Lucid plans to start production of Gravity electric SUV in late 2024


Share post:

Lucid said Monday it will reveal its long-awaited, all-electric Gravity SUV in November with production not kicking off until late 2024.

The EV maker, which has experienced a drop in sales for its well-regarded but pricey luxury sedan, had originally planned to begin producing the Gravity at its factory in Arizona in late 2023. That date was later pushed to 2024, but the company never indicated in which quarter production would begin.

Lucid gave consumers their first peek at the Gravity back in 2020 during an event to unveil the Air. At the time, the company said the Gravity was already well into the design process. Lucid even had a working prototype, which was spotted in summer 2020 out in the wild.

That progress seemed to stagnate as Lucid grappled with production of the Air sedan. Lucid provided its first real update in April 2023 when it began testing pre-production versions of the Gravity SUV on public roads.

Lucid has not yet shared the price of its upcoming Gravity SUV, but the automaker might feel pressure to hit a lower price point than originally planned. Over the weekend, Lucid reduced the price of its Air Pure sedan by $5,000 to $82,400, and dropped prices of the Air Touring and Grand Touring versions by $12,400 to $95,000 and $125,600, respectively.

Lucid shared the Gravity production date in its second-quarter earnings report, which missed Wall Street expectations. The U.S. automaker said it generated $150.9 million in the second quarter, a 55% uptick from the $97.3 million in the same year-ago period. That still wasn’t enough to beat analysts expectations, which had forecast revenue of $175 million, according to Yahoo Finance data.

Last month, Lucid said it delivered 1,404 Air sedans in the second quarter. While that was double the number of EVs it delivered in Q2 2022, it was still about 600 fewer than analysts had expected, pushing shares lower. It was also flat from the first quarter of 2023. Lucid delivered 1,406 vehicles in the first quarter of 2023.

The company reported a net loss of $764.2 million in the second quarter compared to a loss of $220.4 million in the same year-ago period. On a diluted basis, the company’s net loss in Q2 2022 was $555.3 million.

Lucid reported a free cash flow of negative $904 million. However, the automaker confirmed that it raised $3 billion in capital in the second quarter, including $1.8 billion from Saudi Arabia’s PIF. Lucid reported liquidity of $6.25 billion, which Lucid CFO Sherry House says can take the automaker through the start of production for the Lucid Gravity, and into 2025.

Lucid’s 2023 outlook remained the same, more or less. In February, the company halved its previous 2023 target from 20,000 to 22,000 vehicles to 10,000 to 14,000 vehicles. On Monday, Lucid said it is on track to deliver “more than 10,000 vehicles” this year.

Lucid’s stock climbed 4.5% in after-hours trading immediately after the company reported earnings.

Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

Telegram starts to look like a super app, echoing WeChat

Telegram, the popular messenger with 800 million monthly active users worldwide, is inching closer to adopting an...

Amazon’s outgoing Echo head is Blue Origin’s new CEO

Blue Origin CEO Bob Smith is retiring at the end of the year and his replacement is...

Ford halts work on $3.5B EV battery factory with China’s CATL

Ford confirmed Monday it has immediately stopped work at a $3.5 billion factory in Michigan that was...

Signal’s Meredith Whittaker: AI is fundamentally ‘a surveillance technology’

Why is it that so many companies that rely on monetizing the data of their users seem...

New SEC cybersecurity disclosure rules: What you need to know to stay in compliance

Cinthia Motley Contributor Cinthia Motley is the Director of Dykema’s Global Data Privacy and Information Security Practice Group and...

Apple executives break down AirPods’ new features

AirPods only got a passive mention during the keynote at Apple’s event. It’s understandable — the iPhone...

Storybutton wants to redesign the radio for Gen Alpha podcast listeners

Storybutton, a new audio player for kids, aims to be the go-to alternative to screened devices for...

‘Nobody has lost their job because of what we do,’ says CEO of film industry AI tool

“Honestly, and I really can say this with a straight face, we create jobs. Because there’s so...