Written by Cláudio Afonso | LinkedIn | X
Electric vehicle maker Lucid Motors will report its third-quarter earnings on Thursday, November 7, amid ongoing pressure from shareholders and a stock price that recently hit record lows. On the same day, the company will open orders in the US for its second model, the Lucid Gravity.
Despite the anticipated production start of its SUV later this year, CEO Peter Rawlinson and Principal Accounting Officer & Interim CFO Gagan Dhingra are expected to address shareholder concerns directly.
In October, Lucid said it projected Q3 revenue to range between $199 million and $200 million, a slight decrease from the $200.6 million in Q2. This is despite an increase in vehicle deliveries, with 387 more units sold in Q3.
| Q2 2024 | Q3 2024 | QoQ | |
| Revenue | $200.6 M | $199 M — $200 M | -0.8%/ -0.3% |
| Loss from Operations | $787.4 M | $765 M — $790 M | -2.8%/ +0.3% |
However, new incentives and discounts led to a 15% drop in the average selling price, according to Morgan Stanley.
Lucid also estimates that its cash and cash equivalents as of September 30 will range between $1.893 billion and $1.894 billion—a 40% increase from the June 30 balance.
As of Tuesday, the most popular shareholder question, representing 5.8 million shares, has received 2,800 votes. and it focuses on the company’s stock performance.
“With the share price still near all-time lows, what do you have to say to early investors who believed in the company? What steps will you take to improve the stock price, and can you protect shareholder value as further funding is required?”
Lucid shares reached a record low of $2.20 last Friday and were trading at $2.28 as of the time of writing.
The second most supported question, backed by 1,400 votes representing 2.6 million shares, centers on Lucid’s product roadmap:
“Do you plan to offer a more affordable vehicle? If so, what’s the timeline?”
Lucid has stated that its third model, the first on its mid-size platform, is planned for unveiling in 2026, with production targeted for late that year. The platform will support three different models.
Other top shareholder questions include broader inquiries about the company’s future direction and competitiveness, with one shareholder asking:
“What needs to be done for Lucid to truly compete with Tesla?”
Peter Rawlinson stated in August that Lucid has “taken the mantle from Tesla” as the leader in EV technology, noting:
“Clearly, we have the best technology in the world. We’re considerably ahead of where Tesla is in efficiency and range. We’ve taken that mantle without a doubt.”
Earlier this week, Saudi Arabia’s Public Investment Fund (PIF) reported its stake in the company has now reached 64.31% following the latest investment round.
The EV maker had announced in mid-October that its majority stockholder intended to acquire 374.7 million shares in a private placement at the same price as the public offering reported on the same day.
Since reaching a 2024 high of $4.43 in late August, Lucid shares have dropped nearly 40%, leaving them down 44% year-to-date.
Written by Cláudio Afonso | LinkedIn | X
The post Here are the Questions Lucid CEO, CFO Will Answer at the Q3 Earnings Call first appeared on EV.