Core Viewpoint - Stifel has lowered Lucid's target price from $21 to $17 while maintaining a "Hold" rating [1] Group 1 - The adjustment in target price reflects a reassessment of Lucid's market position and future performance expectations [1]

Group 1 - Domestic companies are continuously advancing in the Robotaxi sector, with new entrants emerging and announcing their future plans, including major manufacturers, ride-hailing platforms, and intelligent driving suppliers [1] - Key players in the domestic Robotaxi market include Luobo Kuaipao, Pony.ai, and WeRide, with significant increases in revenue and orders expected by 2024: Pony.ai's passenger fare revenue is projected to increase by over 300% year-on-year by Q2 2025, while WeRide's Robotaxi-related revenue is expected to rise by 364% in the first half of 2025, and Luobo Kuaipao's order volume is anticipated to exceed 2.2 million by Q2 2025, a year-on-year increase of 148% [1] - New entrants in the domestic market include XPeng, Momenta, Qianli Technology, Didi, Hello, and Cao Cao Mobility, all of which have publicized their future plans [1] Group 2 - In the U.S., Tesla and Waymo are accelerating their progress, with Tesla planning to operate in Austin by June 2025 and expand to Nevada, Florida, and Arizona by the end of 2025, aiming for a fleet of 1,500 vehicles by the end of 2025 and starting mass production of Cybercab in Q2 2026; Waymo's fleet size and weekly order volume are expected to double in 2025, with ongoing updates on city openings for 2026 [2] - Uber has announced its entry into the Robotaxi market, partnering with Lucid, Stellantis, NVIDIA, and Nuro, while U.S. government policies are gradually relaxing, including simplified exemption procedures [2] Group 3 - Robotaxi participants are also accelerating deployments in the Middle East, Europe, and parts of Asia, with specific locations including the UAE, Saudi Arabia, Switzerland, Luxembourg, Germany, the UK, Singapore, Japan, and South Korea; Abu Dhabi has allowed manufacturers to conduct commercial operations without a driver [3] - WeRide plans to increase its fleet in the Middle East to 1,000 vehicles by 2026, with a target of several thousand by 2030 [3]

Core Insights - Lucid Group, Inc. successfully closed a $975.0 million offering of convertible senior notes due in 2031, including a full exercise of the option for an additional $100.0 million [1][6] - The net proceeds from this offering are approximately $962.4 million, which will be used primarily to repurchase existing convertible senior notes and for general corporate purposes [2][6] - The company aims to strengthen its balance sheet and position itself for long-term growth while minimizing the impact on existing shareholders [2] Financial Details - Lucid utilized about $752.2 million of the net proceeds to repurchase approximately $755.7 million of its outstanding 1.25% convertible senior notes due in 2026 [2][6] - The offering is expected to enhance the company's financial flexibility, allowing it to manage potential dilution and cash obligations through various settlement options [3] Company Overview - Lucid Group is a technology company based in Silicon Valley, focused on producing advanced electric vehicles (EVs) such as the Lucid Air and Lucid Gravity SUV, which are known for their performance, design, and energy efficiency [4] - The company operates state-of-the-art, vertically integrated factories in Arizona and Saudi Arabia, contributing to its innovative EV technology [4]

Core Insights - Xpeng Inc (NYSE:XPEV) shares fell 9.4% to $22.67 despite a bottom-line win for Q3 and record deliveries, due to a poor fiscal Q4 outlook amid intense competition [1] - XPEV is facing its fourth consecutive loss and the worst trading day since April 2023, with shares down from a three-year high of $28.23 [2] - Lucid Group Inc (NASDAQ:LCID) also experienced significant declines, down 11.2% to a record low of $12.61 after a price-target cut from Stifel [3] Company Performance - Xpeng Inc reported record deliveries in Q3 but issued a disappointing outlook for Q4, contributing to the stock's decline [1] - XPEV's stock is down from a high of $28.23, indicating a significant drop in investor confidence [2] - Lucid Group's stock has seen a 58.2% year-to-date deficit and is on track for its seventh consecutive daily drop [3] Market Activity - XPEV's options activity showed 95,000 calls and 26,000 puts traded, indicating heightened trading interest [2] - The 50-day put/call volume ratio for Lucid Group is at 3.02, nearing an annual high, reflecting bearish sentiment in the market [4]

Lucid Group (LCID) shares lost over 10% on Nov. 17 after Stifel analysts reduced their price target on the electric vehicle (EV) firm, citing concerns about future capital requirements. While the investment firm’s downwardly revised estimates still indicate significant upside in LCID stock to $17, several major headwinds warrant caution in playing the EV stock at current levels. More News from Barchart Following today’s decline, Lucid stock is trading at a new all-time low of about $12.58. www.barchart ...

