Lucid (LCID) is getting booted from the Nasdaq 100 stock index
EV maker Lucid (LCID) is set to lose its spot in the Nasdaq 100 index at the end of the week as the company’s stock faces more pressure.
Lucid will be removed from the Nasdaq 100 stock index
The news comes as part of the Nasdaq 100’s annual changes, effective December 18, next week.
The index is a collection of the 100 largest non-financial companies on the Nasdaq stock exchange. Lucid is among six other companies being removed, including Enphase (ENPH) and eBay (EBAY).
Lucid joined the index in December 2021 with Lucid CFO Sherry House, calling it a “recognition of our progress.”
The addition came after Lucid went public in July and delivered its first Air electric car in October. Fast-forward two years, and the EV market has changed drastically.
Lucid’s deliveries are down from a peak of 1,932 in Q4 2022 to 1,456 this past quarter. Although the number is up slightly from Q2 (1,404), it’s still nearly 30% lower than last year.
Production is also down over 50% from its peak of 3,493 in Q4 2022. Lucid built just 1,550 vehicles in the third quarter.
Lucid cut its annual production target last quarter to just 8,000 – 8,500, down 50% from its higher-end target.
On top of lower deliveries, Lucid’s losses are piling up. The EV maker’s net loss reached $2.17 billion through the first nine months of the year. In Q3, Lucid lost around $433,000 on every EV it made.
Despite this, the startup believes it’s turning things around. House said the company has “made progress with the cost control program” introduced earlier this year. The company’s financial leader added Lucid has “identified further opportunities for 2024.”
Lucid revealed its first electric SUV last month, the Gravity, with 440 miles range, an upscale interior, and three-row seating. In October, it also began delivering its Tesla Model S rival, the high-performance Air Sapphire.
The Gravity will begin rolling out in late 2024 with starting prices below $80,000. Lucid has drastically lowered prices on its Air electric sedan to boost demand.
Lucid stock has slipped over 90% from its all-time high and 45% over the past 12 months as it faces stiff competition from Tesla and others. Following the Nasdaq 100 news, Lucid stock is down over 4% on Monday.
Electrek’s Take
Lucid is having a hard time finding its place in the premium EV segment. Tesla slashing prices all year has added pressure on the startup to follow.
After a series of promotions, the fourth quarter should give us a better idea of where Lucid stands. The EV maker had $5.45 billion in liquidity at the end of September, which “we expect to lead us to our next major milestone, Gravity production, and beyond, into 2025,” according to House.
Although price cuts could stimulate demand to help Lucid hit its annual goal, how much can Lucid afford on margins? We will see early next year during the company’s Q4 and FY 2023 earnings.
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Environment
Baidu- and Geely-backed JiYue brand unveils ROBO X EV that goes 0-100 km/h in under 1.9 sec
JiYue, a Chinese EV brand focused on delivering all-electric “robocars” to the masses, has unveiled its latest model, and it’s quite a deviation from its previous EVs—but in the best way. Earlier today, JiYue launched the ROBO X supercar, designed for high-speed racing. By high speed, we mean 0-100 km/h acceleration in under 1.9 seconds. My mouth is watering.
JiYue has only existed since 2021, when parent tech company Baidu announced it was expanding from software development into physical EV production, joining forces with multinational automotive manufacturer Geely.
The new “robotic EV” marque initially launched as JIDU with $300 million in startup capital before garnering an additional $400 million in Series A funding, led by Baidu, in January 2022.
In August 2023, Geely took on a larger role in JIDU alongside a greater financial stake as the brand reimagined itself as JiYue, inheriting the JIDU logo and its flagship model, the 01 ROBOCAR.
In December 2023, Baidu and Geely unveiled a second model called the JiYue 07. It was born from JIDU’s ROBO-02 concept, which debuted in 2023 and was designed to compete against the Tesla Model 3 in China.
The 07 finally launched in China earlier this year with 545 miles of range. With an all-electric SUV and sedan on the market, JiYue has unveiled an exciting new entry in the form of a performance supercar called the ROBO X. Check it out:
JiYue’s new ROBO X EV is available for pre-order now
JiYue showcased its new ROBO X hypercar in front of the crowd at the 2024 Guangzhou Auto Show earlier today. Similar to previous models but with a unique spin, JiYue described the ROBO X as an AI smart-driving supercar that, for the first time, blends artificial intelligence and autonomous driving into a high-performance, race-ready EV.
When we say “high performance,” we mean a quad motor liquid-cooled drive system that can propel the ROBO X from 0 to 100 km/h (0 to 62 mph) in under 1.9 seconds. JiYue called the new ROBO X a “performance beast” with “the perfect balance of excellent aerodynamic performance and high downforce.” JiYue CEO Joe Xia was even bolder in his statements about the ROBO X:
For the next 20 years, the design of supercars will bear the shadow of Robo X. This is the best design in the history of Chinese automobiles today, and it is a landmark presence.
Fighter-style airflow ducts bolster the EV’s aerodynamics, efficiency, and overall posture. Per JiYue, the two-seater ROBO X is expected to deliver a maximum range of over 650 km (404 miles).
The new supercar features falcon-wing doors, a carbon fiber integrated frame, and a professional racing HALO safety system offering 360° of support. The interior features an AI smart cockpit with SIMO real-time feedback to give drivers an immersive racing experience.
Furthermore, JiYue said the vehicle will utilize parent company Baidu’s Apollo self-driving technology, which could make it the first electric supercar to apply pure-vision ADAS technology that enables track-level autonomous driving.
Following today’s unveiling of the ROBO X, JiYue has officially opened up pre-orders in China for RMB 49,999 ($6,915). That said, reservation holders will need to be patient as JiYue shared that it doesn’t expect to begin mass production of the ROBO X until 2027.
What do you think? Will people be talking about the ROBO X for the next 20 years?
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This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time, that includes the launch of the Lectric XPedition 2.0, Yamaha e-bikes pulling out of North America, LiveWire unveils an electric scooter concept, PNY readying its cargo e-scooters for pilot testing, Royal Enfield’s first electric motorcycle, and more.
The Wheel-E podcast returns every two weeks on Electrek’s YouTube channel, Facebook, Linkedin, and Twitter.
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Here are a few of the articles that we will discuss during the Wheel-E podcast today:
Here’s the live stream for today’s episode starting at 9:30 a.m. ET (or the video after 10:30 a.m. ET):
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Crude oil futures were on pace Friday for loss for the week, as a supply gut and a strong dollar depresses the market.
U.S. crude oil is down more than 2% this week, while Brent has shed nearly 2%.
Here are Friday’s energy prices:
- West Texas Intermediate December contract: $68.56 per barrel, down 14 cents, or 0.2%. Year to date, U.S. crude oil has shed about 4%.
- Brent January contract: $72.36 per barrel, down 20 cents, or 0.28%. Year to date, the global benchmark has lost nearly 6%.
- RBOB Gasoline December contract: $1.99 per gallon, up 0.46%. Year to date, gasoline has fallen more than 1%.
- Natural Gas December contract: $2.70 per thousand cubic feet, down 2.98%. Year to date, gas has gained more than 4%.
The International Energy Agency has forecast a surplus of more than 1 million barrels per day in 2025 on robust production in the U.S. OPEC revised down its demand forecast for the fourth consecutive month as demand in China remains soft.
A strong dollar also hangs over the market, as the greenback has surged in the wake of President-elect Donald Trump’s election victory.
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