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 autos delivered in Q3, Lucid broke its quarterly document for the third consecutive time this 12 months.
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 autos in 2024. Now, its manufacturing goal is 9,000 for the 12 months, which means Lucid might want to make one other 3,359 autos within the fourth quarter to hit its objective.
“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 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 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 received the know-how, and so they’ve not received 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 via September, up 35% from final 12 months. 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 12 months that’s anticipated to drastically increase its market. Based on Lucid, the Gravity will begin at beneath $80,000 with over 440 miles vary.
Forward of its debut, Lucid introduced plans to promote 262.4 million shares of frequent inventory via 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 beneath $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 document 346,309 EVs had been offered within the third quarter, up 11% from Q3 2023. Electrical automobile share of whole gross sales reached its highest stage at 8.9%, up from 7.8% in Q3 2023.
Maybe Lucid’s CEO has a degree. Individuals 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 autos supply that.
In Rawlinson’s phrases, “Should you like driving quick automobiles, it’s a should. Should you like numerous legroom and luxury, it’s a should. Should you like a pleasant, quiet and cozy journey, it’s a should. And if you wish to save the planet, it’s a should.”
Based on Rawlinson, manufacturing shouldn’t be the issue. “Our downside is market demand, and that’s very a lot a operate of brand name consciousness.”
The corporate’s chief mentioned these not focused on automobiles “received’t trouble to search out out that Lucid exists.” As a substitute, they’ll “simply go to your Mercedes vendor each three years as a result of you possibly can’t beat the three-pointed star as a model.” That’s the place Lucid seems to be to make the distinction because it enters its subsequent progress stage.
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