Written by Cláudio Afonso | LinkedIn | X
The electric vehicle (EV) maker Lucid Motors is reporting its second quarter financial results next week on August 5 at 5:30 pm Eastern Time.
As usual, the company has accepted questions from retail and institutional shareholders with the most upvoted ones being answered by the CEO Peter Rawlinson and by Gagan Dhingra, Lucid‘s Principal Accounting Officer.
As of the time of writing, the Q&A platform Say Technologies has registered the participation of 2,020 shareholders owning a total of 3.07 million shares combined.
With 806 votes and 2 million shares represented, the most voted question covers the cost cutting measures comparing Lucid to the Irvine-based EV maker Rivian.
In late May, Lucid Motors announced that was laying off 400 workers, representing about 6% saying it would “substantially complete the plan by the end of this quarter.
“Can you provide more information on what you’re doing to cut costs? For example, Rivian recently announced a 35% reduction in costs and expect to have positive gross margin in Q4. Can you share your path to positive margins?,” the shareholder asked.
The second most voted question dives into the specs of the motors developed by Lucid comparing them with the ones from competitors garnering 286 votes that represent 1.4 million shares.
“There are companies working on axial/radial flux motors and claiming highest torque and power density while using less materials, some claim to be production ready within 1-2 years. How does this compare to Lucid’s motors and how are you staying ahead of upcoming tech?,” the investor asked.
The third one focus on the energy storage system asking for an update on the prototypes that the company run a few years ago.
In late 2020/ early 2021, Lucid constructed a prototype of a 300-kilowatt hour stationary battery storage system at its engineering lab, as the Senior VP of Product Erich Bach told TechCrunch at the time.
“Can you give an update on progress for a retail ESS [Energy Storage System] product? Are you still running prototypes and can you provide information on their performance? “
The fourth most represented question, representing nearly 960,000 shares, focus on the expansion to more European markets besides Germany, The Netherlands, Norway and The Netherlands — where Lucid is active as of today.
“If and When will Lucid look to expand into Europe and the United Kingdom where there is a growing demand for Premium EV’s?,” the shareholder asked.
The last one from the top-5 is focused on the company’s second model which started pre-production earlier this week.
“When will pre-orders open for the Gravity?,” the retail shareholder questioned.
The model will join the company’s inaugural model Lucid Air and its mass production is scheduled to start ramping up in the last quarter of the year.
Earlier this week, Lucid’s chief executive Peter Rawlinson shared a video showing him driving the first pre-production vehicle at the Arizona facility, while six Gravity vehicles are seen rolling off the line behind him.
Scheduled to start production “in late 2024,” the three-row 7-seater SUV will have, as one of its competitors, the R1S from the California-based EV maker Rivian.
In a recent interview with CarBuzz, Lucid‘s CEO revealed he already tested Rivian’s SUV and said he’s “not worried”.
Later on, Rawlinson reiterated the company’s ambition to become a volume manufacturer and reach one million units sold per year. In the second quarter of the year, the company delivered 2,394 vehicles while producing 2,110 units.
Written by Cláudio Afonso | LinkedIn | X
