Lucid chief says despite slower-than-expected EV market, it’s still outpacing luxury rivals
Despite admitting “the market is tough,” Lucid Motor’s (LCID) CEO Peter Rawlinson said the luxury EV maker is outpacing its rivals.
With nearly 2,800 vehicles delivered in Q3, Lucid broke its quarterly record for the third consecutive time this year.
Although deliveries are picking up, production at its Casa Grande, Arizona plant is slipping. Lucid built 1,805 EVs over the last three months, down from 2,110 in Q2.
Two years ago, Lucid expected to build 90,000 vehicles in 2024. Now, its production target is 9,000 for the year, meaning Lucid will need to make another 3,359 vehicles in the fourth quarter to hit its goal.
“The market is tough,” Rawlinson told Semafor’s Liz Hoffman. However, he added, “the actual sales numbers of EVs are increasing.”
Rawlinson explained, “It’s just that the rate of increase was not what we anticipated. It’s like saying there’s inflation, but the rate of inflation is less.”
Lucid is still outpacing many luxury rivals
Despite the lower outlook, Lucid is still outpacing many of its luxury rivals. Rawlinson said buyers have been “ill-served by underwhelming offerings from traditional automakers that haven’t gone all-in on electric.”
Lucid’s CEO says those companies have “not been able to because they’ve not got the technology, and they’ve not got the long-term commitment.”
Rawlinson boasted, “We’re outselling the Mercedes EQS. We’re outselling the Porsche Taycan. We’re outselling the [Audi] eTron. We’re out selling BMW Ice.” In some markets, Lucid’s Air is even outselling the Tesla Model S.
According to Cox Automotive, Lucid sold 5,766 Air models in the US through September, up 35% from last year. That’s more than the Audi e-tron (2,066) and Porsche Taycan (4,072).
Lucid plans to begin building its first electric SUV, the Gravity, later this year that’s expected to greatly expand its market. According to Lucid, the Gravity will start at under $80,000 with over 440 miles range.
Ahead of its debut, Lucid announced plans to sell 262.4 million shares of common stock through a new public offering.
Last month, Lucid teased its new midsize electric SUV. It will be the first of Lucid’s lower-priced midsize models, starting at under $50,000.
Electrek’s Take
Despite some media headlines claiming “electric vehicle sales are stumbling,” many companies just set new sales records in the third quarter.
In the US, a record 346,309 EVs were sold in the third quarter, up 11% from Q3 2023. Electric vehicle share of total sales reached its highest level at 8.9%, up from 7.8% in Q3 2023.
Perhaps Lucid’s CEO has a point. People have been “ill-served” by automakers that have failed to keep up with the shift to a digital, electric era. Buyers want the newest, most advanced tech, features, and connectivity. And electric vehicles offer that.
In Rawlinson’s words, “If you like driving fast cars, it’s a must. If you like lots of legroom and comfort, it’s a must. If you like a nice, quiet and comfortable ride, it’s a must. And if you want to save the planet, it’s a must.”
According to Rawlinson, manufacturing is not the problem. “Our problem is market demand, and that is very much a function of brand awareness.”
The company’s leader said those not interested in cars “won’t bother to find out that Lucid exists.” Instead, they’ll “just go to your Mercedes dealer every three years because you can’t beat the three-pointed star as a brand.” That’s where Lucid looks to make the difference as it enters its next growth stage.
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Environment
Podcast: GMC Sierra EV Denali first drive, Hyundai Ioniq 9 unveiling, Jaguar rebranding, and more
In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss our GMC Sierra EV Denali first drive, Hyundai Ioniq 9 unveiling, Jaguar’s rebranding, and more.
Sponsored by ALSET Auto: North America’s leader in paint protection and restyling; offering colored wraps, paint protection, window tint, ceramic coatings and more, exclusively on EVs.
