Summary by Moomoo AI
On April 19, 2024, Lucid Group, Inc. received a letter from the United States Securities and Exchange Commission (SEC) regarding its Form 10-K for the fiscal year ended December 31, 2023, which was filed on February 27, 2024. The SEC's review was limited to the financial statements and related disclosures. The SEC has requested Lucid Group to provide additional information and expand disclosures on several matters within ten business days. These include insights into the increase in inventory and firm purchase commitments write-downs, material assumptions used in determining the allowance for excess or obsolete inventory, and details on current and future demand forecasts. The SEC also asked for future disclosures of revenues and long-lived assets attributed to Lucid Group's country of domicile and foreign countries, as well as clarification on revenue recognition policies for vehicle sales under the EV Purchase Agreement and related party transactions. Lucid Group's management is reminded of their responsibility for the accuracy and adequacy of their disclosures.