Photo: Lucid Motors | Edited
Lucid Motors disappointed analysts and investors with lackluster first-quarter performance and questionable delivery estimates for the rest of the year. Still, there's a light at the end of the tunnel: the upcoming Gravity SUV. Lucid said the new model is on track for 2024 production and offered bullish estimates.
Last year, Lucid announced the Gravity SUV, its second model in the lineup next to the Air sedan. The electric crossover built on the same platform as the Air can sell in higher numbers, offering Lucid Motors a competitive advantage. It's also seen as Lucid's only chance of escaping bankruptcy now that the Air sales have proven insufficient for Lucid's survival. Lucid problems stem from its main product competing head-on with Tesla in a shrinking market.
The Gravity SUV should benefit from a bigger market segment, with sales expected to surpass Air numbers. Lucid hinted that the Gravity SUV would have not only the longest range in its segment but also all EVs except the Lucid Air. The sedan impressed everyone with its 520-mile (840-km) EPA range, so expect the Gravity SUV to aim for around 450 miles (725 km). Its main competitor, the Tesla Model X, has a maximum range of 348 miles (560 km) in AWD configuration. The Model S tops at 405 miles (650 km), far below the Lucid Air.
Still, Elon Musk dismissed Lucid's claims and said Tesla could offer at least the same range as Lucid, but that would not help efficiency. The range is not the only thing that matters, and surveys indicated that most Americans are satisfied with anything above the 300-mile mark. Nevertheless, Lucid is proud of its cars' efficiency and announced that other OEMs want to license its drivetrain technology.
Lucid was not shy when it started testing the Gravity prototypes on public roads. Unlike other carmakers, which often cover their prototypes and try to deceive onlookers, Lucid lets it out in the open and even puts its social media accounts on the prototype for all to know. This points to the fact that Lucid is literally begging for attention right now. It certainly is the case, especially now, as its financial results suggest the ship is sinking.
The Gravity SUV might not be the sales driver Lucid expects, considering it would be more expensive than the Air. In harsh economic conditions, people's appetite for buying $100K+ cars might wane, a trend also affecting Tesla. Yet, Lucid is optimistic as it entered the road-testing phase at the end of April.
The EV startup is confident the SUV will be ready to launch later in 2023, with production on track for 2024. Hopefully, Lucid will see sales of the Gravity SUV taking off before filing for bankruptcy. The company executives admitted that the cash reserves would only last until the second quarter of 2024.
The Gravity SUV should benefit from a bigger market segment, with sales expected to surpass Air numbers. Lucid hinted that the Gravity SUV would have not only the longest range in its segment but also all EVs except the Lucid Air. The sedan impressed everyone with its 520-mile (840-km) EPA range, so expect the Gravity SUV to aim for around 450 miles (725 km). Its main competitor, the Tesla Model X, has a maximum range of 348 miles (560 km) in AWD configuration. The Model S tops at 405 miles (650 km), far below the Lucid Air.
Still, Elon Musk dismissed Lucid's claims and said Tesla could offer at least the same range as Lucid, but that would not help efficiency. The range is not the only thing that matters, and surveys indicated that most Americans are satisfied with anything above the 300-mile mark. Nevertheless, Lucid is proud of its cars' efficiency and announced that other OEMs want to license its drivetrain technology.
Lucid was not shy when it started testing the Gravity prototypes on public roads. Unlike other carmakers, which often cover their prototypes and try to deceive onlookers, Lucid lets it out in the open and even puts its social media accounts on the prototype for all to know. This points to the fact that Lucid is literally begging for attention right now. It certainly is the case, especially now, as its financial results suggest the ship is sinking.
The Gravity SUV might not be the sales driver Lucid expects, considering it would be more expensive than the Air. In harsh economic conditions, people's appetite for buying $100K+ cars might wane, a trend also affecting Tesla. Yet, Lucid is optimistic as it entered the road-testing phase at the end of April.
The EV startup is confident the SUV will be ready to launch later in 2023, with production on track for 2024. Hopefully, Lucid will see sales of the Gravity SUV taking off before filing for bankruptcy. The company executives admitted that the cash reserves would only last until the second quarter of 2024.
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