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Lucid sales inch forward as EV maker pushes to ramp Gravity production
In a surprising turn of events, electric vehicle (EV) manufacturer Lucid has reported a modest 6% increase in sales for the second quarter, despite an otherwise stagnant market. The company delivered 3,309 vehicles during this period, marking a new record high.
While this meager growth may not be cause for celebration, Lucid’s production numbers offer a glimmer of hope. The firm produced 3,863 vehicles in Q2, nearly 1,000 more than it did in the preceding quarter. This increase indicates that the company is making progress in ramping up its Gravity production.
However, the road ahead remains arduous. With an annual production goal of 20,000 vehicles, Lucid still has a significant gap to fill. In the first six months of the year, it has only managed to produce 6,075 vehicles, leaving a yawning hole of nearly 14,000 vehicles.
To address this challenge, the company is doubling down on its Gravity production efforts. CEO Marc Winterhoff has emphasized the importance of prioritizing quality over speed, acknowledging that the brand has encountered “tariff pressures” and supply chain bottlenecks that have hindered its progress thus far.
Despite these setbacks, Winterhoff remains optimistic about the product’s reception in the market. He has previously expressed enthusiasm for the Gravity’s potential, noting that it has garnered a significant amount of interest from customers. This positivity could be indicative of a change in consumer sentiment towards EVs.
Lucid remains tight-lipped regarding its sales figures, including any possible breakdown by model type. The company is expected to provide more information at an upcoming earnings report scheduled for August 5.
It remains unclear whether the company’s recent expansion into corporate fleets and rental services has contributed to this modest growth. In the first quarter, Lucid reported selling approximately 300 vehicles to “rental companies,” though a footnote in its regulatory filing revealed that the majority of these were actually sold to leasing firms that would then lease them back to the manufacturer as part of an updated company car program.
It is anticipated that further details will be shared during the earnings report, at which point we may gain a better understanding of the factors contributing to this modest uptick in sales.
Source: techcrunch.com
