Written by Cláudio Afonso | LinkedIn | X
Lucid Motors is fixing a software error on 5,251 units of its Air sedans due an issue that could lead to a loss of drive power, the U.S. National Highway Traffic Safety Administration (NHTSA) said on Tuesday.
The recall affects certain 2022-2023 Lucid Air vehicles and the issue can be solved via an over the air (OTA) update.
The error stems from the High Voltage Interlock (HVIL) software, which may disconnect the high voltage contactors if a hardware communication fault is detected while the vehicle is in motion, according to NHTSA.
This disconnection can cause the vehicle to lose drive power, potentially increasing the risk of a crash, the US regulator said.
NHTSA said the company already released an over-the-air software update on June 24 adding that “owner notification letters are expected to be mailed August 15”.
On Monday, Lucid reported the delivery of 2,394 vehicles in the second quarter of the year, while producing 2,110 units, beating analysts’ expectations. The incentives for the Middle East region come a few days after Lucid had doubled the leasing incentive in the United States.
Lucid shares closed nearly 8 percent higher on Monday at $3.16 per share. In late April, the EV stock reached a record low of $2.29 per share having surged 38 percent since then.
Lucid scheduled a conference call to discuss its first quarter 2024 financial results on August 5 at 5:30 pm eastern time immediately after releasing its financial results.
Global X Lithium & Battery Tech ETF (LIT) has filed a new form revealing that it has cut its stake in the electric vehicle (EV) manufacturer Lucid Motors by 7 percent after selling nearly 664,000 shares.
Based on the closing price last Friday, the present value of the ETF’s position in Lucid stands at $25.4 million.
Roger Atkins, Founder of “Electric Vehicles Outlook” and one of the most respected voices in the EV industry, shared on LinkedIn that Lucid Motors CEO Peter Rawlinson will be interviewed by him at the Goodwood Festival of Speed (FoS) later this week.
In 2022, Lucid’s sedan, the Air Grand Touring Performance, was named the fastest production car in the Hillclimb Timed Shootout at the event, marking its first public appearance.
In an email sent last week, the company announced that was introducing a new leasing incentive of $7,500 Air Credit for customers in the United States. This offer is in addition to the existing $4,000 bonus available for inventory vehicles.
Last month, the company offered an Air Credit that was 50 percent lower ($3,750) for new customers in the country, while the inventory bonus was $1,000 higher, at $5,000.
Written by Cláudio Afonso | LinkedIn | X
