EV maker Lucid Motors (LCID) is seeing a lightweight on the finish of the tunnel — and former Tesla (TSLA) consumers would be the motive.
The California-based firm’s second product, the Gravity SUV, is now on sale, with deliveries to a wider swath of consumers starting in April.
Interim CEO Marc Winterhoff says there are new consumers coming in for each the Gravity SUV and Air sedan as a result of clients need an alternative choice to Tesla.
“Undoubtedly,” Winteroff stated when requested if extra Tesla house owners have been buying and selling of their autos for Lucid EVs. Yahoo Finance spoke to Winterhoff following a Gravity occasion on the firm’s showroom in New York Metropolis’s stylish Meatpacking District.
“Tesla consumers all the time have been the supply of our gross sales as a result of they have been already used to utilizing electrical drivetrains, and so they search for a chance to have one thing else, one thing higher,” he stated. “And now, with current modifications, clearly, for the reason that starting of the 12 months, we see a transparent uptick of curiosity in Lucid from Tesla consumers as a result of they’re on the lookout for an alternative choice.”
Winterhoff was alluding to the brand issues Tesla is facing of late. Along with slower-than-expected new Mannequin Y gross sales, CEO Elon Musk’s vocal help of President Trump and his function within the White Home’s DOGE fee have additionally come at a worth — the alienation of Tesla’s customer base.
Winterhoff stated some clients have been buying and selling in Tesla Mannequin 3s for Lucid’s luxurious Air sedan, which in some circumstances price twice as a lot.
LCID TSLA
The Gravity might have a good stronger impact, because the Air sedan was all the time seen as a distinct segment product, quite than a quantity mover.
“People wish to have an SUV. That is the quintessential American automobile, the dimensions of the pickup truck. It’s a a lot bigger addressable marketplace for us, and subsequently a lot bigger demand,” Winterhoff stated concerning the Gravity.
If all goes properly, Lucid is aiming to provide 20,000 autos by 12 months finish, and even at that stage Winterhoff expects the Gravity to be provide, quite than demand, constrained.
Whereas Winterhoff is optimistic, it should be famous that the most affordable Gravity will begin at a fairly hefty $79,900, slightly below the worth cap for the federal EV tax credit score; nonetheless, if leased the worth cap doesn’t restrict utilization of the EV tax credit score.
What may even impression gross sales is competitors from the likes of Tesla’s Mannequin X; Cadillac’s full-size EVs, just like the Vistiq and Escalade IQ; and even hybrid and conventional fuel choices from German luxurious manufacturers BMW, Audi, and Mercedes.
Lucid has one trick up its sleeve in comparison with international rivals: All of its autos are produced in Arizona, and thus are proof against President Trump’s 25% tariffs on foreign cars.
Source link