Core Insights - Saudi Arabia's Public Investment Fund (PIF) has liquidated nearly 12 stocks listed in the U.S. during Q3, including Pinterest and Linde, reducing its U.S. equity holdings to the lowest level in a year [1] - The fund's U.S. stock portfolio value has decreased to $19.4 billion, representing an approximate 18% quarter-over-quarter decline, marking the lowest level since 2025 [1][2] - PIF continues to hold shares in Uber and Electronic Arts but has slightly reduced its stake in Lucid Group [1][3] Exits and Position Changes - Significant exits include: - Cummins: -1,095,578 shares, value change of -$358.80 million, with a price change of +29% [2] - Linde: -436,350 shares, value change of -$204.73 million, with a price change of +1.2% [2] - Air Products: -268,165 shares, value change of -$75.64 million, with a price change of -3.3% [2] - Avery Dennison: -231,662 shares, value change of -$40.65 million, with a price change of -7.6% [2] Top Holdings - PIF's major holdings in the U.S. include: - Uber: 72,840,541 shares valued at $7.14 billion, accounting for 3.5% of the portfolio [3] - Electronic Arts: 24,807,932 shares valued at $5.00 billion, accounting for 9.9% of the portfolio [3] - Lucid Group: 177,088,867 shares valued at $4.21 billion, accounting for 22% of the portfolio [3] - Take-Two Interactive: 11,414,680 shares valued at $2.95 billion, accounting for 6.2% of the portfolio [3] Strategic Focus - The recent divestments align with PIF's strategy to focus on domestic investments to support Saudi Arabia's economic diversification plan [2][4] - PIF aims to invest $70 billion post-2025, primarily within Saudi Arabia, with $57 billion already allocated for 2024 [5] - Further details on PIF's investment strategy for 2026-2030 are expected to be released early next year [5]

Summary of Key Points Core Viewpoint The Public Investment Fund (PIF) has significantly reduced its holdings in US equities, indicating a strategic shift in investment focus. Group 1: PIF Holdings Overview - PIF's US equity holdings decreased to $19.4 billion in Q3 2025 from $23.8 billion in Q2 2025, marking a reduction of $4.4 billion [2] - The fund exited nine companies and all options contracts of 42 companies, while maintaining its investments in six firms [2] Group 2: Specific Company Holdings - Lucid Group's holdings remained at 177.1 million shares, with a value increase from $3.736 billion to $4.213 billion, a change of $476.3 million [4] - Electronic Arts maintained its holdings at 24.8 million shares, with a value increase from $3.962 billion to $5.004 billion, a change of $1.042 billion [4] - Uber's holdings remained at 72.8 million shares, with a value increase from $6.796 billion to $7.136 billion, a change of $340.2 million [4] - Take-Two Interactive's holdings remained at 11.4 million shares, with a value increase from $2.772 billion to $2.949 billion, a change of $177 million [4] - Clarivate's holdings remained at 1.3 million shares, with a value increase from $57.8 million to $68 million, a change of $10.2 million [6] Group 3: Notable Changes in Holdings - PIF exited its positions in several companies, including Air Products & Chemicals, Cummins Inc., Visa Inc., and Walmart, among others, indicating a strategic divestment [4][6] - Lucid Group executed a 1-for-10 reverse stock split in September 2025, reducing its authorized share capital from 15 billion shares to 1.5 billion shares [3][4]

