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Lucid Motors (LCID) just broke its delivery record again in Q3 as new incentives boosted demand. The EV maker has now delivered more vehicles in 2024 than it did all of last year.

Lucid set another delivery record in Q3 2024

After delivering another 2,781 vehicles in the third quarter, Lucid has now handed over 7,142 EVs in 2024.

The record-setting performance was enough to top the 6,001 vehicles delivered in 2023, with another three months to go in the year.

Lucid has now had three consecutive quarters of record deliveries, topping the 1,967 and 2,394 deliveries in Q1 and Q2, respectively.

Although deliveries are picking up, Lucid’s production fell to 1,805 in Q3, down from the 2,110 vehicles built in the second quarter. With 5,642 cars built through the first nine months of the year, Lucid will need to produce another 3,358 EVs in Q4 to hit its 9,000 production target in 2024.

Significant incentives are driving Lucid’s higher deliveries, making its vehicles more affordable than ever.

Q4 2022 Q1 2023 Q2 2023 Q3 2023 Full-year 2023 Q4 2023 Q1 2024 Q2 2024 Q3
2024
YTD
2024
Lucid EV deliveries by quarter 1,932 1,406 1,404 1,457 6,001 1,734 1,967 2,394 2,781 7,142
Lucid (LCID) EV deliveries by quarter through Q2 2024

For example, Lucid is now offering up to $17,500 in savings on the 2024 Air Grand Touring this month.

With up to $15,000 off, the 2024 Lucid Air Pure can be leased for under $550 a month. The offer is significantly lower than last September’s $749 lease offer on the 2023 Air Pure.

The announcement comes after Rivian (RIVN) lowered its production target for 2024 on Friday. Rivian now expects to build between 47,000 and 49,000 vehicles this year, down from its previous 57,000 guidance. The company said a supply shortage was hampering production at its Normal, IL plant.

Lucid-delivery-record-Q3
Lucid Air (left) and Gravity SUV (right) models (Source: Lucid)

Like Rivian, Lucid is gearing up for its next growth stage. The EV maker hopes to continue building momentum with the launch of its first electric SUV, the Gravity, later this year.

Lucid will release its third-quarter financial results on November 7, 2024. The company ended Q2 with $4.28 in liquidity following another $1.5 billion commitment from Saudi’s PIF, enough to fund it through Q4 2025, according to Lucid.

Lucid-teases-midsize-SUV
Lucid midsize electric SUV teaser image (Source: Lucid)

Last month, Lucid teased its upcoming midsize electric SUV. Starting under $50,000, the electric crossover is aimed at Tesla’s best-selling Model Y. It will be the first of at least three low-priced Lucid vehicles set to launch over the next few years.

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Velotric Breeze launched as new cruiser e-bike, bringing comfort and speed

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Velotric Breeze launched as new cruiser e-bike, bringing comfort and speed

The major electric bicycle brand Velotric has just launched its newest model, the Velotric Breeze 1. Part commuter, part cruiser, the Breeze 1 is a fast yet comfortable e-bike intended for those who want a relaxed riding style without sacrificing performance.

Most cruiser electric bicycles are considered to be more of a laissez-faire endeavor, but the Velotric Breeze 1 is hoping to crank things up a notch with fast speeds and high-tech features.

Replacing the traditionally large and swoopy frame is a more accessible step-through design that comes in two sizes to fit a larger range of riders. But while the frame may look different than a classic cruiser, the pedal-forward geometry and swept-back cruiser handlebars definitely evoke true cruiser vibes.

That geometry, including the adjustable angle handlebars, helps give the Velotric Breeze 1 a more upright and relaxed ride.

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But don’t think that just because the Breeze 1 is a relaxed ride, it can’t still bring the performance. A 750W motor offers up to 28 mph (45 km/h) of speed in unlocked mode, though the bike comes with a 20 mph limit right out of the box. To open up Class 3 speeds, users will need to use the settings menu in the color display, where a plethora of other parameters can also be adjusted.

A 48V 13.4Ah battery provides 643Wh of battery capacity, or enough for a claimed maximum range of 75 miles (120 km) in the lowest power pedal assist mode. There are also 15 levels of pedal assist and the ability to choose between the torque sensor or the cadence sensor to activate that pedal assist (and of course throttle mode, for those who don’t want to pedal at all).

While torque sensors are generally more highly praised for their ability to offer near-instantaneous power delivery and more natural feeling riding, some people prefer a cadence sensor since it can be used more like a foot throttle, allowing minimal effort from the rider. By offering the option to choose between the two, Velotric is giving everyone the opportunity to ride the way they prefer.

