Lucid Group elects Douglas Grimm to its board

NEWARK, Calif. - Lucid Group, Inc. (NASDAQ: LCID), known for producing advanced electric vehicles, has announced the immediate appointment of Douglas Grimm to its board of directors. The decision was made during Lucid’s 2025 Annual Meeting of Stockholders held today. According to InvestingPro data, Lucid currently maintains a market capitalization of $6.5 billion and holds more cash than debt on its balance sheet, though analysts note the company is quickly burning through its cash reserves.

Grimm brings a wealth of experience to Lucid’s board, having held key executive roles at notable automotive companies such as Chrysler Corporation and various global automotive suppliers. His expertise spans across manufacturing, strategic sourcing, and quality assurance in the automotive sector.

Currently, Grimm is the CEO of V-to-X, LLC, which specializes in advising and investing in the mobility sector. His previous leadership roles include President and COO at Metaldyne Performance Group and founding Grede Holdings LLC, which later merged into MPG. He has also held executive positions at Dana Corporation and Visteon.

In addition to joining Lucid’s board, Grimm serves as Chairman of the Board for Blue Bird Corporation and Electrical Components International, Inc. (ECI), and holds board positions at Lumileds and Pangea Corporation.

Turqi Alnowaiser, Chairman of the Lucid Board of Directors, expressed confidence in Grimm’s ability to contribute valuable insights to the company, given his proven leadership in the automotive and manufacturing industries.

Lucid’s board now consists of eight members, including re-elected directors such as Alnowaiser, Lisa M. Lambert, Andrew Liveris, Nichelle Maynard-Elliott, Chabi Nouri, Ori Winitzer, and Janet S. Wong.

Lucid Group, headquartered in Silicon Valley, is recognized for its high-performance, sophisticated design, and energy-efficient electric vehicles, including the Lucid Air and the upcoming Lucid Gravity. The company prides itself on its vertically integrated manufacturing process at its Arizona factory and its contributions to advancing electric vehicle technology. Recent InvestingPro analysis shows the company achieved 41% revenue growth in the last twelve months, though it faces challenges with negative gross profit margins. For deeper insights into Lucid’s financial health and growth prospects, investors can access comprehensive analysis through InvestingPro’s detailed research reports, available for over 1,400 US stocks.

This news is based on a press release statement from Lucid Group. InvestingPro data reveals the company maintains a healthy current ratio of 3.32, indicating strong short-term liquidity, while analysts have recently revised their earnings expectations upward for the upcoming period. Subscribers to InvestingPro can access 8 additional key insights about Lucid’s financial position and future prospects.

In other recent news, Lucid Group, Inc. has announced a multi-year supply agreement with Graphite One, ensuring a steady supply of American-sourced natural graphite, which will begin in 2028. This agreement is part of Lucid’s strategy to strengthen its US-based supply chain, crucial for the production of Lithium-Ion batteries used in their electric vehicles. Additionally, Lucid has partnered with Syrah Resources to procure natural graphite anode material starting in 2026 from a facility in Louisiana.

Analyst firm Stifel has maintained a Hold rating for Lucid, citing the company’s strong first-quarter performance in 2025 and the anticipated boost from the upcoming Lucid Gravity model. However, concerns about Lucid’s cash burn and potential need for additional capital influenced the decision to keep the Hold rating. Cantor Fitzgerald also maintained a Neutral rating on Lucid, highlighting the company’s confirmed production guidance of 20,000 vehicles for fiscal year 2025 and its strong partnership with the Public Investment Fund.

Lucid’s recent expansion includes the opening of a new Studio and Service Center in Rutherford, New Jersey, marking its 43rd location in North America. This move is part of Lucid’s broader strategy to meet the growing demand for electric vehicles and enhance customer accessibility and service. The company has also commenced production of its Air Gravity SUV, with initial deliveries beginning in the first half of 2025, and plans to launch the Gravity Touring model later that year.

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