Written by Cláudio Afonso | [email protected] | LinkedIn | X
During the first quarter, the electric vehicle manufacturer Lucid delivered 1,967 vehicles, a nearly 40 percent growth compared to the first three months of last year. In the conference call that followed the earnings release, the CEO Peter Rawlinson disclosed that over 500 of them were delivered to Saudi Arabia.
Answering an analyst question regarding what percentage of the deliveries were in the country of Lucid’s biggest shareholder, Rawlinson said “they exceeded 500 units” adding that Lucid hasn’t decided on disclosing publicly the guidance for the market.
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“We’re not planning to guide on the split in the future, but our deliveries in Q1 exceeded 500 units. I’m very confident that we’ve got equal demand for our products in Saudi, particularly to the SUV, that’s going to be quite an interesting market. But again, I’m not in a position to guide right now on these. And we haven’t decided yet where would guide on that specific split, either Andrew,” Lucid CEO and CTO Peter Rawlinson said.
The company has secured this year another $1 billion from Saudi Arabia’s Private Fund as part of the country’s campaign “Saudi Vision 2030”.
Lucid has reiterated its annual production guidance of 9,000 vehicles for 2024 despite warning investors that its cash reserves, cash equivalents, and investments are projected to last until the second quarter of next year.
The CEO Peter Rawlinson announced that the company’s midsize model will enter production in late 2026, with a price expected to be around $48,000.
Answering to a question from a retail shareholder at the earnings conference call, Lucid‘s CEO and CTO said, “We need to get a midsized vehicle, our volume vehicle price at around, we believe, about $48,000, get that into production and is on schedule for production for late 2026”.
Regarding Lucid’s next model the SUV Gravity, Lucid CEO confirmed that the production will start late this year while commenting the total addressable market when compared to the luxurious sedan Air.
Following the earnings report, a SEC filing revealed that Michael Bell, the Senior Vice President of Digital, has resigned from his position with immediate effect.
Earlier this week, Lucid announced on X that the Air model now comes with a $1,000 Charging Allowance toward the purchase of Lucid charging accessories, and up to two years of complimentary scheduled maintenance.
Last month, Lucid Motors signed a partnership with the electric vehicle (EV) charging company Wallbox to provide chargers to its European customers.
Written by Cláudio Afonso | [email protected] | LinkedIn | X
