Latest news with #Winterhoff
Mint
3 days ago
- Automotive
- Mint
Uber puts robotaxi plan in top gear, joins hands with Lucid and Nuro; first vehicle to hit road in 2026. Details here
Uber Technologies on Thursday announced that it has tied up with electric vehicle maker Lucid Group and self-driving tech startup Nuro to launch robotaxis in 2026. The ride-sharing company or its third-party partners will buy and operate Lucid Gravity SUVs outfitted with Nuro Driver technology on its network. It aims to launch its first robotaxi in 2026 and plans to deploy at least 20,000 of the vehicles over the next six years. Uber also announced that it is making separate multi-hundred-million-dollar investments in both Lucid and Nuro. The funding will include $300 million for Lucid that will be used in part to upgrade its assembly line to integrate Nuro hardware into the Gravity vehicles. After the announcement, Lucid shares rallied 34 per cent, while Uber stock was little changed. Earlier this week, Uber had announced a tie-up with Chinese AV maker Baidu to deploy robotaxis in several non-US markets. Currently, autonomous rides are available through the Uber app in Phoenix, Austin, Atlanta and Abu Dhabi. Prototype robotaxis developed by Lucid and Nuro are already in operation on Nuro's Las Vegas closed-circuit testing grounds, reported Bloomberg. Marc Winterhoff, Lucid's interim CEO, said Uber chose its SUV because the company can integrate the necessary hardware at its factory. Nuro's software will be added once Uber receives the vehicles. 'This is a stepping stone on our journey to expand our tech leadership from electric vehicles and licensing into partnerships in other areas,' Winterhoff told Bloomberg this week. 'A lot can happen in six years. I really see this as the first starting point,' he added. Separately, Lucid said it is planning a 1-for-10 reverse stock split, subject to shareholder approval. The emerging autonomous taxi market is gaining momentum, with Google subsidiary Waymo currently holding the strongest position in the United States. Electric vehicle maker Tesla unveiled its first robotaxi service in Austin, Texas, in late June, though with limited scope and a very small fleet.
Yahoo
6 days ago
- Automotive
- Yahoo
Lucid CEO warns Trump tariffs will increase vehicle costs
-- Lucid Group (NASDAQ:LCID)'s interim CEO Marc Winterhoff cautioned that President Donald Trump's tariffs will increase automobile manufacturing costs, even for vehicles built in the United States. In a Bloomberg Television interview on Monday, Winterhoff explained that the global nature of automotive supply chains means domestic manufacturers still need to import raw materials and certain parts from other countries. "For the American consumers, vehicles are going to be more expensive under the tariff regime. There's no other way around it," Winterhoff said. "There's a reason the supply chain is so global." Winterhoff said the automaker is now working with Panasonic (OTC:PCRFY), its battery supplier, to source more of the cell supply's raw materials within the United States, Winterhoff said while speaking from Panasonic's newest U.S. battery plant in De Soto, Kansas. However, Lucid will not use cells produced at this new facility in its vehicles until next year. "I still have to say, and I hope Panasonic hears that, there is some room for improvement," Winterhoff noted, "but also right now with the tariffs, this is a very good move for us." Related articles Lucid CEO warns Trump tariffs will increase vehicle costs Risks Rising? Smart Money Dodged 46%+ Drawdowns on These High-Flying Names After soaring 149%, this stock is back in our AI's favor - & already +25% in July
Business Insider
03-07-2025
- Automotive
- Business Insider
Lucid Misses Q2 Delivery Target—Is This Penny Stock Still a Growth Play?
