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Lucid Motors Plan of It aims to make just 9,000 electric vehicles in 2024, just 500 to 1,000 more than it will make in 2023, as it struggles with demand for its luxury sedans. If it sticks to that number, it means Lucid will end up building about 10% of the 90,000 EVs it estimated it could make and sell in 2024, when it said it would three years earlier. Was made public.
The gap between the new data and those original expectations highlights how much freedom companies like Lucid had in promoting the reverse merger. Helped so many people to get publicly listed, And it’s indicative of the brutal reality Lucid now faces: that it’s still struggling to find buyers and losing money on every EV it makes.
clear meaning announced The 2024 production target on Wednesday followed last year’s financial results, where it shared it lost $2.8 billion in 2023. The modest estimate comes days after the company cuts prices of its Air sedan by $8,000,
CEO Peter Rawlinson has spent much of the past year talking about how important it is for his company to improve its sales and marketing efforts, and he’s also hinted at a possible boost to the upcoming Gravity SUV . thThe eGravity is one of the reasons Lucid originally anticipated being able to build and ship 90,000 vehicles in just a few years. In fact, in presentation Lucid used to promote its 2021 merger with a special purpose acquisition company, predicting that the Gravity would overtake the Air sedan in 2024.
However, the reality was that Lucid faced numerous supply chain and production problems in the early days of the Air and in 2022 To push back gravity’s projection, the company ultimately revealed SUV in November 2023, and say they plan to start manufacturing by the end of this year. Lucid announced Last week It gave Rawlinson a $6 million cash bonus for the unveiling of Gravity.
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