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 file 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 during the last 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 growing.”
Rawlinson defined, “It’s simply that the speed of improve was not what we anticipated. It’s like saying there’s inflation, however the charge of inflation is much less.”
Lucid remains to be outpacing many luxurious rivals
Regardless of the decrease outlook, Lucid remains to be outpacing lots of its luxurious rivals. Rawlinson mentioned 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.
In keeping with Cox Automotive, Lucid bought 5,766 Air fashions within the US by 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 develop its market. In keeping 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 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 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 file 346,309 EVs have been bought within the third quarter, up 11% from Q3 2023. Electrical car share of whole gross sales reached its highest stage 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 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 provide that.
In Rawlinson’s phrases, “In case you like driving quick automobiles, it’s a should. In case you like numerous legroom and luxury, it’s a should. In case you like a pleasant, quiet and comfy journey, it’s a should. And if you wish to save the planet, it’s a should.”
In keeping with Rawlinson, manufacturing isn’t the issue. “Our drawback is market demand, and that’s very a lot a operate of name consciousness.”
The corporate’s chief mentioned these not concerned about 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 may’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.
FTC: We use revenue incomes auto affiliate hyperlinks. Extra.
