Lucid Q1 earnings: Automaker posts $780 million loss

Lucid is still in the early stages of raising brand awareness and converting EV shoppers to Air owners.

“We’re still early on in our customer growth stage of innovators and early adopters,” Rawlinson said. New marketing efforts will draw in larger segments of shoppers and fuel sales growth.

Lucid said it expects to present its second vehicle, the Gravity crossover, this year and to start accepting reservations. Production of the three-row crossover is on schedule to start in 2024, the company said.

CFO Sherry House said Lucid is not making public its order backlog. But he did say that the automaker expects deliveries to increase in coming quarters, with the fourth quarter being the best for sales this year.

Rawlinson said that his focus as CEO has shifted from working out manufacturing bottlenecks to drumming up sales. That includes fresh efforts to provide test drives across the country.

Last month, the EV maker began a 42-city tour with Air models for display at pop-up stores.

The Dream Ahead Tour started in mid-April with four stops in Florida and will finish in mid-November in Dallas, the company said. The pop-ups will offer test drives and information about Lucid’s proprietary EV technologies. The Air sedan holds the US record for EV range and efficiency, according to the EPA.

“Consumers across the United States will have the opportunity to experience and drive various Lucid Air models, including the Lucid Air Grand Touring, offering 819 hp and an EPA-estimated range of 516 miles on a single charge,” Lucid said in a press release. . The Grand Touring starts at $139,650 with shipping.

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