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Lucid Motorsplansto build just 9,000 electric vehicle in 2024 , only 500 to 1,000 more than it made in 2023 , as it struggles with need for its luxuriousness sedans . If it sticks to that number , that mean Lucid will wrap up build around 10 % of the 90,000 EVs it call it could make and sell in 2024 when it go public three years ago .
The chasm between the unexampled shape and those original arithmetic mean spotlights how much exemption companies like Lucid had in promote the reverse mergers thathelped so many become publicly listed . And it ’s a mark of the cruel reality Lucid now faces : that it ’s still scramble to find buyers and lose money on every EV it ramp up .
Lucidannouncedthe 2024 production target on Wednesday alongside its financial solution for last twelvemonth , where it divvy up that it lost $ 2.8 billion in 2023 . The modest sound projection come a few days after the companyslashed the Mary Leontyne Price of its Air sedan by $ 8,000 .
CEO Peter Rawlinson has spent much of the last year talking about how authoritative it is for his ship’s company to ameliorate its sales and selling efforts , while also pointing to the upcoming Gravity SUV as a potential boost . The Gravity is one of the reason Lucid in the first place estimate being able to make and embark 90,000 vehicle in a few short years . In fact , in thepresentationLucid used to promote its 2021 merger with a limited purpose attainment company , it predict the Gravity would outsell the Air sedan in 2024 .
The realism , though , was that Lucid ran into a issue of supply concatenation and yield problems in the early years of the Air and in 2022 hadto push back the launch of the Gravity . The company finallyrevealedthe SUV in November 2023 , and says it plan to begin build up them by the end of this year .
The Gravity means a raft for Lucid ’s immediate time to come — so much so that the company announcedlast weekthat it gave Rawlinson a $ 6 million hard cash bonus for unveil the SUV . Lucid is working on a mid - size platform meant to contend with Tesla ’s Model Y , but that wo n’t come in until late 2026 at the earliest .
There are other things that could give the ship’s company a boost . It only just recently started sell a rearward - wheel drive version of its radical model Air Pure , which — with the late price cut — now starts under $ 70,000 . Rawlinson said Lucid ran into expert challenge with the former production of the Air Pure , but that it is now to the full ramped .
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Lucid also last year announced it wasselling someof its EV engineering to Aston Martin . Rawlinson said on a call Wednesday that Lucid continues to tattle to other companies both in and outside of the self-propelled industriousness about striking similar technology licensing and supply agreements . He even suppose Lucid is “ seeing sake in our technology for usance in hybrid electric vehicles . ”
Saudi Arabia , which possess a absolute majority of Lucid Motors through its Public Investment Fund , has also check to purchase as many as 100,000 eV from Lucid over the next decade . The company started shipping Air sedan to the Kingdom late last year , though Rawlinson said Lucid initially ran into “ dissimilar market moral force and intricacies unique to that market ” that slowed the initial rollout . But he said Lucid “ expect[s]goodgrowthintheregionthisyear . ”
This story has been update with details from Lucid Motors ’ investor call .
