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As you know, Lucid motors is poised to launch it’s Air model later this year and they have hinted at launching their IPO soon. Rumors are abound that they are negotiating with an SPAC called Churchill Capital Corp (ticker CCIV), for a reverse merger and the stock is already up several times. There probably are many takers here, but in case you haven’t, would you???
As you know, Lucid motors is poised to launch it’s Air model later this year and they have hinted at launching their IPO soon. Rumors are abound that they are negotiating with an SPAC called Churchill Capital Corp (ticker CCIV), for a reverse merger and the stock is already up several times. There probably are many takers here, but in case you haven’t, would you???
they got upto 58 today, were at 18 a few weeks ago...
Shares of electric vehicle start-up Lucid Group surged by as much as 47% during trading Thursday, a day after the company confirmed the first customer deliveries of its $169,000 Air Dream Edition sedan would begin Saturday.
Lucid’s stock hit $39.78 a share – its highest point since the company went public through a SPAC deal on July 26 – before retreating to close at $35.48 a share, up by 31.3%. The price remains far below its 52-week high of nearly $65 a share in February when it was reported that Lucid was nearing a deal with blank-check company Churchill Capital IV Corp. to go public.
Ugh.. i went to put down a deposit last Sunday so i can test drive the new car.. instead, i should have put that money into the stock at market open on Monday.. it's surged since then
EV maker Lucid gets SEC subpoena on $24-bln blank-check deal
Dec 6 (Reuters) - The U.S. securities regulator has asked Lucid Group Inc (LCID.O) for documents related to an investigation into its blank-check deal, joining a growing list of companies that have come under scrutiny for their merger with shell companies.
Shares of the luxury electric-car maker fell about 14% in pre-market trading on Monday after disclosing that it had received a subpoena from the U.S. Securities and Exchange Commission on Dec. 3.
"The investigation appears to concern the business combination between the Company (Churchill Capital Corp. IV) and Atieva Inc and certain projections and statements," Lucid said in a regulatory filing.
Lucid's deal with veteran dealmaker Michael Klein's blank-check acquisition firm had given the combined company a pro-forma equity value of $24 billion and was completed earlier this year.
It was one of the biggest in a string of deals with Special Purpose Acquisition Companies (SPACs) that included electric vehicle makers such as Nikola Corp (NKLA.O) and Fisker Inc (FSR.N).
The California startup joins many other electric-car makers being investigated by federal agencies and regulators as they rush to meet production targets and catch up with Tesla Inc (TSLA.O) which is producing nearly 200,000 cars every quarter.
Nikola Corp is working with U.S. regulators to pay a $125 million penalty to settle a charge against its founder Trevor Milton for using social media to repeatedly mislead investors.
Lordstown Motors (RIDE.O) is being investigated for vehicle pre-orders and its merger with blank-check company DiamondPeak Holdings. read more
Founded in 2007 as Atieva Inc by former Tesla executive Bernard Tse and entrepreneur Sam Weng, Lucid is aiming to achieve production target of 20,000 vehicles in 2022 and 50,000 in 2023.
Lucid had in September secured $4.4 billion it needed until the end of next year.
It was funded initially by Chinese and Silicon Valley venture investors, with additional funding from backers like state-owned Chinese auto maker BAIC Motor and Chinese technology company LeEco.
Lucid Group, Inc. Announces Proposed Convertible Senior Notes Offering
December 8, 2021
NEWARK, Calif., Dec. 8, 2021 /PRNewswire/ -- Lucid Group, Inc. ("Lucid")(Nasdaq: LCID) today announced its intention to offer, subject to market and other conditions, $1,750,000,000 aggregate principal amount of convertible senior notes due 2026 (the "notes") in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). Lucid also expects to grant the initial purchasers of the notes an option, for settlement within a period of 13 days from, and including, the date the notes are first issued, to purchase up to an additional $262,500,000 principal amount of notes.
180 day lock up expiration on Jan 19, 2022. That's when PIFs (Public Investment Funds) like Saudi Arabia's sovereign wealth fund which owns like 62% of LCID shares can start selling.
The $20 Billion Winner of the American EV Startup Boom: Saudi Arabia
July 19, 2021
The single biggest financial beneficiary of the recent U.S. electric-vehicle startup boom is an unlikely candidate: the world’s largest exporter of oil.
The kingdom of Saudi Arabia stands to record a profit of nearly $20 billion on a $2.9 billion investment in Lucid Motors Inc., a San Francisco Bay Area electric-car maker that is set to list publicly after it completes a merger with a special-purpose acquisition company Friday. The Saudi Public Investment Fund will own over 60% of the company, which is expected to have a market capitalization of about $36 billion based on the SPAC’s current share price.
The listing represents the fruits of a well-timed 2018 investment in Lucid when it was struggling for survival. Its Saudi lifeline came thanks to Mohammed bin Salman, the crown prince who was pushing his country’s Public Investment Fund to spend unprecedented sums on startups as part of a bid to diversify the country’s wealth away from oil.
Lucid is substantially more valuable than any of the other U.S. electric-vehicle startups that have gone public recently, and the Saudi gains are far and away the largest by total dollars.
It is unclear how long the Saudi fund intends to hold on to its investment in Lucid. The fund is restricted from selling shares for 180 days after the deal is complete.
Wall Street expects a 35 cent loss per share from almost $37 million in sales. That sales number implies Lucid (ticker: LCID) shipped roughly 250 cars in the fourth quarter of 2021.
That number is possible. But predicting the precise number is hard. The company just started delivering its Air sedan late last year.
[ . . . ]
The more important thing will be the outlook for 2022 deliveries. Wall Street expects Lucid to deliver roughly 20,000 cars this year. That would generate sales of more than $2 billion.
