Lucid Motors‘ interim CEO Marc Winterhoff and CFO Taoufiq Boussaid are scheduled to participate in Cantor Fitzgerald’s Global Technology & Industrial Growth Conference on Tuesday, March 10.
The event will be held in New York from March 10–11 and will be focused on the eVTOL, EV charging, and autonomous vehicle industries.
The conference will take place forty-eight hours before Lucid‘s management holds its highly anticipated Investor Day, where it will offer an update to its “strategic priorities, operational execution, long-term growth roadmap, and financial outlook.”
Lucid‘s first-ever Investor Day will be broadcast live on March 12, as first reported by EV on January 20.
The Saudi-backed carmaker has invited analysts and journalists to receive “an early, in-depth preview” of its upcoming midsize vehicle programme — of which the first model is set to begin production in Saudi Arabia later this year.
The information was first shared late last month, in a research note published by analyst Andres Sheppard, Cantor’s Senior Analyst and Managing Director.
In that same note — which followed the company’s fourth-quarter earnings report — the firm cut its price target on Lucid‘s stock by 33.3%.
Lucid‘s shares have crashed by roughly 98.6% from their 2021 peak.
The stock hit a new record low at $8.90 immediately after the earnings release on February 24 — equivalent to $0.89 pre-reverse split.
The stock closed at $9.77 on Friday and was trading 1.2% lower at $9.65 on Monday’s pre-market session — as of press time.
With a market capitalization of $3.2 billion — nearly a third of the Public Investment Fund’s investment in the company — Lucid faces pressure to narrow losses and increase demand for its two models, while starting production of the third one later this year.
Q4 Earnings
According to Sheppard, Cantor’s reduced price target and Neutral rating on the EV maker’s stock are justified on “lower production guidance, persistent high negative gross margin, additional capital needs, a worsening macro environment, and tariff uncertainty.”
The production range of between 25,000 and 27,000 vehicles for 2026 was seen by Cantor Fitzgerald as “mildly disappointing” as it fell below the Visible Alpha consensus of approximately 34,000 units.
Cantor’s own preliminary estimate was roughly 39,000 units, which the firm cut by 33.2% to 26,050 units in the latest update.
As a consequence, revenue expectations were also lowered to approximately $2.1 billion from $2.5 billion, and gross margin assumptions were revised to negative 30% from negative 18%.
Cantor also removed the modelled revenue from the Aston Martin technology licensing partnership.
Operating Losses and Liquidity
Lucid reported its largest quarterly operating loss on record and confirmed it will need to raise additional capital before achieving profitability.
The CFO told investors that the company has $4.6 billion in liquidity, which he said is sufficient to fund operations into the first half of 2027.
Late last year, Winterhoff similarly said the company was “funded well into 2027.”
A day after reporting the earnings, Winterhoff said that “there will be another fundraise” when asked whether Lucid would require further capital before turning profitable.
He said the company would return to capital markets “when it makes sense to do so.”
Last week, Lucid‘s VP of Communications Nick Twork pushed back against bankruptcy speculation, saying the Saudi-backed EV maker has ample liquidity and continued backing from its majority shareholder.
PIF ‘Remains Committed’
In a research note published in mid-January, Andres Sheppard said it held direct conversations with Saudi Arabia’s Public Investment Fund (PIF), Lucid‘s main backer.
The PIF’s stake in the company stands at over 50%.
“Following our conversations, we come away more encouraged, and we believe that the PIF remains committed to Lucid over the long term, which we see as material,” Sheppard wrote.
The analyst cited the fund’s mandate to diversify Saudi Arabia’s economy beyond oil, the upcoming manufacturing facility being built in the Kingdom, and the Saudi government’s contract to purchase up to 100,000 vehicles over 10 years.
“Recall that the government of Saudi Arabia is Lucid‘s largest customer and has an agreement to purchase up to 100,000 vehicles — 50,000 up front, plus an option for an additional 50,000 vehicles — over 10 years,” Cantor noted.
Lucid‘s mid-size platform will debut production in the company’s Middle East plant, located in the King Abdullah Economic City, Saudi Arabia.
