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Lucid (LCID) Navigates Recalls While Racing Ahead in EV Tech
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Lucid Group, Inc. (LCID - Free Report) , a California-based electric vehicle (EV) manufacturer, recently issued three separate recalls, affecting a total of 6,360 Lucid Air electric sedans.
The most significant recall, affecting 5,523 Lucid Air sedans, was due to potentially loosening wiper arm nuts. This vulnerability could hamper visibility during rains, increasing crash risks. To address this, Lucid service centers will inspect and fix the affected part free of charge. The second recall, affecting 59 cars, deals with certain software versions, causing the rearview camera to malfunction when the car is in reverse. Lucid, quick to respond, released an over-the-air (OTA) software update that resolves this. Such an OTA solution reflects the company's technical agility. Lastly, 778 Lucid Air models will be recalled as they might experience power loss issues. Again, Lucid's answer is an OTA update to tackle the problem.
These recalls highlight both the challenges and the benefits of modern vehicular technology. On the one hand, software glitches can lead to problems, but on the other hand, solutions can be dispatched without physical interventions, reflecting the future direction of automotive maintenance.
Last week, Lucid reported second-quarter 2023 results. It posted an adjusted loss per share of 40 cents, wider than the Zacks Consensus Estimate of a loss of 35 cents. Revenues of $151 million also missed the consensus mark of $202 million. The company delivered 1,404 vehicles during the quarter under discussion. Lucid targets the production of more than 10,000 vehicles this year. The commencement of vehicle shipments to Saudi Arabia could open new revenue streams. Furthermore, with a liquidity reserve of $6.25 billion expected to fund operations into 2025, Lucid seems well-positioned to weather temporary setbacks and invest in future growth.
Meanwhile, LCID’s peers including Nikola Corp. (NKLA - Free Report) , Fisker, Inc. and Rivian Automotive (RIVN - Free Report) incurred narrower-than-expected loss in the second quarter of 2023.
Nikola incurred a quarterly loss of 20 cents per share compared with the Zacks Consensus Estimate of a loss of 24 cents and the year-ago loss of 25 cents per share. Riviandelivered a loss per share of $1.08 in second-quarter 2023, narrower than the Zacks Consensus Estimate of a loss of $1.41. The bottom line also improved from a loss of $1.89 per share reported in the year-ago quarter. Fisker posted a quarterly loss of 25 cents per share compared with the Zacks Consensus Estimate of a loss of 31 cents and the year-ago loss of 36 cents per share.
While Lucid’s quarterly results missed expectations, the company’s recent announcement of the Air Sapphire's final production specifications is encouraging for EV enthusiasts. Touted as the world's first-fully electric luxury super-sports sedan, its remarkable performance metrics — from a blistering 0-60 mph in 1.89 seconds to an impressive range of 427 miles on a single charge — underline Lucid's technological prowess. The company is on track to commence production of the model next month.
Additionally, the anticipated production start for Lucid Gravity in late 2024 provides a glimpse of Lucid's roadmap, promising continued innovation and variety in its offering.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.
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Lucid (LCID) Navigates Recalls While Racing Ahead in EV Tech
Lucid Group, Inc. (LCID - Free Report) , a California-based electric vehicle (EV) manufacturer, recently issued three separate recalls, affecting a total of 6,360 Lucid Air electric sedans.
The most significant recall, affecting 5,523 Lucid Air sedans, was due to potentially loosening wiper arm nuts. This vulnerability could hamper visibility during rains, increasing crash risks. To address this, Lucid service centers will inspect and fix the affected part free of charge. The second recall, affecting 59 cars, deals with certain software versions, causing the rearview camera to malfunction when the car is in reverse. Lucid, quick to respond, released an over-the-air (OTA) software update that resolves this. Such an OTA solution reflects the company's technical agility. Lastly, 778 Lucid Air models will be recalled as they might experience power loss issues. Again, Lucid's answer is an OTA update to tackle the problem.
These recalls highlight both the challenges and the benefits of modern vehicular technology. On the one hand, software glitches can lead to problems, but on the other hand, solutions can be dispatched without physical interventions, reflecting the future direction of automotive maintenance.
Last week, Lucid reported second-quarter 2023 results. It posted an adjusted loss per share of 40 cents, wider than the Zacks Consensus Estimate of a loss of 35 cents. Revenues of $151 million also missed the consensus mark of $202 million. The company delivered 1,404 vehicles during the quarter under discussion. Lucid targets the production of more than 10,000 vehicles this year. The commencement of vehicle shipments to Saudi Arabia could open new revenue streams. Furthermore, with a liquidity reserve of $6.25 billion expected to fund operations into 2025, Lucid seems well-positioned to weather temporary setbacks and invest in future growth.
Meanwhile, LCID’s peers including Nikola Corp. (NKLA - Free Report) , Fisker, Inc. and Rivian Automotive (RIVN - Free Report) incurred narrower-than-expected loss in the second quarter of 2023.
Nikola incurred a quarterly loss of 20 cents per share compared with the Zacks Consensus Estimate of a loss of 24 cents and the year-ago loss of 25 cents per share. Riviandelivered a loss per share of $1.08 in second-quarter 2023, narrower than the Zacks Consensus Estimate of a loss of $1.41. The bottom line also improved from a loss of $1.89 per share reported in the year-ago quarter. Fisker posted a quarterly loss of 25 cents per share compared with the Zacks Consensus Estimate of a loss of 31 cents and the year-ago loss of 36 cents per share.
While Lucid’s quarterly results missed expectations, the company’s recent announcement of the Air Sapphire's final production specifications is encouraging for EV enthusiasts. Touted as the world's first-fully electric luxury super-sports sedan, its remarkable performance metrics — from a blistering 0-60 mph in 1.89 seconds to an impressive range of 427 miles on a single charge — underline Lucid's technological prowess. The company is on track to commence production of the model next month.
Additionally, the anticipated production start for Lucid Gravity in late 2024 provides a glimpse of Lucid's roadmap, promising continued innovation and variety in its offering.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.