1. 8月6日(周三)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.35%，标普500指数期货涨0.24%，纳指期货涨 0.23%。 2. 截至发稿，德国DAX指数涨0.02%，英国富时100指数涨0.20%，法国CAC40指数涨0.28%，欧洲斯托克50指数涨0.22%。 3. 截至发稿，WTI原油涨1.63%，报66.22美元/桶。布伦特原油涨1.52%，报68.67美元/桶。 | 瑞 伦敦布伦特原油 | 2025年10月 | 68.67 | 68.81 | 67.65 | +1.03 | +1.52% | | --- | --- | --- | --- | --- | --- | --- | | 雪 WTI原油 | 2025年9月 | 66.22 | 66.34 | 65.12 | +1.06 | +1.63% | 市场消息 降息预期凌乱，华尔街投行"吵"起来。美国"非农"数据暴雷令美联储降息预期飙升，但本周华尔街知名投行对降息分歧却在加 大。高盛、花旗均认为，9月或激进降息，摩根大通甚至认为今年可能降息125个基点。然而，美银认为今年美联储或按兵不 动，巴克莱和汇丰同样态度谨慎。未来几个月将 ...

盘前市场动向 1. 8月6日(周三)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.35%，标普500指数期货涨0.24%，纳指期货涨 0.23%。 | = US 30 | 44,267.00 | 44,364.00 | 44,074.50 | +155.30 | +0.35% | | --- | --- | --- | --- | --- | --- | | = US 500 | 6,314.10 | 6,332.90 | 6,287.60 | +14.90 | +0.24% | | 트 US Tech 100 | 23,072.30 | 23,118.10 | 22,937.50 | +53.70 | +0.23% | 2. 截至发稿，德国DAX指数涨0.02%，英国富时100指数涨0.20%，法国CAC40指数涨0.28%，欧洲斯托克50指数涨0.22%。 | 德国DAX30 | 23,862.00 | 23,998.59 | 23,806.00 | +4.81 | +0.02% | | --- | --- | --- | --- | --- | --- | | 器 英国富时100 | 9,16 ...

【文/观察者网 潘昱辰 编辑/高莘】综合路透社、《华尔街日报》等外媒报道，由于受到美国总统特朗 普政策转变和贸易局势紧张的打击，美国电动汽车新势力Rivian和Lucid均于8月5日公布了令人失望的上 半年业绩，并为今年提供了较为悲观的预期。 财报显示，Rivian在2025年上半年营收为25.43亿美元（约合人民币182.8亿元），净亏损为16.56亿美元 （约合人民币119.1亿元）；Lucid上半年营收为4.95亿美元（约合人民币35.6亿元），净亏损为9.05亿美 元（约合人民币65.1亿元）。 其后，Rivian股价大跌约4%，Lucid股价则大跌7%。 今年上半年，特朗普先后颁布一系列政策，包括取消电动汽车消费者的7500美元（约合人民币5.4万 元）税收抵免，并对进口汽车及零部件征收25%的关税，同时还取消了对燃油车企的排放罚款。由于 Rivian和Lucid等公司过去主要将排放信贷出售给传统车企以避免罚款，随着燃油车企不再需要这些信 贷，新势力的相应收入也随之消失。 Rivian视觉中国 在业绩报告中，Rivian主要将损失扩大估计归咎于信贷价值的缩减，预计约为其估计的3亿美元（约合 人民币2 ...

Group 1 - Lucid has lowered its annual production forecast to between 18,000 and 20,000 vehicles, down from the previous estimate of 20,000 vehicles [4] - The company's second-quarter revenue was reported at $259.4 million, missing the expected $279.9 million [4] - Lucid's adjusted loss per share was $0.24, compared to the expected loss of $0.21 per share [4] Group 2 - The electric vehicle industry is facing uncertainty due to potential disruptions in the supply chain caused by U.S. import tariffs, which could increase vehicle costs by thousands of dollars [3] - Lucid's future largely depends on the success of its newly launched Gravity SUV and the upcoming mid-size sedan, aimed at expanding its consumer base [3] - The competition in the U.S. electric vehicle market is intense, with Tesla aggressively marketing its revamped Model Y and Rivian promoting its new R1T pickup and R1S SUV [3]

Core Insights - Lucid's Q2 2025 revenue reached $259 million, falling short of market expectations of $294 million, but showing an increase from $201 million in the same period last year [1] Company Performance - Q2 2025 revenue: $259 million [1] - Market expectations: $294 million [1] - Year-over-year comparison: $201 million in Q2 2024 [1]

公司该季度的收入为2.594亿美元，基本符合预期的2.5935亿美元，每股亏损为0.24美元。公司将2025年 的产量预测从20000辆下调至18000辆至20000辆。 （文章来源：证券时报网） Lucid Motors在2025财年第二季度生产了3863辆汽车，交付了3309辆，相较于上一季度有所增长。 ...

