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Lucid Motors shared its financial report for Q2 2023 this afternoon, ahead of its call with investors later today. The financial details follow a production report made public last month that shows a decrease in deliveries for a second straight quarter. Still, Lucid’s revenue has held steady and its liquidity is strong, providing optimism the young American automaker can reach its annual production guidance… at least the low end of it.

It’s been a busy three months since we covered Lucid Group’s ($LCID) Q1 2023 results – leaving a Sapphire colored trail of both excitement market wariness. Less than a month after its Q1 results went public, the automaker announced a $3 billion raise through a public stock sale and investment from Saudi Arabia’s Public Investment Fund (PIF).

That same week, Lucid announced the hiring of Zhu Jiang – a former executive at Ford and NIO – to help the American automaker enter the ultra-competitive EV market in China. Lucid sure kept us busy in June as it also shared details of a new strategic tech partnership with Aston Martin to supply the latter with its proprietary EV powertrain components.

Ahead of today’s full Q2 2023 report, Lucid Group shared its production and delivery numbers, which once again left something to be desired, leading to a downward trend in the automaker’s shares. The market will most likely not be blown away by today’s results, but should at the very least be pleased at Lucid’s ability to maintain revenues. Here’s the latest:

Lucid Q2
Credit: Lucid Group

Lucid holds in Q2, aims for low end of production guidance

As previously reported last month, Lucid Motors produced 2,173 EVs between April 1 and June 30, 2023 – 1,404 of which saw deliveries to customers. These sales led the American automaker to a Q2 revenue of $150.9 million, up slightly from the $149.4 million achieved a quarter prior.

Compared to Q4 2022, Lucid’s Air production slipped 33% to 2,314 units in Q1 2023 and have now dropped another 6% in Q2. Still, the automaker believes it’s on track to achieve its production guidance of at least 10,000 annual units. Per Lucid Group CEO and CTO Peter Rawlinson:

We’re on track toward achieving our 2023 production target of more than 10,000 vehicles, but we recognize we still have work to do to grow our customer base. During our second quarter, we achieved several major milestones, including signing agreements to enter into a long-term strategic partnership with Aston Martin. Following a competitive process, their investment validates our award-winning technology and marks the first partnership for Lucid Group’s technology arm. We look forward to exciting new products in the second half of this year, including the planned start of production of the Lucid Air Sapphire and the Lucid Air Pure Rear Wheel Drive, plus the highly anticipated unveiling of our new SUV, Lucid Gravity, forthcoming in November.

Those milestones laid out by Rawlinson are significant, but it may be an understatement when he says that Lucid needs to grow its customer base. Building 10,000 EVs this year loses a bit of its zeal if only 6,000 or 7,000 are purchased and delivered to consumers. That’s some expensive inventory to sit on.

Over the weekend, Lucid shared that it is slashing prices of its Air models back to the originally promised MSRPs – some seeing cuts as large as $12,000. That should help sway some consumers on the fence about purchasing a new Air sedan, but even at its lowest Pure trim – it’s still an $82,400 EV.

The RWD Pure alongside the long-anticipated tri-motor Sapphire Air are expected to hit the assembly lines in September and could do wonders for Lucid’s revenue before the end of the fiscal year. Lackluster deliveries aside, there’s a lot to recognize from Lucid in Q2, and the company looks flush with cash to get it well into 2025 – that’s past the arrival and SOP of the long-teased Gravity SUV, another potential factor in increased sales and deliveries. Per Lucid CFO Sherry House:

In the second quarter, we raised $3.0 billion in capital, including $1.8 billion from the PIF, and I’m pleased to say that our current liquidity of $6.25 billion is expected to take us through the start of production for the Lucid Gravity, and into 2025. In addition, the targeted actions underway to invigorate our marketing programs in the luxury and premium segment have resulted in greater brand awareness, which we aim to capitalize on through the launch of our latest pricing program.

Lucid’s call with investors will take place at 5:30PM EST today alongside a webcast you can access here.

