Lucid Motors CEO LCID Peter Rawlinson on. Monday talked about why the luxury EV maker lowered vehicle prices and their future pricing plan during the second-quarter earnings call.
What Happened: Rawlinson mentioned Lucid received positive feedback about the recent price drop but didn’t say which versions had the strongest orders.
Responding to a question on the company’s future pricing strategy, the CEO said, “Well, I think we want to make the car competitively priced to make it a super compelling proposition which I think it is now.” The CEO also highlighted the importance of getting more vehicles on the roads in order to build customer confidence.
“We’re always willing to adjust to market conditions. I think that’s very important to retain that flexibility. The key is to get the product out into the wild in customers’ hands. That’s the best marketing tool we’ve got,” Rawlinson said.
Why It Matters: Currently, Lucid has a lot of cars in stock. The company plans to make 10,000 vehicles in 2023.
They expect deliveries to increase in the second half of the year. The fourth quarter is projected to be their biggest, as they expand sales to the Saudi Arabian government and introduce the more affordable Lucid Air Pure rear-wheel drive version, starting at about $77,000. Production for this version is set to begin in Arizona in September.
Last week, Lucid cut the prices of its Air sedans by as much as $12,400. While Lucid cut the price of the Air Pure by $5000, the EV maker slashed prices on the Touring and Grand Touring versions by $12,400.
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