As electric vehicle makers try to stay on track in a tough market, penny stock Lucid Motors (LCID) is still fighting to prove it has long-term potential. In the second quarter of 2025, Lucid delivered 3,309 vehicles, a 6% increase from the previous quarter and a new record for the company. However, Lucid missed Wall Street's forecast of 3,611 deliveries. The shortfall has renewed concerns about soft demand, especially for its premium Gravity SUV, which is key to Lucid's growth strategy. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. Even more worrying is the pace of output. Lucid has built just 6,075 vehicles so far this year. To meet its full-year goal of 20,000 units, it needs to more than double production in the second half. So, is Lucid still a stock with strong growth potential? Wall Street isn't too sure. Most experts now rate Lucid as a Hold, meaning they don't see big gains coming soon. The company is making some progress, but it still struggles to grow fast enough. Until the Gravity SUV starts selling well, the stock may not move much. Lucid Bets Big on Its New Gravity SUV Lucid is relying on its new Gravity SUV to help close the gap in production and drive future growth. The company began building the SUV in late 2024, but most of the early units went to employees, friends, and family. Only recently has Lucid started delivering the Gravity to regular customers. LCID's interim CEO Marc Winterhoff has admitted that the rollout has been slower than planned. He blamed the delays on strict quality checks and rising costs tied to new U.S. tariffs. According to Winterhoff, those tariffs have increased Lucid's overall costs by 8% to 15%. The company is also still working through supply chain problems that continue to slow production. Despite the setbacks, Lucid said that customer interest in the Gravity SUV remains strong. All Eyes on Q2 Earnings Lucid is set to report its Q2 earnings in August. Investors will be watching for signs that the Gravity SUV is gaining momentum beyond early adopters. If Lucid can't build and sell the Gravity SUV quickly, it could fall further behind, especially as more people pick cheaper cars like hybrids or gas models. , an improvement from the $0.34 per share loss in the same quarter last year. Meanwhile, revenues are expected to rise by 46% from the same quarter last year, reaching $292.3 million in Q2. Is Lucid Stock a Good Buy Right Now? Turning to Wall Street, analysts have a Hold consensus rating on LCID stock based on one Buy, seven Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 9.87% loss in its share price over the past year, the average LCID price target of $2.79 per share implies 36.10% upside risk.
Yahoo
25-06-2025
- Automotive
- Yahoo
Lucid's CEO Issues Stern Warning
Lucid's CEO Issues Stern Warning originally appeared on Autoblog. For years, electric vehicle startup companies like Tesla faced a tough uphill road on their journey toward making a mark on the U.S. auto market. However, they may face an even steeper climb thanks to new developments arising from Washington, D.C.. In a recent podcast appearance, Lucid Motors interim CEO Marc Winterhoff urged Beltway lawmakers not to mess with homegrown EV makers just as they're gaining traction. His comments come as Congress debates whether to eliminate or extend the federal EV tax credit, a key incentive that has helped some buyers choose electric vehicles over gas-powered cars. During the June 25 episode of Automotive News' Daily Drive podcast, Winterhoff argued that smaller, startup firms like Lucid deserve more time to benefit from the $7,500 federal tax credit, which has historically helped established automakers sell electric vehicles (EVs) in the U.S. market. He argued that startups and other new companies shouldn't get penalized for not reaching sales milestones that established manufacturers already achieved, and that by granting them the same opportunities would encourage competition and innovation in the EV market, it would ultimately benefit consumers and the industry as a whole. 'It's widely known we haven't yet sold 200,000 EVs. But many others in the past have, and they all had that credit,' he said on the podcast. 'Why would you now change it and basically make it very difficult for new players in the market?' Currently, lawmakers are divided on the future of EV incentives. The Senate's version of the budget bill proposes eliminating the tax credit within 180 days for all automakers, big or small. On the other hand, the House's version would offer support to smaller manufacturers by extending the credit through 2026 for those who have not yet reached the 200,000-vehicle sales cap. The House's extension could be a significant advantage for Lucid, which has sold only about 21,000 vehicles since the launch of its Air sedan in 2021. Despite this, Winterhoff emphasized that Lucid isn't just an EV company—it's an American EV company with significant roots in America. Lucid builds both its Air and Gravity vehicles in Casa Grande, Arizona, and its corporate headquarters are located in Newark, California, which is proof that Lucid made a huge investment in U.S.-based production and supply chains. 'We made that decision already years ago to actually vertically integrate extensively here in the United States,' Winterhoff noted. 'I definitely am a proponent that [the EV credit] stays as much as it can and also for the cap of up to 200,000.' Stripping away that benefit now could slow Lucid's momentum just as it starts to gain footing. The company plans to dramatically increase its sales in 2025. While vehicles like its $69,900 Air sedan are well over the price cap for tax credits under current rules, Lucid buyers can still take advantage of the full $7,500 credit when they lease—a clause that has worked for the company. Despite this, Winterhoff acknowledged that the EV industry can't rely on subsidies forever. 'Eventually, EV makers will have to succeed without incentives,' he said. 'I mean that's totally clear.' However, despite EV sales picking up in many major hubs, the overall EV transition is still in its early stages, as adoption rates still lag in many corners and pockets of the country. Despite this, he believes that these are just growing pains, cutting incentives now would be premature and damaging. 'I really think that this is a normal process in the adoption of new technologies,' he says. 'We've seen this in many, many other instances as well.' As Congress hashes out the final version of the bill, it's important to recognize that the stakes are high not just for Lucid but for the future of American EVs in general, especially if they plan to peg the U.S. as a player in ushering in the next era of transportation. However, Winterhoff recognizes that affordability is currently the main concern when it comes to EV adoption. EV tax credits have addressed this issue in the past, before the current situation in Washington. However, potential buyers still find the upfront costs of electric vehicles to be much higher compared to traditional gasoline-powered cars. As a result, many consumers are hesitant to make the switch without significant financial incentives. Lucid's CEO Issues Stern Warning first appeared on Autoblog on Jun 25, 2025 This story was originally reported by Autoblog on Jun 25, 2025, where it first appeared.
