Lucid Motors CEO Peter Rawlinson appeared on the Nasdaq Marketsite when Lucid Motors (NASDAQ:LCID) completed its business with Churchill Capital Corp IV in New York City on July 26, 2021 After combining, trading on the Nasdaq Stock Exchange began.
Andrew Kelly | Reuters
Stocks of electric car manufacturers Sober group Bank of America down more than 10% on Wednesday after downgraded its company shares and suddenly leave CEO Peter Rawlinson.
Rawlinson also served as chief technology officer for the company, which was the driving force behind the company’s operations, including decisions public In 2021. Investors believe that Rawlinson is the face of the company and is crucial to its success.
The company is looking for a new CEO, which has sparked uncertainty among Wall Street analysts.
“We believe that Lucid (LCID) founder, CEO and CTO’s departure, Peter Rawlinson,” wrote in an investor record on Wednesday. The market understands much more.” “We now expect product development to stagnate, consumer demand will be curbed and anticipate that additional funding opportunities may be brought forward.”
Lucid is owned by most people Public Investment Fund in Saudi Arabia.
In 2025, shares of Lucid, Tesla and Rivian.
Interim CEO Marc Winterhoff, formerly the company’s chief operating officer, will try to make sure that Lucid is not the case.
Wentthoff said in an interview with CNBC that his goal is to build on Lucid’s success, not to change its process. His top priorities include more than double vehicle production this year, reducing losses and increasing customer awareness and technical products.
“We have a clear vision. Now, my focus will be on execution,” Winterhoff told CNBC on Tuesday.
gross profit
Lucid is still far from profitability, but it reduces its serious losses by increasing scale and making the product more efficient.
Its GAAP gross margin includes production and sales, but does not take into account other expenses as it was negative 114% in 2024, up from negative 225% in 2023.
“We expect our gross margins to increase significantly compared to 2023 and 2024,” Lucid’s interim CFO Gagan Dhingra told investors on Tuesday. “So we are on the right track.”
In the fourth quarter, the company reported net losses attributable to $636.9 million, or loss of $22 cents per share, of common shareholders, with revenue of $234.5 million.
New Products
Lucid’s first The product is an air carIt will be delivered from the end of 2021. Expensive cars are praised for their styling and technology, but the demand for vehicles is not as strong as expected.
Winterhoff said the company will continue to produce air cars as it begins to increase production of its second product, i.e. An SUV called Gravity.
Lucid Gravity Grand Touring SUV
wide awake
Winterhoff said production of gravity SUVs will be gradually built this year. He refused to speculate on how many percentages of the 20,000 unit production targets the vehicle represents. He noted that ordering gravity for Saudi Arabian customers began earlier this month.
“We are expanding our very active footprint and market and then absolutely adding gravity ramps, which is a big focus for us,” he said on the company’s investor call.
Lucid is also developing a new mid-sized vehicle platform that is expected to launch by the end of 2026, with both Winterhoff and Rollinson being crucial to automaker growth.
The “double decline” of marketing
As automakers increase production and the number of vehicles they provide, Winterhoff said Sober will “count down” marketing and advertising to raise customer awareness.
“I’m not going to create a new vision or anything like that for the company,” he told CNBC. “I’m still focusing on operational topics, for example, adding customer delivery. We’re going to double down on marketing. You’re going to see more marketing .”
August 19, 2023 in Sober Showroom in New York City.
Adam Jeffery | CNBC
The company’s sales, general and administrative expenses were $900 million in 2024, including an increase of $19.9 million in sales and marketing expenses in the previous year. The company’s total marketing and advertising expenses are not available immediately.
New technologies, partnerships
Lucid Air is criticized for lack of advanced driver assistance systems (for example) Tesla’s “FSD” or General Motors “Super Cruise.” Some air models cost tens of thousands of dollars more than competitors with such technology.
However, Lucid hopes to release a new hands-free driving system for customers later this year.
Federal data shows that its cars are one of the most effective electric vehicles in the United States, arguably driver technology lacking in driver assistance technology.
Lucid is trying to leverage its battery technology by selling it to other companies to increase scale and revenue.
Winterhoff said the company is still in “continuous discussion” with the company about Lucid’s battery technology, but declined to provide additional details.
