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Cadillac Rival Lucid Expects Stagnant Production In 2024

With the 2025 Lucid Gravity set to launch later this year, the expectations surrounding EV startup Lucid are sky-high as the automaker continues to push through various trials and tribulations. That being said, Cadillac rival Lucid has just reported that its net losses have increased from Q4 2022 to Q4 2023.

According to a report from Automotive News, Lucid saw a net loss of $654 million over the course of Q4 2023, while overall revenue stood at $153 million during the same timeframe, which is down from $258 million in Q4 2022.

It’s worth noting that all-electric automaker Rivian reported a Q4 2023 loss of $1.52 billion, while Mercedes stated that it will tone down its expectations on electric vehicle sales.

Side profile of Lucid Air.

Lucid Air

“The macroeconomic and higher interest-rate environment impacted many in this market,” Lucid CEO Peter Rawlinson claimed in a prepared statement. “We have the utmost confidence in the future growth of the EV market. Environmental sustainability, energy-storage improvements, regulatory forces and sheer performance superiority over ICE vehicles will drive the eventual march to an EV-dominated automotive market.”

Interestingly, Lucid expects to produce 9,000 EVs during the 2024 calendar year, which is only a mild bump from the 8,428 units produced in 2023. As for this low estimate, the all-electric startup is blaming high interest rates for the low demand. However, the most affordable Lucid Air model is tagged with a starting MSRP of roughly $77,000, so the argument could be made that the problem doesn’t lie with expensive loans.

Cadillac Lyriq.

Cadillac Lyriq

Of course, the Cadillac Lyriq currently boasts a starting price south of the $60,000 mark, which is notably lower than the Lucid Air. In addition, the all-electric Caddy qualifies for the full $7,500 U.S. Federal EV Tax Credit, making it all the more affordable in comparison to its competition.

Notably, the upcoming Cadillac Optiq and Cadillac Vistiq will also likely qualify for the Federal Tax Credit.

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As a typical Florida Man, Trey is a certified GM nutjob who's obsessed with anything and everything Corvette-related.

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Comments

  1. Lucid is still in business?

    Reply
    1. They are for now. Being kept afloat by Saudi money. But like other EV startups (including Tesla if you can count them still as a startup), they don’t have ICEs to fall back on they can only resort to dropping their prices. You can have a Lucid Air for dirt cheap now at $69k. $30k less than the price what it was in 2022. But remember. The EV fanboys will tell you sales are “soaring.”

      Reply
      1. The article notes that the most affordable Lucid Air model (the Pure) was advertised as a $77,000 car. Now it’s $69,000. That change is in line with the rest of the industry’s EV price fluctuations. The real problem is consumers don’t care about EVs alone, especially in this economy. Companies need to do something with the electrification in order to sell them.

        Reply
      2. 85ZingoGTR, the US car market is contracting, yet EV sales are increasing up 55% in 22′, up 46% in 23′ and expected to ‘only’ increase 22-24% in 2024. Of course, that is not ‘soaring’ like GM’s 1.2% increase over that span. The simple fact is that BEV sales in the US WILL surpass Ford’s total in 2024. That is real market share – yes the percent increase is decreasing, but these are real volumes now. The US auto market is expected to approach 15.7M cars in 2024 with BEVs accounting for 1.9M of those = 1 out of every 8 new cars sold is a BEV – those are at the doorstep of GM and Toyota numbers. Numbers don’t lie nor care about regional anecdotal observations or biases. As far as Lucid, they are irrelevant, although their electric motor tech is top shelf.

        Reply
        1. Breath deep mvb. You should be able to smell all 9 of my pre catalytic converter cars idling, all at once.
          You can find your “safe space” at your nearest ev owners basement.

          Reply
          1. Long time GM owner since my first Vega GT rust box. Beyond my Tesla, I own a Porsche Cayenne S with a V-8 (for sale) and a lifted Duramax ZR2 – I don’t hate ICE cars, nor believe our government overlords should mandate what we buy. I’m simply providing facts pointing to real BEV growth vs anecdotal observations based on what neighbors drive. But of all my vehicles, the Tesla (I assume you would refer to it as my safe space) is what I prefer to drive, by far, and its fast AF. Best sounding and most fun car I ever had was a Hellcat Challenger – loved the supercharger whine and the exhaust at launch. It was my driver’s license or the car – drive the same with the Tesla, but cops target Hellcats.

            Reply
  2. Yeah….didn’t know they were still a thing??

    Reply
  3. Whole US car market is gonna be pretty flat in 2024 overall. I except modest growth of the EV market and continued decline in sales of ICE vehicles. Hybrids and PHEV may see some additional growth.

    ICE sales are down about 2 million units compared to 2019. Probably closer to 5 million down compared to the peak in 2016/2017.

    Reply
  4. Lucid, an EV startup company everyone has long forgotten about, blaming lack of sales of their overpriced EV garbage on high interest rates is extremely laughable.

    Mainstream auto companies that are in the news every single day cannot sell EV’s. What makes Lucid think they can sell EVs when most everyone doesn’t even know they are still in business?

    Reply
    1. Their cars are actually very nice. Definitely nicer than Teslas Model S equivalent. The problem is up until this year they have been priced like an exotic car well over 6 figures. And their only offering is a sedan which, I’m sorry to say, nobody wants anymore. The Model S started its life in $57k when interest rates were rock bottom. And it was back then the only one of its kind. Lucid does not have the advantage of a jump start Tesla did back in 2012. What Lucid should have probably done was start with offering the Gravity instead of the Air. Atleast if nothing the SUV would have attracted more customers. But the Air I almost never see around.

      Reply
  5. The biggest problem that Lucid has is that nobody wants to get stuck with an orphan car. If they don’t survive and they did not sell that many cars anyways, then how confident would you be that there are going to be parts available to fix your car?

    Reply
  6. interest rates mentioned…. ! people who buy a car in that class don’t care about a few points

    Reply
  7. More like MSRP that’s WAY TOO HIGH for almost anybody.

    Reply

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