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For EV automakers, profits in mirror appear no closer than they will ever be. Lucid Motors went from 90,000 to 9,000, which is like going from 60 to 0. That's the amount of vehicles the company will build this year, a far cry from the predictions it made when it went public three years ago. It's also a sign of the challenges that the broader EV market faces. Like a gasoline tank with a hole in it, Lucid is leaking cash to the tune of $2.8 billion in 2023. While supply chain and production problems have been an uphill battle, the harsh reality is that the overall EV market is sputtering. Look no further than other pure-play EV makers like Rivian and Fisker who have seen their shares hammered over the past year as a string of loss-producing quarters and a tough EV demand environment. Each is downsizing and burning through cash, losing thousands of dollars on each vehicle they build. The broader EV market is also facing its own nuclear winter as major automakers like GM and Ford are already scaling back EV production. The lack of affordability along with a charging station network that is very much a work in progress has buyers cruising for hybrids or drifting with gas engine vehicles https://tcrn.ch/3UOP2Al #lucidmotors #rivian #fisker #electricvehicles #hybridvehicles #automotiveindustry

Lucid Motors recently announced a limited-time price cut for its Air range of luxury sedans, just in time for the holiday season. The move was made in response to tough competition and a sluggish market for EVs, which has been hit by high-interest rates. Major automakers, including Tesla, the world's most valuable automaker, have also lowered prices in an effort to stimulate demand. #vision2030 #saudiarabia Lucid Motors Middle East #electricvehicles #EVs #autonomousvehicles #fleetelectrification  #decarbonization #evcharging #evcharginginfrastructure #electrification #charginginfrastructure

***Lucid Group Inc.’s vehicle deliveries came in slightly ahead of analyst estimates in the fourth quarter*** Lucid has achieved a milestone by delivering 1,734 vehicles in the last quarter, surpassing Wall Street's average expectations of 1,696 vehicles. The automaker produced 8,428 electric vehicles throughout the year, showcasing its resilience and adaptability in challenging circumstances. Despite initial ambitions to produce up to 14,000 vehicles, Lucid navigated through the year with remarkable agility, adjusting its production forecasts in response to the lingering impacts of pandemic-era supply disruptions and operational inconsistencies at its Arizona facility. This approach demonstrates Lucid's commitment to quality and operational excellence, even under less-than-ideal conditions. #automotivenews #automotiveengineering #automotivemanufacturing #electricvehicles #lucidair

Thanks Hanns-Christian, I am going to repost this if you do not mind. It is a rich topic for conversation. Range is important. The ability to charge within a certain timeframe is more important. Even more important than that is the availability of grid energy to support EV Charging. If someone was driving an average of 75 miles/day around town, it might be able to fully charge overnight on 120 VAC. If someone were to drive 300 miles, it would not charge fully overnight on 120 VAC. Question: Why is Hertz selling much of its EV fleet for pennies on the dollar? A technical solution is ready when it solves all the problems and does not add burdens to the user. Railroads were invented when it was time to railroad. EVs WILL reach their technical solution by 2030. Right now, they are good for driving around town...as long as they can fully charge overnight.

#supplychain #transportation How important is range for EVs? In 2021 Lucid Motors set a new record for range when its Air model achieved 500 miles on a charge. That did not translate into sales though, and now the company is following up with a SUV called Gravity that can travel 440 miles on a charge. The big question is whether range is really a key factor for consumers. Some of the drawbacks include that range requires larger batteries, which take longer to charge and add significant cost to vehicles. The company is currently working on both range and affordability. Similarly, most Tesla drivers don't have much of a range anxiety and for good reasons. They can easily find charging stations and it does not take that long. Lucid is investing in better use of batteries and that is an interesting decision. Essentially you must build better engines as progress in batteries is on its own path that takes lots of research and thus time. Lucid's CEO believes 150 miles of range is an adequate metric for low cost EV. The key to this answer lies in the cost of the vehicle. You need to bring it down below fuel powered cars to reach the average consumer. Batteries can cost up to $20,000 for manufacturers, which makes it impossible to build affordable cars. At the same time electric vehicles also need to adhere to efficiency since their consumed power needs to be generated in the first place. Focusing on efficiency is a very smart play. #truckl #innovation

ELECTRIC VEHICLES GAINING MOMENTUM: NEW OEM LUCID MOTORS HAS RELEASED Q4 & FULL YEAR 2023 RESULTS - DECLINE IN SALES, -$2.828B NET LOSS, MORE THAN DOUBLED FROM 2022. Q4 2023 Unit Sales: 1,734 vehicles Q4 2023 Sales Revenue: $157.2M or -39% vs Q4 2022 Full Year 2023 Sales Revenue: $595.3M or -2% vs Full Year 2022 Q4 2023 Net Loss: -$653.8M, deteriorated from -$472.6m net loss in Q4 2022 Full Year 2023 Net Loss: -$2.828B, more than doubled from -$1.305B net loss for Full Year 2022 A somewhat disappointing performance by Lucid Motors, 2023 annual results presentation attached below. Looks like Lucid Motors will remain a niche player - despite the (modest) global expansion of their network and of their new Gravity electric SUV. In 2024, Lucid is planning a total production volume of 9,000 vehicles. #ev #evs #bev #bevs #electricvehicle #electricvehicles #electricmobility #emobility #greenmobility #sustainablemobility #urbanmobility #smartmobility #futuremobility #newmobility #mobility #automotive #automotiveengineering #automotivetechnology #automotiveindustry #roadtransportation #innovation #technology #emissions #emissionscontrol #emissionsreduction #zeroemissions #zev #decarbonization #greentechnologies #greentech #greenproducts #environment #environmentalprotection #sustainable #sustainability #2023results #q42023results #outlook #2024outlook #lucidmotors #lucidair #lucidgravity #newoem

