Lucid is offering lease and interest-rate promotions on the Air. It is also in the middle of a summer marketing tour across the country with pop-up stores offering test drives to stimulate sales.
After launching in late 2021, Lucid’s biggest problem was sluggish production because of supply chain shortages as customers waited months for their vehicles. Earlier this year, Rawlinson said production issues had been resolved — but the lack of brand awareness had become a drag on vehicle demand.
Competitor Tesla Inc. cut prices for its Model S sedan earlier this year and Mercedes-Benz and BMW saw sales increases for their EV sedans. A midrange Air Touring trim starts at around $120,000 with shipping, while a similarly equipped Tesla Model S starts at about $90,000, also with shipping.
One question submitted by investors for consideration on Monday’s earnings call asks whether delivery numbers will increase in the third quarter. Another asks when Lucid will start building its second model, the Gravity crossover, which is scheduled for 2024.
Lucid executives were also asked to comment on collaborations with other EV makers.
In June, Aston Martin reached a supply agreement with the California startup in which Lucid will sell drivetrain and battery technology to the British automaker, the companies said. The Saudi investment fund also invests in Aston Martin.
Lucid investors also want to know when the company will move into less expensive segments with new products in the $40,000 to $50,000 range, according to the list of questions submitted before the earnings call.
Rawlinson has said a new platform for lower-cost vehicles is expected later in the decade.
Lucid’s least expensive Air model in inventory earlier this week was the base Pure trim with optional all-wheel drive for $94,625, including shipping. Lucid was offering a $995 per month lease on the Pure, or a 3.49 percent interest rate. The Pure trim is missing some features that are standard on the Tesla Model S, such as a glass roof.
According to Motor Intelligence, Lucid’s average spending on sales incentives was $12,907 per vehicle in July, the highest of any automaker in the U.S.
Motor Intelligence estimated Lucid’s July sales at 482 vehicles.
Lucid’s stock price has fallen by about two-thirds over the past 12 months, with the declines driven by missed sales targets and the need to raise additional capital.
