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 document 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 aim.
“The market is hard,” Rawlinson advised 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 fee 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 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 capable of as a result of they’ve not obtained the expertise, they usually’ve not obtained 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.
In line with Cox Automotive, Lucid bought 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. In line with 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 frequent inventory by way of a brand new public providing.
Final month, Lucid teased its new midsize electrical SUV. It will likely 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 automobile gross sales are stumbling,” many firms simply set new gross sales information within the third quarter.
Within the US, a document 346,309 EVs had been bought within the third quarter, up 11% from Q3 2023. Electrical automobile share of whole gross sales reached its highest degree at 8.9%, up from 7.8% in Q3 2023.
Maybe Lucid’s CEO has some extent. Folks have been “ill-served” by automakers which have did not 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, “When you like driving quick automobiles, it’s a should. When you like plenty of legroom and luxury, it’s a should. When you like a pleasant, quiet and cozy trip, it’s a should. And if you wish to save the planet, it’s a should.”
In line with Rawlinson, manufacturing is just not the issue. “Our drawback is market demand, and that’s very a lot a operate of name consciousness.”
The corporate’s chief stated these not keen on automobiles “gained’t trouble to seek out out that Lucid exists.” As an alternative, they’ll “simply go to your Mercedes vendor each three years as a result of you may’t beat the three-pointed star as a model.” That’s the place Lucid seems to make the distinction because it enters its subsequent progress stage.
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