Core Viewpoint - Lucid Group, Inc. is transitioning from ultra-luxury vehicles to the mass market with a new midsize crossover aimed at competing with Tesla's Model Y, priced under $50,000, amidst challenges with its Gravity SUV rollout [1][2]. Group 1: Product Strategy - The upcoming midsize crossover, internally referred to as "Project Midsize" and possibly named Lucid Earth, is crucial for the company's growth beyond its niche Air sedan and Gravity SUV [2]. - Production for the new crossover is scheduled to begin in late 2026, leveraging Lucid's industry-leading efficiency [2]. - The vehicle is expected to deliver a range of over 300 miles using a smaller, more affordable battery compared to competitors [3]. Group 2: Gravity SUV Challenges - The Gravity SUV, despite positive reviews for its 440-mile range, has faced a slow market entry, with reports indicating only nine registrations in the first half of 2025 [4]. - Production issues, including supply chain challenges and tariff pressures, have led Lucid to reduce its 2025 production guidance to between 18,000 and 20,000 units [4]. - Interim CEO Marc Winterhoff acknowledged that production levels for the Gravity are not meeting targets [5]. Group 3: Financial Performance and Market Position - Lucid's stock has experienced significant pressure, dropping over 60% in 2025, highlighting the urgency for the company to demonstrate its ability to scale production [5][6]. - The success of the new affordable midsize crossover is critical for the company's survival in a competitive electric vehicle market, especially as it continues to face cash burn [6].

Group 1: Plug Power - Plug Power's current stock price is $2.12, with a market cap of $2.9 billion and a gross margin of -7128.74% [2][4] - The company primarily provides hydrogen fuel cells for forklifts and material handling equipment, but has been selling hydrogen at a loss [2][3] - Plug Power is attempting to restructure its business model by building hydrogen plants and raising prices, yet continues to report negative gross margins and cash flow [4][5] Group 2: Lucid Group - Lucid Group's stock price is currently $12.30, with a market cap of $4.0 billion and a gross margin of -9790.92% [7][8] - The company has burned through over $950 million in cash last quarter and more than $2.5 billion this year, raising concerns about its financial sustainability [8] - Lucid is focusing on entering the luxury EV SUV market with its Gravity model and has partnerships for autonomous driving, but is significantly behind competitors [9][10] - The company is primarily supported by its investors, including a $300 million investment from Uber and a 60% ownership by the Saudi Arabia Public Investment Fund, which may not continue indefinitely [11]

Core Insights - Lucid Group, Inc. is recognized as one of the 10 best electric vehicle stocks to buy heading into 2026 [1] Group 1: Lucid Recharged Program - Lucid Group announced the introduction of the "Lucid Recharged" certified pre-owned electric vehicle service, set to launch on December 15, 2025 [2] - The program will utilize the company's showrooms to sell certified pre-owned vehicles, which must have only one previous owner and fewer than 62,000 miles [2] - Each vehicle will undergo a 160-plus point check for compliance with business standards, including mechanical and cosmetic reconditioning [3] - The remaining balance of the company's 4-year/50,000-mile manufacturing warranty will apply to these vehicles, along with roadside assistance and an additional 12-month/12,000-mile limited warranty [3][4] - The program aims to enhance accessibility to Lucid vehicles while maintaining brand standards, providing clients with innovation, efficiency, and safety [4] Group 2: Market Outlook and Analyst Ratings - On December 8, 2025, Morgan Stanley downgraded Lucid Group from Equal Weight to Underweight, reducing its price target from $30 to $10 [5] - This downgrade is part of Morgan Stanley's 2026 forecast for the auto and shared mobility industries, reflecting a cautious outlook due to an anticipated "EV winter" lasting until next year [6] - The firm has become more optimistic regarding projections for internal combustion engines and hybrid vehicles [6]

Group 1: Lucid Group, Inc. (NASDAQ: LCID) - Morgan Stanley analyst Andrew Percoco downgraded Lucid Group from Equal-Weight to Underweight and cut the price target from $30 to $10 [1] - Jim Cramer recommended selling Lucid Group, indicating a negative outlook for the company [1] Group 2: ONEOK (NYSE: OKE) - ONEOK reported third-quarter earnings of $1.49 per share, exceeding the analyst consensus estimate of $1.43 per share [2] - The company also reported quarterly sales of $8.634 billion, surpassing the analyst consensus estimate of $8.530 billion [2] - Jim Cramer recommended buying ONEOK, highlighting its strong performance [1] Group 3: EchoStar Corporation (NASDAQ: SATS) - EchoStar's third-quarter revenue was $3.61 billion, which fell short of estimates of $3.75 billion and decreased from $3.89 billion in the same quarter last year [3] - Jim Cramer recommended selling EchoStar, stating that "the play is over" [2] Group 4: StubHub Holdings, Inc. (NYSE: STUB) - StubHub Holdings is experiencing significant financial losses, leading Jim Cramer to recommend staying away from the stock [3] - Wedbush analyst Scott Devitt maintained a Hold rating on StubHub Holdings and lowered the price target from $22 to $18 [3] Group 5: Price Action - ONEOK shares slipped 0.03% to settle at $71.67 [4] - Lucid Group shares gained 3.2% to close at $11.82 [4] - EchoStar shares rose 1.3% to close at $103.91 [4] - StubHub Holdings, Inc. shares fell 1.6% to settle at $13.77 [4]

