Tag: $Lucid

Investors misinterpreted a public offering on Wednesday by Lucid Group that raised roughly $1.75 billion — and led to the stock’s worst daily performance in nearly three years, CEO Peter Rawlinson told CNBC.

Lucid Group stock fell sharply after the electric-vehicle manufacturer said it was planning a substantial public offering and projected wider-than-anticipated losses for the third quarter.

Lucid Group will reduce its workforce in the United States by 6%, or around 400 employees, it said on Friday, becoming the latest electric-vehicle maker to cut jobs as the industry grapples with slower growth.

Lucid Group forecast higher capital expenditure this year and reiterated an annual production forecast below Wall Street targets on Monday amid slower-than-expected EV demand, sending its shares down nearly 9% in extended trading.

Electric-vehicle startups Rivian Automotive and Lucid Group both reported fourth-quarter numbers on Wednesday evening, with guidance that came up short. 

Luxury electric vehicle maker Lucid Group reported that its second-quarter revenue fell short of Wall Street’s expectations after it delivered fewer of its Air luxury sedans than expected during the period.

Lucid Group has lowered the prices of its Air luxury sedans. The electric-vehicle maker’s move could sharpen its challenge to industry leader Tesla in the high-end EV segment.

Lucid ‘s largest shareholder is showing growing support for its electric vehicle investment.

British luxury carmaker Aston Martin has reached a deal that will give U.S. electric vehicle (EV) maker Lucid Group a 3.7% stake in the company in return for access to its “high performance” technology, Aston Martin said on Monday.

Luxury electric-vehicle maker Lucid is planning on selling automobiles in China, the biggest market for cars, according to a report.

Lucid Group said on Wednesday that it is raising about $3 billion through a new equity offering, with the majority coming from the Saudi fund that controls the luxury electric-vehicle maker.

Lucid Group LCID shareholders have endured a lot lately. The company’s first- quarter earnings report highlighted a new problem—pricing—rather than offering relief.