Written by Cláudio Afonso | LinkedIn | X
Cantor Fitzgerald analyst Andres Sheppard published on Monday a new research note on the electric vehicle Lucid Motors after meeting with the company’s investor relations chief Maynard Um.
“At our conference, we hosted Maynard Um, Head of Investor Relations. Lucid recently initiated FY25 vehicle production guidance of 20,000, which was in line with our preliminary estimate, and above consensus,” Cantor Fitzgerald analyst said.
Sheppard reiterated the firm’s Neutral rating and $3.00 price target on the shares, which implies an upside potential of 24% based on Friday’s closing price.
In late February, the U.S. carmaker announced that CEO and CTO Peter Rawlinson would step down, transitioning to the role of Strategic Technical Advisor to the Chairman. Marc Winterhoff was appointed interim CEO while the Board searches for a permanent successor.
In the research note, Sheppard reminded that Rawlinson “served as CEO for 12 years and was not present on the earnings call” adding the firm founded it “unusual.”
“We continue to believe that Lucid’s vehicles are able to provide higher battery efficiency, longer battery range, better performance, and faster charging relative to other EVs, however, we remain Neutral due to persistent high negative gross margin, additional capital needs, a new management team, and worsening macro conditions,” Sheppard wrote.
Also in February, also the senior vice president of operations Steven David left the EV maker after two and a half years in the role. Lucid replaced the executive with the Ford veteran Adrian Price.
As of the time of writing, Lucid shares are trading 2.5% higher at $2.48.
Lucid Motors last week raised its Tesla trade-in incentive to up to $4,000 and expanded the offer to additional U.S. states.
All Tesla trade-ins are eligible for a $2,000 allowance, according to the terms of the offer, while the full $4,000 is available under a broader “Conquest Offer.” The program is limited to U.S. residents registering their vehicles in eligible states, and customers must take delivery of a new Lucid Air by March 31 to qualify.
Lucid reached a new sales record in the U.S. with 805 units sold in February, Motor Intelligence estimates showed earlier this month.
