While admitting that “the market is tough,” Lucid Motor's (LCID) chief executive Peter Rawlinson said the luxury car maker is outperforming its rivals.
With nearly 2,800 vehicles delivered in Q3, Lucid broke its quarterly record for the third time in a row this year.
Although deliveries are increasing, production at its Casa Grande, Arizona plant is declining. Lucid built 1,805 EVs in the past three months, down from 2,110 in Q2.
Two years ago, Lucid was expected to build 90,000 vehicles by 2024. Now, its production goal is 9,000 per year, which means Lucid will need to make another 3,359 cars in the fourth quarter to reach its goal.
“The market is tough,” Rawlinson said This is Semafor's place Liz Hoffman. However, he added, “the actual sales figures for EVs are growing.”
Rawlinson explained, “It's just that the rate of increase was not what we expected. It is like there is inflation, but the rate of inflation is small.”
Lucid still outperforms many luxury competitors
Despite the low-end concept, Lucid still outperforms many of its luxury competitors. Rawlinson said that consumers “have been given little help from traditional automakers that haven't gone completely electric.”
A Lucid executive says those companies “couldn't because they don't have the technology, and they don't have the long-term commitment.”
Rawlinson boasted, “We're selling the Mercedes EQS. We sell a lot of Porsche Taycan. We sell without [Audi] in Tron. We are out to sell BMW Ice.” In some markets, Lucid's Air even outsells the Tesla Model S.
In accordance with Cox AutomotiveLucid sold 5,766 air models in the US through September, up 35% from last year. That's more than the Audi e-tron (2,066) and the Porsche Taycan (4,072).
Lucid plans to start building its first electric SUV, the Gravity, later this year which is expected to greatly expand its market. According to Lucid, the Gravity will start under $80,000 with a range of over 440 miles.
Before its launch, Lucid announced plans to sell 262.4 million shares of common stock in a new public offering.
Last month, Lucid teased its new mid-size electric SUV. It will be the first of Lucid's lower mid-range models, starting under $50,000.
Electrek's Take
Despite some headlines saying “electric vehicle sales are stumbling,” many companies recently set new sales records in the third quarter.
In the US, 346,309 EVs were sold in the third quarter, up 11% from Q3 2023. Total electric vehicle sales reached an all-time high of 8.9%, up from 7.8% in Q3 2023.
Maybe Lucid's CEO has a point. People have been “disserved” by car manufacturers who have failed to keep up with the transition to the digital, electronic age. Consumers want the newest, most advanced technology, features, and connectivity. And electric cars provide that.
In Rawlinson's words, “If you like to drive fast cars, you should. If you like lots of legs and comfort, it's a must. If you like a nice, quiet and comfortable trip, it's a must. And if you want to save the planet, it is necessary. “
According to Rawlinson, productivity is not the problem. “Our problem is market demand, and that's a lot of product awareness work.”
The leader of this company said that those who do not like cars “will not bother to find out that Lucid exists. Instead, “they'll just go to your Mercedes dealer every three years because you can't beat the three-pointed star as a product.” This is where Lucid looks to make a difference as it enters the next phase of growth.
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