The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
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Here are a few of the articles that we will discuss during the podcast:
Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET):
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It’s official: Chrysler will finally launch an electric Pacifica minivan. The company is developing clever storage ideas that could make it even more functional than Volkswagen’s recently introduced ID.Buzz. But you’ll have to wait a little longer to get your hands on one.
Chrysler confirms plans to launch an electric Pacifica
Chrysler has yet to release its first fully electric vehicle. Although the nearly 100-year-old automaker has teased several EV concepts, we have yet to see one come to fruition. That will change soon.
Earlier this year, the company revealed its Halcyon Concept, a futuristic sports car-like EV drastically different from Chrysler vehicles currently on the road. The model builds on previous concepts, like the Airflow crossover introduced in 2022.
Chrysler’s CEO, Christine Feuell, said the Halycon would be brought to life with advanced new tech from parent company Stellantis, sleek new styling, and a software-defined connected cockpit.
The radical design will be used in future Chrysler vehicles, including the electric Pacifica. At the LA Auto Show this week, Feuell confirmed to GreenCarReports that the Pacifica is due for an overhaul in 2026. The refresh will lay the groundwork for the first electric Pacifica, which is expected to launch the following year.
Chrysler’s CEO hinted the upcoming Pacifica EV could challenge Volkswagen’s ID.Buzz, the first electric minivan to arrive in the US.
While you’ll need to remove the seats for that open-air space in the ID.Buzz, Chrysler is working on more functional solutions. According to Feuell, the company is developing a system like its patented Stow ‘N Go Seating to open up space in the rear.
Although nothing is set in stone, one option is adjustable front seats, enabling the second row to be stored underneath.
Electrek’s Take
As Chrysler’s only production model in 2024, it only makes sense to launch an electric Pacifica. The Pacifica hybrid was the fourth best-selling plug-in hybrid in the US in Q3. It also accounted for 14% (3,009) of the 21,504 Pacifica models sold last quarter.
Meanwhile, the company is quickly losing market share in the US. Pacifica sales crashed 44% in Q3 and are down 18% through September.
Several new larger electric SUVs, like the Kia EV9, are already hitting the market, and more are on the way, including the recently unveiled Hyundai IONIQ 9. With the electric Pacifica not due out until 2027 (at the earliest), Chrysler will likely continue losing ground as new, more advanced competitors roll out.
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Tesla has converted an entire Shell gas station into a Supercharger station for electric vehicles in Spain, and it looks fantastic.
One of the favorite arguments of electric vehicle naysayers is that there are not as many charging stations as gas stations – making EVs less convenient.
The argument is flawed since most EVs are charged overnight when parked, and they can be charged literally anywhere there’s an electric outlet, which is not the case with gas-powered vehicles.
Most of the time, charging electric vehicles is more convenient than refueling a gas-powered car, and that’s going to become more widespread as time goes on because there are more charging stations being deployed, and many gas stations are going away.
In some markets where electric vehicles are being adopted at a higher rate, like in Norway, gas stations have been closing left and right.
In some cases, EV charging stations are directly replacing some.
Today, we get to see a beautiful example in Cordoba, Spain, where Tesla took over a Shell gas station and converted it into (hat tip to Aland≡Bru on X):
While it is not completed, it’s particularly interesting to see that Tesla has kept a similar design to the classic gas station setup.
To be fair, this is not exactly a new concept. There’s even a company that specializes in replacing gas stations with EV charging stations.
We have also previously seen gas station operators replacing gas pumps with charging stalls.
Interestingly, even the oil giant Shell, which is seeing its gas station here replaced by a Tesla Supercharger here, is investing in electric vehicle charging through several new efforts.
The only thing missing to this charging station is solar power, which is the best way to charger your electric car, and the best solar is on your home. If you want to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage. EnergySage is a free service that makes it easy for you to go solar – whether you’re a homeowner or renter. They have hundreds of vetted solar installers competing for your business (including Tesla and Powerwall certified installers in some markets), ensuring you get high-quality solutions and save 20 to 30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
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