Tesla Rival Lucid to Launch ‘Most Powerful EV in North America’

Mandatory Credit: Photo by Pavlo Gonchar/SOPA Images/Shutterstock (11773507j)In this photo illustration, Lucid Motors logo of a company specializing in electric cars is seen displayed on a smartphone and pc screen.
Pavlo Gonchar/SOPA Images/Shutterstock / Pavlo Gonchar/SOPA Images/Shutterstock

Electric vehicle (EV) company — and Tesla rival — Lucid recently announced that it has begun customer deliveries of the Lucid Air Grand Touring — and that it will introduce a new version of Lucid Air, the Lucid Air Grand Touring Performance. Whether this bold business move will make a dent in Tesla’s fortunes remains to be seen.

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The company said that with 1,050 horsepower, the dual-motor Lucid Air Grand Touring Performance will be the most powerful electric vehicle currently available in North America. The model provides an EPA-estimated driving range of 446 miles, “more than any other brands’ electric vehicles,” according to an announcement.

It will have a starting price of $179,000 and customer deliveries in the U.S. are slated to begin in June 2022. In Canada, the Air Grand Touring Performance will be priced at $242,000 CAD (before taxes), with deliveries beginning in Aug. 2022, the company added.

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According to CNBC, the new Air beats the highest-performing Tesla in most ways, but not in acceleration. Tesla’s Model S Plaid launched last year with 1,020-horsepower, an EPA-estimated range of 396 miles, a starting price just over $130,000 — and a claimed zero to 60 time of 1.99 seconds, CNBC said.

In March, Lucid’s reported earnings release, detailing both losses and a slashed production outlook due to “extraordinary supply chain and logistics challenges,” sent the stock tumbling.

“In the more immediate term, like many manufacturers, our production has been and indeed continues to be impacted by supply chain challenges. As you saw from our press release today, we have updated our 2022 production outlook for Lucid Air to a range of 12,000 to 14,000 vehicles,” CEO Peter Rawlinson said in an earnings call, per a Seeking Alpha transcript. Initial expectations were set at 20,000 vehicles in 2022, as GOBankingRates previously reported.

On April 9, CFRA Research said it maintained its Hold opinion on the stock (downgraded from Buy on Jan. 6), reflecting “a more constructive view following LCID’s stellar 2021 performance (+280%) and concerns regarding its valuation which leaves little margin for error during the production ramp-up phase,” according to a research note sent to GOBankingRates.

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“On February 28, LCID cut 2022 production guidance from 20,000 units to 12,000-14,000, citing supply chain constraints and a focus on quality. Despite these concerns, we continue to view LCID as one of the best growth stories in the auto industry given the quality of the Lucid Air, its focus on the luxury market, strong balance sheet, and brand new factory in Arizona,” the note read, in part.

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About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.
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