#supplychain #transportation How important is range for EVs? In 2021 Lucid Motors set a new record for range when its Air model achieved 500 miles on a charge. That did not translate into sales though, and now the company is following up with a SUV called Gravity that can travel 440 miles on a charge. The big question is whether range is really a key factor for consumers. Some of the drawbacks include that range requires larger batteries, which take longer to charge and add significant cost to vehicles. The company is currently working on both range and affordability. Similarly, most Tesla drivers don't have much of a range anxiety and for good reasons. They can easily find charging stations and it does not take that long. Lucid is investing in better use of batteries and that is an interesting decision. Essentially you must build better engines as progress in batteries is on its own path that takes lots of research and thus time. Lucid's CEO believes 150 miles of range is an adequate metric for low cost EV. The key to this answer lies in the cost of the vehicle. You need to bring it down below fuel powered cars to reach the average consumer. Batteries can cost up to $20,000 for manufacturers, which makes it impossible to build affordable cars. At the same time electric vehicles also need to adhere to efficiency since their consumed power needs to be generated in the first place. Focusing on efficiency is a very smart play. #truckl #innovation

ELECTRIC VEHICLES GAINING MOMENTUM: NEW OEM LUCID MOTORS HAS RELEASED Q4 & FULL YEAR 2023 RESULTS - DECLINE IN SALES, -$2.828B NET LOSS, MORE THAN DOUBLED FROM 2022. Q4 2023 Unit Sales: 1,734 vehicles Q4 2023 Sales Revenue: $157.2M or -39% vs Q4 2022 Full Year 2023 Sales Revenue: $595.3M or -2% vs Full Year 2022 Q4 2023 Net Loss: -$653.8M, deteriorated from -$472.6m net loss in Q4 2022 Full Year 2023 Net Loss: -$2.828B, more than doubled from -$1.305B net loss for Full Year 2022 A somewhat disappointing performance by Lucid Motors, 2023 annual results presentation attached below. Looks like Lucid Motors will remain a niche player - despite the (modest) global expansion of their network and of their new Gravity electric SUV. In 2024, Lucid is planning a total production volume of 9,000 vehicles. #ev #evs #bev #bevs #electricvehicle #electricvehicles #electricmobility #emobility #greenmobility #sustainablemobility #urbanmobility #smartmobility #futuremobility #newmobility #mobility #automotive #automotiveengineering #automotivetechnology #automotiveindustry #roadtransportation #innovation #technology #emissions #emissionscontrol #emissionsreduction #zeroemissions #zev #decarbonization #greentechnologies #greentech #greenproducts #environment #environmentalprotection #sustainable #sustainability #2023results #q42023results #outlook #2024outlook #lucidmotors #lucidair #lucidgravity #newoem

#AstonMartin's electric vehicle (EV) powertrain partner, #LucidMotors, is fully committed to their collaboration ...but not exclusively tied to it. Despite being selected by #AstonMartin for their EV powertrain, #LucidMotors is open to working with other companies in the same sector, potentially including competitors like #Ferrari. In a recent interview, Peter Rawlinson, the technical mind behind the #Tesla Model S and #LucidMotors' leadership, emphasized that #Lucid's technology is available to other companies. However, he clarified that their commitment to the partnership with #AstonMartin is unwavering, as Aston Martin is their first customer and takes top priority. The collaboration, set to yield results in 2025, involves Lucid supplying key technologies to Aston Martin. This includes the Wunderbox (Lucid's onboard charging unit), battery modules, and the dual rear drive unit from Lucid's flagship Sapphire technology. Aston Martin will handle its own front drive unit. Importantly, the partnership is non-exclusive, granting Lucid Motors the flexibility to supply their technology to other automakers. Lucid Motors has always intended to supply technology to various car manufacturers, spanning beyond the premium, high-performance market. Peter Rawlinson acknowledged that, currently, Lucid's technology is better suited for vehicles like Aston Martin rather than high-volume, mass-market cars. He expressed optimism about future developments, noting that Lucid aims to have technology suitable for a broader range of vehicles, including those with higher production volumes. Rawlinson highlighted the strategic decision-making process that led to the partnership with Aston Martin, citing Aston's thorough evaluation of Lucid's technology, including putting a Lucid Air through its paces on the Nürburgring. The positive results and meticulous due diligence on Aston Martin's part affirmed their confidence in choosing Lucid Motors as their EV powertrain partner. WeAutomotive Group

US #EV sales figures came in last week and Ford continues its great run to be second behind Tesla in the US. Ford grew its EV sales by 61% in Q2, with hybrids up by 55% and ICE falling by 5%. GM was next, with Hyundai and Kia completing the top 5. With GM launching its Chevy Blazer, Equinox and Silverado soon, it will be fun to see who will catch up to Tesla the quickest. More EV models mean more EV sales. #EV #electricvehicles