How Many Cancellations

[rbbarry]

So curious to know how many people cancelled their orders. Do we know what percentage of orders here were picked up off a cancellation?

My DA said it is super rare to get a cancellation because once the $1,000 deposit is taken, people feel committed? But I know we had at least two deliveries done based on cancellations here in the forums.

 

[MPawelek]

It is going to be impossible to get a real count on cancellations. This forum is only a tiny fraction of Lucid enthusiasts and I would imagine those that have canceled no longer visit this site.
Having said that with all the ongoing Lucid problems and now a price increase the numbers may be substantial.

One also needs to keep in mind that 95% of the American public cannot afford one of these cars. We are in rarified air here.

 

[Drendino]

I’m sure there are a lot more downgrades than cancellations. I’m sure a lot of those downgrades will eventually cancel, especially if we have more “transitory” inflation at the time that the Touring and Pure are in production.

 

[MorganB]

I doubt it's a number Lucid would release unless the percentage of cancellations is extremely low. I do think the recent price hike will bode well for limiting the number of cancellations going forward.

 

[Steveinarizona]

I doubt it's a number Lucid would release unless the percentage of cancellations is extremely low. I do think the recent price hike will bode well for limiting the number of cancellations going forward.

As a public company, if the number becomes material Lucid will have to disclose.

 

[joec]

As a public company, if the number becomes material Lucid will have to disclose.

At the very least, they will be asked next quarter how many reservations they have. We can make an educated guess from the number of deliveries at that point whether new reservations are drying up, or if cancelations are on the rise. Some combination of those, at least.

 

[Steveinarizona]

Keep in mind that some folks put in multiple reservations so some cancellations can be caused by that.

 

[Boomer AZ]

No doubt all the quality and inspection issues are making some wonder whether or not to cancel. As they waiver, a good dose of positive customer contact by the DAs would tend to push people back into the fold. The lack of contact will tend to increase doubt in the minds of those who are wavering. A month ago I had no concern, but today I have some. Will I cancel? Maybe, Maybe not. The $1000 I have on the line means nothing to me and isn’t a deterrent to canceling. It makes no sense to cancel now, but will be a consideration when it is time to pay. At that time, what is my spidey sense telling me. As the song says, “should I stay, or should I go”.

 

[mnewber1]

With Touring now in Q4 and undoubtedly Pures being pushed back, there will be more cancellations from at least the Pure trim.

Back in January, I was told by a SA that if I reserved a Pure, I would get it this year. Which is was probably not true then and most definitely not true now.

 

[Sandvinsd]

Reservations will be much higher due to the price increase. However, many of those reservations may not materialize as customers will lock in the price, but wait And see if they really want to order one when the time comes.

 

[digiboxer]

As a public company, if the number becomes material Lucid will have to disclose.

It would be nice if the question were asked on earnings calls

 

[digiboxer]

It is an interesting situation--interests rates are rising, the stock market is declining, inflation is diluting the buying power of every household---and I'm sure some people (me!) have deposits on more than one brand.

I know I feel a little more sheepish about discretionary purchases than I did 6 months ago. (Cue my wife: "You just spent HOW MUCH on car??")

 

[hydbob]

That's why now is the best time to spend someone else's money!

 

[stevelitchfieldpark]

That's why now is the best time to spend someone else's money!

The last recession a big percentage of folks walked away from their homes because of the value of their homes was less than they owed. Most economists are convinced we are headed towards another recession within a year. I feel safe knowing that no loans on vehicles or house with enough (in my opinion) for discretionary spending and retirement to weather any downturn.

 

[DJL]

The last recession a big percentage of folks walked away from their homes because of the value of their homes was less than they owed. Most economists are convinced we are headed towards another recession within a year. I feel safe knowing that no loans on vehicles or house with enough (in my opinion) for discretionary spending and retirement to weather any downturn.

While it is a great feeling knowing that you have all your ducks in a row and can withstand the economic storms that come and go, another way of looking at the situation is by getting a loan, (currently 1.99% interest are still available) you would have a boat load of cash to buy quality stocks which will be more depressed than they are now. I am of the view that while recessions are very bad and hard or people that live check by check, and God knows I and my wife did early in our lives, recessions are great opportunaties to create or add to one's wealth. No matter how you view it, its really just about what make you happy and secure....

 

[hydbob]

Can't repo my car if I don't stop driving it...take that recession!

 

[joec]

Can't repo my car if I don't stop driving it...take that recession!

Hey, there's a billion dollar business idea: A mobile car charger that charges while you're still driving. Truck pulls up behind you, extends an arm to plug into your charge port, and gives you juice while you keep driving.

 

[digiboxer]

No doubt all the quality and inspection issues are making some wonder whether or not to cancel. As they waiver, a good dose of positive customer contact by the DAs would tend to push people back into the fold. The lack of contact will tend to increase doubt in the minds of those who are wavering. A month ago I had no concern, but today I have some. Will I cancel? Maybe, Maybe not. The $1000 I have on the line means nothing to me and isn’t a deterrent to canceling. It makes no sense to cancel now, but will be a consideration when it is time to pay. At that time, what is my spidey sense telling me. As the song says, “should I stay, or should I go”.

When my time comes to confirm Touring, I will do so unless the current situation at LCID has deteriorated further. It will still be months later for delivery and the 1% option cost to see what happens over those months will be a bargain.

So I guess technically the right question is "how many cancelations and 'DEFAULTS'"?

 

[digiboxer]

Hey, there's a billion dollar business idea: A mobile car charger that charges while you're still driving. Truck pulls up behind you, extends an arm to plug into your charge port, and gives you juice while you keep driving.

Like the Stratotanker and the F-16......

 

[LCIDdreams]

At the very least, they will be asked next quarter how many reservations they have. We can make an educated guess from the number of deliveries at that point whether new reservations are drying up, or if cancelations are on the rise. Some combination of those, at least.

Yes I don’t think they are obligated to (or inclined to) report on cancellation numbers but they will give an update on reservation backlog.