Group 1: Lucid Group, Inc. (NASDAQ: LCID) - Morgan Stanley analyst Andrew Percoco downgraded Lucid Group from Equal-Weight to Underweight and cut the price target from $30 to $10 [1] - Jim Cramer recommended selling Lucid Group, indicating a negative outlook for the company [1] Group 2: ONEOK (NYSE: OKE) - ONEOK reported third-quarter earnings of $1.49 per share, beating the analyst consensus estimate of $1.43 per share [2] - The company also reported quarterly sales of $8.634 billion, surpassing the analyst consensus estimate of $8.530 billion [2] - Jim Cramer recommended buying ONEOK, highlighting its strong performance [2] Group 3: EchoStar Corporation (NASDAQ: SATS) - EchoStar's third-quarter revenue was $3.61 billion, falling short of estimates of $3.75 billion and down from $3.89 billion in the same quarter last year [3] - Jim Cramer recommended selling EchoStar, stating that "the play is over" [2][3] - Wedbush analyst Scott Devitt maintained a Hold rating on EchoStar and lowered the price target from $22 to $18 [3] Group 4: StubHub Holdings, Inc. (NYSE: STUB) - StubHub is experiencing significant financial losses, leading Jim Cramer to recommend staying away from the stock [3] - Wedbush analyst Scott Devitt maintained a Hold rating on StubHub Holdings and lowered the price target from $22 to $18 [3] Group 5: Price Action - ONEOK shares slipped 0.03% to settle at $71.67 [4] - Lucid Group shares gained 3.2% to close at $11.82 [4] - EchoStar shares rose 1.3% to close at $103.91 [4] - StubHub Holdings, Inc. shares fell 1.6% to settle at $13.77 [4]

Core Viewpoint - Lucid Group's stock has experienced significant declines this year, primarily due to substantial headwinds affecting its performance [1] Company Performance - The stock price of Lucid Group has fallen by 65% this year [1] - The market capitalization of Lucid Group has decreased from over $10.47 billion [1]

Company Overview & Challenges - Lucid Motors, originating as Atieva in 2007, rebranded and received major funding from Saudi Arabia's PIF in 2019 [8] - Despite critical acclaim and technological advantages, Lucid has struggled to achieve high production volumes, consistently falling short of its 20,000 units per year target [2][3] - The company faces challenges in scaling production, managing its supply chain, and achieving profitability [5][20][39] Product Strategy & Market Positioning - Lucid launched the Air sedan and subsequently the Gravity SUV, hoping the latter would boost sales [1][4] - The company is developing a mid-size platform targeting a $50,000 price range to address a larger market segment [28] - Lucid is expanding internationally, including establishing a factory in Saudi Arabia with a planned capacity of 155,000 vehicles per year [32][33] Financial Status & Future Outlook - Lucid's 2021 IPO raised $45 billion [1] - The company is currently not profitable, with production costs exceeding revenue in Q3 2025 [6][39] - As of Q3 2025, Lucid reported $55 billion in liquidity and $16 billion in cash, with enough runway to last through the first half of 2027 [45] Strategic Partnerships & Technological Advancements - Lucid is entering the robotaxi market through partnerships with Uber and Nuro, with Uber investing $300 million and planning to deploy 20,000 or more Gravity robotaxis [36][37] - The company emphasizes its in-house engineering and manufacturing capabilities, utilizing "software-defined manufacturing" for process optimization [16][17] Market Dynamics & Competition - The shift in market preference from sedans to SUVs impacted the sales of the Air sedan [12] - Lucid faces intense competition in the luxury EV segment from established players like Tesla, Mercedes, and Porsche [43] - The company is focusing on brand building, including a new marketing approach with a global brand ambassador [44]

