Lucid’s new Gravity model got off to a slow start, the EV marker’s CEO acknowledged, but production – and sales are ramping up, even as the company races to finish work on a trio of affordable, midsize models now scheduled to start rolling out by the end of 2026. That is, however, going to require Lucid to raise substantial amounts of new funding. More from Headlight.News.
It’s been a tough year for EV start-ups, Fisker filing for bankruptcy, and several others expected to follow. But there have been a few glimmers of hope. Price cuts helped Lucid outperform sales expectations during the second quarter, buying it time to bring a second product line to market later this year. But with Wall Street still skeptical, the California manufacturer remains critically dependent on cash from the Saudis, Lucid’s largest investor.
Lucid Group named a new PR chief, Nick Twork taking on global communications duties at the EV start-up. The move comes at a critical time for the Silicon Valley-based automaker. While its initial product line, the Air sedan, has received generally favorable reviews, Lucid has been struggling with sluggish sales and a rapid cash burn while waiting for the more mainstream Gravity SUV to debut later this year.
In desperate need of a more affordable product that can deliver a big boost in sales, Lucid is working up a new compact SUV taking aim at the Tesla Model Y. Expect it to enter production by 2026, with a base price of less than $50,000, said CEO Peter Rawlinson, earlier than previously expected.
The 2024 Lucid Air Grand Touring remains one of the highest performance benchmarks in the EV segment. The company is aiming to keep it that way with a suite of updates that not only improve efficiency but other key aspects of the car as well.
Hoping to gain more traction — and make it simpler for customers to choose the right version — for its all-electric Air sedan, EV startup Lucid lowered the price on its two lowest trim models. Its also ended the run for its original Air Dream packages. The California-based automaker also added a range of new options available across the lineup. More from Headlight.News.