Written by Cláudio Afonso | [email protected] | LinkedIn | X
Shares of Lucid Motors, the luxury electric vehicle startup, are plummeting 14 percent on Tuesday after the company cautioned that its liquidity can only cover investments for the next 12 months.
In an updated presentation following the release of its first-quarter financial results, Lucid reiterated its annual production guidance of 9,000 vehicles. However, it also warned investors that its cash reserves, cash equivalents, and investments are projected to last until the second quarter of next year.
This guidance has raised concerns among investors about the potential need for further capital investment, coming just a few months after securing $1 billion from Saudi Arabia’s Private Fund.
In the first quarter of the year, the EV maker produced 1,728 units of its Air luxury sedan with deliveries reaching 1,967 vehicles, an increase of 39.9 percent compared to the same period of last 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”.
Later in the call, Rawlinson reiterated the price range while teasing that the model will be “the big one, the one that’s going to be really exciting”.
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“But wait until our midsize comes out late 2026. That’s when we’ll have a car, $48,000, $50,000 and that is the big one, the one that’s going to be really exciting,” Rawlinson added.
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.
“The gravity SUV program is scheduled for start of production late this year,” Lucid CEO Peter Rawlinson confirmed adding that the SUV’s “total addressable market is six times larger than the market we could access in 2023”.
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.
On Monday, 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
