Lucid Motors, a California-based electric vehicle manufacturer backed by Saudi Arabia, has achieved a new record in the second quarter of 2024 by delivering 2,394 EVs. This milestone is a positive sign for the company, as it has been striving to establish itself in the competitive electric vehicle market. The previous record was set in the first quarter of the year when Lucid shipped 1,967 luxury sedans.
To attract more buyers and increase sales, Lucid has taken several strategic measures. One of these approaches includes a significant reduction in prices and the introduction of more affordable trims for its Lucid Air sedan. Initially, the starting prices of Lucid’s different versions of the Air were close to or exceeded $100,000. However, recent price cuts have made the base model more accessible, now starting at $69,900.
Lucid’s CEO, Peter Rawlinson, expressed his optimism about the company’s future in May during discussions on their first-quarter financial results. He mentioned that he believed Lucid was on the verge of achieving “escape velocity” due to sales momentum, increased efficiency, and unprecedented interest from consumers and corporate partners.
In addition to their efforts in the sedan market, Lucid is also planning to start production of their Gravity SUV by the end of this year. The company expects this model to attract even more buyers in the U.S. market.
Lucid’s sales growth aligns with recent delivery reports from other electric vehicle manufacturers. Last week, Rivian and Tesla released their quarterly delivery reports. Rivian’s sales remained relatively flat compared to the first quarter and the same period last year. On the other hand, Tesla’s sales increased from the first quarter but were lower than those of the same period in 2023.
Overall, Lucid Motors’ record-breaking delivery numbers in the second quarter of 2024 demonstrate their progress in the electric vehicle market. The company’s strategic pricing adjustments and plans for future models like the Gravity SUV indicate its commitment to expanding its customer base and establishing a strong foothold in the industry. Lucid’s success also reflects the broader growth and competition in the electric vehicle market, as seen through the delivery reports of other prominent players in the industry.