"It also included a series of decisions they made that affect three groups: shareholders, customers, and employees. Some of these CEOs are fairly new to the public corporations they run. Others have had their jobs for years. Formerly Lucid's chief operating officer, Winterhoff is now the interim chief executive officer. This year, the company has given investors reason to savage the stock. Shares are off 53%, while the S&P 500 has gained 16%."
"Lucid sold a tiny number of vehicles in the third quarter. The approaching end of the $7,500 tax credit on electric vehicles on September 30 should have lifted its sales considerably. Ford Motor Co.'s ( NYSE: F) electric vehicle (EV) sales in the third quarter rose 30% to 30,612. However, during the third quarter, Lucid produced 3,891 vehicles and delivered 4,078 vehicles. In the same quarter, revenue rose to $336 million, up from $200 million in the same quarter in the year prior."
Marc Winterhoff serves as interim CEO after previously being chief operating officer. The company's stock has declined 53% while the S&P 500 rose 16%. Lucid produced 3,891 vehicles and delivered 4,078 in the third quarter, with revenue of $336 million versus $200 million a year earlier. The company reported a $1.03 billion quarterly loss compared with a $950 million loss a year earlier. Lucid has priced vehicles above mainstream EV demand and plans $50,000 models targeted for full production in 2029, a timeline that raises viability concerns amid rapid Chinese EV advances.
Read at 24/7 Wall St.
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