LUCID cutting 18 percent of staff

[9527]

Don't take this the wrong way. I just found this post to be how people see autos today versus how it used to be and just SMH.

It used to be that "best driving vehicle I've ever driven" would be the top priority and made the car highly sought after. Today, it appears not very high on a vehicle characteristics. Personally, I put this as one of the highest things on my list of vehicle choice.

Instead, its the software, PAAK, customizable dash screen (I recall analog tachometer, speedo, temperature and oil pressure gauges being desirable and not different layout for different drive mode or personalizing the dash display), and of course ADAS.

No wonder there are very few new real sport cars. Even BMW stopped making the Z4 and don't get me started on the fake shifters on EVs....

Agreed. I’m not even asking for much.
I just want the door to unlock every time when I approach so I can drive this nice car while I listen to my Spotify playlists. I tried carrying the key fob but it’s only a slight improvement. And the key fob drains a battery every 6 months.

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[Mos Eisley]

https://insideevs.com/news/800939/lucid-10000-discount-evs/

Lucid Is Slashing $10,000 Off The Gravity And Air EVs—If You’re Ready To Compromise

 

[captainjp]

Stick a fork in ‘em…

 

[Nixapatfan]

I've been so close to pulling the trigger on the Air a few times but then I'm reminded of all the software glitches and serviceability stance and realize it is way worse than Rivian which I'm already frustrated with about those aspects. Great car ruined by dumb glitches and policies. Maybe the new CEO cleans house and saves it but I fear they are running out of time.

 

[NY_Rob]

Stick a fork in ‘em…

Fisker gone, Polestar gone, Lucid on borrowed time.. not a good time for EV startups

On the bright side.. Slate is on track for deliveries this year with it's ultra cheap EV truck/Fastback/SUV. Riding the low price $25K wave.. right time, right place??

 

[savethemanual]

Fisker gone, Polestar gone, Lucid on borrowed time.. not a good time for EV startups

On the bright side.. Slate is on track for deliveries this year with it's ultra cheap EV truck/Fastback/SUV. Riding the low price $25K wave.. right time, right place??

Polestar is doing well from a global perspective. Seems they were starting to get a bit of traction here in the States until the fear mongers stepped in with the spying BS.

 

[mkg3]

Lucid has hired restructuring adviser AlixPartners.

"Shares dropped as much as 46% midday on Tuesday, entering two volatility trading halts, following a report by electric-vehicles.com that the electric vehicle maker is considering strategic options including going private or filing for Chapter 11 bankruptcy protection."

https://ca.investing.com/news/stock...o-weighing-restructuring-options-93CH-4733663

 

[savethemanual]

Sad, but not surprising.

 

[justinkitswa]

We also got very close a couple times on Lucid, first the Air then Gravity. Wasn't in love with either, a 4 door sedan doesn't fit my lifestyle much better than a minivan would. But the range/tech features seemed interesting.

I put a deposit down and started the purchase process, and a solid week went by with absolutely zero communication from them. After several phone calls I was able to get to speak with someone who offered to refund my deposit. During that week I did a lot more research and learned what others have said, I think we're in the last few dark days for Lucid unfortunately.

Which is sad, if a rising tide floats all boats in the EV world, what then must a falling tide do?

 

[Nixapatfan]

Polestar is doing well from a global perspective. Seems they were starting to get a bit of traction here in the States until the fear mongers stepped in with the spying BS.

Is it really BS or just that you don't agree with it because it impacts something you cared for?

From my time working in defense field there is very well grounded basis for this. If no real spying was happening and no data sharing with the CCP then wouldn't it have been a wise move for the company to move their servers out of China and host them at a neutral site they had a few years since the Biden administration approved this to get it all in motion. It's a relatively small financial hit to move your servers versus being shut out of one of the largest markets.

 

[tivoboy]

I actually think the bankruptcy is the most probable outcome at this point, and not for the normal reasons.

Certainly, cashflow and balance sheet are very problematic, but at this point in the USA GriftyMcGriftgrift environment we’re living in, the bankruptcy could easily get approved, crush down retail, shareholders, bondholders and then let the PIF easily come in with $500m-$2B and buy ALL the production, factory, battery access, IP etc., There is more value there than the stock is reflecting.

And it would get approved.

 

[mkg3]

I actually think the bankruptcy is the most probable outcome at this point,...

Agree without the editorial comments. By restructuring (Ch. 11), they can refinance and lower liabilities. Many companies have done so and survived and are/have doing better.

Since Saudi's already own 60%, this might be a forced action by them and a way to get out, or to completely take over with a significant liability reduction and lower costs. In either case, Lucid has one of the best efficient EV drivetrain so someone will capture their IP.

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