There are nine Lucid analysts at Tipranks, almost equally divided between buyers and sellers.Įven if the Saudi Arabian government is interested, there is always the question of price. The company recently sold 56.2 million additional shares of stock, and it continues to lose money. Our Louis Navellier recently called the stock overvalued. The stock’s move, however, may forestall a Saudi Arabian bid. A takeover would at least accelerate the production move, which the Kingdom has deemed essential to find good-paying jobs for a young, growing population. BYD (OTCMKTS :BYDDF), a Chinese producer focusing on mid-market vehicles, will build even more. Tesla (NASDAQ: TSLA) has promised deliveries of 1.8 million to 2 million cars this year. The plant is supposed to be capable of building 155,000 cars per year.Įven if the plant were to open this year, Lucid would still be a small player in the electric vehicle (EV) sweepstakes. Another may be slow progress in building its Saudi factory, for which it won $3.4 billion in incentives last spring. Slow deliveries and fear the company is missing its market window may be some reasons Saudi Arabia is considering a buy. 22 earnings call provides a positive catalyst. Bulls like Andres Sheppard of Cantor Fitzgerald hope the company’s Feb. Lucid produced 3,493 cars during the fourth quarter of 2022, and 7,180 were produced during all of 2022. It can be the competitive edge you have to ensure you’re positioned for success, beyond the chaos of the moment.Lucid’s luxury Air electric car has gotten strong reviews, but production has ramped up slowly in Arizona. But you can be preparing for the virtual buying environment that may be with us to stay, permanently. For now, you might not be able to do much about the EV movement. Lucid Motors is gearing up for expansion and may be coming to a market near you. Still, you certainly can rework your platforms to truly automate your customer engagement processes. You may not be in a position to challenge the likes of Tesla or the direct-to-customer business model of Lucid Motors. As dealers face EV automakers chomping up their share of the car buyers, getting automated for a 100% virtual process may be the key to keeping up with the EV Jones’. Zabawa joins the conversation in a recent Dealer News Today podcast episode to discuss the automated car buying process shift. “Are we just waiting for Jeff Bezos to come in and take over online auto retail?” Steve Zabawa, the Co-Founder of Rimrock Auto Group, along with the oldest digital retailing company, WebBuy, asks a great question. The EVs are coming, whether dealers are ready or not. It’s competition worth considering and preparing for in some markets. And they’re just as eager to get back on schedule. But now, with the showrooms opening and car buyers making their way back to the market, the EV companies are coming too. With the arrival of COVID-19, nearly all of those concerns hit pause as dealers quickly pivoted to survival mode. In certain parts of the country, dealers were more frustrated about the direct-to-consumer business model, that would disrupt the traditional franchise dealer methods. Electric vehicle technology was gaining ground, with companies like Tesla leading the way. This latest announcement from Lucid Motors serves as a reminder of what dealers were talking about before the Coronavirus consumed the conversation. It’s a marriage of EV technology and virtual options that position Lucid Motors at the head of the pack. Much like the Tesla model, Lucid Motors will be selling directly to customers and also feature a touchless buying and delivery model in tandem with its physical showrooms. The Lucid Motor stores are called Lucid Studios and will offer more upscale customer experience. Locations include New York, Florida, California, and Washington, D.C. These stores will all be home to a service center or a mobile service team. However, six more retail locations and one service facility are on the schedule for opening this year, according to the company spokesperson. Right now, Lucid Motors only has one store in its home state and has yet to start production. The electric vehicle startup company, headquartered in Newark, California, announced last week it would move forward with its plans for growth and facility opening.
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