Shares of luxurious electrical car (EV) maker Lucid Group (NASDAQ: LCID) surged as a lot as 8% increased on Wednesday morning. The transfer got here as CEO Peter Rawlinson began attempting to generate pleasure amongst buyers for the corporate’s upcoming absolutely electrical Gravity SUV.
Rawlinson was interviewed on the current Pebble Seashore Concours d’Class automotive present in California. As of 12:35 p.m. ET right this moment, Lucid shares had pared some early beneficial properties, however had been nonetheless up by 5.6%.
Taking the mantle from Tesla
In his feedback, Rawlinson did not maintain again from taking some jabs at his outdated boss, Elon Musk. Rawlinson was beforehand a senior engineer at Tesla.
He famous that the Lucid Air sedan — which was launched in 2021 — continues to be some of the environment friendly EVs in manufacturing, with the bottom mannequin having a battery vary estimated at about 420 miles. The Air Grand Touring model begins at about $110,000 and may attain an estimated 516 miles on a single cost.
Rawlinson mentioned Lucid has “taken the mantle from Tesla” in EV know-how, and he touted the brand new Gravity SUV with its vary of as much as 440 miles.
Lucid is set to begin production on the Gravity this yr, and Rawlinson thinks it has a possible market about six instances bigger than that of the posh Air Sedans. Lucid expects to provide solely about 9,000 Air EVs this yr, however it hopes with a beginning value beneath $80,000, the SUV might be what it must hit mass manufacturing.
The CEO additionally addressed slowing EV gross sales as hybrids are gaining popularity. He referred to as the slowdown a “short-term blip” and mentioned hybrids will not be resolution. He blamed many EVs being rushed to market and thus providing shoppers many “underwhelming choices” at this stage.
The Gravity might be a vital launch for Lucid, so it is not stunning to see the company’s CEO working to generate pleasure. Traders will need to pay cautious consideration to how nicely it is obtained when transport begins in earnest in 2025.
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Howard Smith has positions in Lucid Group and Tesla. The Motley Idiot has positions in and recommends Tesla. The Motley Idiot has a disclosure policy.
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