California-based Lucid Motors (LCID) is expanding globally. With a new European boss who brings extensive experience from Polestar, Maserati, and Audi, Lucid aims to build its brand in new markets.
Lucid hires former Polestar exec to expand in Europe
Lucid hired Alexander Lutz, who spent the past four and a half years with Polestar, as its new managing director for Europe. Lutz started the first of the year.
Before Polestar, Lutz worked for Audi before joining Maserati for four years. With experience in brand building, sales, and marketing, Lucid believes Lutz can help expand its reach into Europe.
After opening its second studio in Germany in the heart of Düsseldorf in September, Lucid confirmed, “German customers are ready for Lucid.” The EV maker currently sells one model in the country – the Lucid Air.
Lucid’s electric sedan starts at 109,000 euros ($120,300) in Germany. Despite the Air featuring up to 516 miles (830 km) EPA range (enough to get from Amsterdam to Berlin), Lucid has struggled to gain traction.
Lucid’s stock is sitting at all-time lows after Q4 deliveries failed to reach 2022 output. With 1,932 EVs handed over in the last three months of the year, Lucid’s deliveries were down about 12% YOY.
Production has also slipped from a peak of 3,493 in Q4 2022 to 2,391 this past quarter. Lucid delivered 6,001 vehicles last year in total, up 28% compared to 2022.
Lucid also built 8,428 EVs last year, hitting its (revised) goal of between 8,000 to 8,500. The EV maker lowered its target in November from an initial 10,000 to 14,000.
To make matters worse, Lucid’s CFO, Sherry House, resigned last month. The news came as a surprise as Lucid enters a critical stretch.
Lucid hopes its first electric SUV, the Gravity, can help turn things around. The Lucid Gravity will start at under $80,000 in the US with up to 440 miles range to compete in the growing premium electric SUV segment.
The company has yet to confirm plans to launch the Gravity in Europe, but a long-range premium electric SUV could potentially help expand the brand.
Lucid has struggled to keep up with other premium EV leaders in the US, like Tesla and Rivian. Rivian’s R1S electric SUV cracked the top ten best-selling EVs last year, with 24,783 models sold.
Can an overseas expansion and a new electric SUV spark growth? That’s what the EV maker is hoping for.
Check back to learn more about Lucid’s financial situation when the EV maker releases Q4 earnings on February 21, 2024. We’ll keep you updated with the latest.
FTC: We use income earning auto affiliate links. More.