Locator: 44610EVs.
Updates
October 15, 2023: first company to have manufacturing plant in Saudi Arabia. Link here.
Original Post
I posted this earlier and was not planning on posting it as a stand-alone but it's such an incredible story, it needs to be a stand-alone:
LCID: wider loss than forecast despite Saudi funding this luxury EV manufacturer. It must be an important story, Charles Kennedy is reporting it.
- how big was the revenue miss? Huge: $149.4 million vs $209.9 million forecast;
- the net loss widened at $779.5 million (1Q23) vs $81.3 million last year (1Q22)
Charles Kennedy used the verb "widened" to report the change, but that's more than a "widening" in my book. In his defense, I can't think of a better word, but holy cow, the loss went from $80 million to $800 million in one year and supposedly the economy is improving and supply chain issues are improving.
The CEO blamed the huge loss on "challenges."
Saudi Arabia owns more than 60% of Lucid.
LCID today: down a bit, down 3/4ths of a percent; trading at $7.22 -- a year ago: around $20.
When did Saudi first invest in LCID?
The chart goes back to September 18, 2020, at $9.89, and then shot to $52 in February, 2021, and peaked at $55 in November, 2021, before beginning its long, crushing, death spiral.
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CMCSA
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