Written by Cláudio Afonso | LinkedIn | X
Lucid Motors’ chief executive, Peter Rawlinson, sat down on Thursday morning with Bloomberg to discuss the upcoming SUV Gravity, the battery technology and the financial status of the company.
Answering to a question regarding the support from its largest shareholder, Saudi Arabia’s Public Investment Fund (PIF), the CEO from Lucid admitted that the company does “need to raise more money”.
“We haven’t guided on the actual quantum, but let me tell you… This is a capital intensive business, and we do need to raise more money, and we will, at opportune moments in time on the future,” Rawlinson stated.
In early May, amid the publication of its first quarter financial results, Lucid said it had “sufficient liquidity into the second quarter of 2025”.
The CEO and CTO reiterated the plans to launch a mass market vehicle in late 2026 adding that will be manufacturer both in the US and in Saudi Arabia.
“Our vision is to be a major player here, the SUV this year, and we’ve got the mid sized platform coming late 26 and that’s gonna be high volume vehicle, mass produced both in the US and in Saudi Arabia,” Rawlinson stated.
The chief executive enhanced Lucid’s role in Saudi Vision 2030, the program launched by the Kingdom eight years ago.
“They’re the perfect long term partners. We share a long term vision, and we’re mutually incentivized for success. They want this as much as I do. Watch this space. They’re in for the long term. And this transcends a mere financial investment. We’re a cornerstone of them realizing their bold vision 2030 where they transitioned their quintessential fossil fuel economy to an environmentally sustainable.”
Covering the technology and the battery efficiency achieved by Lucid vehicles, the CEO said the company is “going to reveal a product” that achieves 5 miles per kWh “very soon”.
The EV maker reported on Monday that it delivered 2,394 vehicles in the second quarter of the year, while producing 2,110 units, beating expectations from Wall Street analysts.
Lucid scheduled a conference call to discuss its second quarter 2024 financial results on August 5 at 5:30 pm eastern time immediately after releasing its Q2 report.
In an email sent last week, the company announced that was introducing a new leasing incentive of $7,500 Air Credit for customers in the United States. This offer is in addition to the existing $4,000 bonus available for inventory vehicles.
Global X Lithium & Battery Tech ETF (LIT) has filed a new form revealing that it has cut its stake in the electric vehicle (EV) manufacturer Lucid Motors by 7 percent after selling nearly 664,000 shares.
Based on the closing price last Friday, the present value of the ETF’s position in Lucid stands at $25.4 million.
Roger Atkins, Founder of “Electric Vehicles Outlook” and one of the most respected voices in the EV industry, shared on LinkedIn that Lucid Motors CEO Peter Rawlinson will be interviewed by him at the Goodwood Festival of Speed (FoS) later this week.
Written by Cláudio Afonso | LinkedIn | X
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