Recently Yahoo News on-line reported the following:
EV Maker Lucid’s $338,000 Loss Per Car Turns Investors
Off (1/2)
Esha Dey
Fri, October 6, 2023 at 7:07 a.m. PDT
(Bloomberg) -- The diverging fortunes of the two most
prominent electric vehicle startups in the US show Wall Street is picking a
side — and it’s not Lucid Group Inc.
Having recently touched an all-time low, the stock is down nearly 25% this year through Thursday’s close, compared to a 1% decline for pickup truck-making peer Rivian Automotive Inc. in the same period. The percentage of bullish analyst ratings on Lucid has dwindled to only about a quarter of all recommendations. For Rivian, more than half of the ratings are the equivalent of a buy.
The performances reflect deeper differences. Lucid, which according to a Bloomberg Intelligence estimate is set to burn $338,000 for every vehicle it makes this year, said in August that it still expected to produce at least 10,000 cars in 2023. Analysts’ average 2023 sales estimate for the firm has sunk nearly 50% over the past 6 months.
In comparison, Rivian, which is estimated to lose about $110,000 per vehicle according to Bloomberg Intelligence, forecast full-year production of 52,000 units on Monday, and the average expectation for its 2023 sales has risen about 5%.
“Lucid is well below the pace needed to hit even 10,000 cars this years, and that’s why they continue to bleed money,” Jerry Braakman, chief investment officer at First American Trust, said in an interview. “The stock will continue to be challenged until they can show that they have made a significant progress in the number of units sold.”
Car making is a notoriously capital-intensive process. Which is why Lucid and Rivian’s deep-pocketed backers — Saudi Arabia’s Public Investment Fund for Lucid and Amazon.com Inc. for Rivian — helped them command premium valuations that they still enjoy over other upstarts. But that only goes so far at a time when markets are grappling with the prospect of higher-for-longer interest rates and tighter liquidity. Rivian shares slumped 23% Thursday after the company said it planned to issue $1.5 billion in convertible debt.
Lucid had tapped the capital markets for cash earlier this year, securing an infusion from the Saudi fund, a move that typically does not sit well with shareholders. “It dilutes the stock, so from a common investor’s standpoint that is a tough space to be in,” Braakman added.
The company is currently in a quiet period ahead of its third-quarter earnings report, and did not comment for the story. The stock dropped as much as 2.3% Friday, while Rivian fell 3.4%, after a hotter-than-expected US jobs report sparked a market-wide selloff.
(to be continued)
Translation
（彭博）—美國兩家最著名的電動車新創公司的命運截然不同，這表明華爾街正在選邊站 - 而它不是 Lucid Group Inc.。
該股最近觸及歷史新低後，截至週四收盤，今年已下跌近 25%，而同期同業 Rivian Automotive Inc. 的跌幅為 1%。 分析師對 Lucid 的看漲評級已減少至僅佔所有建議的四分之一左右。 對 Rivian 來說，超過一半的評級相當於買入。
表現反映了更深層的差異。 根據 Bloomberg Intelligence 估計，Lucid 今年每生產一輛車將消耗 338,000 美元，該公司在 8 月表示，仍預計 2023 年將生產至少 10,000 輛汽車。分析師對該公司 2023平均銷售在最近過去6 個月的預期下降了50%。
相比之下，根據 Bloomberg Intelligence 預計每輛車虧損約 11 萬美元的 Rivian 週一預測全年產量為 5.2 萬輛，對其 2023 年銷量的平均預期上漲了約 5%。
第一美國信託公司首席投資官 Jerry Braakman 在接受採訪時表示： “Lucid 今年的銷售速度遠低於所需的10,000 輛汽車，這就是他們繼續虧損的原因”; “該股票將繼續受到挑戰，直到他們能夠證明他們在銷售數量方面取得了重大進展。”
眾所周知，汽車製造是一個資本密集型過程。 這就是為什麼 Lucid 和 Rivian 的財力雄厚的支持者- 沙地阿拉伯的公共投資基金支持Lucid, 和 Amazon.com Inc. 支持的 Rivian - 幫助他們獲得了比其他新貴更高的估值。 但在市場正努力應對利率長期走高和流動性收緊的前景之際，這種情況只能持續到此為止。 當Rivian 表示計劃發行 15 億美元的可轉換債券，時該公司週四股價下跌 23%。
Lucid 今年稍早曾利用資本市場籌集現金，並獲得了沙地基金的注資，但此舉通常不會引起股東的歡迎。 Braakman 補充道： “它稀釋了股票，因此從普通投資者的角度來看，是身處一個艱難的領域。”
該公司目前正處於第三季財報發布之前的安靜期，並未對此事發表評論。 週五，該股下跌 2.3%，而Rivian 下跌 3.4%，此前美國就業報告超預期，引發全市場拋售。
（待續）
沒有留言:
張貼留言