While all the things in there are factual, I think it is missing some key points. Firstly, Lucid is a luxury brand, and while volume is great for investors and the numberbooks, Lucid has sort of implied from the start that volume isn't their primary aim; that's why they're starting with an expensive flagship product. They could have started with a $25k car and gained millions of reservations, but that was not the point of Lucid. It shouldn't need to compete with Polestar and Rivian on deliveries yet, because they are in completely different price brackets. This isn't to say that I wouldn't be absolutely delighted if Lucid could increase their delivery, reservation and production numbers. It also omits that Lucid has the 50-100k orders from the Saudi Government, so they could probably easily move all the cars parked in the factory lot if they did suddenly run out of reservation holders. That's not to mention the fact that the PIF seems to have a vested interest in seeing Lucid succeed, so I have no doubt they would do anything they could to help Lucid. I disagree that $3.25 is a fair valuation for Lucid's stock price. Peter Rawlinson has made a point I find very accurate; Lucid and Tesla are tech companies, not just car companies. Expecting Lucid to deliver 20k very expensive cars to customers is a bit unfair in my eyes. If Lucid continues having problems with finding customers once it moves down market to cheaper cars, then I would have reason for concern, but at this point in time, I'm not that bothered by slower production in this time of economic downturn.