Right. Lucid. Honestly, it feels like one of those relationships you keep hoping will finally work, despite all evidence to the contrary. The stock (LCID 3.58%) is up a bit year-to-date, about 8% as of today. Apparently, Rockwell Automation’s software is going to help their Saudi plant. Which is… good? It suggests someone, somewhere, thinks efficiency might be achievable. It’s a small victory, isn’t it? Like managing to put on matching socks. Though, it’s still down 2% from its peak this year. Peaks. They’re so fleeting.
Last year? Forget it. Down 60%. Lifetime high? Don’t even ask. 98% drop. It’s enough to make one reconsider the entire concept of aspiration. Still, the optimists are out there. Whispering about a “rebound.” A rebound. As if this were some sort of romantic comedy.
Units of Hope Invested: Several. Hours Spent Refreshing Stock Quotes: Countless. Number of Times I’ve Considered Taking Up Knitting: 7.
Is Efficiency Enough?
The Rockwell Automation thing… it’s about improving margins, apparently. Which, logically, makes sense. More efficient manufacturing = better margins. But logic and the stock market are rarely on speaking terms. The idea is scaling up production, becoming leaner, meaner, more… profitable. It’s tantalizing, I’ll admit. Like a really good chocolate cake. But a cake doesn’t pay the bills, and neither, currently, does Lucid.
So, the numbers. First three quarters of last year, $831.1 million in revenue. Up from $573.4 million. Progress! But then… cost of goods sold. $1.67 billion. And operating loss? A hefty $2.44 billion. It’s like running up a credit card bill and then being surprised when the statement arrives. I’m starting to think I should have invested in sensible shoes instead.
They produced 18,378 vehicles last year, delivered 15,841. Production up 104%, deliveries up 55%. Okay, that is a significant jump. But it feels… fragile. Like a house of cards built on a slightly uneven surface.
The Profitability Mirage
Economies of scale. That’s the dream, isn’t it? More cars, lower costs. But “years away” from positive gross margins. Even with automation. Even with the best intentions. And operating income? Don’t even ask. It’s a distant, shimmering oasis in a very large desert.
Market cap is around $3.5 billion. And they’re still losing over $2 billion a year. For the foreseeable future. It’s… a lot of red ink. Which means, predictably, they’re relying on funding from Saudi Arabia’s Public Investment Fund. More stock issuance. More dilution for those of us who dared to dream. It’s like being perpetually asked for small loans by increasingly insistent relatives.
Number of Times I’ve Considered Selling and Investing in Cat Food: 18.
Honestly, it’s hard to get excited. Lucid. It’s a beautiful car, apparently. But beauty doesn’t pay the bills. And right now, it’s looking increasingly like a very expensive, very hopeful dream. A dream best admired from a safe distance, perhaps, with a nice cup of tea and a very, very large grain of salt.
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2026-01-25 00:25