Lucid Motors (LCID) CEO Peter Rawlinson said the luxury EV maker was outperforming its competitors, although he acknowledged it was a “tough market”.
With nearly 2,800 vehicles delivered in the third quarter, Lucid set a new quarterly record for the third consecutive time this year.
Although deliveries are increasing, production at the Casa Grande, Arizona, plant is down. Lucid built 1,805 EVs in the past three months, down from 2,110 in the second quarter.
Two years ago, Lucid expected to produce 90,000 vehicles in 2024. The current annual production target is 9,000 units. That means Lucid will need to build an additional 3,359 vehicles in the fourth quarter to reach its goal.
“The market is tough,” Rawlinson told Semaphore’s Liz Hoffman. However, he added, “The actual sales volume of EVs is increasing.”
“The rate of increase just wasn’t what we expected. It’s like saying inflation is low when inflation is happening,” Rawlinson said.
Lucid still outperforms many luxury rivals
Despite the poor outlook, Lucid still outperforms many of its luxury rivals. Mr Rawlinson said buyers were being “penalized by an overwhelming offering from traditional automakers who are not fully committed to electrification”.
Lucid’s CEO said these companies “couldn’t do it because they didn’t have the technology and they didn’t have the long-term commitment.”
“We’re ahead of the Mercedes EQS,” Rawlinson boasted. We outsell the Porsche Taycan. We are ahead of the (Audi) eTron. BMW Ice is now on sale. ” In some markets, Lucid’s Air even outsells the Tesla Model S.
Lucid sold 5,766 Air models in the U.S. through September, a 35% increase from a year ago, according to Cox Automotive. This is more than the Audi e-tron (2,066 units) and Porsche Taycan (4,072 units).
Lucid plans to begin manufacturing its first electric SUV, Gravity, later this year, which is expected to significantly expand the market. According to Lucid, Gravity will cost less than $80,000 and have a range of more than 440 miles.
Prior to its debut, Lucid announced plans to sell 262.4 million shares of its common stock through an initial public offering.
Last month, Lucid teased a new midsize electric SUV. This will be Lucid’s first low-cost midsize model, with prices starting under $50,000.
Electrek’s view
Despite some media headlines reporting that “electric vehicle sales are slowing,” many companies just set sales records in the third quarter.
In the US, 346,309 EVs were sold in the third quarter, an all-time high, an 11% increase from the third quarter of 2023. The share of electric vehicles in total sales reached its highest level at 8.9%, up from 7.8% in Q3 2023.
Perhaps Lucid’s CEO has a point. People have been ‘disadvantaged’ by car manufacturers who have failed to keep up with the transition to the digital electric age. Buyers are looking for the latest, cutting-edge technology, features, and connectivity. And electric cars provide that.
In Rawlinson’s words: “If you like driving fast cars, it’s a must-see. If you like extra legroom and comfort, it’s a must-see. If you like a nice, quiet, comfortable ride, it’s a must-see. It’s a must. And if we want to save the planet, it’s a must.”
Manufacturing is not the issue, according to Rawlinson. “Our issue is market demand, and that is largely dependent on brand awareness.”
A company leader said that people who aren’t interested in cars “wouldn’t go out of their way to find out about Lucid.” Instead, they say, “As a brand, nothing beats the three-pointed star, so we just go to a Mercedes dealer every three years.” As Lucid enters its next phase of growth, it’s looking to make a difference. There it is.
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