Written by Cláudio Afonso | LinkedIn | X
In response to a question from a retail shareholder, Lucid Motors CEO Peter Rawlinson stated late Monday that the company is “laser-focused” on enhancing the Lucid Air and developing two upcoming models rather than working on Energy Storage Systems (ESS).
In late 2020 and early 2021, Lucid built a prototype of a 300-kilowatt-hour stationary battery storage system at its engineering lab, as Senior VP of Product Erich Bach told TechCrunch at the time.
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A shareholder inquired through the Say Platform, “Can you give an update on progress for a retail ESS product? Are you still running prototypes and can you provide information on their performance?”
Despite saying Lucid is “closely engaged in the energy sector”, Rawlinson said the engineering teams are focused on vehicle development.
“First of all, I’d like to say we’re closely engaged in this energy sector. At the end of last year, we launched our range exchange feature and it’s innovative feature it gives enabled by the Lucid’s bidirectional Wunderbox and the software and that enables Lucid Air to directly charge other electric vehicles. But that’s beside the point in many ways,” Rawlinson replied.
“Specifically related to energy storage, I’ve got all my engineering teams absolutely laser-focused on three things. We’re further enhancing Lucid Air. We’re looking for further advancements,” CEO and CTO added per the call transcript.
“That said, technology leadership is core to our business, and I believe our future competency in battery tech will allow us to develop energy storage solutions. But right now, our main focus is on the vehicles, not ESS,” he concluded at the earnings conference call held on Monday afternoon.
Following the second quarter financial results and the announcement of another $1.5 billion investment from Lucid‘s largest shareholder, Cantor Fitzgerald analyst Andres Sheppard upgraded earlier today the company’s stock from Underweight to Neutral.
The analyst has a price target of $4.00 indicating an implied upside potential of 33% based on the last closing price at $3.00 per share.
Lucid Motors has reiterated its annual production guidance of 9,000 vehicles as it prepares to start producing its second model, the Gravity SUV, later this year.
Last week, Lucid’s chief executive announced that the first pre-production units of the Gravity have rolled off the production line.
The California-based company delivered 2,394 vehicles in the second quarter of the year and produced 2,110 units.
Last Friday, Rawlinson shared a comparative chart showcasing the miles per gallon of gasoline-equivalent (MPGe) results of the newly launched 2025 version of the Lucid Air sedan against three key competitors: Tesla Model S, Mercedes EQS and Porsche Taycan.
The executive said, if Tesla maintains the progression rate, it will need 7 years to reach the same MPGe of the 2025 Lucid Air, 146 miles.
Written by Cláudio Afonso | LinkedIn | X
