Lucid Group reported it delivered nearly 2,800 vehicles, which surpassed the expectations of analysts. The results are also in contrast to fellow EV startup Rivian.
Lucid claims to be gaining sales by attracting customers who no longer want a Tesla.
The California-based EV maker’s battled inconsistency when it comes to meeting analysts’ expectations for deliveries and production. However, the company came through during the third quarter producing 2,781 sedans compared with the estimates of 2,242 vehicles, according to eight analysts polled by Visible Alpha.
Investors appear happy about the positive result. The stock price has risen 1.5% in early morning trading. The positive numbers come as the company prepares to begin production of its second vehicle, the Gravity, which is aimed at fighting the Tesla Model Y and Rivian RIS.
The new model comes as EV sales have leveled off from their stratospheric results from the previous two years. Offering a new model while resolving production bottlenecks give investors reason to be happy.
Gravity of the situation
Lucid CEO Peter Rawlinson said the new efficiency numbers for the Air Pure embody the company’s commitment to optimization.
Lucid’s second vehicle, the Gravity, is an SUV designed to compete with offerings from Tesla and Rivian. The company just showed it off last month, noting it will come equipped with the new North American Charging Standard (NACS) equipment. This gives it access to Tesla’s Supercharger network right out of the gate.
“The technologies, innovations and learnings of Lucid Air have been incorporated into the upcoming Lucid Gravity, designed to be the world’s most advanced electric SUV,” officials said.
“Powered by the company’s ultra-compact powertrain technology, Lucid Gravity is expected to deliver exhilarating performance while also offering an expansive, sophisticated interior with space for up to seven adults and their belongings.”
Production begins later this fall with the first vehicles being shipped shortly after the new year.
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Tesla issues
While Rivian just reported disappointing results, ongoing issues with Tesla and specifically CEO Elon Musk may help Lucid keep its current momentum. In fact, Lucid’s ahead of Tesla in a few ways, depending upon whom you’re speaking with.
Lucid plans to add its second vehicle, the Gravity, to the company’s all-electric portfolio later this year.
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.
“Clearly we have the best technology in the world. We’ve now taken the mantle from Tesla, we have the best tech,” he told Yahoo Finance recently. “We’ve taken the mantle. Without a doubt.”
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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