Lucid Motors Sets Record with Second-Quarter EV DeliveriesLucid Motors Sets Record with Second-Quarter EV Deliveries By Quincy Jon, Tech Times July 8, 2024 09:01 PM EDT Lucid Motors has achieved a record-breaking second quarter of 2024, delivering 2,394 electric cars (EVs). This surpasses the company’s previous record of 1,967 luxury automobile deliveries in the first quarter. Supported by Saudi financing, Lucid has been implementing strategies to attract customers, including price reductions and additional trim options. The base model of the Lucid Air car now starts at $69,900, down significantly from $100,000 in 2021. Lucid CEO Peter Rawlinson attributed the company’s success to increased sales, operational efficiency, and growing interest from consumers and business partners. The company plans to expand its US market share by introducing the Gravity SUV by the end of the year. However, Lucid Motors is facing financial challenges despite its recent successes. The company recorded slightly over $5 billion in liquidity in May, which is projected to sustain operations into the second quarter of 2025. In May, Lucid laid off around 400 employees (6% of its workforce) to restructure. Despite these struggles, Rawlinson remains optimistic about the company’s future, emphasizing its commitment to producing a superior SUV and expanding its market reach. His three main goals for Lucid include boosting Lucid Air premium sedan sales, producing the Gravity SUV in 2024, and managing finances. Meanwhile, Toyota has reported a surge in EV sales during the second quarter. The company sold 621,549 US automobiles, with 40% of the volume comprising hybrid and electric cars. Toyota’s EV/PHEV segment experienced a 112% YoY increase, accounting for 3.9% of total sales.
By Quincy Jon, Tech Times
Jul 08, 2024 09:01 PM EDT
Lucid Motors delivered 2,394 electric cars (EVs) in the second quarter of 2024, setting a record for the firm amid a competitive electric vehicle industry.
Lucid broke its first-quarter record of 1,967 luxury automobile deliveries. With Saudi financing backing, the California-based Lucid Air car maker has been actively lowering pricing and adding trim choices to attract more customers.
Brand new Lucid electric cars sit parked in front of a Lucid Studio showroom on May 24, 2024 in San Francisco, California.
(Photo: Justin Sullivan/Getty Images)
Due to recent price cuts, Lucid’s basic model now starts at $69,900, down from $100,000 in 2021, according to TechCrunch.
During May’s talks on Lucid’s first-quarter financial results, CEO Peter Rawlinson noted rising sales, operational efficiency, and consumer and business partner interest.
Lucid plans to make its Gravity SUV by year’s end to expand its US market share. Monday morning’s press release revealed the company’s second-quarter delivery results and 2,110 car production.
This increase in revenue matches Rivian and Tesla’s quarterly releases from last week. Rivian’s sales were constant compared to the first quarter and year-over-year, whereas Tesla’s increased but declined compared to 2023.
Lucid’s Struggles
Lucid Motors struggles financially despite recent successes. The corporation recorded slightly over $5 billion in liquidity in May, enough to fund costs into the second quarter of 2025. Lucid said in March that it would raise $1 billion from a Saudi Arabian Public Investment Fund subsidiary.
Lucid laid off 6% or around 400 of its employees in May to restructure. The projected cost of this restructuring ranges from $21 million to $25 million, primarily impacting the company’s second quarter.
Lucid’s CEO, Peter Rawlinson, expressed confidence in the company’s future, committing to making the best SUV and growing its market reach, according to a report from Quartz. However, he noted that the new SUV initiative is not yet generating income.
Read Also: LG to Commercialize Cutting-Edge Battery Manufacturing Tech That Has so Far Evaded Tesla
Rawlinson set Lucid’s three main goals: boosting Lucid Air premium sedan sales, producing the Gravity SUV by 2024, and managing money. The business plans to create 9,000 premium EVs this year, growing from 8,500 in 2023.
Lucid expects the three-row Gravity SUV to increase its worth, which had plunged 75% by 2023. Lucid hopes the Gravity SUV will help them enter a new EV market sector, competing with BMW and Rivian SUVs.
Toyota EV Sales Accelerate
In separate news, Toyota reported large second-quarter deliveries and quadrupling EV sales.
Toyota sold 621,549 US automobiles in the second quarter, up 9.2% YoY owing to strong EV sales. Hybrid and electric cars comprised 40% of the company’s volume and rose 63% YoY to over 250,000. Toyota’s fastest-growing segment is EVs/PHEVs, according to Yahoo! Finance.
Toyota currently has 29 hybrids, plug-in hybrids, and a fuel-cell electric vehicle, up from 27 last quarter.
The Toyota Group sold 24,266 plug-in electric cars, up 112% YoY, accounting for 3.9% of total sales, up from 2.0% last year. Toyota had 17,589 plug-in sales, up 91% YoY, while Lexus almost doubled to 6,677.
Related Article: BYD to Acquire 20% Stake in Thai Distributor Rever Automotive Co. Amid Southeast Asia Expansion
ⓒ 2024 TECHTIMES.com All rights reserved. Do not reproduce without permission.
