Lucid Training Nearly 250 Robots To Build Gravity SUV, Says CEO Peter Rawlinson
Portfolio Pulse from Anan Ashraf
Lucid Motors (NASDAQ:LCID) is preparing to start pre-production of its Gravity SUV this summer with nearly 250 robots at its Arizona facility. The Gravity SUV, priced under $80,000, aims to compete with Tesla's Model X. Lucid reported a Q1 net loss of $680.9 million but has $5.03 billion in liquidity to sustain operations through mid-2025.
June 21, 2024 | 1:11 pm
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Lucid Motors is set to begin pre-production of its Gravity SUV this summer, utilizing nearly 250 robots. The company aims to compete with Tesla's Model X with a starting price under $80,000. Despite a significant Q1 net loss, Lucid has sufficient liquidity to sustain operations through mid-2025.
The news of starting pre-production of the Gravity SUV is a positive development for Lucid Motors, indicating progress in their product lineup. Despite financial losses, the company's substantial liquidity provides a buffer, likely leading to a positive short-term impact on the stock price.
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