Lucid Denies Rumors of Slow Gravity SUV Sales, Claims Deliveries Are "Well into the 3-Digit Range"

Lucid Motors has denied rumors that its Gravity SUV sold only nine units in its first six months, stating that deliveries are "well into the 3-digit range." The company expects a significant ramp-up in production during the second half of the year, with the Gravity SUV accounting for the majority of production and deliveries. Lucid has also secured a partnership with Uber and Nuro to launch 20,000 Gravity robotaxis over the next six years.

Lucid Motors Inc. (LCID) has dismissed rumors that its Gravity SUV sold only nine units in its first six months, stating that deliveries are "well into the 3-digit range." The company expects a significant ramp-up in production during the second half of the year, with the Gravity SUV accounting for the majority of production and deliveries [1].

Lucid Motors has also secured a partnership with Uber Technologies Inc. (UBER) and self-driving tech startup Nuro Inc. to launch 20,000 Gravity robotaxis over the next six years. The deal includes a $300 million investment from Uber, which will be used to upgrade Lucid's assembly line to integrate Nuro's hardware into the Gravity vehicles [2].

Despite the company's recent financial struggles, including a reduction in its delivery forecast for 2025, Lucid Motors maintains a strong liquidity position. As of the end of the second quarter, the company had $2.8 billion in available liquidity in its bank accounts, including short-term investments, and a total liquidity of $3.6 billion [1]. The Saudi Sovereign Wealth Fund, which owns about 60% of the EV company's outstanding stock, remains a stable source of funding for Lucid Motors.

The partnership with Uber and Nuro adds a notable customer for Lucid, one of the few pure-play EV makers in the US, as it works to popularize its Gravity SUV. The deal underscores Lucid's strategy to focus on production and delivery, while leveraging its partnerships to drive growth.

References:
[1] https://seekingalpha.com/article/4811762-lucid-motors-is-not-dead-money
[2] https://thebusinessdownload.com/uber-plans-fleet-of-20000-robotaxis-in-deal-with-lucid-nuro/