bitkahuna

iTrader: (20)

how's the rock you're living under? dozens of models doing it today.

jrmckinley

I've seen about 10 Lucid Air's in my area of FL in the past couple of months. I've seen white, black, and the gold/brown color which is the only color in the Dream line. I've also been to a showroom and looked pretty extensively at the Air. I like a lot about the car but certain styling elements feel off to me and I absolutely hate the clam shell trunk. It only becomes obvious how strange it is when you have it open.

bitkahuna

iTrader: (20)

(only 679 delivered in the last 3 months!)

Lucid Motors will barely make any EVs this year as it slashes production goals again

The company now expects to make 7,000 vehicles at most this year
By Andrew J. Hawkins@andyjayhawk Aug 3, 2022, 5:16pm EDT

Photo by Andrew Hawkins / The Verge
Luxury electric vehicle maker Lucid Motors is slashing its production forecast for 2022 for the second time this year. The Newark, California-based company announced it was revising its production expectations to between 6,000 and 7,000 vehicles.

Lucid originally said it would make 20,000 vehicles in 2022, but that number was revised in February to 12,000–14,000 vehicles. It was another disappointing turn for the EV maker, which is strongly angling to capture some of Tesla’s market share with its ultra-premium, ultra-long-range Lucid Air sedan. Last quarter, Lucid announced a 10 percent price increase for the single model it has in production.
“WE’VE IDENTIFIED THE PRIMARY BOTTLENECKS”“Our revised production guidance reflects the extraordinary supply chain and logistics challenges we encountered,” said Peter Rawlinson, Lucid’s CEO and CTO, in a statement. “We’ve identified the primary bottlenecks, and we are taking appropriate measures – bringing our logistics operations in-house, adding key hires to the executive team, and restructuring our logistics and manufacturing organization. We continue to see strong demand for our vehicles, with over 37,000 customer reservations, and I remain confident that we shall overcome these near-term challenges.”

Lucid released its second quarter earnings Wednesday, reporting a $220 million loss on revenue of $97.3 million. The company said it only delivered 679 vehicles to customers over the past three months. Overall, Lucid said it lost $4.8 billion in 2021. The company went public through a merger with a special purpose acquisition company, or ****, last summer.
Lucid also said the number of reservations for its luxury Lucid Air sedan now exceeded 37,000, reflecting $3.5 billion in potential sales. The company had previously said it had received 24,000 reservations.Lucid previously delayed the launch of its Gravity SUV until the first half of 2024 in order to ensure the best possible production process. The company is entering what is arguably one of the most competitive segments of the EV market, crowded with the likes of the Audi E-tron and E-tron GT, Jaguar I-Pace, Polestar 2, Porsche Taycan, Mercedes-Benz EQS, Cadillac Lyriq, BMW i4, Lexus LF-Z, and Tesla Model S Plaid, which started rolling out to customers last year.

https://www.theverge.com/2022/8/3/23...uction-slashed

Toys4RJill

I think lucid will eventually go bankrupt. They promised 20k.

Margate330

I'm cheering for Lucid cuz I always cheer for the underdog.
I hope they succeed.

Motorola

Lucid might have made a better car than Tesla, but none of that matters if they can't produce at volume like Tesla, which is the real reason Tesla is successful. 7,000 units is the same as what Toyota promised for the BZ4X's first year, and it doesn't seem like Lucid is anywhere close to reaching that number.

Margate330

They have a nice product IMO.
You think they will get gobbled up and bought up by a bigger fish?

LeX2K

I'm completely shocked and dismayed. Oh sorry the opposite of that I predicted this a long time ago and the reason I got out of Lucid stock when the euphoria was peaking. Speaking of, LCID dropped 12% in after hours. I highly doubt they will produce 6K+ cars this year.

swajames

Lucid has plenty of cash from on hand and is 60% owned by the Saudi Public Investment Fund. There’s a 50,000 unit commitment that doesn’t feature in the reservation numbers yet plus an option for a further 50,000 units. Lucid isn’t going away any time soon.

Motorola

We know they have a ton of reservations and preorders, but whether they can actually build them is a whole other question. 50,000 units is wildly optimistic for a company that right now might build at most 2,000 units in a year. They're basically producing at the same pace as the Fisker Karma before it got axed.

AMIRZA786

I'll be the first to say it doesn't look good for Lucid. They have lots of negatives stacked against them, the main one being the supply chain hampering their ability to produce the numbers they desperately need. But I wouldn't count them out until the fat lady sings. I remember in 2015 many, many people laughing at Tesla and predicting their eminent end. Well, Tesla is still here, their sales are out of the ballpark, and Elon is laughing all the way to the bank...or should I say Banks.

I think it's unwise to make such lofty predictions. The Internet always remembers and will remind you one day, especially if you were so sure. IMO it's better to take a watch and wait approach

Motorola

In 2015 Tesla sold 25,000 Model S's. Lucid is struggling to make 7,000 cars and the way things look may not even break 2,000 this year. If Elon only sold 2,000 Model S's in 2015, his company wouldn't even be alive today.

I don't think Lucid will "die" due to all the investment that's been pumped into them, but they need to change something because the idea that they can mimic Tesla's success is long gone. If anything, given all their controversy and production woes, they're mimicking Fisker right down to the sales numbers.

bitkahuna

iTrader: (20)

you're hardly the first, lol

just because tesla survived and prospered doesn't mean lucid will. hopefully lucid does have a solid plan to grow deliveries soon and they're very fortunate to have the saudi fund backing them. but even the saudis wealth won't keep funding it forever.

Toys4RJill

I think many of the EV companies just won’t make it. IMO, the EV segment is an a bubble. There can only be a limited number of these EV companies. As the economy slows (which we are seeing now) so too does the EV segment. At the end of the day, the sales for Lucid were promised to be 20k by this point and they are not….

swajames

The EV segment is absolutely not a bubble.

Lucid isn’t going to go bankrupt.

And there’s little point getting animated about EV stock price movement. You should tune out 10 to 15 % stock price swings in the segment. It’s just noise. Lucid is down 10% today, it is just as likely to pop 10% and both would be largely without much basis.

If I’d been concerned about 10% declines or got excited about 10% upticks I wouldn’t be sat on an 1850% gain with TSLA.