Guidance around 20,000 should be enough for the stock to work higher. That number would indicate strong demand for the expensive sedans Lucid is currently making. It would also indicate the company is making progress ramping up production.
Q4 2021 results
Loss of $0.64 per share vs estimates for loss of $0.35 per share -- big miss
Revenue of $26.392 million vs estimates for $37 million -- miss
Cutting 2022 production of Lucid Air to a range of 12,000 to 14,000 vehicles vs 20,000 estimate -- miss
The Company's Q4 revenue was $26.4 million, including $21.3 million from initial deliveries of its innovative Lucid Air Dream Edition, which began in October. Lucid delivered 125 cars to customers in the fourth quarter, with total production exceeding 400 vehicles to date and over 300 deliveries to customers. Lucid has also taken over 25,000 customer reservations as of today, reflecting potential sales of more than $2.4B. The Company confirmed its 2.85M square foot expansion of the Casa Grande, Arizona manufacturing facility is on track, and it announced plans to build a new manufacturing facility in the Kingdom of Saudi Arabia. Lucid cited supply chain constraints and a continued focus on quality alongside an updated outlook for its 2022 production of Lucid Air to a range of 12,000 to 14,000 vehicles.
"Looking ahead, we're updating our outlook for 2022 production to a range of 12,000 to 14,000 vehicles. This reflects the extraordinary supply chain and logistics challenges we've encountered and our unrelenting focus on delivering the highest-quality products. We remain confident in our ability to capture the tremendous opportunities ahead given our technology leadership and strong demand for our cars," Rawlinson added.
Sherry House, Lucid's CFO, commented: "We have a strong team, strong products, and a strong balance sheet with over $6.2 billion in cash on hand at year-end. We continue to invest in our business; we met our target of opening 20 Studio and Service locations in North America; in 2022 we will expand our footprint in Europe and the Middle East while laying the foundation for a later expansion into the Asia Pacific; we remain on track to grow our Casa Grande facility to nearly quadruple its size as the first greenfield dedicated EV factory in North America; and today we announced plans to build a brand new manufacturing facility in the Kingdom of Saudi Arabia; we estimate that the location of our first international manufacturing plant in the Kingdom of Saudi Arabia may result in up to $3.4 billion of value to Lucid over 15 years.
Luxury EV maker Lucid scores order from Saudi government for up to 100,000 vehicles
Tue, Apr 26 2022
Lucid Group said that the government of Saudi Arabia has agreed to buy up to 100,000 of its electric vehicles over the next ten years.
Saudi Arabia’s public wealth fund holds an approximately 62% stake in the U.S.-based automaker, which began production of its Air luxury sedan last September.
Saudi Arabia’s Ministry of Finance has agreed to buy at least 50,000 of its vehicles over the next 10 years, with an option to buy an additional 50,000 over the same period, Lucid said.
The purchases will include vehicles built at Lucid’s existing factory in Arizona as well as a new factory it plans to build in Saudi Arabia, and will be a mix of Air sedans and upcoming new models.
Saudi Arabia’s initial orders will be modest, between 1,000 and 2,000 vehicles per year starting in 2023. Deliveries to the oil-rich kingdom will increase to between 4,000 and 7,000 per year starting in 2025, Lucid said.
Rivian’s IPO mints $11.5bn fortune for Saudi investor
Fri 12 Nov 2021
A Saudi family that built its business on gasoline-fueled cars is sitting on an almost $11.5 billion fortune after electric truck maker Rivian Automative Inc. surged on its trading debut in 2021’s biggest initial public offering.
Abdul Latif Jameel, a Jeddah-based group named after its founder and today run by his sons, holds almost 114 million shares in Rivian acquired through $303 million of loans made to the US company, according to the sale prospectus.
The stake puts Abdul Atif Jameel alongside the biggest backers of Irvine, California-based Rivian, including Amazon.com Inc. and Ford Motor Co. The Saudi company, founded in 1945 as a small trading business, is now better known in its home market as the distributor for Toyota Motor Corp.’s vehicles.
Abdul Latif Jameel’s investment unit acquired warrants for Rivian stock in 2018. It was the first investment by the Saudi company, according to Rivian’s IPO filings, though an article in the magazine of management consultant McKinsey & Co. published in 2020 said it had first invested eight years earlier.
Abdul Latif Jameel isn’t the only Saudi investor to benefit from an early investment in an electric-vehicle manufacturer. The kingdom’s sovereign wealth fund put $1bn into Lucid Group Inc. in 2018, followed by a further $600m this year as the firm went public through a merger with a special purpose acquisition company.
EV maker Lucid to accelerate plans with its Saudi Arabia factory, its first outside the U.S.
Thu, May 19 2022
U.S. electric vehicle maker Lucid Group will set up its first overseas factory in Saudi Arabia, the company has announced.
The manufacturing facility will be able to produce 155,000 vehicles a year, and will initially serve the local market, the luxury car maker said in a press release Wednesday. The vehicles will later be exported to global markets.
Lucid’s factory in Arizona can produce 350,000 units a year.
“That means we can accelerate plans to produce half a million cars a year from what was going to be 2030, to mid decade,” CEO Peter Rawlinson told CNBC’s Hadley Gamble. “And that’s really important because the planet can’t wait.”
The ongoing energy crisis “really just fuels the transition to battery electric vehicles,” said Rawlinson.
Lucid’s Rawlinson said the company would want to produce more than electric cars in Saudi Arabia, and pointed to energy storage systems that could be linked to solar photovoltaic farms.
“This technology is ideal for this part of the world,” he said. “Because remember, when the oil runs out, the sun will keep shining.”
02-05-2021, 08:02 AM
