Lucid Group, Inc. (LCID)

We modify 2024E and 2025E adjusted EBITDA for Lucid Group (LCID; $2.31; E/W) from losses of ($2.54B)/($2.11B) to ($2.44B)/($2.10B) after Q3 EBITDA losses of ($613mm) were less than our estimate of ($658mm), which compared to…

The shares of Lucid Group (LCID; $2.72; E/W) are down 17% today after it completed a major equity capital raise that included another investment by its majority stockholder and affiliate of the Public Investment Fund…

This morning, Lucid Group (LCID; $3.40; E/W) announced it delivered a better than expected 2,781 vehicles (+16% QoQ and +91% YoY) during Q3, while also producing 1,805 vehicles (-15% QoQ and +17% YoY). By comparison,…

On Tuesday (9/10), we attended Lucid Motors’ (LCID; $3.98; E/W) Technology & Manufacturing Day in Casa Grande, AZ, which included a presentation by CEO and CTO Peter Rawlinson that provided further support around the company’s…

We modify our 2024 and 2025E adjusted EBITDA for Lucid Group (LCID; $3.00; E/W) from losses of ($2.3B)/($1.9B) to ($2.5B)/($2.1B) after Q2 EBITDA losses of ($648mm) exceeded our estimate of ($525mm), vs. ($598mm) in Q1and…

This morning, Lucid Group (LCID; $3.03; E/W) announced it delivered 2,394 vehicles (+22% QoQ and +71% YoY), while producing 2,110 vehicles (+22% QoQ and -3% YoY) during Q2. By comparison, our model called for Q2…

This morning, Lucid Group (LCID; $2.72; E/W) disclosed in an 8-K filing that it is reducing its headcount by 6% or ~400 employees (vs. ~6,500 employees at the end of Q1), which is aimed across…

We adjust our 2024/2025E EBITDA for Lucid Group (LCID; $3.05; E/W) from losses of ($2.15B)/($1.70B) to ($2.3B)/($2.0B) after greater than expected EBITDA losses of ($598mm) in Q1, which is illustrated in the table below, and…

This morning, Lucid Group (LCID; $2.73; E/W) announced it delivered 1,967 vehicles (+13% QoQ and +40% YoY), while producing 1,728 vehicles (-28% QoQ and -25% YoY) during Q1. By comparison, our model called for Q1…

Yesterday, Lucid Group (LCID; $2.86; E/W) announced another major investment from its majority stockholder and affiliate of the Public Investment Fund (PIF), Ayar Third Investment Company, which did not come as a major surprise to…

Lucid Group (LCID; $3.70; E/W) produced Q4 sales of $157mm (+14% QoQ and -39% YoY) after previously disclosing it delivered 1,734 vehicles in the quarter (+19% QoQ and -10% YoY). By comparison, we were modeling…

This morning, Lucid Group (LCID; $3.19; E/W) announced it delivered 1,734 vehicles (+19% QoQ) while producing 2,391 vehicles (+54% QoQ) during Q4. By comparison, our model called for Q4 vehicle deliveries of 1,983 or basically…

This evening after the close, we were surprised to see Lucid Group (LCID; $4.61; E/W) announce that Sherry House, is resigning from her position as CFO, effective immediately, to pursue “other opportunities”, especially after recently…

Last Thursday (11/16), we attended the launch of Lucid’s (LCID; $4.25; E/W) Gravity at the Los Angeles Auto Show, which expands the company into a much larger market opportunity with an electric sport utility vehicle…

We lower our rating on the shares of Lucid Group (LCID; $4.30) from Outperform to Equal-Weight due to our belief that management’s plan for a meaningful commercial ramp has been pushed out by a few…