Lucid CEO Peter Rawlinson says that the company has surpassed Tesla as tech leader in the EV segment as the company prepares to heat up its rivalry with Elon Musk with the upcoming release of the Gravity three-row EV SUV.
Lucid CEO Peter Rawlinson revealed that Lucid has surpassed Tesla to become the new tech leader in the EV industry.
EV maker Lucid has been riding a wave of momentum in recent months. The company is preparing to launch the Gravity three-row SUV which will allow the company to expand its presence in the EV market while also continuing to improve its technology. CEO Peter Rawlinson has been an instrumental figure in Lucid’s recent strategy and has been a driving force for the company in some of its recent projects.
However, Rawlinson upped the ante in his battle with Elon Musk and rival EV maker Tesla by claiming that Lucid has surpassed it as the tech leader of the EV industry while also saying that Tesla has become “distracted” in the technology race.
Is Lucid really the new top dog in town?
Lucid has made a name for itself thanks in part to the Air EV sedan and the innovative tech lurking underneath its skin.
Rawlinson’s statement came during a recent interview with Yahoo Finance where the CEO pulled no punches with his proclamation stating “Clearly we have the best technology in the world. We’ve now taken the mantle from Tesla, we have the best tech,” “We’ve taken the mantle. Without a doubt.” This is not the first time that Rawlinson has made similar confident statements about Lucid’s technology and he elaborated further claiming that Tesla had become “distracted.”
Lucid’s technology has been one of the core pillars of the company with the Lucid Air serving as a rolling test bed for some of the company’s in-house technology including its battery hardware and the powerful software that helps run it all. This advanced technology has also attracted the attention of investors with the company often using it as a prominent marketing tool to help get more funding.
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Gravity SUV will be big test for company
The upcoming Gravity SUV will be a big test for Lucid as the model brings the company to a wider consumer base.
The upcoming Gravity SUV will be a big test for Lucid once it makes its way to showrooms. The company has said in the past that the addressable market for the SUV will be six times larger than the Air’s with the Gravity hoping to carve a slice of the sales pie for itself in the hotly contested SUV market. This expanded sales presence will shine a bigger spotlight on Lucid’s technology and increase the pressure on Lucid engineers to make sure that all falls into place perfectly. If it does, the Gravity has the potential to be a strong sales hit for Lucid and would allow the company to beef up the amount of vehicles that it delivers to customers. In addition, the profits from Gravity sales would allow the company to invest more into future products including a smaller mid-size SUV that it plans to bring to market by the end of 2026.
However, a lingering concern for Lucid is its cash flow with the company laying off 6% of its workforce in May as part of a restructuring plan that the company undertook. This restructuring is still in progress, but the company still reported a second-quarter loss of $790 million despite revenue growing by 33% year-to-year. These losses are firmly in the minds of the company’s Saudi Investors with Ayar Third Investment (a branch of the Saudi Public Investment Fund) agreeing earlier this year to infuse Lucid with $1.5 billion in additional funding to get it through to the end of 2025.
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