Word is Spreading

[hmp10]

I had an interesting chat this morning. My barber saw me drive up in the Tesla Plaid, and he asked me about the car. In the course of things he mentioned that he had bought some stock in a new company called Lucid Motors and that he had just driven over to Miami to see the car at the Design Studio. He said he could not afford the car right now but was buying the stock to leave for his kids.

You can imagine where the discussion went once I told him we had a reservation for a Dream Edition (which I've now promised to let him try out when we get it) and been to the Miami Studio three times.

He loved the car, but before I had mentioned anything on the subject he said, "but man, did I keep hitting my head on the roof every time I got in or out. What's that all about?"

 

[hmp10]

An interesting story on how Rawlinson operates and his rivalry with Musk:

Elon Musk’s former chief engineer is obsessed with besting Tesla. Here’s how Lucid could become the next electric car juggernaut.

Insiders have mixed feelings about Lucid CEO Peter Rawlinson's push to beat Elon Musk and Tesla in the electric-vehicle game.

www.businessinsider.com

 

[dawktah LucidGT]

Ford vs Dodge

 

[hmp10]

Yep.

 

[Sandvinsd]

Wow. Yes, word is spreading. 4000 additional reservations since 9/30 for 17,000 total and the quarter is only halfway through.

 

[Dortreo]

"13,000 reservations in Q3 for estimated order book of greater than $1.3B." - This implies an average price of $100K per car. Sounds like the balance is shifting away from just Pure reservations and toward T and GT.

 

[Sandvinsd]

I have noticed that too. Every report of reservation numbers and book order revenue has shown a higher average sales price than the previous report, so more AGTs are being booked as a percentage. Presumably because we all want these great cars sooner!

 

[Dortreo]

I have noticed that too. Every report of reservation numbers and book order revenue has shown a higher average sales price than the previous report, so more AGTs are being booked as a percentage. Presumably because we all want these great cars sooner!

I just posted this in another thread, but if the numbers back in June were 10K orders and $900M in sales, then from June to September, orders increased by 3K with $400M in sales. That means that from June to September, at least 2500 of 3000 cars ordered had to be Grand Tourings, as the average sale per order would be $133,000. That is insane.

 

[Sandvinsd]

It is also possible that existing reservations were upgraded from Pure to Touring or from Touring to Grand Touring.

 

[Dortreo]

It is also possible that existing reservations were upgraded from Pure to Touring or from Touring to Grand Touring.

Absolutely. But the point remains the same: Lots of Grand Touring orders.

 

[Sandvinsd]

Saudi Arabia is second largest country for reservations = Grand Tourings…..

 

[Dortreo]

Saudi Arabia is second largest country for reservations = Grand Tourings…..

Excellent thought. I hadn't even considered that. I wonder how they'll chunk production. Will they really work on all Grand Tourings first before embarking on Touring and Pure? EMEA (including Saudi, I assume) is supposed to be getting Lucids in 2022, so maybe that's a yes?

 

[Sandvinsd]

Someone asked a question on the conference call about international reservations and they mentioned that fact about SA. International reservations opened in Q3, I think that had a major impact on the mix. As to whether they make the AGTs for international markets before US ATs, I do not know

 

[dawktah LucidGT]

Is it known if all cars delivered were at an "event?" There's a video on YouTube where one car was delivered via a single car enclosed trailer.

 

[Lucken]

Excellent thought. I hadn't even considered that. I wonder how they'll chunk production. Will they really work on all Grand Tourings first before embarking on Touring and Pure? EMEA (including Saudi, I assume) is supposed to be getting Lucids in 2022, so maybe that's a yes?

This is what I’m assuming since Lucid doesn’t appear to be a nimble company at this point at all. I think they’ll fulfill all upper tier reservations, regardless of when they are made and regardless of how early Pure reservation holders made their reservation.

I was probably naive in thinking otherwise, but at least I had the foresight to reserve the new I4 for its mid year release.

For me there are pros & cons with each car, so it’s not the end of the world.

 

[Neurio]

Is it known if all cars delivered were at an "event?" There's a video on YouTube where one car was delivered via a single car enclosed trailer.

Not sure if every delivery was documented and published online, but Rawlinson said on the call that "over 2 dozen" cars were delivered this weekend.

 

[Adnillien]

I just posted this in another thread, but if the numbers back in June were 10K orders and $900M in sales, then from June to September, orders increased by 3K with $400M in sales. That means that from June to September, at least 2500 of 3000 cars ordered had to be Grand Tourings, as the average sale per order would be $133,000. That is insane.

I would not read too much into how they value reservations. Any reservations that were made prior to the Sept 2020 reveal did not have a trim associated with them. While the configurator may have defaulted those reservations to AGT, Lucid could not have valued them all at the AGT level. They have confirmed orders for enough of those pre Sept 9 to have a better value for them. That coupled with Saudi Arabia could skew things quite a bit.