Core Viewpoint - Lucid Group reported disappointing Q2 results, leading to a downward revision of its annual production guidance, reflecting challenges in the electric vehicle market and supply chain constraints [1][3][5] Financial Performance - In Q2, Lucid reported an adjusted loss of $0.24 per share, exceeding analyst expectations of $0.21, with revenue of $259 million, below the forecast of $280 million [1][4] - The net loss for the quarter expanded to $855 million, compared to a net loss of $790 million in the same period last year [4] - Total costs and expenses increased by approximately 7.5% year-over-year, reaching $1.06 billion [4] Production and Delivery - Lucid adjusted its annual production target from 20,000 vehicles to a range of 18,000 to 20,000 vehicles [1][3] - The company delivered 3,309 vehicles in Q2, a year-over-year increase of 38.2%, but still below analyst expectations [1][3] Strategic Initiatives - The temporary CEO, Mark Vinterhoff, indicated a cautious approach to production due to a volatile industry environment, while still aiming for the higher end of the revised production range [3] - Lucid is focusing on cost control, brand building, and the execution of the Gravity SUV launch, which has entered mass production [3] - Recent partnerships include a $300 million collaboration with Uber to deploy over 20,000 autonomous taxis over the next six years [3] Market Environment - The demand for electric vehicles is slowing, with consumers increasingly shifting towards hybrid models, adding pressure to the industry [5] - New tax legislation signed by President Trump will eliminate electric vehicle tax credits starting September 30, further increasing uncertainty in the market [5] Stock Performance - Following the earnings report, Lucid's stock fell over 7% in after-hours trading, with a year-to-date decline approaching 19% [5]

Group 1 - Lucid Group reported a quarterly loss of $0.28 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.22, representing an earnings surprise of -27.27% [1] - The company posted revenues of $259.43 million for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 2.37%, and showing an increase from $200.58 million year-over-year [2] - Over the last four quarters, Lucid Group has surpassed consensus revenue estimates three times [2] Group 2 - The stock has underperformed, losing about 20.2% since the beginning of the year, while the S&P 500 has gained 7.6% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.26 on revenues of $375.43 million, and for the current fiscal year, it is -$0.89 on revenues of $1.31 billion [7] - The Zacks Industry Rank for Automotive - Domestic is currently in the bottom 29% of over 250 Zacks industries, indicating potential challenges for the sector [8]

