Overview
- Lucid warned that first‑quarter revenue would be $280 million to $284 million with 3,093 deliveries after a 29‑day supplier issue with second‑row seats, and said the quarter carried nearly a $1 billion operating loss.
- The company raised about $1.05 billion through a $300 million stock sale, a $550 million convertible preferred investment from Ayar Third linked to Saudi Arabia’s Public Investment Fund, and a $200 million investment from Uber.
- Uber also increased its purchase plan to at least 35,000 Lucid vehicles for a future robotaxi service, taking its total stake in the EV maker to $500 million.
- Lucid named Silvio Napoli as incoming chief executive, with interim chief Marc Winterhoff set to become chief operating officer.
- Ongoing strains include a recall of 3,627 Air Pure RWD sedans over half‑shaft bolts that can disconnect and cut power, heavy cash burn in 2025, and a stock price that has fallen to record lows.