Follow him on Twitter for the latest tech stock coverage. Follow @tmfnewsie Luxury electric vehicle maker Lucid Motors has attracted a lot of interest from investors recently. The company recently announced plans to go public through a reverse merger with Churchill Capital Corp IV ( NYSE:CCIV ), a special purpose acquisition company (SPAC). You can read a full breakdown of Lucid Motors stock over at Millennial Money, but I'm going to talk here about how many vehicles it plans to manufacture this year, and how long it could take to ramp up to full production. Lucid Motors finished the first phase of its 999,000-square-foot Casa Grande, Arizona, factory in December, and management says that it will start production of the fully electric Lucid Air by this spring. So how many of the vehicles will it make this year? About 7,000 at the most. While the company says the Arizona facility already has the capacity to produce 30,000 vehicles per year, investors should remember that building cars, particularly during the early stages of production, is very difficult. Let's not forget that Tesla CEO Elon Musk described his company as being in "production hell" when it was in the early months of manufacturing its Model 3 in 2017 -- and that period occurred after Tesla had about 10 years of vehicle production experience under its belt. If a company like Tesla suffered through ramp-up problems on a new model even after it had built several vehicles, you can bet that Lucid Motors will have some growing pains in the first year (or more) of production of its first model. Lucid says that it will continue expanding its Arizona factory, increasing its square footage to 5.1 million by 2028, and will eventually reach an annual capacity of 365,000 vehicles. But that will take time. Keep in mind that Tesla just had its first year with 500,000 vehicle deliveries in 2020. How Lucid plans to avoid "production hell" Lucid's execs have made several comments indicating that they plan to do things a little bit differently than Tesla, in ways they hope will allow them to avoid some of their competitors' mistakes. One aspect of that plan is their strategy of limiting Lucid's factory capacity to only what it needs right now. Peter Hochholdinger, Lucid's vice president of manufacturing and a former Tesla employee, told Axios in January, "Production hell means you didn't plan very well." Ouch. Now, those are some bold words from a company that has yet to sell a single commercial vehicle yet, but it shows that Lucid really wants to get its vehicle production right. By intentionally starting with limited vehicle production in 2021 and not building a huge factory upfront, the company thinks it can be more efficient and avoid some pitfalls that tripped up Tesla as it raced to boost its output. Over the next two years, Lucid will work on expanding its Arizona facility while also gearing up for its next vehicle, the Gravity SUV. When the next phase of the factory expansion is completed, Lucid says it will be able to produce 90,000 vehicles per year.https://www.fool.com/investing/2021/03/02/heres-how-many-vehicles-lucid-motors-will-produce/
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The Texas oil giant declined a request for an interview. On Wednesday, Exxon outlined a five-year plan to increase its earnings and grow its dividend while working to lower emissions in support of the Paris climate goals. The moves by the activist investors like Viviano, Shaw and Engine No. 1 are not only sending shudders through the boardrooms of energy companies, but also oil fields in Texas and around the globe, where efforts to cut investment in drilling projects would be keenly felt. While used to criticism on climate change, oil companies have not expected big hedge funds and private equity firms to join in and launch shareholder campaigns to oust directors and change business practices, said Andrew Logan, senior director of oil and gas at Ceres, a non-profit that advises investors in sustainable investing. “A proxy fight is a $10-to-$15 million bill. You have to mail the ballots out to every investor and hire proxy firms and PR. It’s like running a political campaign,” he said. “It raises the stakes for the industry as a whole. You see companies moving faster even without a campaign against them because they know it’s in the quiver of investors.” Investors want to see oil companies decrease the number of expensive exploration projects and clean up their operations. The thinking goes that the world won’t need as much oil in the future, and what it does need will have to have small greenhouse gas footprint. So-called sustainability investors have pushed that view for years, even as American oil companies downplayed such an outlook, trumpeting projections that petroleum demand will continue to climb for decades. With the coronavirus pandemic depressing oil demand and prices, the oil industry’s finances fell into disarray. Last year, the credit ratings firm Moody’s downgraded 68 oil and gas companies worldwide, more than twice as many as the year before. At the same time, oil companies are losing the support of large financial institutions such as JP Morgan Chase and Bank of America, which have announced plans to shift their investment portfolios away from fossil fuels towards reaching carbon neutrality by mid-century. On HoustonChronicle.com: The era of electric cars is coming faster than anyone thought “In the end society is lining up with this objective,” Mark Carney, former governor of the Bank of England and now vice chairman of a New York investment firm, said during a recent event hosted by Bloomberg Live. “You’re left with three options.https://www.houstonchronicle.com/business/energy/article/Activist-climate-investors-pose-new-threat-to-oil-15999885.php