Financial Data and Key Metrics Changes - The company reported revenue of $259 million in Q2 2025, a 29% increase year over year [30] - Vehicle deliveries reached 3,309 units, up 38% year over year, marking the sixth consecutive quarter of record deliveries [5][30] - Gross margin for the quarter was negative 105%, primarily due to a $54 million impact from tariffs, which accounted for a 21 percentage point decrease in gross margin [31] - Adjusted EBITDA was negative $632 million, down 12%, driven mainly by gross margin pressure [33] - The company ended the quarter with $3.6 billion in cash and investments, and total liquidity of $4.86 billion [34] Business Line Data and Key Metrics Changes - The company produced 3,863 vehicles in Q2 2025, an 83% increase year over year [6][30] - The Lucid Gravity vehicle is expected to be the majority of deliveries in the second half of the year, with production ramping up [61] Market Data and Key Metrics Changes - The company is navigating a volatile market environment, with ongoing challenges in the AAV sector, particularly in supply chain [30][34] - The company has updated its annual production guidance to a range of 18,000 to 20,000 vehicles for 2025 [36] Company Strategy and Development Direction - The company is focused on operational discipline, building a distinctive scalable brand, and maintaining a sustainable edge through technology [10] - A partnership with Uber was announced, involving a $300 million investment to support the development of a next-generation premium robotaxi [7][28] - The company plans to implement a one-for-ten reverse stock split to ensure equity remains accessible to institutional investors [29] Management Comments on Operating Environment and Future Outlook - Management acknowledged challenges in production due to supply chain issues but expressed confidence in overcoming these obstacles [12][13] - The company is committed to building a great business around its products, focusing on innovation, scaling responsibly, and maintaining capital discipline [25][37] Other Important Information - The company is expanding its brand awareness through partnerships with cultural figures, including Timothee Chalamet as a global brand ambassador [9][10] - The company is also working on enhancing its technology, including a software update for its advanced driver assist system [19] Q&A Session Questions and Answers Question: How many current Gravity orders are there? - The company does not disclose specific order numbers but noted a high conversion rate once customers experience the vehicle [39] Question: Is the midsize platform still on target for production in late 2026? - The midsize platform is still scheduled for production in late 2026, with deliveries expected to ramp up throughout 2027 [40][41] Question: How will the partnership with Uber aid in company growth? - The partnership is seen as an entry into a large market and validates the company's scalable platform [42] Question: Should we expect any changes to the midsize initial ASPs as they ramp up? - There are no expectations for changes to the initial ASPs of the midsize platform [44][46] Question: Can you provide an update on the Atlas powertrain? - The Atlas powertrain is on track to achieve the same efficiency or better at a lower cost [56] Question: How much do write-downs on inventories and losses on firm purchase commitments relate to tariffs? - The tariff impact in Q2 was approximately $55 million, with expectations for reimbursements later in the year [77][81]

Financial Data and Key Metrics Changes - The company reported revenue of $259 million in Q2 2025, a 29% increase year over year [31] - Vehicle deliveries reached 3,309 units, up 38% year over year, marking the sixth consecutive quarter of record deliveries [5][31] - Gross margin for the quarter was negative 105%, primarily due to a $54 million impact from tariffs, which accounted for a 21 percentage point decrease in gross margin [32] - Adjusted EBITDA was negative $632 million, down 12%, driven mainly by gross margin pressure [33] - The company ended the quarter with $3.6 billion in cash and investments, and total liquidity of $4.86 billion [34] Business Line Data and Key Metrics Changes - The company produced 3,863 vehicles in Q2 2025, an 83% increase year over year [5][31] - The Lucid Gravity is expected to be the majority of deliveries in the second half of the year, with production ramping up [63] Market Data and Key Metrics Changes - The company is navigating a volatile market environment, with ongoing challenges in the AAV sector, particularly in supply chain [31][34] - The company has updated its annual production guidance to a range of 18,000 to 20,000 vehicles for 2025 [37] Company Strategy and Development Direction - The company is focused on operational discipline, building a distinctive scalable brand, and maintaining a sustainable edge through technology [11] - A partnership with Uber was announced, involving a $300 million investment to support the development of a next-generation premium robotaxi [7][29] - The company plans to implement a one-for-ten reverse stock split to ensure equity remains accessible to institutional investors [30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in production due to supply chain issues but expressed confidence in overcoming these obstacles [12][14] - The company is committed to building a robust supply chain and making strategic decisions for long-term success [26][38] - Management remains optimistic about the future of EVs and expects normalization in demand over the coming years [47] Other Important Information - The company is actively pursuing partnerships beyond traditional sales, indicating a shift towards monetizing technology through licensing deals [9][58] - The company has secured a preliminary agreement with GraphiteOne to source graphite domestically, beginning in 2028 [15] Q&A Session Summary Question: How many current Gravity orders are there? - The company does not disclose specific order numbers but noted a high conversion rate once customers experience the vehicle [40] Question: Is the midsize platform still on target for production in late 2026? - Yes, production is still scheduled for late 2026, with deliveries expected to ramp up throughout 2027 [41] Question: How will the partnership with Uber aid in company growth? - The partnership is seen as an entry into a large market and validates Lucid's scalable platform [43] Question: Should we expect any changes to the midsize initial ASPs as they ramp up? - There are no plans to change the ASP of the midsize platform [45][47] Question: Can you provide an update on the Atlas powertrain? - The Atlas powertrain is on track, targeting the same efficiency at a lower cost [58] Question: How much of the inventory write-downs is attributable to tariffs? - The tariff impact in Q2 was approximately $55 million, with expectations for reimbursements later in the year [78]