Q4 Results/Call

[Neurio]

https://ir.lucidmotors.com/news-releases/news-release-details/lucid-announces-fourth-quarter-and-full-year-2023-financial/

One key nugget:

I'm excited about the future as Gravity start of production is scheduled for late 2024 and the start of production for our high-volume Midsize platform is scheduled for late 2026

 

[sri]

Guidance of 9k vehicles for 2024 gonna hurt. Hope it will be short term.

 

[Unmutual]

Yup. Bad revenue miss, too. Currently down 9% in after-hours trading.

 

[DBV]

Guidance of 9k vehicles for 2024 gonna hurt. Hope it will be short term.

That is really bad. They are just not picking up any momentum. Feel bad for Lucid.

 

[momo3605]

Let's see how the next quarter is. With a $69k starting price, they have to be able to sell more than 9k cars...i mean it's pretty cheap in the overall market. The only thing that could hold them back is the stigma of how overpriced Lucid used to be. Lucid seems to be doing heavy advertising though, so i'm optimistic!

 

[Neurio]

Hopefully they're just learning to set expectations low rather than shoot for the moon and continue to downgrade your goals. Plus, with the interest rates through the roof still, there are definitely a number of people still avoiding large purchases.

 

[Tim-in-CA]

Lucid Motors will only build 9,000 EVs in 2024 after once predicting it would ship 90,000 | TechCrunch

Lucid Motors follows up a rough 2023 with modest predictions for 2024, putting even more pressure on its upcoming SUV.

techcrunch.com

 

[PhotoEye]

What I can't rationalize is the Board's recent $6 million cash bonus award to Peter. Don't mind riding this pony for the long haul, but what kind of performance metrics results in a cash bonus in light of the reported numbers? Any insights would be appreciated.

 

[Bobby]

What I can't rationalize is the Board's recent $6 million cash bonus award to Peter. Don't mind riding this pony for the long haul, but what kind of performance metrics results in a cash bonus in light of the reported numbers? Any insights would be appreciated.

I'm sure there is a long contract that he has with them with numerous bonuses along the way. Or not.

 

[PhotoEye]

I'm sure there is a long contract that he has with them with numerous bonuses along the way. Or not.

Automatic bonuses tied to nothing? Don't want to believe that. I will, if documented, but this isn't Mr. Musk directing his board to make arbitrary bonus awards to him, simply because he controls the stock. I hope there is something substantive behind the award.

 

[Bobby]

Automatic bonuses tied to nothing? Don't want to believe that. I will, if documented, but this isn't Mr. Musk directing his board to make arbitrary bonus awards to him, simply because he controls the stock. I hope there is something substantive behind the award.

Nothing? Overseeing the development of a new car on a new platform and building two new factories is nothing? Sheesh.

 

[hydbob]

Automatic bonuses tied to nothing? Don't want to believe that. I will, if documented, but this isn't Mr. Musk directing his board to make arbitrary bonus awards to him, simply because he controls the stock. I hope there is something substantive behind the award.

It's not tied to nothing. It was probably tied to Gravity making the RC phase. Or some part of the factory build out.

 

[Genghis]

Automatic bonuses tied to nothing? Don't want to believe that. I will, if documented, but this isn't Mr. Musk directing his board to make arbitrary bonus awards to him, simply because he controls the stock. I hope there is something substantive behind the award.

They may be tied to milestones like announce a SUV with fully functional prototypes in Q4 or it may be tiered bonuses like $x million if 5000 -7000 delivered cars. Who knows other than Peter, the Board, and their lawyers.

 

[PhotoEye]

Nothing? Overseeing the development of a new car on a new platform and building two new factories is nothing? Sheesh.

Bobby, that's what his salary is for, INHO. All of those accomplishments were planned for and consumed a significant chunk of money (that I expected). But, if that was part of his job, then why the bonus, given the financial performance.

Frankly, $6 million is really chump change for Lucid's top tier executives. I am not concerned about the amount, just the rationale.

 

[RM-S8]

What I can't rationalize is the Board's recent $6 million cash bonus award to Peter. Don't mind riding this pony for the long haul, but what kind of performance metrics results in a cash bonus in light of the reported numbers? Any insights would be appreciated.

I don't get it. Why would you count Rawlinson's money?
Try to mimic what he did, then let's talk.

 

[PhotoEye]

They may be tied to milestones like announce a SUV with fully functional prototypes in Q4 or it may be tiered bonuses like $x million if 5000 -7000 delivered cars. Who knows other than Peter, the Board, and their lawyers.

I agree that we are not in the know. However, the timing and the "look" are uncomfortable for me. The first time I've encountered a Board action I could not rationalize to an interested 3rd Party. I've been "in" from the beginning, so just uneasy about this one. Peace out!

 

[Unmutual]

The key is that it was a cash bonus, not a stock bonus. Which may or may not tell you something ....

 

[PhotoEye]

I don't get it. Why would you count Rawlinson's money?
Try to mimic what he did, then let's talk.

Because I'm a shareholder.

 

[Bobby]

Because I'm a shareholder.

Me too. Hold.

 

[PhotoEye]

Me too. Hold.

In it for the long haul, from the beginning!