Lucid Group, Inc. - LCID STOCK NEWS

Lucid Group (NASDAQ: LCID) announced its Q3 2024 financial results, reporting revenue of $200.0 million from the delivery of 2,781 vehicles, a 90.9% increase over Q3 2023. The company produced 1,805 vehicles in Q3 and is on track to manufacture approximately 9,000 vehicles in 2024. Lucid ended the quarter with $5.16 billion in total liquidity and completed a capital raise of approximately $1.75 billion in October 2024. GAAP net loss per share was $(0.41), while non-GAAP net loss per share was $(0.28). CEO Peter Rawlinson highlighted their third consecutive quarter of record deliveries and the opening of the order book for the Lucid Gravity SUV, which is set to begin production this year. Interim CFO Gagan Dhingra noted improved gross margin performance and cost reduction efforts.

Lucid Motors has launched configurations and orders for its new Lucid Gravity SUV. The Grand Touring model starts at $94,900 with production scheduled for late 2024, while the Touring version will start at $79,900 with production in late 2025. The Grand Touring features dual electric motors delivering 828 horsepower and over 440 miles of projected range. The vehicle offers seating for up to seven adults and up to 120 cubic feet of cargo capacity. Available with multiple customization options including six exterior colors, various wheel designs, and five interior themes, the Gravity comes with three levels of DreamDrive™ advanced driver assistance system and optional packages for enhanced handling, technology, and towing capability up to 6,000 pounds.

Lucid Group announced that orders for its new electric SUV, the Lucid Gravity, will open on November 7, 2024. The Grand Touring trim, starting at $94,900, will feature over 800 horsepower and a projected range exceeding 440 miles, with production scheduled for late 2024. The Touring trim, starting at $79,900, is planned for late 2025 production.

The vehicle offers space for up to seven adults and 120 cubic feet of total cargo space. Current Lucid owners will receive priority delivery. The SUV features in-house electric motors and an optional three-chamber air suspension system. U.S. customers can configure and order directly through Lucid's website.

Lucid Group (NASDAQ: LCID) announced that its Lucid Air models have received the highest possible five-star overall safety rating from the National Highway Traffic Safety Administration's (NHTSA) New Car Assessment Program for 2025. The Lucid Air Pure, Touring, Grand Touring, and Sapphire models achieved maximum five-star scores across all testing categories: frontal crash, side crash, and rollover testing. The vehicle's safety features are enhanced by its high-strength, lightweight aluminum construction and innovative battery pack design that contributes to the car's structural integrity.

Lucid Group (Nasdaq: LCID) has announced the pricing of its public offering of 262,446,931 shares of common stock. The offering is expected to close on October 18, 2024. Additionally, Lucid's majority stockholder, Ayar Third Investment Company, an affiliate of the Public Investment Fund (PIF), has agreed to purchase 374,717,927 shares in a private placement at the same price. This private placement is set to close on October 31, 2024.

The combined public offering and private placement are expected to generate aggregate gross proceeds of approximately $1.67 billion. Lucid plans to use the net proceeds for general corporate purposes, including capital expenditures and working capital. BofA Securities is acting as the sole underwriter for the public offering.

Lucid Group (Nasdaq: LCID) has announced a public offering of 262,446,931 shares of common stock, with an option for the underwriter to purchase up to 39,367,040 additional shares. BofA Securities is the sole underwriter. Concurrently, Lucid's majority stockholder, Ayar Third Investment Company, an affiliate of the Public Investment Fund (PIF), intends to purchase 374,717,927 shares in a private placement at the same price, maintaining its approximate 58.8% ownership.

The net proceeds from both the public offering and private placement will be used for general corporate purposes, including capital expenditures and working capital. The offering is being made pursuant to Lucid's effective shelf registration statement on Form S-3.

Four Seasons and Lucid Group, Inc. have announced a new partnership to offer sustainable driving experiences at participating Four Seasons hotels and resorts. The collaboration aims to provide guests with eco-friendly and flexible transportation options during their stay. Key features of the program include:

1. Complimentary driving experience: Guests can reserve a Lucid vehicle at no cost, with concierge-provided route maps for exploring local areas.

2. Chauffeured Lucid house car service for guests.

3. Electric charging stations: Lucid will provide chargers compatible with various electric vehicle types.

The program is set to launch this Fall at participating Four Seasons properties in the US, with plans to expand to North America, Europe, and the Middle East in the following months.

Lucid Group, Inc. (NASDAQ: LCID) has announced its Q3 2024 production and delivery figures. The company produced 1,805 vehicles and delivered 2,781 vehicles in the quarter ended September 30, 2024. Approximately 8% of deliveries were subject to operating lease accounting. Lucid will host a conference call to discuss its Q3 2024 financial results on November 7, 2024, at 2:30 pm PT / 5:30 pm ET.

To enhance shareholder engagement, Lucid is partnering with Say Technologies to allow shareholders to submit and upvote questions for the earnings call. The Q&A platform will be open from October 24 to November 5, 2024. Shareholders can submit questions at https://app.saytechnologies.com/lucid-group-2024-q3.

Lucid Group (NASDAQ: LCID) showcased its upcoming Gravity SUV and presented an analysis of its enabling technologies' cost-effectiveness at its Technology & Manufacturing Day. The company announced that it has already delivered more cars in 2024 than in all of 2023 through August 31. Lucid introduced its next-generation Atlas drive unit, which offers enhanced value and is destined for upcoming midsize platform vehicles. The company also revealed that the Lucid Gravity will be equipped with a NACS charging connector in 2025, allowing access to 15,000+ Superchargers. Additionally, Lucid offered a glimpse of its upcoming midsize crossover, scheduled for production in late 2026 with a starting price under $50,000.