Lucid Motors is gearing up for the release of its next electric vehicle, the Gravity SUV, later this year. The CEO, Peter Rawlinson, is confident that the Gravity will significantly boost the company’s sales, potentially more than doubling the 2,394 deliveries of their Air sedan in the second quarter. Rawlinson believes that the Gravity’s total addressable market is six times that of the Air. To accommodate the anticipated demand, Lucid is completing the build-out of its plant in Arizona, targeting a production capacity of 90,000 units per year.
Rawlinson emphasizes that scalability is a crucial aspect of their strategy, stating, “It’s all scale, scale, scale. And this is a big step in that scale.” Financial flexibility, coupled with the backing of Saudi Arabia’s Public Investment Fund, will provide Lucid with the resources and runway necessary for success. However, Rawlinson believes that it is Lucid’s technology that will give them an edge over their biggest competitor, Tesla.
According to Rawlinson, Lucid is considerably ahead of Tesla in terms of technology. While he acknowledges that Tesla was once the tech leader, he believes they have become distracted, leaving Lucid to take the lead. Rawlinson even posted data on LinkedIn to showcase Lucid’s efficiency advantage over Tesla in terms of miles per kilowatt-hour (kWh). Lucid vehicles can achieve up to 5 miles per kWh, whereas the industry average is only 3 to 4 miles per kWh, the range where Tesla currently stands.
The recognition of Lucid’s technological prowess extends beyond Rawlinson’s claims. Other manufacturers, such as Aston Martin, have entered technology licensing agreements with Lucid, recognizing it as best in class. Rawlinson’s dig at Tesla’s distractions may stem from concerns about Elon Musk’s various side projects and controversial public statements that have raised questions among critics and Wall Street analysts.
Despite Lucid’s technological advantages, the company is still not profitable. This is an area where Tesla, with its solid financial performance, holds an advantage. As Lucid prepares to launch the Gravity SUV, investors will be watching closely to see if the company can translate its perceived tech superiority into positive cash flow.
In conclusion, Lucid Motors is placing high hopes on its upcoming Gravity SUV. CEO Peter Rawlinson is confident that it will significantly boost the company’s sales and establish Lucid as a leader in electric vehicle technology. While the company faces challenges in achieving profitability, it has the financial backing and technological advantage to potentially outperform its biggest competitor, Tesla. As the launch of the Gravity approaches, all eyes will be on Lucid to see if they can turn their potential into actual success.