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

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.

Portfolio Pulse from Anan Ashraf

November 08, 2023 | 12:26 pm

Needham analyst Chris Pierce maintains a Buy rating on Lucid Group (NASDAQ:LCID) but lowers the price target from $9 to $5.

Portfolio Pulse from Benzinga Newsdesk

November 08, 2023 | 12:19 pm

US stock futures indicate a flat opening after several consecutive gains. Traders are awaiting Federal Reserve Chair Jerome Powell’s speech for insights into possible rate cuts. Media earnings, including Walt Disney Co., are in focus. Bond yields remain stable, reflecting dovish messages from Fed officials. The S&P 500 and the Nasdaq Composite had their longest winning streak since November 2021. In premarket trading, the SPDR S&P 500 ETF Trust ticked up 0.04% and the Invesco QQQ ETF edged down 0.01%. Several companies including Rivian Automotive, Lucid Group, Akamai Technologies, eBay, GoPro, H&R Block, IAC Inc., and Upstart Holdings reported earnings.

Portfolio Pulse from Shanthi Rexaline

November 08, 2023 | 12:12 pm

Lucid Group Inc (NASDAQ:LCID) is facing scaling issues in Saudi Arabia, which is affecting its delivery numbers. The company had planned to deliver more vehicles in Saudi Arabia in Q3, but scaling up took longer than expected. Lucid has a purchase agreement to sell up to 100,000 vehicles to the Saudi government over the next 10 years. The company is now aiming to scale deliveries in Q4. It has already manufactured 700 EVs and shipped them to Saudi Arabia for final assembly.

Portfolio Pulse from Anan Ashraf

November 08, 2023 | 8:48 am

Rivian Automotive (RIVN) and Lucid Group (LCID) reported their Q3 results with divergent outcomes. Rivian upgraded its 2023 production guidance from 52,000 to 54,000 units due to robust demand, while Lucid reduced its guidance from over 10,000 units to 8,000-8,500 units due to weakened demand. Both companies are grappling with losses, with Lucid reporting a loss of $630.89 million and Rivian a net loss of $1.37 billion. In after-hours trading, Rivian's stock rose 4.36% while Lucid's fell 4.19%.

Portfolio Pulse from Shanthi Rexaline

November 08, 2023 | 5:58 am

Tesla's North American Charging Standard (NACS) is becoming the dominant charging standard in the electric vehicle (EV) world, with Lucid Group being the latest to adopt it. However, Volkswagen and Stellantis have yet to adopt the NACS. Stellantis has little incentive to do so as it is barely producing any EVs in the U.S., while Volkswagen owns the Electrify America charging network, which competes with Tesla's NACS Supercharger network.

Portfolio Pulse from Benzinga EV Insights

November 07, 2023 | 10:08 pm

Lucid Group's CEO, Peter Rawlinson, has announced a cut in the company's production forecast to align production with deliveries, clarifying that the company does not have a production problem.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 10:01 pm

Lucid Group Inc (NASDAQ:LCID) reported Q3 earnings with revenue of $137.81 million, missing the consensus estimate of $183.84 million. The company reported a quarterly loss of 28 cents per share, beating analyst estimates for a loss of 35 cents per share. Lucid also lowered its full-year production outlook from 10,000 to a range of 8,000 to 8,500. The company's new electric SUV, Lucid Gravity, will be unveiled on Nov. 16.

Portfolio Pulse from Adam Eckert

November 07, 2023 | 9:38 pm

Lucid has revised its production outlook for 2023 to 8,000-8,500 vehicles, down from its previous guidance of more than 10,000. The adjustment is to prudently align with deliveries.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 9:11 pm

Lucid Gr (NASDAQ:LCID) reported Q3 earnings per share of $(0.28), beating the analyst consensus estimate of $(0.35) by 20%. However, the company's quarterly sales of $137.81 million missed the analyst consensus estimate of $183.84 million by 25.04%. This represents a 29.49% decrease in sales compared to the same period last year.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 9:11 pm

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