The battery is IPX7-rated, meaning it can be submerged in up to three feet of water. The rest of the bike is IPX6-rated, allowing owners to pressure wash the bike without worry of water getting inside. Like all of Velotric’s electric bikes, both the battery and the entire bike are UL-certified.

The Velotric Breeze 1 also includes Apple FindMy location tracking, punchy hydraulic disc brakes, bright LED lighting including turn signals, easy-rolling 27.5×2.2 urban tires, a Shimano 8-speed derailleur, and is even rather lightweight for a cruiser e-bike at just 48 lb (21.7 kg).

The seat stay-mounted tail lights are also spread wide on the rear of the bike, allowing the turn signals to function even better as directional indicators for drivers.

The bike lacks suspension, offering a purely rigid fork and frame, but is likely intended for operation on smooth beach paths and other areas without the bumpy terrain that typically begs true suspension.

Priced at US $1,799, the Velotric Breeze 1 was just launched this morning and is already available for order on Velotric’s site. The bike comes in five different colors and two different frame sizes, fitting riders between 4’11 and 6’4″ (150-193 cm).

What do you think of Velotric’s newest e-bike? Let us know in the comment section below, and be on the lookout for our own review of the Breeze 1 coming soon!

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Cartoonish Tesla crashes, Toyota battery deals, and new Chinese hotness

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Cartoonish Tesla crashes, Toyota battery deals, and new Chinese hotness

ACME stock soars on today’s cartoonishly silly episode of Quick Charge, we watch Tesla Autopilot crash into a wall with a painting on it, make the Elon stans look silly when they point out shady behavior from their fearless leader, and toss out the notion that some franchise dealers might help the troubled EV brand make more sales in red states.

We also cover Toyota as it moves to position itself for global battery dominance by suppling batteries to more than 400,000 electrified Honda vehicles per year, plus an upgraded Xpeng G6 electric SUV that makes everything on this side of the Pacific look positively plebeian. All this and more, enjoy!

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

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Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.

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Tesla already starts to offer 0% interest on new Model Y in China – showing weak demand

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Tesla already starts to offer 0% interest on new Model Y in China – showing weak demand

Tesla has already started offering 0% APR on loans for the new Model Y in China, showing a clear sign of weak demand.

We recently reported that Tesla is under increased pressure from competition in China, the world’s largest EV market.

The Tesla Model 3 was recently surpassed in sales by the Xiaomi SU7 in a record short period from starting production. The SU7 not only outsells Model 3 in China, but Xiaomi’s electric sedan has a 31-34-week-long order backlog compared to just 1-3 weeks for Tesla’s.

Last month, Tesla started offering a new RMB 8,000 ($1,100 USD) insurance subsidy and 0% loans on new Model 3 orders.

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Tesla didn’t apply these same offers to new Model Y orders because Tesla enjoyed more demand for the vehicle due to the launch of the Model Y refresh, and the production launch limited the supplies.

However, we also noted that reports of more than 200,000 orders for the new Model Y were exaggerated and the current delivery timelines pointed to soft demand for the new Model Y.

We noted that a good indication of when Tesla is running out of the backlog of orders, which was opened in January, for the newly delivered vehicle would be if Tesla brings back financing incentives on the Model Y.

Today, Tesla announced that it was bringing back the 0% interest loans on the base version of the new Model Y:

The Model Y RWD is by far Tesla’s best-selling car in China and Tesla is now offering up to 3 years at 0% for a 30% down payment and some discounted rates for a smaller down payment.

The incentive starts now and up to April 30. Tesla wrote:

If you purchase a Model Y rear-wheel drive version from March 18, 2025 to April 30, 2025 and pick up the car before the order expiration date according to the delivery and payment terms in the order, eligible customers can apply for the following financial preferential plans:

Tesla currently quotes “2-4 weeks” as a delivery timeline for new orders for the new Model Y RWD, and 6-10 weeks for Long Range AWD.

The Long Range appears to enjoy a bit more demand. Tesla even slightly increased the price by RMB 10,000 yuan ($1,380).

Electrek’s Take

It’s important to consider that Tesla is believed to be selling a mix of RWD vs AWD around 3 to 1 or even 4 to 1. Therefore, any change in pricing and subsidized loans to the Short Range RWD would have a massive impact on Tesla.

I have to say, I’m surprised. I suspected Tesla would have some issues selling the new Model Y in the second half of the year after some excitement for the new version wore off and competition like the Xiaomi YU7 would arrive, but I didn’t think it would come so fast.

Even if this is because Tesla was able to ramp up production of the new version faster, which could mean more deliveries in Q1, the fact that they are already discounting them is a terrible sign of demand.

I didn’t have high hopes for Tesla’s prospects in China in 2025, but even I thought this would not come for another 3-5 months.

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