Lucid stocks are down 9.5%, following the news of missed revenue targets and lower-than-expected delivery numbers. The company projected 2,813 delivered for Q4 but ended up with just under 2K.
Not all bad. Full-year production for the EV maker topped forecasts at 7,180 compared to 6,000-7,000 estimates. Although, those estimates were walked down from 20K throughout 2022.
Stellantis will pay workers a profit-sharing check of up to $14,760. Record annual profits (up 26%) will also pay out nearly $4.5B to shareholders.
Up, up, and away. Net profits were not the only double-digit growth for the brand, as it increased annual battery and EV sales by 41% globally to 288K sales. This is kind of crazy for a company that is essentially only about two years old.
Toyota will begin production of electric SUVs in the US in 2025. The company has maintained a critical distance from EV adoption; however, a recent decision by the longtime CEO to entrust control to Lexus head Koji Sato may prove there is still time to grab a piece of the booming market.
Raising raises. Since Toyota is one of Japan's biggest employers, its labor talks often set a tone for other major companies. The automaker agreed to the highest raise in 20 years in the interest of combatting inflation. Shortly after Toyota’s announcement, Honda agreed to a 5% raise for its workers. The specific amount of the Toyota raise is not disclosed at this time.