Lucid Lingers Near Its Lows

Shares of luxury electric vehicle maker Lucid Group continue to linger near all-time lows after disappointing third-quarter productions and delivery data. 📋

Before the opening bell, it disclosed that it produced 1,550 vehicles during the third quarter, down 28.7% QoQ and 32.1% YoY. It also had more than 700 vehicles in transit for final assembly. As for deliveries, they were up 3.8% QoQ and 4.2% YoY to 1,457 vehicles. 🏭

Overall, investors remain concerned about the company’s ability to ramp up production. While a second-quarter equity offering and private placement improved its liquidity position, its cash-burn rate remains alarmingly high amid industry pricing pressure and slowing demand.

The company will report all of its third-quarter financial results on November 7th. But for now, $LCID shares fell 5% on the day and are now just 3% above last week’s all-time low. ⚡

AI’s Copyright Crisis Begins

We all knew copyright law would be a key issue at the heart of the artificial intelligence (AI) revolution, but we didn’t know when. Well, the time has come. ⌛

Today, The New York Times filed a lawsuit against Microsoft and OpenAI, accusing them of infringing copyright and abusing the newspaper’s intellectual property. In its court filing, the publisher said it looks to hold the two companies accountable for the “unlawful copying and use of The Times’s uniquely valuable works,” claiming billions in statutory and actual damages.

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Thailand Scores Major EV Win

Thailand has been helping lead the electric vehicle (EV) push, with the second-biggest economy in Southeast Asia looking to achieve carbon neutrality by 2050. ♻️

The country is known as the “Detroit of Asia,” serving as a major manufacturing hub. As part of that, it’s looking to make 30% of its car output electric by 2030 so that it doesn’t lose its leadership position in the EV transition. Its government is putting up major funds to help fund that, approving $970 million in tax cuts and subsidies to help encourage demand and boost local production. ⚡

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Nio & Nikola’s Never-Ending Story

No matter the day, there seems to be an endless stream of electric vehicle (EV) industry news. Let’s get into today’s headlines. 📰

First up is China’s Nio, which just received an additional $2.2 billion investment from Abu Dhabi’s CYVN Holdings, which raised its stake to 20.1%. The fund had last invested in Nio during July, with a $1 billion investment. 

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JetBlue Jumps As Icahn Accumulates

It’s been a rough few months for JetBlue shareholders after the airline’s merger with Spirit Airlines was blocked by U.S. regulators. However, the stock is popping after hours on news that a billionaire hedge fund manager is dumpster diving and sees value in the stock. 💸

Activist investor Carl Icahn reported a nearly 10% stake, which he’s accumulated on the belief that the stock is undervalued following its recent selloff. He’s already had discussions with the company regarding possibly attaining board representation.

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