Lucid CEO says the company could eventually be valued like Tesla
At the Lucid Motors plant, Casa Grande, Arizona on September 28th, 2021, people test drove Dream Edition P or Dream Edition R electric cars.
Caitlin O’Hara | Reuters
Lucid GroupPeter Rawlinson, CEO of the Electric Vehicle Start-up believes that there is a lot of runway left for its stock and market value. He expects it to outperform traditional automakers in terms and eventually to be more valued than an industry leader. Tesla.
Rawlinson ex-Tesla executiveHe often compares Lucid with his old employer, in terms of both in-house technology and the overall development of electric cars. On Wednesday, he and Sherry House, the CFO of Lucid, said that Wall Street views Lucid as more Tesla-like than traditional automakers.
Just before Tuesday’s market opening, the company shares surged by over 11%.
He said that he believes the sky is the limit for valuation but that execution was the most important aspect of the interview. This came after Lucid’s reporting Monday night. first quarterly financial resultsPublic company. It’s not about execution. It’s about increasing volume. This is my main focus. As a result, I believe the share price outlook is soaring.”
Lucid’s stock has risen by over 80% in the past year since it was made public via a SPAC agreement. The stock price is still below the 52-week peak of $65 per share, which was reached in February, when Lucid was reported to be close to a deal.
Lucid is close to achieving a market capital of $79 billion. Ford Motor’sTesla surged to $80 Billion, though it is still below Tesla at $80 Billion to more than $1 trillionThis is the year. RivianEV startup EVStart-up GO Public has a market capitalization of approximately $140 billion.
House stated that he feels great about the stock market during the interview. House stated that the run-up, current position and growth trajectory are all in our future. It’s clear that our company is viewed as technology-based with an extensible platform across many vehicle types and sustainably powered tech.
Lucid’s initial vehicle is called the Air sedan.The $169,000 Dream Edition of the flagship vehicle was first delivered to customers in October. It follows commercial production that began a month earlier in Casa Grande. It is an industry-leading car. range of 520 miles.
Lucid Motors was founded in 2013. Peter Rawlinson became chief technology officer. This role has remained with the company since April 2019, when he was named CEO.
Rawlinson had a vision for the Air and believes it has achieved that goal. MotorTrend named the Air its car of the Year on Monday, an coveted honor in the automotive sector.
Rawlinson stated, “I believe the world realizes that we have an incredible product.” It’s clear that everyone knows what I have been promising, and it is the most beautiful car in the entire world. It’s true. It’s happened.”
Lucid was one of a few EV startup companies that went public last year through deals with a “SPAC”. Lucid’s SPAC peers are not producing any vehicles or revenue, but it is actually creating income. Lucid has so far evaded any federal investigations into misleading statements made to investors, unlike other SPAC peers like Nikola, Lordstown MotorsAnd Canoo.
Although the company is young, it is not yet financially viable and still has a long way to go before it can generate revenue. Revenue from the automaker was $232,000 in its third quarter. The bulk of that revenue came from the Formula E electrical racing league’s battery agreement. The automaker reported a net loss (-$1.5 billion) in nine months. It also suffered a loss (3rd quarter: $524.4 Million).
Lucid informed investors in July it plans to manufacture 20,000 Lucid Air sedans between 2022 and 2023, which will result in more than $2.2billion in annual revenue. Rawlinson reiterated Monday the production target, but warned of “risks” from ongoing disruptions to automotive supply chains.
It company also told investors MondayMore than 17,000 people have made reservations for the Air sedan. This is up from 13,000 during the third quarter.
The interior of Lucid Air’s show car. Production is anticipated to begin in 2021.