They are running the Tesla playbook to some extent in that the expensive cars will fund the less expensive cars, they'll move down market over time. Again, my question is, ultimately, what's it worth? How many of these Lucid Airs that they're going to sell? Really of this cohort of EV start-ups, I'd probably ranked Lucid at the top for execution so far. They said it has the performance they promise. The Air is an extremely well-built product. They have delivered on everything they promised. I put them high on my list of up-and-coming companies to watch. It's more about light and air and fine materials than it is dark wood, and heavy leather, and that stuff. It's a little different expression from Mercedes. I sat in the prototype, Lucid Air, one of them that was the one that had a complete interior and it's very impressed.
He was like we've got one shot to do this, we got to deliver a high-quality product, especially on luxury. He had a mix of EV veterans, a lot of people from Tesla as well as Legacy Auto people. He was a man on a mission and he impressed me at the time as someone who is determined to do this the right way. Intelligent people have after bumping up against Elon over the years. I met and spent some time with Peter Rawlinson, who is the CEO, who wasn't that chief engineer on the Model S and parted ways with Tesla ( TSLA -1.14%).
The automaker has a second model in the works, with the Gravity SUV slated to enter production in 2024.Īre you optimistic Lucid will substantially ramp-up EV production at its Arizona plant, building more than 10,000 vehicles this year? Please comment below.John Rosevear: About 3, 4 years ago when Lucid was very much a start-up. The Air sedan's top range EPA rating of 520 miles in some of its models has provided bragging rights for Lucid, as other automakers have begun aiming for similarly high ranges out of reach at the moment. The first examples of the Lucid Air, dubbed Dream Edition, debuted with a $169,000 price tag, but the automaker is expected to roll out relatively more affordable variants of the luxury sedan, with a starting price around $78,900. "We estimate that the location of our first international manufacturing plant in the Kingdom of Saudi Arabia may result in up to $3.4 billion of value to Lucid over 15 years." "Today we announced plans to build a brand new manufacturing facility in the Kingdom of Saudi Arabia," House said. House said Lucid remains on track to "quadruple" the size of it Casa Grande plant in Arizona, although the slow production ramp-up suggests there's no hurry for new brick-and-mortar. "We continue to invest in our business we met our target of opening 20 Studio and Service locations in North America in 2022 we will expand our footprint in Europe and the Middle East while laying the foundation for a later expansion into the Asia Pacific," Lucid CFO Sherry House said.
However, the plant will not be ready until the middle of the decade, and would still require plenty of investment to bring online.ĭreamDrive Is Lucid’s Answer to Tesla’s Autopilot The automaker did have some positive news this week, revealing plans to open a second assembly plant, this time in Saudi Arabia. Even a 20,000-unit annual production schedule places Lucid in a vastly different category as established automakers offering EVs at the moment. News of the dramatic cut to its 2022 production outlook has already dinged Lucid stock today.Įven though Lucid currently offers a model that competes with the Tesla Model S, among others, it is a long way from matching Tesla's annual volume, which in 2021 amounted to over 930,000 delivered cars. Taken at face value, the substantial reduction in the projected number of cars assembled this year represents a 40% cut if Lucid manages to build 12,000 vehicles, which appears unlikely. The pace of production will need to quicken substantially over the coming months for Lucid to achieve even the lower end of its 12,000-car goal for this year.
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