There’s a lot going on with Lucid (LCID) – Get Free Report, so let’s get right to it.
First of all, the electric vehicle maker announced updates to the 2024 Air sedans.
Related: Here’s the full story behind electric vehicle adoption
The lineup is anchored by the Air Pure, priced from $77,400, and the Air Touring, which starts at $85,900.
“This transforms the flexibility and choice for our customers while highlighting Lucid’s commitment to continuous improvement of the world’s most advanced and dynamic electric vehicles,” Peter Rawlinson, CEO and CTO of Lucid, said in a statement.
The Air comes in four trim levels: Pure, Touring, Grand Touring, and Sapphire.
The 2024 Air models will come with a variety of newly available features and a wider selection of interior and exterior color options, including the Stealth Appearance.
Company announces updates
Air Pure, which will now be gearwheel drive, provides the option to include 14-way or 20-way power front seats with ventilation and massage. The Air Pure has an estimated EPA range of 419 miles and goes from 0 to 60mph in 4.5 seconds.
Air Touring, which is all-wheel-drive, has an estimated range of 411 miles and goes from 0 to 60mph in 3.4 seconds.
Not much was revealed about the Lucid Air Grand Touring, except that it goes from 0 to 60 mph in three seconds. The starting price and range will be announced early next year.
The Sapphire, which was introduced in the third quarter, has been described as “the world’s first fully electric luxury super-sports sedan.”
And the Lucid Gravity, an SUV that the company announced in November, is expected to go into production late in 2024.
Now, there’s no doubt that Lucid has been hitting some serious headwinds, as it has missed financial forecasts and missed delivery forecasts.
Earlier this year, the electric vehicle maker laid off about 1,300 employees, or about 18% of its workforce, to trim costs, and even Tesla (TSLA) – Get Free Report CEO Elon Musk expressed concern about the company’s future.
Last month, the company missed Wall Street’s third-quarter sales expectations and cut its production forecast to 8,000 to 8,500 vehicles, down from prior guidance of more than 10,000.
Lucid Air gets recognition
Needham analyst Chris Pierce downgraded the stock from buy to hold, telling investors that he believed that weak demand is the company’s biggest risk.
And CFRA analyst Garrett Nelson wrote that “with a high cash burn rate and an apparent lack of consumers willing to pay a premium for the brand, we think the company has some major issues.”
But since we don’t want to end on a down note, Lucid also announced on Dec. 5 that the Lucid Air Pure was named to Car & Driver’s 10Best List for 2024 in its first year of eligibility.
The list recognizes vehicles that have impressed editors “with their respective combinations of value, performance, innovation, and overall driving experience,” Lucid said.
To compete for the list, vehicles must be on sale in the month of January 2024 and have a starting price under $110,000.
After two weeks of driving more than 80 new cars, trucks, and SUVs that meet those criteria, Car and Driver editors evaluate each 10Best contender versus its peers on a 100-point scale.
“The closer you look, the more you realize that every square millimeter of this car has been considered and optimized. The density of thought is off the charts,” Tony Quiroga, editor-in-chief of Car and Driver, said in a statement.
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