Lucid Motors has been privy to major investment from the Saudis. So, why the red flags? All that Saudi money can’t fix Lucid’s manufacturing issues. While many hedge funds questioned why the Saudis continue to pour money into Lucid despite the evidence that things aren’t going well, Riyadh seems to view this as a very long-term foray into the world of EVs. Lucid is the Kingdom’s EV trophy, not its near or even medium-term moneymaker.
The Saudi investment in Lucid was worth over $26 billion in 2021 and $17 billion in the middle of last year. Now, it’s worth about $8 billion, according to Lucid says it has enough cash to get it into 2024, but demand is a serious concern. In March, Lucid announced an 18% cut to its workforce, and it lowered production guidance for this year of “over 10,000” sedans compares to 28,000 reservations in the Q4 earnings report.
All in all, April was a pretty bad month for NIO. The stock is down around 14% year-to-date, and down 13% over the past month, but it might be much more attractively priced for investors now.
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