Stocks of high-end electric car manufacturer Lucid Group ( LCID 7.25% ) rose by up to 8% on Wednesday morning. This increase happened as CEO Peter Rawlinson began efforts to build enthusiasm among investors for the company’s forthcoming all-electric Gravity SUV.
Rawlinson participated in an interview at the Pebble Beach Concours d’Elegance car exhibition in California. By 12:35 p.m. Eastern Time today, Lucid’s stock had trimmed some of its initial increases but remained 5.6% higher.
Assuming the role previously held by Tesla
During his remarks, Rawlinson didn’t shy away from making some critical remarks about his former employer, Elon Musk. Rawlinson had once held a senior engineering position at Tesla .
He pointed out that the Lucid Air sedan, introduced in 2021, remains one of the most efficient electric vehicles available. The base model is estimated to have a battery range of approximately 420 miles. The Air Grand Touring variant, priced starting around $110,000, can achieve an estimated range of 516 miles on a single charge.
Rawlinson claimed that Lucid has “taken over from Tesla” in terms of electric vehicle technology. He also highlighted the new Gravity SUV, which boasts a range of up to 440 miles.
Lucid is about to start manufacturing. This year, attention is on the Gravity, and Rawlinson believes its market potential is roughly six times greater than that of the high-end Air Sedans. Lucid plans to manufacture just around 9,000 Air EVs this year, but with an initial price under $80,000, the company anticipates that the SUV will be key to achieving mass production.
The CEO also talked about the decline in electric vehicle sales, noting that hybrids are gaining popularity. He described this decrease as a “temporary hiccup” and criticized hybrids as not being an ideal solution. He attributed the issue to many electric vehicles being hastily introduced to the market, which has resulted in a range of “disappointing options” for consumers at this point.
The Gravity is an important launch for Lucid, so it’s not unexpected to notice the chief executive officer of the company striving to create enthusiasm. Investors should closely monitor how it is welcomed once shipping starts in full swing in 2025.
