Imagine sending one of the biggest YouTube car channels in the world a car with panels falling off of it.
WHY?!?!
WHY?!?!
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LETS BRAINSTORM....
- Thread starter Macrocosmcwh
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It has happened—elevator doors have opened when no car was present, leading to fatal falls. That’s why I trust Silvio understands that fundamental safety requirements must come first, before any “nice-to-have” features are considered.
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Extended warranty for owners coming up on their 4 year anniversary seems like a no brainer and would be welcomed by the community. Of course, then they'd have to spend some of that money scaling up service, but still a profit could be made.
And, reducing service costs increases profits (or reduces losses)! If I am playing the CEO role, I would, amongst many things, focus on stemming losses due to warranty and service costs. it doesn't take a CEO to realize that if you increase service capacity, you can reduce flatbed transport costs and, what has to be an outrageously high number; rental costs. The concept of paying $60 dollars a day for a Kia (we here in Michigan don't get MB 450s) for a month is simply money down the drain. Those are real money cash flows - going to Enterprise or Hertz because you want to hold on to a car for a month. Let me drive it, give me a couple days notice and pick up my car. I'll drive the rental for a week, deliver my car back to me and I won't complain about the time in service, I don't have to drive a Kia (or pay the difference for a 7 passenger Grand Wagoneer, since I actually need at least 6 seats).
Personally, that is low hanging fruit, ripe for picking! (Sorry, couldn't resist!)
The last two sound like moves one makes to getting out of the car manufacturing business...
@martinjlm and I both came from the Big 3 side of the business - we're always looking for ways to do fix bad decisions made 5 years prior by doing something different with them...
From an owner standpoint, I get it. From a CEO standpoint, to price that warranty for a profit, based on historical warranty costs, would not only price it out of the ballpark, but would serve to remind customers of the high cost of ownership for older vehicles.
With warranties as with most insurance, you don’t need to increase profit on the sale of the warranty. You make profit on the use of cash. That income from the cash is used to pay for repair costs. (This is where the decreased service costs remanufatured parts and reduced service hourly costs come in.) By reducing costs of repair. Also if the company is paying for those repairs it will also drive better build quality.
Lucid needs cash… if my cash would give me peace of mind and help Lucid to survive I am in!
I pay 200 a month for car insurance that I haven’t actually used in 34 years (other than glass claims)
I would gladly pay 100-150 a month on insurance I KNOW I will at some point use!
Using the precept that one books cash, makes money off of it, then uses the cash to pay for periodic repairs, an individual can do the same. Put a chunk of money away in an investment, draw from it when needed. It depends on when and how often it goes to the service. All of it also depends on how long one is going to keep the car. Many of us Gravity owners are hedging our "warranty investment strategies" by leasing, thereby having a car that is always covered by warranty. If my leasing experience is as good as it has been, I'll buy the next one and service cost will be on me. But, I'll designate an account to put money into that will be my "self-insurance warranty pool" and hope for the best. Think if we had the $200 per month over the last 34 years in an SP500 fund.With warranties as with most insurance, you don’t need to increase profit on the sale of the warranty. You make profit on the use of cash. That income from the cash is used to pay for repair costs. (This is where the decreased service costs remanufatured parts and reduced service hourly costs come in.) By reducing costs of repair. Also if the company is paying for those repairs it will also drive better build quality.
Lucid needs cash… if my cash would give me peace of mind and help Lucid to survive I am in!
I pay 200 a month for car insurance that I haven’t actually used in 34 years (other than glass claims)
I would gladly pay 100-150 a month on insurance I KNOW I will at some point use!
Ok, don't think about it - over $600K would be in the warranty pool. But, like you, I pay for car insurance.
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Agree about laying of service, that was stupid of Marc.They just laid service people off!
I bet you anything they sold themselves some Gravities for service to hit some goal. Car dealers do that too when they’re a few cars off a stair step goal the service department suddenly needs new loaners
For real tho, there’s gotta be something we don’t know about. Even common sense stuff they don’t do. It can’t be because somebody said they can’t sell high margin add ons.
Again, they are running the thing like a company not concerned about staying in business.
Disagree they would sell themselves some vehicles to increase sales….that is fraud. Also, why would they “buy” vehicles with defective seatbelt hardware and use those vehicles. It was just the stop sale due to bad component.
You have battery warranty for 8 years. I would rather not pay for extended warranty and save the 5k. Introducing extended warranty is not good when your service center is already swamped.
And keeping the car is much cheaper. Imagine selling it for 50k and then buying another competitor for 80k-100k. You lose 30k-50k right there. Put that money to invest, you have your money for any repairs. 3-5k a year. In 4 years you will have 12-20k.
No it’s not
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Ok, looked it up. You are right, I’m quite surprised they are allowed to do this.
Simple, make sure software works, improve sales communication, improve service availability.
Pretty simple. Not rocket science.
But Lucid has to mess it up…one thing after another. Release the Air with crappy software, then release the Gravity with crappy software, and then do a crapshoot on servicing by firing people when you most need them.
But im optimistic the new CEO will right the ship. He has 30 years experience. And in his last job, looks like he very good. Lucid doesn’t need a founder/engineer/hype CEO. It needs a results oriented person with strict discipline on spending. Napoli is the man!
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There are no short-cuts to building and sustaining a top-tier product commanding a 6-fgiure price point. It is "Blood-Toils-Sweat-and-Tears!" . No, not the rock-band....Winston Churchill!!
There are no short cuts. No Timothy Chalamet! The CEO and COO should go on a virtual/in-person owners meeting at major centers. Invite the owners and listen to them.
The current trajectory is not going to make it!
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That’s why they got an experienced CEO