Lucid (LCID) is outpacing luxury rivals despite slower EV market

Regardless of admitting “the market is hard,” Lucid Motor’s (LCID) CEO Peter Rawlinson stated the luxurious EV maker is outpacing its rivals.

With almost 2,800 autos delivered in Q3, Lucid broke its quarterly document for the third consecutive time this yr.

Though deliveries are choosing 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 yr, that means Lucid might want to make one other 3,359 autos within the fourth quarter to hit its aim.

“The market is hard,” Rawlinson instructed Semafor’s Liz Hoffman. Nevertheless, 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 price of inflation is much less.”

Lucid continues to be outpacing many luxurious rivals

Regardless of the decrease outlook, Lucid continues to be outpacing lots of its luxurious rivals. Rawlinson stated patrons 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 obtained the know-how, and so they’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 accordance with Cox Automotive, Lucid bought 5,766 Air fashions within the US by 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 enormously develop its market. In accordance with Lucid, the Gravity will begin at underneath $80,000 with over 440 miles vary.

Forward of its debut, Lucid announced plans to promote 262.4 million shares of widespread inventory by a brand new public providing.

Final month, Lucid teased its new midsize electric 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 automobile gross sales are stumbling,” many firms simply set new gross sales data 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 complete 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 latest, 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 plenty of legroom and luxury, it’s a should. In case you like a pleasant, quiet and comfy trip, it’s a should. And if you wish to save the planet, it’s a should.”

In accordance with Rawlinson, manufacturing is just not the issue. “Our downside is market demand, and that’s very a lot a operate of brand name consciousness.”

The corporate’s chief stated these not enthusiastic about automobiles “gained’t trouble to seek out out that Lucid exists.” As a substitute, they’ll “simply go to your Mercedes vendor each three years as a result of you possibly can’t beat the three-pointed star as a model.” That’s the place Lucid seems to be to make the distinction because it enters its subsequent progress stage.