Lucid Q2 2024 Results (official per Lucid Website)

[Adnillien]

Not sure what you are talking about.

View attachment 22469

This is from their PDF version:

It looks like the HTML version has the full statement. Thanks for pointing that out.

 

[pjdcorp]

Good news - Lucid gets $1.5 billion lifeline from Saudi Arabia, Wall Street cheers ‘liquidity cushion’​

 

[Buffalo Bob]

...and we're back to the high frequency trades supporting the short sellers...

 

[Rogue]

...and we're back to the high frequency trades supporting the short sellers...

Short of good news pops, I find it hard to justify buying in with the steady decline and pressure of short sellers. Gravity sales may get Lucid out of the slump, but the current news of selling more vehicles than German equivalents does not seem to budge the direction at all.

 

[Buffalo Bob]

To me, it's quite a good news / bad news situation. Nice volume, but achieved via unsustainably aggressive pricing. That's especially true with the lease deals. Given the relative price: performance of the MBs, beating them on volume isn't much of a surprise.

 

[DeaneG]

Let's hope for that 3x sales volume improvement with Gravity.

 

[borski]

I certainly hope they reposition the camera used to monitor the driver. Otherwise, a lot of people over 6' are not going to be able to use it without putting the steering wheel in an uncomfortable/unfamiliar position

Can't reposition the hardware in existing Airs. No idea if they will change it for future Airs, but I'm doubtful. People over 6' may have to choose between adjusting the wheel to a position that is slightly less comfortable for human driving, but allows HA to work, or just keeping their hand on the wheel.

 

[DeaneG]

I certainly hope they reposition the camera used to monitor the driver. Otherwise, a lot of people over 6' are not going to be able to use it without putting the steering wheel in an uncomfortable/unfamiliar position

It's been fixed on Gravity.

 

[Halodde]

Can't reposition the hardware in existing Airs. No idea if they will change it for future Airs, but I'm doubtful. People over 6' may have to choose between adjusting the wheel to a position that is slightly less comfortable for human driving, but allows HA to work, or just keeping their hand on the wheel.

I understand. But unfortunately, it might turn out to be the determining factor in whether or not I pay the money for DDP when they implement the new features

 

[Buffalo Bob]

I'm 6' 2" and have no problem with the camera position, but perhaps I like having the steering wheel lower than most people. I guess the good news is that if you are in hands-free mode, it won't be that big a deal if you have your steering wheel a little bit outside of your preferred position.

 

[Instinctive]

Can't reposition the hardware in existing Airs. No idea if they will change it for future Airs, but I'm doubtful. People over 6' may have to choose between adjusting the wheel to a position that is slightly less comfortable for human driving, but allows HA to work, or just keeping their hand on the wheel.

I'm just going to hope it's not "remove current version and replace with hands free eye detection" and instead is "optionally switch modes to hands free" because quite frankly the biggest benefit of HA is being able to look away for a moment...

 

[borski]

I'm just going to hope it's not "remove current version and replace with hands free eye detection" and instead is "optionally switch modes to hands free" because quite frankly the biggest benefit of HA is being able to look away for a moment...

I can pretty much guarantee that 'hands-on-wheel' is going to be the fallback if 'eyes-on-road' doesn't work. It would have to be for the reasons mentioned previously; some people do not have the wheel set in a position where it can see their face, and thus would be unable to use DDP entirely if they got rid of the hands-on-wheel mode as a fallback, which would be absurd.

 

[xponents]

I can pretty much guarantee that 'hands-on-wheel' is going to be the fallback if 'eyes-on-road' doesn't work. It would have to be for the reasons mentioned previously; some people do not have the wheel set in a position where it can see their face, and thus would be unable to use DDP entirely if they got rid of the hands-on-wheel mode as a fallback, which would be absurd.

Does anybody know how this issue remained undetected and was able to get to production? Considering the amount of extremely tall people working for Lucid, wouldn't there have been a reasonably high chance of catching this? Obviously, only Lucid really knows, but I'm genuinely curious about this. Then again, there have been other "tall person ergonomic flaws" on this car... (windshield tint line).

 

[borski]

Does anybody know how this issue remained undetected and was able to get to production? Considering the amount of extremely tall people working for Lucid, wouldn't there have been a reasonably high chance of catching this? Obviously, only Lucid really knows, but I'm genuinely curious about this. Then again, there have been other "tall person ergonomic flaws" on this car... (windshield tint line).

Because at some point, you have to deliver the car. Also, it’s not as dependent on height as you think; it’s just dependent on wheel placement. I know a few short people that like to keep the wheel relatively high, and they have the same problem.

If you waited until the car was perfect, you’d never get it on the road.

 

[P Daody]

Gravity will help sales, not sure if it will make a big impact to the bottom line...time will tell. Lucid needs to release a mid-range product that opens up their market penetration to bigger base. They need their Model 3 moment. Maybe it's the third product they have alluded to coming in 26. The Saudi's have deep pockets, 1.5B is a rounding error for them As long they continue to execute and grow sales and profitability, Lucid will have a long runway with those backing them financially.

I fully believe in Rawls and the Lucid team. They have a differentiated brand and experience that is unique to the EV space. They are best in class with battery tech and efficiency and not focused on putting more plastic into the cabin. Rivian has it as well for a different sector...their R2 will be their Model 3 moment. Anything under $3 sp is a gift to investors...that is my investment advice, YMMV.

 

[NoseyReporter]

Every day that ticks by, is just another day the company grows strong and the short thesis grows weaker. There is no doubt the PIF is the saving grace of Lucid. As long as the PIF provides us with enough capital to continue extending the runway, the company will get there. The product(s) and the team are just too undeniably good. Too good.

Lucid is slowly building a foundation that will support itself as a global leader in the EV space.

<tangent>
I've noticed the last few days that the ticker has somewhat disconnected itself with Tesla and Rivian. Typically they all move hand in hand, with Tesla leading. If Tesla is green so are the others. Lucid managed to stay a float Monday and relatively speaking traded at a lower percentage loss, AH ER removed. That disconnect flowed in Tuesday, even though LCID gave up most of its ER pop; very much expected. PM today we are green/flat while Rivian is hurting from it's negative ER.

Instead of group us together like the rest, it appears the street might finally be looking at Lucid differently. Or at least I hope so. I mean we really do have a sugar daddy that everyone dreams of having.
</tangent>

 

[joec]

I'm 6' 2" and have no problem with the camera position, but perhaps I like having the steering wheel lower than most people. I guess the good news is that if you are in hands-free mode, it won't be that big a deal if you have your steering wheel a little bit outside of your preferred position.

Same. The camera sees me fine.

 

[McGriddle]

I'm excited to hear of the pending DDPro OTA update for current owners.

 

[Adnillien]

I always try to estimate Lucid's marginal cost and marginal profit on each vehicle sold. My best estimate is gross profit less depreciation and inventory impairment divided by the number of cars delivered. For the last three quarters it went from $8k to $24k per car. Given the accuracy of this estimate, the loss per car has been relatively flat. That said, the trend is downward indicating that price reductions may have been more aggressive than BOM cost reductions. Given where Lucid is in total production, I do not find this number to be alarming. It is certainly nowhere near the $300k loss per vehicle that you find on the internet.

 

[McGriddle]

I agree that any reference to the $300k loss per vehicle very much misrepresents the marginal loss per vehicle.