To fix operations issues, Lucid announced the hire of Steven Davidas Senior Vice President of Operations, which is a “newly created position will lead operations, including supply chain, logistics, manufacturing, and quality.” ![]() Lucid also said they are still expecting deliveries of Air Touring and Pure lines later this year. My early estimates put Lucid delivering between 900 and 1,200 cars in Q2 but it looks like I was wrong. On the earnings call, the CEO of Lucid announced they pushed 19 OTA software upgrades to the Lucid Air with a major software upgrade coming “later this year.” Peter Rawlinson also mentioned CarPlay is in beta and coming really soon. In Q1, Lucid delivered 360 vehicles, so deliveries were significantly up from the previous quarter. Lucid reported first-half production of 1,405 vehicles. Lucid also cut its production outlook for 2022 to 6,000 to 7,000 vehicles, which is down from 12,000 to 14,000 vehicles estimated last quarter and the previous quarter. They also at over 37,000 reservations, which is up from 30,000 reservations in Q1, and up from 25,000 reservations in Q4. Lucid said it had enough cash “to fund the company well into 2023.Lucid Group has published its Q2 2022 earnings report and it shows that the EV company has delivered 679 vehicles to customers this quarter. That compared with a loss of $81 million in the first quarter of 2022 on sales of $58 million. The company lost $220 million in the second quarter on sales of $97 million. The company’s stock was down about 11 percent in extended trading on Wednesday after it announced that it was cutting its production forecast. Lucid’s share price has tumbled from a high of $55 in November to less than $20 recently. Under the Senate’s proposed climate and energy package, buyers can claim the credit only for sedans with a list price of $55,000 or less and for vans, sport utility vehicles and trucks selling for $80,000 or less. ![]() Its sedans will not be eligible for a federal electric vehicle tax credit of $7,500 because its models are too expensive. Lucid “appears to be in the ‘production hell’ stage of its development,” Garrett Nelson, vice president at CFRA Research, said in a research note Wednesday.Įxpanded incentives for electric car buyers being considered by Congress will not help Lucid. Lucid’s tribulations were reminiscent of Tesla in 2018 when Elon Musk, the company’s chief executive, went through what he described as “production hell” as the company struggled to ramp up production of the Model 3. David, whose appointment was announced Wednesday, will be senior vice president of operations. Lucid has hired several executives from traditional carmakers to straighten things out, including Steven David, former vice president of manufacturing at Fiat Chrysler Automobiles. Ford has sold 31,000 electric vehicles in the first seven months of the year. Ford Motor said Wednesday that it sold 7,700 battery-powered vehicles in the United States in July, an increase of 170 percent from a year earlier. The traditional carmakers were slow to develop electric cars that resonated with consumers, but now their decades of experience and networks of factories are proving a decisive advantage. The least expensive Air starts at $87,400 while the top of the line goes for $169,000, pitting it against established carmakers that have begun selling battery-powered luxury cars, like Mercedes-Benz, Audi and Porsche. Rawlinson is a former Tesla executive.īut investors have grown pessimistic about the ability of Lucid, Rivian and other electric car start-ups to gain significant market share. Lucid’s headquarters in Newark, Calif., are a short drive from Tesla’s factory in Fremont, and Mr. The high cost of electric cars and gasoline have given them an opening.Īfter its debut model, the Lucid Air, was named Motor Trend’s Car of the Year for 2022, the company was seen as a serious threat to Tesla because of the sedan’s range of more than 500 miles on a charge and its attractive styling. ![]() sales of plug-in hybrids have been surging. Plug-In Hybrids: After falling behind all-electric cars, U.S.But new rules complicate the qualification process. Inflation Reduction Act : The law extends tax incentives in an effort to steer more U.S.Banning Gasoline Cars: California is leading the way in the push to electrify the nation’s car fleet with a plan to ban sales of new internal-combustion vehicles by 2035, but the rule will face several challenges.A Crucial Mine: A thousand feet below wetlands in northern Minnesota are ancient deposits of nickel, a sought-after mineral seen as key to the future of the U.S.
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