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Tesla hints at finally producing the next-gen Roadster in new job listing

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Tesla hints at finally producing the next-gen Roadster in new job listing

Tesla is talking about finally bringing the next-generation Roadster to production in new job listing.

However, you shouldn’t hold your breath.

The prototype for the next-generation Tesla Roadster was unveiled in 2017 and was supposed to enter production in 2020, but it has been delayed each year since then.

It has become a running gag in the Tesla community and an example of CEO Elon Musk’s tendency to stretch the truth about timelines.

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Since missing its original 2020 production timeline, Musk has given six updated production timelines for the new electric supercar, and each has been wrong.

The latest timeline hasn’t even been about producing the vehicle. It has been about the unveiling of a new version of the next-generation as the last prototype of what is supposed to be a “next-gen” car was unveiled almost a decade ago.

Musk has been talking about an unveiling and demonstration of the New Roadster by the end of the year.

This week, Tesla has posted a new job listing for a ‘Manufacturing Engineer, Roadster‘. In the job description, Tesla mentions working on battery manufacturing equipment for the Roadster:

Tesla is looking to hire a Manufacturing Engineer to contribute to the concept development and launch of battery manufacturing equipment for our cutting-edge Roadster vehicle. In this role you will take large scale manufacturing systems for new battery products and architectures from the early concept development stage through equipment launch, optimization and handover to local operations teams. Battery development is at the heart of our company, and this is an exciting opportunity to work directly on the central challenges for the all-new Roadster product architecture while still in its early development stages.

The comment does point to Tesla starting to set up manufacturing for the production of the new Roadster.

Since this does sound like early manufacturing development work, it would be optimistic to hope to see new Roadsters rolling off the production line by the end of next year. More likely to be in 2027.

In its updated annual installed production capacity chart, Tesla listed Roadster production as still being in the “design development” phase as of last week:

The location of Roadster production is also listed as “to be determined.”

The new job listing for a manufacturing engineer on the Roadster program mentions being based in Fremont, which could mean Tesla plans to launch production at its California factory.

Tesla next-gen Roadster

Tesla Roadster

As unveiled in 2017, the new Roadster was supposed to get 620 miles (1,000 km) of range and accelerate from 0 to 60 mph in 1.9 seconds.

It was listed for $200,000, and a “Founder Series” was also offered for $250,000.

At the time, Tesla used the Roadster as a prize for its referral program when it badly needed to generate sales. A few dozen Tesla owners referred enough new sales to win one or two free new Roadsters each.

Some have suspected that Tesla didn’t want to bring the vehicle to production because it would have to deliver over 30 of them for free and hundreds more at heavy discounts due to its original referral program.

Others believe that updates to the vehicles have led to delays.

Shortly after the unveiling of the next-gen Roadster in 2017, Musk discussed adding cold-air thrusters to the supercar to deliver unprecedented racing performance and possibly even allow it to hover over the ground.

The CEO referenced demonstrating that the “Roadster can fly” on several occasions in the last few years.

Electrek’s Take

It looks like we are talking about the Roadster possibly coming to market in 2027—maybe late 2026 at the earliest.

That’s roughly 10 years after it was unveiled.

I’ll believe it when I see it. And if it does happen, I might have one or two flying Roasters for sale.

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TV brand SHARP gets into the EV game with this living room on wheels

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TV brand SHARP gets into the EV game with this living room on wheels

Just like it says on the tine: TV brand SHARP is following Sony into the automotive space with the new LDK+ concept that transforms into a mobile movie theater. It’s a type of concept we’ve seen before – but not like this!

The SHARP LDK+ promises to be a Living room, a Dining room, and a Kitchen on wheels – and more (the plus, obviously), building off the decidedly more blobular™ concept first shown back in 2024. This updated version, however, takes the LDK concept and brings it significantly closer to reality by basing it on Foxconn’s “Model A EV by Hon Hai Technology Group” chassis.

And, now that it’s a little bit closer to some kind of reality, it might be time to climb on the SHARP hype train and take a minute to genuinely enjoy the movie/gaming environment the company is promising to deliver with the LDK+ concept.

