Lucid's Interim CEO Clarifies: Automotive Business Remains a Priority

In the ever-evolving world of electric vehicles (EVs), Lucid Group has been making waves with its innovative technology and advanced vehicles. Recently, there has been some confusion regarding the company's focus on its automotive business, following a statement by former CEO Peter Rawlinson. However, Lucid's interim CEO, Marc Winterhoff, has clarified the company's stance, reassuring investors and customers that the automotive business remains a top priority.



In a recent earnings call, Winterhoff addressed the concerns raised by Rawlinson's earlier statement, emphasizing that Lucid is not deprioritizing its automotive business. He stated, "I want to stress that it doesn’t mean we are deprioritizing our automotive car business. Quite the opposite is the fact." This clarification aligns with Lucid's long-term strategic vision for its automotive business, which involves producing advanced EVs and expanding its market reach.

Lucid's strategic vision is evident in its product pipeline and growth plans. The company has successfully launched the Lucid Gravity SUV, which is expected to significantly boost its sales and market presence. Additionally, Lucid is working on developing a mass-market, $50,000 EV, scheduled for launch in 2026. This vehicle is intended to be Lucid's Tesla Model Y moment, helping the company cross the "valley of death" that many startups face.

Winterhoff's clarification also aligns with Lucid's commitment to technological innovation and leadership. The company aims to leverage its technology to advance the state-of-the-art of EV technology for the benefit of all. Lucid has already secured a customer for its technology, British carmaker Aston Martin, which signed a deal with Lucid in 2023 for electric powertrains and battery systems. Lucid is also in talks with other partners for deals regarding its Zeus powertrain, which it expects to close soon.



In conclusion, Winterhoff's clarification addresses potential concerns from investors and customers about Lucid's commitment to its automotive business. By emphasizing that the company is not deprioritizing its car business, Winterhoff reassures stakeholders that Lucid remains committed to its core automotive business, despite Rawlinson's vision of expanding into technology licensing. Lucid's focus on ramping up production of the Lucid Gravity, launching midsize platform vehicles, and developing a low-cost Atlas drive unit further reinforces this commitment. Additionally, Winterhoff's mention of the company's talks with partners for deals regarding its Zeus powertrain, which it expects to close soon, demonstrates Lucid's continued investment in and commitment to its automotive business. As Lucid continues to innovate and grow, investors and customers can rest assured that the company's automotive business remains a top priority.