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Q2 Earnings Call

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GravitMe

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Looses are mind boggling….how can you just spend spend spend with hardly any growth. Glad old C suite was fired!
 
gaskiller said:
Looses are mind boggling….how can you just spend spend spend with hardly any growth. Glad old C suite was fired!
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May be they are building a time machine costing too much money 😂
 
Maybe I'm too positive but the stuff in that release seems...encouraging?

Like yeah they were burning through cash, but with the new management team in place (and with some of the efforts from the recently departed folks) it looks like even with them slowing down production, they still produced almost 25% more vehicles and sold almost 20% more than last year. I just hope the lessons they learned from the Gravity launch will make the Cosmos launch as smooth as possible.

I know they probably can't get into it on the earnings call, but I think most of us would like to know their plan to scale and improve Service as a whole.
 
wideruled said:
Maybe I'm too positive but the stuff in that release seems...encouraging?

Like yeah they were burning through cash, but with the new management team in place (and with some of the efforts from the recently departed folks) it looks like even with them slowing down production, they still produced almost 25% more vehicles and sold almost 20% more than last year. I just hope the lessons they learned from the Gravity launch will make the Cosmos launch as smooth as possible.

I know they probably can't get into it on the earnings call, but I think most of us would like to know their plan to scale and improve Service as a whole.
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They'll probably address service on the call. In the release notes it said they want to cut service times by a 1/3.
 
merveille07 said:
They'll probably address service on the call. In the release notes it said they want to cut service times by a 1/3.
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Oh great, that means for us in Houston that will reduce our 4 week service time down to 2 1/2 weeks. Speaking of which, my Gravity is back in service for third time in 4 months.
 
wideruled said:
Maybe I'm too positive but the stuff in that release seems...encouraging?

Like yeah they were burning through cash, but with the new management team in place (and with some of the efforts from the recently departed folks) it looks like even with them slowing down production, they still produced almost 25% more vehicles and sold almost 20% more than last year. I just hope the lessons they learned from the Gravity launch will make the Cosmos launch as smooth as possible.

I know they probably can't get into it on the earnings call, but I think most of us would like to know their plan to scale and improve Service as a whole.
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He did say 30% more service capacity (Hiring technicians) and 30% reduction in wait times, so I do like that they are discussing specific, tangible targets for improvements.
 
Bdr100 said:
Oh great, that means for us in Houston that will reduce our 4 week service time down to 2 1/2 weeks. Speaking of which, my Gravity is back in service for third time in 4 months.
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Third time in four months, I got you beat hah! Mine was in service five times during my first four months of ownership for a total of 42 days. Next week it’ll be one year old and it’ll of been in service 7 times, going on 66 days as of today.
 
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New sportier version of the Gravity to be announced in the coming days 👀
 
In my opinion, looks like Silvio ripped the band-aid off and gave a sober and candid discussion on the current state of Lucid. In his own words, "Tough medicine first, clear ownership, fast action, and unity of effort." And the accountability will start with him

Some key points
- $1.4 billion in cash flow improvement by year end, with every program under review.
- Customer & Quality: Focus on customer pain points and on software. On their current changes to their software approach, they are already seeing positive results. On the AlixPartners, they expect the report by the end of the month.
- New sportier Gravity to be revealed in Monterey Car Week.
- Culture & Team: Simplified organizational structure and halved the number of direct CEO reports, with reduced number of committees.
- Operation reset: Uber/Nuro partnership remains on track. Kai Stepper (Chief Digital Officer) will head the new Lucid Technologies company which will handle robotaxis and AI
- AMP-2. Transitioning from construction to industrialization, with all buildings operational. Expect ready for production in early 2027, with midsize ramp up on second half of 2027.
- Midsize: Napoli has driven the latest Cosmos prototype and says it is true to the Lucid DNA and he was very impressed. Cosmos will still be the first out of AMP-2 and out of the midsize program. Midsize will launch ONLY when all process requirements are passed, not repeating past product launches.
- Outlook on 2H guidance. Not yet in position to provide production guidance


All in all, I'm quite happy that Silvio has shown he's not sugarcoating anything and he's rolled up his sleeves. I respect someone who gives hard, candid talks when necessary to give a reality check. I would not be surprised if official midsize launch will be delayed into 2027, and I respect that Napoli has emphasized that they do not intend to repeat past mistakes. A sobering and candid discussion. I respect Silvio's honesty and down-to-earth reality check, and I trust in his direction.

Anyone want to guess what Gravity they'll reveal in Monterey car week? I'm 50/50 between a Sapphire or a production version of their Gravity X concept
 
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FirstLucidFL said:
Third time in four months, I got you beat hah! Mine was in service five times during my first four months of ownership for a total of 42 days. Next week it’ll be one year old and it’ll of been in service 7 times, going on 66 days as of today.
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120 days, 6 times, and my roof bow already came loose again. AGAIN.
 
Need4Sleep said:
I would not be surprised if official midsize launch will be delayed into 2027, and I respect that Napoli has emphasized that they do not intend to repeat past mistakes
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I think he alluded to it without actually saying it. He said production to start at AMP-2 in early 2027 with ramp up happening in the second half, so maybe a delay of 3 to 6 months? But it's clear, if the car isn't ready they're not releasing it until it is.
 
HC_79 said:
I think he alluded to it without actually saying it. He said production to start at AMP-2 in early 2027 with ramp up happening in the second half, so maybe a delay of 3 to 6 months? But it's clear, if the car isn't ready they're not releasing it until it is.
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yeah, I think that window makes sense given the context. I'm glad they're now emphasizing they won't launch until all requirements pass. Personally I'd rather wait the extra months than see another painful launch
 
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