Regardless of admitting “the market is hard,” Lucid Motor’s (LCID) CEO Peter Rawlinson mentioned the posh EV maker is outpacing its rivals.
With almost 2,800 automobiles delivered in Q3, Lucid broke its quarterly file for the third consecutive time this yr.
Though deliveries are choosing 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 purpose.
“The market is hard,” Rawlinson instructed Semafor’s Liz Hoffman. Nonetheless, he added, “the precise gross sales numbers of EVs are rising.”
Rawlinson defined, “It’s simply that the speed of improve was not what we anticipated. It’s like saying there’s inflation, however the price of inflation is much less.”
Lucid continues to be outpacing many luxurious rivals
Regardless of the decrease outlook, Lucid continues to be outpacing a lot of its luxurious rivals. Rawlinson mentioned patrons have been “ill-served by underwhelming choices from conventional automakers that haven’t gone all-in on electrical.”
Lucid’s CEO says these corporations have “not been capable of as a result of they’ve not bought the expertise, and so they’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 significantly increase its market. Based on Lucid, the Gravity will begin at below $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. Will probably be the primary of Lucid’s lower-priced midsize fashions, beginning at below $50,000.
Electrek’s Take
Regardless of some media headlines claiming “electrical automobile gross sales are stumbling,” many corporations simply set new gross sales data within the third quarter.
Within the US, a file 346,309 EVs had been offered within the third quarter, up 11% from Q3 2023. Electrical automobile share of complete gross sales reached its highest stage 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 did not sustain with the shift to a digital, electrical period. Patrons need the most recent, most superior tech, options, and connectivity. And electrical automobiles supply that.
In Rawlinson’s phrases, “In the event you like driving quick automobiles, it’s a should. In the event you like plenty of legroom and luxury, it’s a should. In the event you like a pleasant, quiet and cozy experience, it’s a should. And if you wish to save the planet, it’s a should.”
Based on Rawlinson, manufacturing just isn’t the issue. “Our downside is market demand, and that’s very a lot a perform of name consciousness.”
The corporate’s chief mentioned these not thinking about automobiles “received’t hassle to search out out that Lucid exists.” As an alternative, they’ll “simply go to your Mercedes supplier each three years as a result of you possibly can’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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