Cantor Fitzgerald remains bullish after touring Lucid's Arizona facility

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By Michael Elkins

Cantor Fitzgerald reiterated an overweight rating and $18.00 price target on electric vehicle maker, Lucid Group Inc (NASDAQ:LCID) after it hosted investors on a private tour of the company’s manufacturing facilities in Arizona. The tour was conducted by Peter Rawlinson, the company's CEO, and included a conversation with Sherry House, Chief Financial Officer, and culminated with a test-drive.

LCID produced and delivered 2,282 and 1,398 vehicles, respectively, in 3Q. During the visit, management reiterated its FY22 annual production guidance of 6,000-7,000 vehicles. The company needs to produce 2,313/3,313 vehicles in 4Q to meet the low/high end of guidance.

Analysts wrote in a note, “Our private tour was a very insightful and educational experience and provided additional exposure to Lucid's manufacturing capabilities, its ability to scale, and the company's superior technology. We remain bullish on LCID over the long term, and we continue to believe that the company's vehicles are able to provide greater battery efficiency, longer range, faster charging, and more interior space relative to peers. In our view, LCID's vertically integrated in-house manufacturing approach is also an important differentiator in the industry, and it should help the company mitigate future supply chain disruptions and manufacturing constraints.”

The automaker currently has ~$3.85 billion in cash, equivalents and investments. The company lowered its FY22 capex guidance to ~$1.2B (vs. prior ~ $2B), although, according to management, the reduction is primarily driven by a shift in project timings. Lucid reiterated that they believe their current capital position will be sufficient to fund the company into "at least 4Q23."

Shares of LCID are down 5.57% in mid-day trading on Monday.