Written by Cláudio Afonso | LinkedIn | X
Morgan Stanley analyst Adam Jonas issued a series of downgrades on Wednesday, lowering the firm’s rating on three automotive stocks: Rivian, Ford, and General Motors.
In a note titled “Lucid: Committed to Capital Discipline?”, Jonas reflected on the luxury electric vehicle maker Lucid Motors and commented on CEO Peter Rawlinson’s remarks at Morgan Stanley’s 12th Annual Laguna Conference held in early September.
“LCID: Committed to capital discipline? At our Laguna Conference, CEO Peter Rawlinson reiterated that LCID is both developing an in house L2 ADAS system and continuing to invest in its broader software,” Adam Jonas noted.
“However, while acknowledging the capital intensity thus far, he indicated that LCID wouldn’t step up capex meaningfully to drive these software innovations,” Adam Jonas added.
At the conference, Lucid’s chief executive reiterated the company’s goal to scale from 9,000 EVs in 2024 to 1 million units.
If at the Goodwood Festival of Speed, Rawlinson did not provide a timeline for the long term target, at Morgan Stanley’s conference he mentioned that the goal is to achieve that milestone “in the early 2030s… [20]31, [20]32, somewhere around that.”
“The vision is: I want us to be making about a million cars a year in the early 2030s… [20]31, [20]32.. somewhere around that, and the mid sized [platform] will enable us to do that. I believe, at a price point to about $48,000/ $50,000 which is benchmarks for that unashamedly tested [Tesla] Model Y, Model three,” Rawlinson stated.
Lucid delivered 2,110 vehicles in the second quarter of the year and expects to produce 5,162 vehicles between July and December.
Earlier this week, Lucid opened a new engineering and research center in Southfield, Michigan.
Written by Cláudio Afonso | LinkedIn | X
