Lucid Group Inc LCID on Sunday made its debut at the Academy Awards with a 30-second advertisement played on Walt Disney Co’s DIS television network ABC during the live broadcast of the event at the Dolby Theatre in Los Angeles.
What Happened: Lucid is the only electric vehicle and automaker to have advertised so far at the Oscars.
Disney-owned ABC has reportedly fetched between $1.7 million and $2.2 million for the 30-second ad.
The luxury EV startup was among over a dozen other advertisers including Mastercard Inc MA, Eli Lilly And Co LLY, and others that bought spots for the show.
See Also: Elon Musk Reacts To EV Startup Polestar Mocking The Tesla CEO In First Super Bowl Ad
The commercial shows a Lucid Air with a voiceover saying the startup’s success was not “beginner’s luck” but “just the beginning.”
Why It Matters: Lucid is the latest EV startup to advertise at high-profile entertainment events.
In February, EV startup Polestar, backed by China’s Zhejiang Geely Holding Group Co GELYF and Volvo Cars Group, had paid $7 million to play a 30-second ad during the Super Bowl.
See Also: Tesla Rival Lucid Said To Be Eyeing Price Hikes For Future Models As Inflation Bites
The Polestar ad took shots at rivals, including Tesla Inc TSLA.
Lucid said earlier this month it has produced only 400 units to date, much below its prior estimate of 577. The EV maker lowered its production target to be between 12,000 to 14,000 Lucid Air models this year, also below the 20,000 units it forecast earlier.
Price Action: Lucid stock closed 4.15% lower at $25.2 a share on Friday.
Photo courtesy: Lucid
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