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Tesla faces backlash as vandalism against its vehicles and dealerships rises, fueled by public discontent towards CEO Elon Musk. Amidst increasing competition from companies like Lucid Motors, many former Tesla owners are shifting to alternatives, with Lucid reporting a significant uptick in interest from these "Tesla refugees." Meanwhile, Tesla's stock has plummeted, reflecting a broader trend of declining sales despite a growing EV market.
Lucid Group, Inc. specializes in designing and manufacturing electric vehicles, including the luxury Lucid Air sedan, at its facility in Casa Grande, Arizona. The company emphasizes in-house innovation and vertical integration, offering a direct-to-consumer sales model and a network of service centers.
Lucid Motors' stock surged over 14% after Morgan Stanley upgraded its rating from Underweight to Equalweight, citing a more balanced risk-reward scenario. The firm maintained a price target of $3.00, with a bullish case of $10, as the company navigates leadership changes and aims to leverage AI strategies and partnerships amid geopolitical challenges. Lucid also reported a record 805 units sold in February, despite ongoing delivery delays for its second model.
Morgan Stanley upgraded Lucid Group Inc to Equal-Weight, citing new management's potential to expand into artificial intelligence beyond electric vehicles. The firm maintained a $3 price target, highlighting opportunities for strategic partnerships and domestic manufacturing, despite ongoing challenges in the auto sector. Lucid's shares rose over 2% in aftermarket trading, although they remain down nearly 28% in 2025 due to weak EV sales and the recent CEO departure.
Tesla owners are experiencing increased vandalism, reflecting a shift in public sentiment. Meanwhile, Stellantis faces a significant profit drop, leading to leadership changes, while Lucid Motors reports substantial losses despite launching new models. Aston Martin plans job cuts and cost-saving measures, focusing on existing models rather than new launches.
Peter Rawlinson has stepped down as CEO of Lucid Group, transitioning to a role as strategic technical adviser to the chairman. COO Marc Winterhoff will serve as interim CEO while a search for a permanent replacement is underway. Following the announcement, Lucid's stock rose 9% in after-hours trading, reaching $2.85.
Lucid Group Inc. CEO Peter Rawlinson stated that the company is largely unaffected by potential changes to US electric vehicle tax credits, as its Air sedan, priced from $69,900, is ineligible for purchase credits due to its cost. While some customers may qualify for a $7,500 leasing credit, many are excluded due to income limits.
Lucid Motors raised approximately $1.75 billion through a public offering, a move CEO Peter Rawlinson described as strategic to secure capital for growth and avoid a "going concern" disclosure. Despite having over $5 billion in liquidity, analysts viewed the timing as premature, leading to an 18% drop in shares. Rawlinson emphasized the importance of this capital for ongoing investments, including expanding production and launching new models.
Peter Rawlinson
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