Automotive DECODED
Previous edition: 08 May 2024
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Lucid loss wider than expected
Lucid has revealed a wider than expected loss as it contends with production challenges and uneven demand for high end electric vehicles.
The automaker lost an adjusted 30 cents a share in the first quarter, according to a statement, which was worse than the 25 cent loss expected on average in analyst estimates compiled by Bloomberg.
Revenue of US$173m was above expectations, however.
Bloomberg said the results underscored the difficulty facing Lucid as it tries to reverse slumping shares and overcome production hurdles in the face of flagging consumer demand for EVs. The automaker recently secured a much-needed $1bn cash injection from its biggest investor, an affiliate of Saudi Arabia’s Public Investment Fund.
Lucid still expects to make 9,000 vehicles this year, the company reportedly said, reaffirming an earlier forecast.
The manufacturer previously announced it produced 1,728 vehicles and delivered 1,967 last quarter.
Latest news
2024 future product report: Lincoln
A new CEO in the US last year and more recently a fresh leader for China have paused a formerly planned big push into EVs or at least tweaked and delayed the strategy.
Ford mulls restricting ICE vehicle sales in Britain - FT
Ford is reportedly considering restricting the sale of combustion engine (ICE) vehicles in the UK market on order to meet UK government targets for EV sales.
Sixt continues to reduce EVs in fleet
Europe’s largest car rental firm Sixt SE is continuing to reduce the number of electric vehicles in its fleet, Bloomberg reports.
Zeekr to close $367.5m IPO one day early
Chinese EV maker Zeekr will close its New York initial public offering (IPO) to raise up to $367.5 million this week, Reuters reports, citing two sources with direct knowledge of the matter.
Western European car market remains slow in April
The Western Europe car (passenger vehicle or PV) selling rate for April stood at just over 11 million units/year, similar to the March result and weaker than the close of 2023 or first two months of this year. With 960k vehicle registrations recorded, this represents an 11.5% improvement year-on-year (YoY). Year-to-date (YTD) sales grew by 6.4%.
Daihatsu resumes full production
Toyota small car subsidiary, Daihatsu Motor, said it had resumed full production at all of its plants this week after it was ordered to suspend operations late in December by the country’s ministry of land, infrastructure, transport and tourism (MLIT).
Peugeot quits Indonesia
Indonesia’s largest vehicle distributor, PT Astra International, said it had stopped selling Peugeot vehicles, ending the French brand’s 52 year presence in the south east Asian country.
Infineon CEO bullish
Infineon Technologies CEO Jochen Hanebeck has said the company was seeing “very strong momentum” in China’s automotive industry and expected Europe’s electric-vehicle market to recover next year.
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