Lucid Motors said Monday that interim Chief Executive Officer Marc Winterhoff will participate in a fireside chat at the 53rd Annual NASDAQ Investor Conference held in association with Morgan Stanley later this week.
Winterhoff, who joined the premium EV brand exactly two years ago as Chief Operations Officer, has been serving as interim CEO since Peter Rawlinson left the role last February.
The session is scheduled for 6:30 a.m. Eastern Time on Wednesday, one week after Chief Financial Officer Taoufiq Boussaid spoke at the UBS Global Industrials and Transportation Conference in Florida.
The announcement comes as Lucid shares fell more than 6% on Monday morning after Morgan Stanley downgraded the stock from Equalweight to Underweight and slashed its price target to $10 from $30.
Morgan Stanley Sees Dilution Risk
Analyst Andrew Percoco said the firm does not forecast Lucid reaching gross profitability until 2028, with EBIT losses per vehicle improving from $216,000 in 2025 to $126,000 in 2026 but persisting until 2031.
“In the interim, we see significant dilution risk for shareholders as we estimate it will need to raise ~$2bn of equity by 2H26 (relative to its $4.6bn market cap),” Percoco wrote.
CFO Signaled Q4 Record
At last week’s UBS Conference, Boussaid said Lucid will register a new sales record in the fourth quarter as new orders trend as expected.
Boussaid did not provide specific sales or production targets for the quarter, nor did he reference the company’s 18,000-unit annual production guidance.
Meeting that target would require approximately 8,034 units in the fourth quarter — more than double the third quarter’s 3,891 units — based on the 9,966 vehicles produced in the first three quarters.
Third Model Update
The CFO also provided updates on Lucid‘s upcoming midsize crossover, saying the company plans to unveil the vehicle “somewhere mid next year” — approximately six months before production begins in late 2026.
The model will be produced at Lucid‘s Saudi Arabia facility, a manufacturing decision that allows the company to source components from China without facing the tariffs that would apply to imports at its Arizona plant.
Production in Saudi Arabia is planned to begin in late 2026, with a gradual ramp-up through 2027 and 2028 and full capacity expected in 2029.
Lucid‘s US sales have risen for two consecutive months despite the September 30 expiration of the $7,500 federal EV tax credit — Motor Intelligence data showed last week.
The Saudi-backed EV maker sold 980 vehicles in the US in November, up from 935 units in October and 910 units in September.