Core Insights - Lucid Group's stock has declined over 60% since the beginning of the year, significantly underperforming compared to the S&P 500, which has risen approximately 13% during the same period [1] - Despite the bullish long-term outlook for electric vehicles (EVs), maintaining a position in Lucid may not be sensible due to the presence of competitors with clearer paths to profitability [2] Company Performance - Lucid's stock price has seen a dramatic decline, losing over 98% of its value since its peak of $580.50 per share five years ago when it was a SPAC [3][4] - For the quarter ending September 30, 2025, Lucid reported revenue of $336.6 million, a year-over-year increase of more than 68%, but operating cash burn rose to $756.6 million, up 63.5% from the previous year [5] - The company has been relying on dilutive equity sales and convertible bonds, primarily to its majority shareholder, Saudi Arabia's Public Investment Fund (PIF), which has contributed to long-term stock price erosion [6][8] Market Context - Recent changes in U.S. Federal EV policy have caused domestic sales to stall, yet long-term forecasts indicate that EVs will capture a larger share of the vehicle market [9] - Globally, EV sales have increased by 21% this year, indicating a positive trend in the overall market despite challenges faced by individual companies like Lucid [9]

Core Viewpoint - Lucid Motors, despite having advanced technology and strong financial backing, is struggling to attract customers and meet production targets, which poses a significant challenge for the company [3][5]. Production and Sales - Lucid is increasing production of its Gravity SUV but has only sold a few hundred units in 2025 due to supply chain issues [4][14]. - The company reported a net loss of nearly $1 billion in the third quarter, which was worse than Wall Street's expectations [5]. - Deliveries have increased for seven consecutive quarters, with a 47% rise over the third quarter of 2024 [14]. Market Position and Competition - Lucid's Air sedan is the top-selling electric full-size luxury sedan, with 10,241 vehicles delivered in 2023, a 71% increase from 2022 [9][10]. - However, the overall market for premium electric sedans is limited, as SUVs and crossovers dominate sales [12][13]. - Tesla's Model Y remains the best-selling vehicle globally, significantly outpacing Lucid's offerings [11]. Financial Health and Investment - Lucid's liquidity has been bolstered by a loan facility increase from $750 million to approximately $2 billion, bringing total liquidity to $5.5 billion [19]. - The company is about 55% owned by the Saudi Public Investment Fund, which has invested billions and shown patience during Lucid's production ramp-up [18][19]. Future Plans and Technology - Lucid is developing a mid-size crossover priced around $50,000 to compete in a more accessible market segment [21]. - The company is also investing in autonomous vehicle technology in partnership with Uber and Nvidia [20]. - Lucid claims its vehicles are 30% to 40% more efficient than competitors, which could lead to better margins despite current losses [22][23]. Marketing and Brand Awareness - Lucid faces challenges in brand awareness compared to established luxury brands, prompting a new marketing strategy featuring actor Timothee Chalamet as a brand ambassador [27]. - The company aims to shift its marketing focus from vehicle capabilities to the lifestyle associated with owning a Lucid vehicle [27].

Core Viewpoint - The European Commission has proposed to relax the 2035 ban on the sale of fuel vehicles, adjusting the new car "zero emissions" target to a "90% reduction" in emissions, allowing some fuel vehicles to remain in the market under specific conditions [1][3]. Policy Adjustments - The adjustment of the emission reduction policy is a significant change from the original 2021 target of a complete ban on new fuel vehicles by 2035, which aimed to force the automotive industry towards electrification [3]. - The latest proposal allows for a 90% reduction in emissions compared to 2021 baseline levels, with the remaining 10% potentially offset by using low-carbon steel, synthetic fuels, or non-food biofuels [3][4]. Industry Reactions - Major European automakers, including Volkswagen and Stellantis, have expressed concerns about weak demand for electric vehicles and have called for relaxed carbon emission targets [4]. - German automakers like BMW and Volkswagen support the proposal, viewing it as a pragmatic approach that aligns with current market realities [4]. Internal Divisions - There are significant divisions within the EU regarding the adjustment of the fuel vehicle ban, with some member states advocating for "technological openness" while others, including environmental organizations, oppose the relaxation of policies [5]. - Companies like Volvo and Polestar have voiced strong opposition to the policy shift, arguing it undermines the commitment to electrification and damages trust in EU regulations [5]. Market Dynamics - The European automotive industry is facing structural pressures, with hybrid vehicle registrations increasing while gasoline vehicle registrations have declined [7]. - The cost pressures from high energy prices and tariffs have further complicated the transition to electric vehicles, leading to profit declines among major German automakers [7][8]. Long-term Trends - Despite current challenges, the long-term trend towards electrification remains strong, with the market share of electric vehicles in the EU continuing to grow [8]. - In the first ten months of 2025, new registrations of pure electric vehicles reached approximately 1.47 million, representing a market share of 16.4%, an increase from 13.2% in the previous year [8].