{"id":1507609,"date":"2024-12-12T19:45:00","date_gmt":"2024-12-13T00:45:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1507609"},"modified":"2024-12-12T19:45:00","modified_gmt":"2024-12-13T00:45:00","slug":"lucid-ceo-talking-with-a-couple-of-auto-brands-on-partnership","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/lucid-ceo-talking-with-a-couple-of-auto-brands-on-partnership\/1507609\/","title":{"rendered":"Lucid CEO: Talking With “A Couple” Of Auto Brands On\u00a0Partnership"},"content":{"rendered":"

Lucid CEO: Talking With “A Couple” Of Auto Brands On\u00a0Partnership<\/span><\/p>\n

\n

Lucid Motors CEO Peter Rawlinson appeared on Bloomberg TV<\/a> Thursday morning to discuss how the struggling electric vehicle (EV) maker is in discussions with “multiple automakers about potential partnerships<\/strong>.”<\/p>\n

Lucid would welcome an <\/em>opportunity to share costs and intellectual property with a traditional car company<\/em><\/strong>, Chief Executive Officer Peter Rawlinson told Bloomberg TV, noting that there are <\/em>ongoing conversations with “a couple” of manufacturers<\/em><\/strong>. <\/em><\/p>\n

“It would be lovely if we could <\/em>supply technology to a traditional car company<\/em><\/strong> to help them on their way to sustainability, and perhaps we can leverage economies of scale with their parts bin and other aspects of the business,” Rawlinson said in an interview.<\/em><\/p>\n

Interesting interview !! Worth to watch \ud83d\udc40 $LCID<\/a> \ud83d\ude80 #LucidMotors<\/a> Reveals 450 Miles Range EV https:\/\/t.co\/tue4sRoiGU<\/a> pic.twitter.com\/wRQdoZ7sqw<\/a><\/p>\n

\u2014 Lucid \ud83d\ude80\ud83d\ude80 (@rocckosw23) December 12, 2024<\/a><\/p>\n

California-based Lucid is struggling<\/a> in the era of Tesla winning the EV price war and risks that President-elect Donald Trump will cut the $7,500 tax credit next year<\/a>.\u00a0<\/p>\n

Lucid’s third-quarter\u00a0revenue of $137.8 million was nearly 30% below the same period one year ago, while vehicle production for the year was between\u00a08,000 and 8,500 vehicles, down from a target of 10,000.\u00a0<\/p>\n

In a separate report, we noted that Luicid lost a little more than a quarter million dollars per car sold<\/a>. This is alarming and only made possible after a\u00a0decade of negative real rates and unlimited QE.\u00a0<\/p>\n

Lucid is not alone in its financial struggles within the EV sector. Rivian, another upscale EV maker, faced a loss of $33,000 per vehicle sold in the second quarter. Meanwhile, Ford, a traditional automaker, anticipates over $4 billion in losses from its EV division this year.<\/p>\n

Meanwhile, Tesla’s Elon Musk has encouraged Trump to\u00a0eliminate the $7,500 consumer tax credit, which would ultimately be a play in nuking his competition<\/a>, such as Lucid,\u00a0Rivian, and legacy automakers.\u00a0<\/p>\n

In premarket, the CEO’s comments on Bloomberg barely budged the stock. Shares are down 42% on the year. Short interest is about 23% of the float with 4.4 days to cover.<\/p>\n

<\/a><\/p>\n

Lucid is supported<\/a> by the\u00a0Saudi Arabian public investment fund and recently\u00a0entered into a partnership with Volkswagen.\u00a0<\/p>\n

At the beginning of the year, Morgan Stanley’s Adam Jonas outlined various pathways for struggling EV companies<\/a> to navigate the downturn. The note was titled “<\/a>Can EV Slowdown Trigger Auto M&A Wave?”<\/a><\/em><\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nThu, 12\/12\/2024 – 14:45<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/technology\/lucid-ceo-talking-couple-auto-brands-partnership<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Lucid CEO: Talking With “A Couple” Of Auto Brands On\u00a0Partnership Lucid Motors CEO Peter Rawlinson appeared on Bloomberg TV Thursday morning to discuss how the…<\/p>\n","protected":false},"author":0,"featured_media":1507610,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1507609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1507609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1507609"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1507609\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1507610"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1507609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1507609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1507609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}