TECH - EXCLUSIVE: As Lucid Gears Up To Take On Tesla's Model X Analysts Lay Out The Problems With Luxury EV Startup's Elon Musk-Inspired Approach | Benzinga
Lucid Group (NASDAQ:LCID) reported quarterly deliveries of over 2,000 vehicles for the first time earlier this week. While it has consistently reduced the amount of loss per vehicle over the previous four quarters, it remains to be seen if it can amp up its pace as it aims to become profitable.
Lucid’s Loss-Making Streak: For the first quarter of this year, Lucid reported a loss of $117,975 per delivery, not including overhead costs. While this has reduced significantly from the fourth quarter of 2021, when the company started deliveries and reported a loss of over $1 million for each of the 125 units it delivered, it is still a long way from profitability.
The Premium Lineup: Lucid’s premium sedan called Lucid Air is its only vehicle currently in production. Its cheapest variant has a starting price of $69,900 while the more premium Grand Touring and Sapphire versions start at $109,900 and $249,000, respectively.
The company is gearing up to start production of its Gravity SUV, which it believes to be better than rival Tesla Inc.’s premium Model X SUV, later this year. The vehicle is expected to start under $80,000, around the same price bracket as its Air sedan.
The company has also teased an upcoming high-volume, midsize vehicle, but slated to enter production only in late 2026. The mass market offering will start at around $48,000, a price point close to Tesla’s top-selling Model 3 and Model Y, Lucid CEO Peter Rawlinson said during the company’s first-quarter earnings call.
Analyst Take: Tom Narayan of RBC Capital Markets believes that Lucid has great technology. However, the company is targeting brands like Mercedes-Benz, Porsche, and BMW with the price ...