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Yahoo
24 minutes ago
- Yahoo
Lucid Q2 earnings preview: Gravity SUV ramp, path to profitability big questions for investors
Pure-play EV maker Lucid (LCID) will report second quarter results after the bell as the company ramps up production of its Gravity SUV and hopes to assuage investors' fears over a lack of profitability. Meanwhile, Lucid stock is down over 20% year to date. Lucid is expected to report Q2 revenue of $262.4 million, per Bloomberg consensus estimates, higher than the $200.6 million reported a year ago. Lucid is expected to post an adjusted EPS loss of $0.22, with an adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) loss of $603.6 million. The company has had a busy 2025 so far, including the start of low-volume production of the Gravity SUV. Early last month, Lucid said it produced 3,863 vehicles and delivered 3,309 vehicles in the second quarter, with its total for the first half of the year hitting 6,075 vehicles produced and 6,418 vehicle deliveries. Read more: Live coverage of corporate earnings Lucid also announced in July that it would partner with Uber (UBER) to create a robotaxi service run by the ride-hailing company, which will purchase 20,000 Lucid EVs over the next five years. The company also added access to the Tesla (TSLA) Supercharger network for its vehicles, unlocking more than 23,000 new chargers for use. Lucid also initiated plans to perform a 10-to-one reverse stock split, which won't occur until later this year. In terms of guidance, Lucid said in the past that it expects 2025 production to hit 20,000 EVs, more than double the 9,029 it produced last year. The company also said it would launch its upcoming midsize-volume SUV in 2026, which is expected to help the company increase scale and bring it closer to profitability. Profitability is the big question mark for the company. Given its production and expected loss figures, Lucid is expected to post an adjusted EBITDA loss figure of around $161,000 per car produced. On the earnings call, analysts likely will be asking management about how the company intends to bridge itself to profitability in the near future. Rivian (RIVN), for example, has achieved gross profit in its operations. The expected loss of the $7,500 federal tax credit on Sept. 30 is also likely to put a dent in Lucid's sales. Lucid is able to receive the credit for all of its vehicles via a lease loophole known as the "commercial clean vehicle credit." Pras Subramanian is the lead auto reporter for Yahoo Finance. You can follow him on X and on Instagram.
Fast Company
26 minutes ago
- Fast Company
How Tesla's Autopilot verdict could stifle Musk's robotaxi expansion
A court verdict against Tesla last week, stemming from a fatal 2019 crash of an Autopilot-equipped Model S, could hurt its plans to expand its nascent robotaxi network and intensify concerns over the safety of its autonomous vehicle technology. A Florida jury ordered Musk's electric vehicle company on Friday to pay about $243 million to victims of the crash, finding its Autopilot driver-assistance software defective. Tesla said the driver was solely at fault and vowed to appeal. The verdict follows years of federal investigations and recalls related to collisions involving Tesla's autonomous-vehicle technology, and comes as CEO Elon Musk seeks regulatory approval to rapidly expand the robotaxi service across the U.S. 'The public perception of this verdict or things like this are going to fuel pressure on regulators to say, 'We just can't let this stuff be launched without a lot more due diligence',' said Mike Nelson, founder of Nelson Law and an expert on legal issues in the mobility sector. Tesla could have a tough time convincing state regulators that its technology is road-ready, threatening Musk's goal of offering robotaxis to half the U.S. population by year-end, legal experts and Tesla investors said. Expanding its robotaxi service is crucial for Tesla as demand for its aging lineup of EVs has cooled amid rising global competition and a backlash against Musk's far-right political views. Much of Tesla's trillion-dollar market valuation hinges on his bets on robotics and artificial intelligence. Success in the self-driving realm will require winning the confidence of regulators and potential customers on the full-self driving (FSD) software that underpins Tesla's robotaxis, analysts said. 'The timing (of the verdict) for Tesla in light of the FSD rollouts and robotaxis is awful,' said Aaron Davis, co-managing partner at law firm Davis Goldman. 'Now there's essentially an opinion that some aspect of Tesla's business is not safe and maybe the safety that the company advertises isn't what it's cracked up to be.' The FSD is an advanced version of Autopilot. Autopilot, which was been updated since 2019, controls speed, distance and lane centering on highways, while the FSD can operate on city streets, helping the vehicle make automatic turns and change lanes. 