Lucid cars are stylish and promise EV fans all they could want, particularly when it comes to distance traveled. This could significantly boost company profits and staying power, but it’s still early days, and there are no guarantees this will come to fruition. Lucid has also indicated breaking into the Energy Storage market to provide backup storage for residential, commercial and utility markets. The talent behind Lucid vehicle production is very high, instilling investor confidence. This gives them added incentive to outdo the world’s original EV company and the inner drive to succeed. Several members of Lucid’s leadership team are ex-Tesla staff. According to Statista, the global EV market is expected to rise four-fold to hit $1 trillion by 2026. Demand for these vehicles is rising all over the globe, and carmakers are struggling to keep up. The EV market continues to thrive in the current macro environment. Guggenheim’s bearish target is $12, bullish is $83, and fair value is $38 per share. Research Analyst, Ali Faghri at Guggenheim Securities, initiated his coverage of LCID stock with a Neutral rating in December. LCID Stock: $38 Price Target from Guggenheim Securities
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Gross margin: decreased by over 100% due to a $2.7m increase in the cost of revenue.Ĭash position: $4.8bn ($4.4bn from SPAC and PIPE plus $173m from warrant redemption) The company had more than 17k reservations by mid-November. Lucid started its first deliveries in October. “In the future, we will be able to provide a car which is competitive with range, be it 300 miles, 400 miles, whatever, but with a commensurately smaller, proportionately smaller battery pack than the competition because our technology is inherently more efficient.” LCID Financial Overview and Metrics As the battery pack is the single most expensive item in the EV, this also affects the margins.ĭirector, CEO and Technology Officer Peter Rawlinson commented: Meanwhile, the margins will be squeezed by depreciation, employee training, manufacturing efficiencies etc. Speaking at its most recent earnings call, Company CFO Sherry House said the team expects to achieve competitive gross margins by mid-decade.
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The company expects to turn profitable on an adjusted EBITDA basis in 2024, followed by free cash flow positive the following year. The company is not yet profitable, but Lucid believes profitability is not too far out of reach. Lucid makes money selling its luxury electric cars. Now that investors are becoming slightly risk-averse, stocks like Lucid are suffering. It appears the initial excitement led investors to bid the price up to an unsustainable level. The LCID share price has fallen 32% year-to-date and is down 57% from its 52-week high. IV, known as CCIV, reverse merged with Lucid Motors to become LCID on the NASDAQ.
Lucid went public via SPAC IPO in July 2021. The Lucid car range comes with a compact battery pack to achieve impressive distance. Next is its Grand Touring edition, followed by Touring and Pure.
When it comes to Lucid’s car models, its Lucid Air Dream is the company’s most expensive vehicle. Their advantage appears to be in their technological design. Lucid electric cars are at the luxury end of the spectrum and can travel up to 520 miles per charge. Given the high-profile share price gains Tesla investors have enjoyed, this has naturally rubbed off on Lucid, providing added investor appeal.
The company CEO, Peter Rawlinson, formerly worked at Tesla (NASDAQ: TSLA) as a chief engineer on the Model S. Lucid Group (NASDAQ: LCID) is an American electric vehicle (EV) company based in California.
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