. Lucid Group, Inc. was founded in 2007 and is headquartered in Newark, California.

Open

2.06

Mkt cap

6.1B

Volume

99M

High

2.06

P/E Ratio

-1.51

52-wk high

5.31

Low

1.93

Div yield

N/A

52-wk low

1.93

This week in the EV sector saw Tesla grappling with executive departures and sales challenges in China, Rivian's earnings surpassing estimates amidst Apple partnership rumors, Fisker's Austrian unit filing for bankruptcy, and the Biden administration planning to impose tariffs on Chinese EV imports. Ford revisited its European EV transition plan, and the KraneShares Electric Vehicles ETF saw a decline.

Portfolio Pulse from Shanthi Rexaline

May 11, 2024 | 1:37 pm

Rivian, Lucid, and Nikola are implementing cost-cutting strategies to navigate the 'EV winter,' a period marked by slowed EV market growth. These strategies include workforce reductions, production adjustments, and strategic realignments. Despite current challenges, analysts remain optimistic about the EV market's long-term prospects. Rivian is focusing on efficiency improvements, Lucid on cost of goods sold, and Nikola on optimizing its cost structure for commercial vehicles.

Portfolio Pulse from Nabaparna Bhattacharya

May 10, 2024 | 5:37 pm

Ford Motor Company has announced the hiring of Sherry House, former CFO of Lucid Group, as part of its strategic move to bolster its electric vehicle (EV) business. House, with her extensive experience in the automotive, tech, and startup sectors, is set to join Ford in June and become CFO early next year. This move comes as Ford aims for profitable growth in EVs, software, and services. Meanwhile, Ford's shares dropped by 1.36% following the announcement.

Portfolio Pulse from Nabaparna Bhattacharya

May 10, 2024 | 3:29 pm

Rivian, Lucid, and Nikola are implementing cost-cutting measures and strategic adjustments to navigate a challenging market, aiming for profitability amid slowed EV adoption and increased competition. These efforts include job cuts, production optimizations, and capital expenditure reductions. Despite these efforts, Rivian and Lucid reported wider Q1 losses than expected, while Nikola beat expectations slightly but with lower revenue. The companies are focusing on cash preservation and operational efficiency to survive the 'EV winter'.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 2:46 pm

Lucid Group Inc (NASDAQ:LCID) CEO Peter Rawlinson announced breakthroughs in EV efficiency, aiming for a car with 5 miles per kWh by year-end. Lucid Air leads in range and charging speed in the US, with plans for a cheaper, high-volume model by late 2026. Despite a Q1 net loss of $680.9 million, Lucid's $5.03 billion liquidity is expected to support operations into Q2 2025.

Portfolio Pulse from Anan Ashraf

May 09, 2024 | 8:46 am

Stifel analyst Stephen Gengaro maintains a Hold rating on Lucid Group (LCID) and lowers the price target from $4 to $3.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 1:24 pm

Lucid Group Inc (NASDAQ:LCID) reported Q1 financial results with revenue beating and EPS missing estimates. Analysts from Stifel and Needham maintain a 'Hold' rating on LCID, citing mixed results and reiterated production targets. Despite challenges, Lucid's focus on aligning production with demand and controlling costs is noted, with the upcoming launch of the Lucid Gravity SUV being a critical event. The company's technology and backing by the Saudi Arabian Public Investment Fund are seen as strengths, but current low delivery numbers and high capital needs are concerns.

Portfolio Pulse from Chris Katje

May 07, 2024 | 7:13 pm

Beyond, Inc. (NYSE:BYON) shares plummeted over 20% due to disappointing quarterly results, missing both earnings and revenue estimates. Other stocks experienced significant movements, with companies like Golden Sun Health Technology Group Limited (NASDAQ:GSUN) and MMTec, Inc. (NASDAQ:MTC) seeing substantial gains. The article also highlights losers of the day, including Holdco Nuvo Group D.G Ltd (NASDAQ:NUVO) and The Real Good Food Company, Inc. (NASDAQ:RGF), which saw notable declines.

Portfolio Pulse from Avi Kapoor

May 07, 2024 | 6:35 pm

US stocks are on track for a fourth consecutive session of gains despite hawkish comments from Fed's Kashkari, with the S&P 500, Nasdaq 100, and Dow Jones all seeing modest increases. Treasury yields fell, boosting bond ETFs like TLT. Palantir and Disney shares tumbled following disappointing guidance and performance, respectively. Other notable stock movements were influenced by earnings reports and rumors of partnerships.

Portfolio Pulse from Piero Cingari

May 07, 2024 | 5:18 pm

In Tuesday's intraday session, several consumer discretionary stocks experienced significant movements. Notably, Golden Sun Health (GSUN) surged by 72.2%, while Beyond (BYON) dropped by 21.2%. Other notable movers include Jumia Technologies (JMIA) with a 25.77% increase and Lucid Group (LCID) with a 13.35% decrease. These movements were largely driven by the release of Q1 earnings for some companies.

Portfolio Pulse from Benzinga Insights

May 07, 2024 | 4:31 pm

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