Get hyped, kids


SHARP LDK interior, by the Yomiuri Shimbun; via The Japan News.

Not to be overly crude here, but if you roll in a van with a sliding projector table, opaque windows, and fully reclining seats, you probably hit the “family planning” section of your local Walgreens on a regular basis. Similarly, as more and more young people find themselves struggling to afford their own space, offering a vehicle that delivers a little privacy. And even if that’s more Netflix than chill, I think it’s bound to find a few buyers.

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Whether I’m right or wrong about that will remain to be seen for a while, however. The official press release is light on specs, offering the following description of the LDK+ concept …

The second iteration of “LDK+” retains the original concept while featuring both high maneuverability with its compact body and a spacious, relaxing interior. Developed based on the“Model A” EV by Hon Hai Technology Group (Foxconn), this compact minivan model offers an expansive cabin layout.

When parked, the vehicle can be used as a theater room or a remote workspace. A console box equipped with a table and projector is placed between the driver’s and passenger’s seats. By swiveling the driver’s seat to face backward, it creates a living room-like atmosphere where you can sit around with the rear seats. Pulling down the screen installed above the rear seats allows you to enjoy movies or conduct online meetings on a large display. Through Sharp’s AIoT platform, which connects AI and home appliances, the vehicle links with household devices such as kitchen appliances, air conditioning, and laundry systems. The AI learns residents’ lifestyles and preferences, creating personalized new ways of living. In addition, the system can connect with V2H (Vehicle to Home) solutions, enabling efficient energy management by integrating solar power generation and residential storage batteries.

SHARP

… but skipping automotive basics like battery capacity, anticipated driving range, and the usual horsepower and torque figures. Pricing and, perhaps most importantly, when the vehicle might see the light of day weren’t revealed, either.

SHARP LDK+ concept


All of which is to say: they’re probably never going to actually build something like this – and that’s too bad, because a new-age Honda Element/Nissan Cube-style boxy little EV would absolutely sell like hotcakes.

SOURCE | IMAGES: SHARP, The Japan News.


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Forget the myths: EV batteries are now more than 99% recyclable

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Forget the myths: EV batteries are now more than 99% recyclable

All those people who want you to believe mining for EV batteries is as dirty as drilling for oil? They don’t want you to know about recycling – and they really don’t want you to know about a new pilot recycling program is promising a radical leap in battery recycling efficiency, with recovery reportedly rates exceeding 99% for critical metals like nickel, cobalt, and manganese.

Thanks to a new, highly detailed, and (crucially) enforceable regulatory framework of 22 national standards backed by a newly formed national technical committee, a team of Chinese-led researchers is raising the bar when it comes to battery recycling efficiency.

These new standards brings together stakeholders from raw material supply, battery production, recycling and dismantling, and chemical processing disciplines to address battery recycling needs across automotive, marine, and energy storage applications. The rules feature titles like, “Vehicle power battery recycling and dismantling specification,” and, “Vehicle power battery remaining energy detection (standard),” and provide the nation’s auto industry with clear and uniform procedures for handling retired batteries.

The results of a single, standardized approach have been revolutionary, and companies adhering to the new protocols are, according to CarNewsChina, seeing recovery rates of 99.6% for nickel, cobalt, and manganese, and an impressive 96.5% for lithium – figures that were once considered a distant goal for the global industry.

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Electrek’s Take


EV battery recycled metals
Reclaimed battery materials; by BASF.

Despite being presented as an environmental liability, EV batteries represent a single sunk carbon cost that diminishes rapidly over time. Simply put: the more you use an EV battery, the greener it gets – and now that more than 99% of the battery materials can be recycled and reused in batteries that are as good as or better than they were the first time around, the batteries can become a predictable source of critical raw materials, generating significant economic value while drastically reducing the need for virgin mining and encouraging domestic job growth.

Too bad our own US policymakers can’t get this one right.

SOURCE | IMAGES: CarNewsChina; Enel.


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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