Lucid Air production plummeted in Q3
Lucid Motors initially planned to build 10,000 cars in fiscal year 2023, but early Q3 2023 data published by Lucid today would seem to put that figure in serious jeopardy — if not make it an outright impossibility.
Lucid produced 1,550 cars during Q3 2023, a huge 28.7% drop from the 2,173 cars it produced in the previous quarter. Meanwhile, the company delivered 1,457 cars, a very slight increase over the 1,404 it delivered in Q2 — but that means it’s still accumulating costly inventory. Financial results for Q3 2023 won’t be available until November 7.
With today’s figures, Lucid is nearly 4,000 cars short of its 10,000 unit goal for FY 2023, a number it seems extremely unlikely to make up with Q4 production alone. Lucid’s press release makes no mention of that 10,000 unit figure. This probably shouldn’t be taken as a great sign of its ongoing commitment to those statements.
Lucid has had a tough time moving vehicles — while the Air sedan has received a high degree of praise from the automotive press for its design, execution, and performance, it’s a very expensive car. And with the US consumer economy in a shaky state, luxury purchases like high-end EVs are probably getting put off by a large number of would-be buyers.
Lucid notes in its release that 700 in-progress Airs are on the way to Saudi Arabia for final assembly, suggesting that its Q4 delivery numbers could be aided by international sales. Lucid announced it was now eligible for Saudi economic incentives as part of a special economic zone initiative last month.
Here’s Lucid’s release on the figures.
NEWARK, Calif., Oct. 17, 2023 /PRNewswire/ — Lucid Group, Inc. (NASDAQ: LCID), setting new standards for luxury electric experience with the Lucid Air, winner of the 2023 World Luxury Car Award, today announced production and delivery totals for the quarter ended September 30, 2023. Lucid produced 1,550 vehicles during Q3, plus over 700 additional vehicles in transit to Saudi Arabia for final assembly. The company delivered 1,457 vehicles during the same period.*
Lucid motors
Electrek’s Take
This is not good news for Lucid Motors. Everyone in the space knows that the company is struggling to sell through stock, and even with drastically lowered Q3 production, it’s still net-positive on its total vehicle inventory. Sitting on cars is an expensive problem to have, and one that compounds when consumers sense there’s something keeping those cars available — often, something they perceive as undesirable.
Lucid may not be catching any breaks from larger economic headwinds, but its decision to launch its brand on a sedan platform in SUV-crazy America is probably the bigger strategic miss overall. It’s hard to imagine Lucid would be in this position if it was selling a 5- or 7-seat luxury crossover. The company’s Gravity SUV is set to arrive in 2024, and it can’t come soon enough.
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With its tire-blistering acceleration and record-setting performance, the Xiaomi SU7 Ultra has been getting attention throughout the auto industry, impressing everyone who’s seen it. That “everyone” now seems to include the OG supercar brand, itself.
CarNewsChina posted pictures from a Weibo user that reportedly show a Xiaomi SU7 Ultra exiting the storied Ferrari factory in Maranello, Italy. According to a Chinese blogger going by 西米露在博洛尼亚 (which seems to translate to “Sago Dessert in Bologna”), the prancing horse brand is actively benchmarking the Chinese hypercar for its own upcoming EV.
The SU7 Ultra was definitely coming from inside Ferrari’s facility. After verification, we learned this specific vehicle was officially purchased by Ferrari for testing, and the development of their next-generation electric platform.
Yet another Chinese auto blogger, 苏黎世贝勒爷, claims that Ferrari representatives visited Xiaomi headquarters last year, allegedly to discuss the joint development of next-generation high-performance EV motors.
The Xiaomi SU7 Ultra made its debut last year, promising 1,548 hp, sub 2.0-second 0-60 mph times, and a top speed well over 200 mph – all at a price lower than a Tesla Model S Plaid or Porsche Taycan Turbo GT. The car sold out almost immediately after it was unveiled, racking up some 50,000 orders almost overnight.
The new electric benchmark
In the automotive world, “benchmarking” is a process in which car companies systematically tear down each others’ competitive products to compare everything from sound insulation, vehicle ride and handling, component materials, and even manufacturing methods against their own or against other industry leaders. The goal is to evaluate performance, cost, quality, and other key metrics, effectively figuring out “where they stand” in the market.
If Ferrari really did buy an SU7 to benchmark it against their own upcoming electric supercar, it’s more than just a curiosity – it could mean that the highest tiers of automotive innovation have shifted from West to East. Maybe forever.
Featured image via Xiaomi; sources throughout the post.
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We’re finally getting our first teases of the upgraded 2027 Chevy Bolt, built on GM’s battery/motor platform formerly known as Ultium. So far, so good for the vehicle, which will be revealed later this Fall.
Chevy took to social media today to tease the 2027 Chevy Bolt, saying, “You asked, we listened. The #ChevyBolt is back and better than ever. More this fall. 👀”
Chevy ended the original Bolt program with the 2023 model, which was loved by a loyal group of customers (including myself). Some of the major gripes, including charging speed and rear brake lights, already look to be addressed. Also, a new more aggressive fascia is debuting.
Electrek’s take
GM has done an incredible job keeping the 2027 Bolt under wraps. It will be the first GM vehicle with a native NACS port after the Cadillac Optiq-V, which we spied in Seattle last week.
Hopefully, the new Bolt will have improved charging speeds over and above the 54kW that previous Bolts adhered to. One possible downgrade is that the old Bolt’s amazing wireless CarPlay/Android Auto system will likely be replaced by GM’s move to Android’s built-in experience. For a few years, the Chevy Bolt was the most affordable long-range EV, and it won our 2022 Electrek car of the year for its versatility and price.
I would, of course, like to see the new Bolt as a hot hatchback, but GM CEO Mary Barra has hinted that it will likely take more of the EUV’s SUV form factor. Things like AWD options, SuperCruise, pricing, power and range are yet to be revealed, but stay tuned to Electrek for the latest on Bolt developments.
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On today’s test-acular episode of Quick Charge, it’s a new day and a new Chinese ADAS test for Tesla to conquer – but this one’s got a LOT more pedestrian carnage to parse through! We’ve also got some great e-bike deals from Retrospec and a bladder-busting Hyundai.
Today’s episode is brought to you by Retrospec – the makers of sleek, powerful e-bikes and outdoor gear built for everyday adventure! To that end, we’ve got a pair of Retrospec e-bike reviews followed up by the updated Hyundai IONIQ 6 with nearly 350 miles of range from its updated long-range battery. With that, Hyundai now has the longest range Korean EV on the market, while Texas is adding megawatts of battery energy storage to beef up its troubled grid, and it’s doing so faster and cheaper than ever before.
Plus: Quick Charge listeners can get an extra 10% off the price of their next awesome e-bike by using code ELECTREK10 at retrospec.com!
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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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