Lucid Group Inc (NASDAQ:LCID) CEO Peter Rawlinson said on Wednesday that the EV maker has made several breakthroughs recently to enable a car with five miles of range per kWh battery by the end of the year.
What Happened: The company has made several breakthroughs in research and development recently, Rawlinson said at The Financial Times's Future of the Car summit, while adding that he anticipates having a car with 5 miles per kWh battery by the end of the year.
Lucid prides itself on the range of its Lucid Air sedan. The luxury sedan has a maximum range of 516 miles on its Grand Touring version which starts at $109,900. In comparison, Tesla's luxury sedan — the Model S — gives a range of 402 miles for a starting price of $72,990.
"It's the longest range and fastest charging production car in the US market," Rawlinson said about the Lucid Air during the company's first-quarter earnings call earlier this week. "Lucid Air is the most efficient vehicle in its class as measured in miles per kilowatt hour."
The Lucid Air can travel over 4.5 miles/kWh. Tesla's Model Y SUV all-wheel drive (AWD) version, meanwhile, can only travel 4 miles/kWh, as per the company's 2022 Impact Report. However, there is a significant price disparity between the two vehicles with the Lucid Air Pure version starting at $69,900 and the Model Y AWD starting at just $47,990.
Lucid is currently trying to introduce newer vehicles with lower price points as compared to its initial lineup which was more luxury-oriented. The company plans to start production of a high-volume, midsize vehicle expected to start at around $48,000 in late 2026. But even the more affordable vehicles will have long range, Rawlinson said during the company's first-quarter earnings call.
Lucid's Financials: For the first quarter, Lucid reported a net loss of $680.9 million and a revenue of just $172.7 million. The company accumulated a net loss of over $346,000 for every vehicle it delivered.
However, as of the end of the first quarter, Lucid had total liquidity of about $5.03 billion, which the company expects will be enough to sustain it through the start of production of the Gravity SUV and into the second quarter of 2025.
Check out more of Benzinga's Future Of Mobility coverage by following this link.
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Photo via Gage Skidmore on Wikimedia Commons