'This case does not have direct implications for Tesla's FSD roll-out,' analysts at Piper Sandler said in a note on Sunday, citing the modern iterations of the software. A spokesperson on behalf of Tesla acknowledged the company had received a request for comment from Reuters but had not provided one by the time of publication. Regulatory road ahead Perfecting autonomous vehicles has been harder than expected. The high costs of hardware, years of trial and error, and regulatory hurdles have forced many players to close shop or pivot, including General Motors' Cruise unit. Musk, however, has pursued what he calls a simpler and cheaper path, relying only on cameras and AI instead of pricey sensors such as lidars and radars used by Alphabet's Waymo, Amazon's Zoox and others. After years of missed deadlines, Musk rolled out a small robotaxi trial in June with about a dozen Model Y crossover SUVs in Austin, Texas, each overseen by a human safety monitor in the front passenger seat. While Musk has said Tesla was being 'super paranoid about safety', he has also pledged to expand the service fast and make it available for half of the U.S. population in the next five months – a stark contrast to Waymo's cautious years-long rollout. Until Tesla's entry, Waymo was the only U.S. firm to operate a paid, driverless robotaxi service. Tesla is currently awaiting approvals in several states, including California, Nevada, Arizona and Florida. California's department of motor vehicles declined to comment on the impact of the verdict on regulatory approval. Nevada said it held talks with Tesla about a robotaxi program several weeks ago, while Arizona said it was still considering Tesla's request for certification. Both did not comment on the verdict. Florida did not respond. Tesla has typically either won other Autopilot litigation or resolved the case with the plaintiffs out of court. The Florida verdict stands out. Several such cases are pending. The case involved a Model S sedan that went through an intersection and hit the victims' parked Chevrolet Tahoe as they were standing beside it. The driver had reached down to retrieve a dropped cellphone and allegedly received no alerts as he ran a stop sign before the crash. The jury found that Tesla's Autopilot had a defect and held the company partially responsible, despite the driver admitting fault. 'It's going to take time to get regulators to move forward and time being more than the end of the year,' said Gene Munster, managing partner at Deepwater Asset Management, a Tesla investor. 'From an image standpoint, it's a black eye.' —Abhirup Roy, Reuters The early-rate deadline for Fast Company's Most Innovative Companies Awards is Friday, September 5, at 11:59 p.m. PT. Apply today.
CNN
27 minutes ago
- CNN
FBI report: Violent crime fell in 2024, but assaults on officers reaches 10-year high
Federal agencies CrimeFacebookTweetLink Follow Violent crime decreased in the US in 2024, along with property crime, murder and robbery, while the number of reported assaults on officers reached a 10-year high, according to FBI data released Tuesday. According to the FBI's Reported Crimes in the Nation, a report that relies on local law enforcement submitting data to the FBI's federal system, violent crime decreased an estimated 4.5% compared to the previous year and property damage went down just over 8%. Murders, too, decreased by an estimated 14.9%, along with robbery, which went down nearly 9%. The statistics are at odds with comments President Donald Trump made throughout his campaign last year, arguing that crime was 'way up' and claiming that 'we've never seen crime like this before.' Reported assaults on officers, however, increased from over 83,000 in 2023 to 85,730 in 2024, marking a 10-year high of assaults on law enforcement officers. In 2015, that number was significantly lower, with 52,448 reported assaults. 'Between 2021 and 2024, we had 258 law enforcement officers feloniously killed in the line of duty,' a law enforcement official told reporters on a briefing call announcing the report, including 64 last year. The FBI is working on an in-depth behavioral analysis study to figure out why assaults on officers is increasing. 'It's going to be a longer study, because we are doing a real, in-depth behavioral analysis study of why these are occurring,' the official said. The FBI's crime report includes reporting from law enforcement agencies covering over 90% of the population in the US and will soon be available on a monthly basis, the official said during Tuesday's call. Hate crimes decreased slightly by 1.5%, according to the FBI's estimate for 2024 and motor vehicle theft dropped by a significant 19.5% when compared to 2023, though the rate remains higher than it was in the previous decade, from 2010 to 2021. Robbery, the report for 2024 says, was near its lowest rate in the last 20 years.
