Written by Cláudio Afonso | LinkedIn | X
Lucid shareholders will pressure the company’s CEO and CFO on Tuesday for clarity on technology revenue, demand for the new model, and manufacturing ramp-up at the luxury EV maker’s fourth-quarter earnings call.
According to the top-voted questions on Say Technologies’ platform, the most popular question centers on Lucid CEO Peter Rawlinson’s remark that he would “love” for the company’s business to be “20% doing cars, 80% licensing.”
“Peter mentioned how Lucid aims to be 80% tech company and 20% car company. When is revenue from tech plays expected? What categories/products do you see making up that 80% of revenue?” the shareholder asked.
The question collected one thousand votes representing 5.6 million shares.
A few days later, after some shareholders were surprised by the idea that only 20% of Lucid’s focus would be on the car business, Lucid’s global head of communications, Nick Twork, clarified on social media that the company remains committed to expanding vehicle production.
The second most upvoted question, which garnered nearly 400 votes representing 4.0 million shares, focuses on an update for additional tech licensing deals after the company signed one with the luxury carmaker Aston Martin in 2023.
The British brand said back then that it would use Lucid’s motors, battery technology and ‘Wunderbox’ in its upcoming EV model amid the $450 million deal.
“It has been mentioned that discussions are ongoing regarding potential tech deals since 2021 with 1 deal made. Are the recently mentioned discussions the same or with different manufacturers? Do you see a deal being made before the Atlas motor is ready?,” another shareholder asked.
In 2024, and according to a report from the South Korean Sisa Journal, the U.S. start-up was allegedly preparing to supply electric motors to Hyundai. The local media outlet reported that Hyundai Motor’s CEO has visited Lucid’s headquarters to discuss a potential cooperation.
Over the last year, Peter Rawlinson has stated that the EV maker is in talks with many automakers. However, the Aston Martin deal was put on hold as the carmaker delayed its EV plans and no other brand has been confirmed so far. As reported by EV in late 2024, the ‘revamped’ Jaguar is one of the candidates on the table.
The Gravity SUV, a key product launch for Lucid, was another focal point.
“With Gravity deliveries being low while you’re “manufacturing ramp-up quality mindset constrained”, are you concerned that you will lose a lot of customers who have pre-ordered due to the long wait times, similar to what happened with Air?” one investor queried.
Lucid delivered some [no exact number disclosed] Gravity SUVs to employees, friends, and their families just before 2024’s end. However, customers who have already placed an order have not yet been informed on the delivering date.
The fourth most upvoted question asks directly, “When can we expect Gravity order numbers?” while the fifth one questions the demand and the production ramp up for the SUV.
“Can you speak to the demand you have seen for the Gravity since opening orders? What about any issues with regard to the production ramp up? The idea that Gravity wasn’t at the DC auto show – and other shows probably – is very perplexing.
As reported earlier this Monday, Redburn-Atlantic analyst Tobias Beith slashed his price target by over 67% to $1.13, citing concerns about the company’s need to secure “significant additional capital.”
As of the time of writing, Lucid shares are trading 10% lower at $2.75.
Lucid delivered 3,099 vehicles globally in the final quarter of 2024 reaching a new record and a 79% year over year growth.
Licensing deals
Lucid’s chief executive had distinguished the company’s tech as “not family car tech”. “It suits something like a Jaguar or Maserati,” he added in mid-2024.
Jaguar presented its EV prototype ‘Type 00’ in December, which generated a wave of comments much like its controversial rebranding a month earlier.
Remarks like “there will be no range anxiety” and the unveiling of similar specs between Lucid’s Air sedan and Jaguar’s concept model suggest that the battery’s technology would fit into Jaguar’s upcoming EV model.
