In the meantime, it’s fine to steer clear of LCID stock and just watch it from a safe distance.
Ultimately, Lucid Group still has to demonstrate EV delivery growth this year and next year. That’s not necessarily a bad thing, but the data doesn’t necessarily back up Rawlinson’s confidence. Lucid Group’s chief executive certainly has a flair for hype and robust language.
Besides, that event won’t likely happen until 2024. They shouldn’t expect any miracles to happen with the Gravity SUV launch. Prospective investors really need to be careful now. That’s a tall order during a time of high inflation and fierce competition in the EV space. Lucid Group needs to actually sell large numbers of Gravity SUV in order to convince Wall Street that the company is in turnaround mode. And by “knock it out of the park,” we don’t only mean producing a lot of Gravity SUVs.
Only time will tell whether automotive buyers actually care about the Gravity SUV’s “new Glass Cockpit high-resolution displays.” Lucid Group really needs to knock it out of the park with this SUV. The launch of this vehicle model won’t happen until 2024, though Lucid Group mentioned that the Gravity SUV is “now testing on public roads throughout the U.S.” Unfortunately, Rawlinson didn’t mention the expected starting price of the Gravity SUV. That’s a bold statement, to say the least. In particular, the CEO dared to declare that the upcoming Gravity vehicle launch “is positioned to change the world of SUVs.” In a recent update, Rawlinson doubled down on his assertion that the Lucid Air redefined the sedan category but then added new comments. Lucid Group’s first-quarter 2023 ratio of produced to delivered vehicles is 61%, and that’s not anything to brag about. This makes it difficult to accept that the Lucid Air “redefined” any vehicle category. The most alarming statistic, however, is that Lucid only “delivered 1,406 vehicles during the same period.” Lucid Group had previously guided for current-year production of 10,000 to 14,000 vehicles.
So, strictly speaking, Rawlinson’s assumption that Lucid is “on track to produce over 10,000 vehicles in 2023” might not be true.īesides, the 10,000 vehicle production outlook isn’t particularly ambitious. Remember, Lucid Group only “ produced 2,314 vehicles at its manufacturing facility in Arizona” during this year’s first quarter. Not long ago, Rawlinson declared that the Lucid Air “redefined the luxury sedan category.” Did it really, though? It’s easy to toss around words like “redefine,” but it’s only meaningful if there’s concrete data to back up Lucid Group Rawlinson’s assertions.
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