Core Insights - Lucid has achieved seven consecutive quarters of record deliveries but has missed Wall Street earnings estimates for two consecutive quarters [2][3] - The company reported a 68% increase in revenue for Q3, totaling $336.6 million, but fell short of the expected $379.1 million [3] - Lucid's adjusted loss per share was $2.65, worse than the anticipated loss of $2.27 per share [3] Financial Performance - The removal of the $7,500 U.S. federal EV tax credit has impacted demand for EV makers, including Lucid [3] - Lucid's total liquidity at the end of Q3 was $5.5 billion, with approximately $1.6 billion in cash and cash equivalents [4] Capital and Funding - Lucid has agreed to increase a delayed draw term loan credit facility from $750 million to roughly $2 billion from Saudi Arabia's Public Investment Fund [4] - This funding extension is seen as a positive move but indicates the need for further capital raising, which could dilute existing shareholders [4] Production and Supply Chain - Lucid plans to significantly increase production of its Gravity SUV in Q4, although production increases have been minimal quarter to quarter [5] - The company has lowered its 2025 production forecast to 18,000 units from a previous range of 18,000 to 20,000 due to supply chain issues [5] Future Prospects - Lucid's product pipeline includes a midsize crossover scheduled for late 2026 and two smaller crossovers launching in mid-2028 and mid-2029 [7] - A partnership with Uber Technologies involves a $300 million investment to develop driverless vehicles, integrating Nuro's autonomous driving system [7] Market Position - Despite having a strong partnership and a significant backer in Saudi Arabia's PIF, Lucid faces challenges such as production inefficiencies, executive turnover, and cash burn [8] - The company remains a high-risk investment with potential upside, but caution is advised for investors [9]

Core Insights - Short interest data provides insights into investor sentiment and potential risks in the stock market, helping gauge market confidence in a company's future [1] - A stock is deemed heavily shorted when a significant percentage of its available shares are borrowed and sold by investors anticipating a price drop [2] - Short squeezes can occur when short-sellers rush to cover their positions, leading to rapid price increases, as seen in recent meme stock manias [3] Short Interest Overview - The most heavily shorted stocks as of November 13 include Lucid Group, Inc. (48.99%), Choice Hotels International, Inc. (46.71%), and Avis Budget Group, Inc. (46.13%) [5] - Stocks are ranked by short interest, which is the total number of shares sold short and not yet covered, expressed as a percentage of shares available for public trading [4] Market Dynamics - Highly shorted stocks represent a battleground where negative fundamentals meet speculative trading [7] - Monitoring short interest can help identify potential short squeeze candidates, although timing such trades is challenging due to high volatility [7]

Core Viewpoint - Lucid Group, Inc. has announced the pricing of an offering of $875 million in convertible senior notes, which will mature in 2031, with an interest rate of 7.00% per annum [1][2]. Summary by Sections Offering Details - The offering consists of $875 million aggregate principal amount of 7.00% convertible senior notes due 2031, with settlement expected around November 17, 2025 [1]. - An additional $100 million principal amount of notes may be purchased by initial purchasers within 13 days of the initial issuance [1]. Notes Characteristics - The notes will be senior, unsecured obligations, accruing interest at 7.00% per annum, payable semi-annually starting May 1, 2026 [2]. - The initial conversion rate is set at 48.0475 shares per $1,000 principal amount, equating to an initial conversion price of approximately $20.81 per share, representing a 22.5% premium over the last reported sale price of $16.99 on November 11, 2025 [2]. Redemption and Repurchase - The notes can be redeemed by Lucid starting November 6, 2028, if certain conditions regarding stock price and liquidity are met [3]. - Noteholders can require Lucid to repurchase their notes at the principal amount on November 1, 2029, or in the event of a "fundamental change" [4]. Use of Proceeds - Lucid estimates net proceeds from the offering to be approximately $863.5 million, intended primarily for repurchasing outstanding 1.25% Convertible Senior Notes due 2026, with about $752.2 million allocated for this purpose [5]. - The remaining proceeds will be used for general corporate purposes [5]. Prepaid Forward Transaction - Ayar Third Investment Company has entered into a prepaid forward transaction to purchase approximately $636.7 million of Lucid's common stock, with delivery expected around the maturity date of the notes [8]. - This transaction is designed to facilitate derivative transactions related to Lucid's common stock, potentially impacting the market price of the stock [9]. Company Overview - Lucid Group is a technology company based in Silicon Valley, focused on producing advanced electric vehicles, including the award-winning Lucid Air and Lucid Gravity SUV [12].