Lucid Tells Investors Products Before Profits During Investor Day

Lucid Motors executives traveled to New York City for the company’s first-ever Investor Day where they essentially told them the EV maker will need to produce midsize vehicles for some time before the company will be profitable.

During the event, attendees got an early look at the first of three midsize models — the Cosmos — that will roll out during the next two years. The Cosmos is a midsize crossover expected to compete with the Tesla Model Y and Rivian R2. In 2027, the Lucid Earth should make its debut which will be followed by an unnamed vehicle the following year.

The company also shed light on its plans to expand its robotaxi services with Uber. Currently the company uses the Gravity SUV for testing with Nuro and Uber handling the testing in San Francisco. However, officials noted the longer-term plan is to offer a midsize vehicle for use. 

Lunar, which is a purpose-built two-seat robotaxi concept using the midsize platform, might be that vehicle. It’s “designed to maximize efficiency, utilization, and lifetime operating economics,” officials said. 

By using the midsize platform, the company gets a trial run for future commercial applications. And the use of midsize platform combined with improved manufacturing and cost efficiencies are what will lead to profits — in the future, according to the company.

“With Midsize, we didn’t compromise what makes a Lucid special, we engineered it to scale,” said Derek Jenkins, senior vice president of Design and Brand at Lucid. “These vehicles deliver unmistakable Lucid design and driving characteristics, while embracing a radically simpler, more efficient approach to manufacturing and cost.”

But until that happens, the company is going to continue scaling up its most recent release, Gravity. 

"We view Lucid as a key strategic partner as we continue to rapidly deploy autonomous vehicles around the world,” said Dara Khosrowshahi, CEO at Uber, in a statement. “Lucid’s unmatched efficiency, autonomy-ready vehicle architectures, and customer-centric approach give us confidence in our ability to deliver autonomous mobility together at global scale.”

It’s the non-vehicle revenue the company is counting on to bring those profits, officials said during the event. In fact, the company believes between software subscription and other partnerships, it will bring in about $1 billion in revenue. 

Executives spoke at length about the company’s upcoming driving technologies, including the aforementioned robotaxis, and plans to launch a subscription service by early 2027 that will range from $69 to $199 a month, based on capabilities,  CNBC reported.

“Autonomy plays an outsized role in the future of Lucid,” said Kay Stepper, Lucid vice president of advanced driving systems, CNBC reported. She added that Lucid plans to offer vehicles capable of driving themselves under certain circumstances by 2029.

[Images: Lucid]

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