Lucid and Nicola were trash companies that couldn't

Lucid and Nicola were trash companies that couldn't be compared to Tesla from the beginning. They said they wanted to beat Tesla and die marketing because they were the next Tesla. As a result, all shareholders were bitten at the high point. Even if it wasn't delisted, these were fraudulent stocks. We should have done it in moderation, so we talked about overpackaging and delusional businesses. As a result, the more we sell, the more we are in the red or technology is useless. Tesla CEO Elon Musk expresses surprise at Lucid CFO's resignation
12/11/2023 7:19pm. (Benzinga Newswire)

Tesla CEO Elon Musk on Monday expressed surprise at the resignation of Sherry House, chief financial officer of rival EV maker Lucid Group Inc.

What Happened: "!" Musk simply replied, without giving further details. Musk was responding to a Tesla fan who announced the news on the social media platform.

Fan claimed, "I'm seeing the removal from the Nasdaq 100 and the chief financial officer leaving in a matter of days. Lucid's only survival option, in my opinion, is to transition private and completely rethink his strategy."

Last week, shares fell as Lucid was reported to be one of six stocks to be removed from the Nasdaq 100 before the market opens on Dec. 18 as part of its annual realignment. Early on Monday, the company also announced the retirement of its chief financial officer, Sherry House.

Lucid's Financial Situation: Lucid reported a loss of 28 cents per share and revenue of $137.8 million in the third quarter. The company delivered 1,457 vehicles and manufactured 1,550 vehicles in the quarter.

The loss per vehicle delivery exceeded $433,000 for the company led by current CEO Peter Rawlinson, a former major engineer at Tesla Model S.

In addition, to control production and deliveries, the company is now looking to produce only 8,000 to 8,500 units this year, lowering expectations of more than 10,000 units previously exceeded.

Lucid operates in the United States, but is 60% owned by Saudi Arabia's Public Investment Fund. PIF has invested approximately $5.4 billion in Lucid since 2018.