Research · Sep 3, 2026
Lucid's FY2025 was the Gravity SUV launch year: ~16,500 total deliveries (+83%), revenue ~$1.25B, and gross margin improving to ~-65% from -103% as fixed manufacturing costs spread across higher volume. PIF's repeated capital injections (~$7B+ total) extend runway into FY2027. The FY2026 thesis: Gravity reaching 15,000-20,000 annual units pushes total production toward 25,000-30,000, where gross margin losses per vehicle begin narrowing materially — but 50,000+ units is still required for breakeven, a 3x increase from current levels.
Research · Apr 23, 2026
Uber's stake hike to 11.5% in Lucid, plus a 35,000-unit robotaxi order and $1.05B raise, settles partnership over takeover speculation. LCID gains backlog and capital for 95% upside to $5.50 in 12 months; UBER locks EV supply for margin gains. Breaks on production misses or stake trim by year-end.
Research · Apr 13, 2026
VW's US ID.4 cancellation signals EV slowdown, boosting Ford and GM's ICE/hybrid profits while pressuring Rivian, Lucid, Tesla's core, and Albemarle. Legacy names offer value at low multiples; pure-plays face cash crunch. Rank: Buy GM/F, avoid others.
Research · Apr 10, 2026
Tesla's Q1 2024 deliveries fell sequentially to 387,000 amid factory disruptions and softening EV demand, as flagged by Reuters, with revenue down 13% YoY. While peers like Rivian show growth, Tesla eyes recovery via Cybertruck, FSD, and affordable models. Investors should track Q2 volumes and autonomy milestones for trajectory signals.
Research · Apr 10, 2026
VW's Xpeng partnership spotlights Chinese EV tech's edge, boosting XPEV and pressuring US legacy firms like Ford and GM while Tesla's scale and Rivian's JV provide buffers. Article analyzes six US-listed players with fresh financials, ranking XPEV as top winner amid disruption.
