Despite admitting “the market is tough,” Lucid Motor’s (LCID) CEO Peter Rawlinson said the luxury EV maker is outpacing its rivals.
With nearly 2,800 vehicles delivered in Q3, Lucid broke its quarterly record for the third consecutive time this year.
Although deliveries are picking up, production at its Casa Grande, Arizona plant is slipping. Lucid built 1,805 EVs over the last three months, down from 2,110 in Q2.
Two years ago, Lucid expected to build 90,000 vehicles in 2024. Now, its production target is 9,000 for the year, meaning Lucid will need to make another 3,359 vehicles in the fourth quarter to hit its goal.
“The market is tough,” Rawlinson told Semafor’s Liz Hoffman. However, he added, “the actual sales numbers of EVs are increasing.”
Rawlinson explained, “It’s just that the rate of increase was not what we anticipated. It’s like saying there’s inflation, but the rate of inflation is less.”
Lucid is still outpacing many luxury rivals
Despite the lower outlook, Lucid is still outpacing many of its luxury rivals. Rawlinson said buyers have been “ill-served by underwhelming offerings from traditional automakers that haven’t gone all-in on electric.”
Lucid’s CEO says those companies have “not been able to because they’ve not got the technology, and they’ve not got the long-term commitment.”
Rawlinson boasted, “We’re outselling the Mercedes EQS. We’re outselling the Porsche Taycan. We’re outselling the [Audi] eTron. We’re out selling BMW Ice.” In some markets, Lucid’s Air is even outselling the Tesla Model S.
According to Cox Automotive, Lucid 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 Porsche Taycan (4,072).
Lucid plans to begin building its first electric SUV, the Gravity, later this year that’s expected to greatly expand its market. According to Lucid, the Gravity will start at under $80,000 with over 440 miles range.
Ahead of its debut, Lucid announced plans to sell 262.4 million shares of common stock through a new public offering.
Last month, Lucid teased its new midsize electric SUV. It will be the first of Lucid’s lower-priced midsize models, starting at under $50,000.
Electrek’s Take
Despite some media headlines claiming “electric vehicle sales are stumbling,” many companies just set new sales records in the third quarter.
In the US, a record 346,309 EVs were sold in the third quarter, up 11% from Q3 2023. Electric vehicle share of 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 “ill-served” by automakers that have failed to keep up with the shift to a digital, electric era. Buyers want the newest, most advanced tech, features, and connectivity. And electric vehicles offer that.
In Rawlinson’s words, “If you like driving fast cars, it’s a must. If you like lots of legroom and comfort, it’s a must. If you like a nice, quiet and comfortable ride, it’s a must. And if you want to save the planet, it’s a must.”
According to Rawlinson, manufacturing is not the problem. “Our problem is market demand, and that is very much a function of brand awareness.”
The company’s leader said those not interested in cars “won’t 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 brand.” That’s where Lucid looks to make the difference as it enters its next growth stage.
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