New Delhi:- Lucid announced that it will finally show its new all-electric Gravity SUV in November, but it won't start being produced until late 2024.
The EV company, which has seen a decrease in sales for its highly-regarded but expensive luxury sedan, had originally intended to start making the Gravity at its Arizona factory in late 2023. The date got changed to 2024, but the company didn't say exactly when they would start making things.
In 2020, Lucid showed consumers the Gravity for the first time when they revealed the Air at an event. At that time, the company stated that the Gravity was already far along in the design stage. Lucid already had a model that worked, and people saw it being used in the summer of 2020.
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The progress of Lucid in making the Air sedan slowed down. In April 2023, Lucid started testing the Gravity SUV on public roads, which was the first significant update from the company.
Lucid has not told us the cost of their new Gravity SUV yet, but they might feel the need to make it cheaper than they originally wanted. Lucid made their Air Pure sedan $5,000 cheaper, now costing $82,400. They also decreased the prices of the Air Touring and Grand Touring versions by $12,400 to $95,000 and $125,600 respectively.
Lucid announced the date when Gravity will be produced in its report for the second quarter, but it did not meet the expectations of Wall Street. The United States. The car company said it made $150. 9 million in the second quarter, which is 55% higher than the $97. 3 million they made in the same period last year. However, the amount of revenue earned was still not sufficient to meet the predictions made by analysts. These analysts had estimated that the revenue would be around $175 million, based on information from Yahoo Finance.
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Last month, Lucid announced that it sold 1,404 Air sedans during the second quarter. In easier terms, the company sold twice as many EVs compared to the previous quarter, but it fell short of what analysts predicted by around 600 units. As a result, the company's stock price decreased. It stayed flat starting from the beginning of 2023. In the beginning of 2023, Lucid sold 1,406 cars.
The company lost $764. 2 million in the second quarter, which is more than the $220. 4 million loss in the same period last year. In Q2 2022, the company lost $555. 3
Lucid had a negative free cash flow of $904 million. But the car company said that it got $3 billion in money in the second three months of the year, with $1. 8 billion coming from Saudi Arabia's PIF. Lucid announced that they have $6. 25 billion in cash available. This amount of money will be enough for them to start producing the Lucid Gravity car and continue until 2025, according to Lucid CFO Sherry House
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Lucid's expectations for 2023 remained relatively unchanged. In February, the company reduced its goal for 2023 from 20,000-22,000 vehicles to 10,000-14,000 vehicles. On Monday, Lucid said it will deliver over 10,000 vehicles this year.
Lucid's stock went up by 4. 5% when trading continued after regular hours following the company's earnings report.
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Lucid, a company that makes electric vehicles, announced on Monday that it will release a new electric car in 2024 without any long waiting times. The testing of the new Gravity SUV before it can be driven on roads started in April 2023.