Regardless of admitting “the market is hard,” Lucid Motor’s (LCID) CEO Peter Rawlinson stated the posh EV maker is outpacing its rivals.
With practically 2,800 automobiles delivered in Q3, Lucid broke its quarterly report for the third consecutive time this yr.
Though deliveries are selecting up, manufacturing at its Casa Grande, Arizona plant is slipping. Lucid constructed 1,805 EVs over the past three months, down from 2,110 in Q2.
Two years in the past, Lucid anticipated to construct 90,000 automobiles in 2024. Now, its manufacturing goal is 9,000 for the yr, which means Lucid might want to make one other 3,359 automobiles within the fourth quarter to hit its objective.
“The market is hard,” Rawlinson instructed Semafor’s Liz Hoffman. Nevertheless, he added, “the precise gross sales numbers of EVs are rising.”
Rawlinson defined, “It’s simply that the speed of enhance was not what we anticipated. It’s like saying there’s inflation, however the fee of inflation is much less.”
Lucid remains to be outpacing many luxurious rivals
Regardless of the decrease outlook, Lucid remains to be outpacing a lot of its luxurious rivals. Rawlinson stated consumers have been “ill-served by underwhelming choices from conventional automakers that haven’t gone all-in on electrical.”
Lucid’s CEO says these firms have “not been in a position to as a result of they’ve not bought the expertise, they usually’ve not bought the long-term dedication.”
Rawlinson boasted, “We’re outselling the Mercedes EQS. We’re outselling the Porsche Taycan. We’re outselling the [Audi] eTron. We’re out promoting BMW Ice.” In some markets, Lucid’s Air is even outselling the Tesla Mannequin S.
Based on Cox Automotive, Lucid offered 5,766 Air fashions within the US by way of September, up 35% from final yr. That’s greater than the Audi e-tron (2,066) and Porsche Taycan (4,072).
Lucid plans to start constructing its first electrical SUV, the Gravity, later this yr that’s anticipated to vastly increase its market. Based on Lucid, the Gravity will begin at underneath $80,000 with over 440 miles vary.
Forward of its debut, Lucid introduced plans to promote 262.4 million shares of widespread inventory by way of a brand new public providing.
Final month, Lucid teased its new midsize electrical SUV. It is going to be the primary of Lucid’s lower-priced midsize fashions, beginning at underneath $50,000.
Electrek’s Take
Regardless of some media headlines claiming “electrical car gross sales are stumbling,” many firms simply set new gross sales information within the third quarter.
Within the US, a report 346,309 EVs had been offered within the third quarter, up 11% from Q3 2023. Electrical car share of complete gross sales reached its highest degree at 8.9%, up from 7.8% in Q3 2023.
Maybe Lucid’s CEO has a degree. Folks have been “ill-served” by automakers which have didn’t sustain with the shift to a digital, electrical period. Consumers need the most recent, most superior tech, options, and connectivity. And electrical automobiles provide that.
In Rawlinson’s phrases, “Should you like driving quick vehicles, it’s a should. Should you like a lot of legroom and luxury, it’s a should. Should you like a pleasant, quiet and comfy trip, it’s a should. And if you wish to save the planet, it’s a should.”
Based on Rawlinson, manufacturing will not be the issue. “Our downside is market demand, and that’s very a lot a perform of brand name consciousness.”
The corporate’s chief stated these not concerned about vehicles “received’t hassle to seek out out that Lucid exists.” As an alternative, they’ll “simply go to your Mercedes seller each three years as a result of you’ll be able to’t beat the three-pointed star as a model.” That’s the place Lucid appears to be like to make the distinction because it enters its subsequent progress stage.
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