Miami Herald
25-06-2025
- Automotive
- Miami Herald
Lucid's CEO Issues Stern Warning
For years, electric vehicle startup companies like Tesla faced a tough uphill road on their journey toward making a mark on the U.S. auto market. However, they may face an even steeper climb thanks to new developments arising from Washington, D.C.. In a recent podcast appearance, Lucid Motors interim CEO Marc Winterhoff urged Beltway lawmakers not to mess with homegrown EV makers just as they're gaining traction. His comments come as Congress debates whether to eliminate or extend the federal EV tax credit, a key incentive that has helped some buyers choose electric vehicles over gas-powered cars. During the June 25 episode of Automotive News' Daily Drive podcast, Winterhoff argued that smaller, startup firms like Lucid deserve more time to benefit from the $7,500 federal tax credit, which has historically helped established automakers sell electric vehicles (EVs) in the U.S. market. He argued that startups and other new companies shouldn't get penalized for not reaching sales milestones that established manufacturers already achieved, and that by granting them the same opportunities would encourage competition and innovation in the EV market, it would ultimately benefit consumers and the industry as a whole. "It's widely known we haven't yet sold 200,000 EVs. But many others in the past have, and they all had that credit," he said on the podcast. "Why would you now change it and basically make it very difficult for new players in the market?" Currently, lawmakers are divided on the future of EV incentives. The Senate's version of the budget bill proposes eliminating the tax credit within 180 days for all automakers, big or small. On the other hand, the House's version would offer support to smaller manufacturers by extending the credit through 2026 for those who have not yet reached the 200,000-vehicle sales cap. The House's extension could be a significant advantage for Lucid, which has sold only about 21,000 vehicles since the launch of its Air sedan in 2021. Despite this, Winterhoff emphasized that Lucid isn't just an EV company-it's an American EV company with significant roots in America. Lucid builds both its Air and Gravity vehicles in Casa Grande, Arizona, and its corporate headquarters are located in Newark, California, which is proof that Lucid made a huge investment in U.S.-based production and supply chains. "We made that decision already years ago to actually vertically integrate extensively here in the United States," Winterhoff noted. "I definitely am a proponent that [the EV credit] stays as much as it can and also for the cap of up to 200,000." Stripping away that benefit now could slow Lucid's momentum just as it starts to gain footing. The company plans to dramatically increase its sales in 2025. While vehicles like its $69,900 Air sedan are well over the price cap for tax credits under current rules, Lucid buyers can still take advantage of the full $7,500 credit when they lease-a clause that has worked for the company. Despite this, Winterhoff acknowledged that the EV industry can't rely on subsidies forever. "Eventually, EV makers will have to succeed without incentives," he said. "I mean that's totally clear." However, despite EV sales picking up in many major hubs, the overall EV transition is still in its early stages, as adoption rates still lag in many corners and pockets of the country. Despite this, he believes that these are just growing pains, cutting incentives now would be premature and damaging. "I really think that this is a normal process in the adoption of new technologies," he says. "We've seen this in many, many other instances as well." As Congress hashes out the final version of the bill, it's important to recognize that the stakes are high not just for Lucid but for the future of American EVs in general, especially if they plan to peg the U.S. as a player in ushering in the next era of transportation. However, Winterhoff recognizes that affordability is currently the main concern when it comes to EV adoption. EV tax credits have addressed this issue in the past, before the current situation in Washington. However, potential buyers still find the upfront costs of electric vehicles to be much higher compared to traditional gasoline-powered cars. As a result, many consumers are hesitant to make the switch without significant financial incentives. Copyright 2025 The Arena Group, Inc. All Rights Reserved.
