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I Just Don't Get It . . .

hmp10

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Change in delivery just announced previously from 2nd quarter to now 2nd half of the year. "Lucid will now start production of its first EV, a luxury sedan called the Air, in the second half of this year. The company had said deliveries of the $169,000 car would start in the second quarter".
This seems to be a quote from an LA Times article from yesterday. Yesterday, however, prior to the CCIV announcement, Lucid Motors sent an email statement to Yahoo Finance that included the phrase, "Currently, our focus continues to be on bringing Lucid Air to production in Spring of this year . . . ."

If the Dream Edition is being delayed. I'm hugely disappointed. I've sent an email to my sales associate to see if she can clarify things.
 
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Lucken

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This seems to be a quote from an LA Times article from yesterday. Yesterday, however, prior to the CCIV announcement, Lucid Motors sent an email statement to Yahoo Finance that included the phrase, "Currently, our focus continues to be on bringing Lucid Air to production in Spring of this year . . . ."

If the Dream Edition is being delayed. I'm hugely disappointed. I've sent an email to my sales associate to see if she can clarify things.
Would a delay be enough for you cancel your preorder?
 

hmp10

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Would a delay be enough for you cancel your preorder?
It would depend. If the delay were in order to address a few shortcomings, such as the lack of power-operated doors on early cars or the lack of rear toe room under the front seats with the larger battery pack, I would tolerate a bit of a delay. Otherwise, I would not accept a delay of more than a couple of months.

The non-renewable extended warranty on my Tesla runs out in June and, given some very expensive failures, it's not a car I would own without a warranty. As I've got a launch edition reservation for a Rivian R1S which is due for delivery in the fall, I would make that my next EV and hold off on a sedan to see what Mercedes does with an AMG version of its EQS next year or even what Lucid does with the tri-motor.

I'm really of two minds about the possibility of a delay. On the one hand, I don't want Lucid to reprise the Tesla act of putting cars into production before all the kinks are ironed out. On the other hand, I've had a Lucid on reservation since September 2018 on a car that was supposed to be only a year out. It's now two and a half years, I'm nearing 70, and my patience is wearing thin.

(I signed up on Sunday for a crack at an early reservation for a Lucid Gravity, and this morning I bought several thousand shares of CCIV on the overnight dip after the Lucid reverse merger was confirmed. So, my interest in the brand will abide, but . . . . )
 
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hmp10

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I just reached Lucid Sales. They said the production date for the Dream Edition has been pushed into the second half of the year, but they couldn't/wouldn't say just how far.

I asked whether the delay would enable any features to be added to the car (such as power-operated doors or more rear toe room), but they were equivocal. They just kept repeating that the delay was to ensure that the quality of the delivered cars would be as high as possible and that this had been necessitated, in part, by Covid and delays in safety testing.

I also asked when cars would be turned over to auto journalists for testing and review but again got no firm answer.

I'm rather frustrated. Throughout a year of Covid challenges and factory construction, Lucid has repeatedly said that everything remained on schedule. Now -- on the day that a reverse merger is announced -- comes news of production delays. It's very odd that Lucid would announce production delays at such a time, unless they were hoping that the noise surrounding the SPAC merger would drown it out.
 

Lucken

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I think you'll have to operate under the assumption the car won't be available until later in the 2nd half of the year. For a startup like Lucid, the importance (especially at this price point) to not follow in the footsteps of Tesla, and release a subpar initial offering, can't be overemphasized. That's why I think it will now be later than sooner.
 

hmp10

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Dow Jones ran an article suggesting the same thing -- that the Dream Edition won't come out until late this year.

I really want to be able to trade the Model S I have against another EV before the warranty runs out in June. I'm now toying with canceling my Dream Edition reservation and ordering a Tesla Model X Plaid to tide me over until an EV sedan I like comes on the market.

I much, much prefer the Lucid interior to the Tesla's, but at least rear seat passengers would be more comfortable in the Model X than the Lucid with the larger battery pack.

Sigh . . . .
 

Adnillien

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I agree with you on the interior of the Tesla. I thought it was tolerable but my wife disliked it enough that it was a deal breaker. The interior is what got me interested int he Lucid. That along with the efficiency.

If the Lucid Dream edition is late this year, then the Touring and Grand Touring will be into next year. I may have to take a close look at the Audi E-Tron GT that is due out in June. It should have a better interior than the Tesla but it will not compare to either Tesla or Lucid for efficiency.

Please let us know what you hear from your sales associate.
 

hmp10

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Lucid Sales confirmed the Dream Edition will be delayed into the 2nd half of the year. They wouldn't say how far, but it's interesting that they are saying "second half" instead of "third quarter". Dow Jones is surmising that customer cars won't see the start of production until late this year.

At least the Audi E-Tron GT is going to have the rear foot garages that I was hoping the Lucid Dream Edition would have.
 

WildRide47

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So far Lucid has received a modest 7,500 reservations for its first model, an attractive and technologically advanced luxury sedan called the Lucid Air. It won’t start production until the second half of this year, rather than the spring, as previously communicated. But the thing that stood out in Lucid’s financial disclosures was the level of projected cash burn: It expects to consume almost $10

Read more at: https://www.bloombergquint.com/gadf...vide-an-unflattering-look-under-the-spac-hood
Copyright © BloombergQuint
 

WildRide47

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The rest of the article that got cut off.

But the thing that stood out in Lucid’s financial disclosures was the level of projected cash burn: It expects to consume almost $10 billion of cash in four years. That far exceeds the $4.4 billion Lucid will receive from the SPAC and a concurrent PIPE financing — a type of equity funding open only to accredited investors.

Read more at: https://www.bloombergquint.com/gadf...vide-an-unflattering-look-under-the-spac-hood
Copyright © BloombergQuint
 

WildRide47

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Traders often sell “sell on the news” after a long-rumored deal is consummated. The scope of Churchill’s decline was especially pronounced, signifying investors may also have been disappointed by the production delay or the terms of the deal. Lucid said it expects to need $600 million in bridge financing to bolster the company’s cash until the transaction with Churchill closes. The company expects negative free cash flow of around $10 billion through 2024, raising the question of how it will seek additional funds.
 
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