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Lucid sales inch forward as EV maker pushes to ramp Gravity production | TechCrunch

TechCrunch · 1m ago

Lucid sales inch forward as EV maker pushes to ramp Gravity production | TechCrunch

Lucid achieved a new sales record, delivering 3,309 vehicles in Q2, marking a 6% sales increase, while producing 3,863 vehicles. This progress is crucial for the EV maker as it strives to meet its annual production goal of 20,000 vehicles, having produced 6,075 in the year's first half. Challenges remain, including production ramp-up for the Gravity SUV and resolving supply chain issues, amid ongoing efforts to transition sales towards general consumers.

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Saudi's PIF to invest up to $1.5 bn in EV maker Lucid

VCCircle

VCCircle · 1y ago

Saudi's PIF to invest up to $1.5 bn in EV maker Lucid

Saudi Arabia's Public Investment Fund (PIF) will invest up to $1.5 billion in electric vehicle (EV) maker Lucid Group. The cash injection comes as Lucid looks to increase production of its new SUV model, the Gravity, and fund the construction of its factory in Saudi Arabia. The investment from PIF solidifies its relationship with Lucid and brings its total investment to around $8 billion. Lucid's second-quarter revenue exceeded expectations, driven by price cuts on its luxury electric sedans. The company aims to produce 9,000 vehicles by the end of the year and plans to expand its product line with a more affordable mid-size car in 2026.

Lucid Motors will only build 9,000 EVs in 2024 after once predicting it would ship 90,000 | TechCrunch

TechCrunch · 1y ago

Lucid Motors will only build 9,000 EVs in 2024 after once predicting it would ship 90,000 | TechCrunch

Electric vehicle manufacturer Lucid Motors is scaling back its production targets for 2024, planning to build just 9,000 vehicles, compared to the 90,000 it had predicted when going public three years ago. The company's financial results for 2023 revealed a loss of $2.8 billion and a struggle to find buyers for its luxury sedans. Lucid recently reduced the prices of its Air sedan by $8,000 and hopes to boost sales with the upcoming release of its Gravity SUV, which experienced delayed production due to supply chain issues.

Chinese EV maker Human Horizons seeks up to $42 million in debt financing to revive EV production

Economic Times

Economic Times · 1y ago

Chinese EV maker Human Horizons seeks up to $42 million in debt financing to revive EV production

Chinese EV maker Human Horizons is seeking debt financing of up to 300 million yuan ($41.78 million) to restart production at its EV plant. The parent company of premium EV brand Hiphi has filed for a pre-bankruptcy process. This move comes after similar bankruptcy proceedings facing two units of China Evergrande's EV arm. The fundraising will be used for after-sales services and to resume work, production, and sales. Human Horizons, which suspended production and sales in February, aims to regain momentum in a highly competitive EV market.

Uber makes multi-million-dollar investment in Lucid and Nuro to build a premium robotaxi service | TechCrunch

TechCrunch · 1m ago

Uber makes multi-million-dollar investment in Lucid and Nuro to build a premium robotaxi service | TechCrunch

Uber is set to launch a premium robotaxi service, investing $300 million in Lucid for 20,000 EVs and a multi-hundred-million-dollar amount in Nuro for autonomous technology. These Lucid Gravity SUVs will feature Nuro's AV system, aiming for a 2026 rollout. This move positions Uber in the burgeoning autonomous vehicle market, while validating Nuro's pivot to licensing after financial struggles. Uber's partnerships include prominent AV technology firms, marking strategic expansion into driverless services.

Tesla faces second straight year of falling sales after another bad quarter | TechCrunch

TechCrunch · 1m ago

Tesla faces second straight year of falling sales after another bad quarter | TechCrunch

Tesla experienced a 13.5% drop in vehicle deliveries in Q2 2025 compared to Q2 2022, marking two consecutive years of declining sales. Despite Musk attributing past sales issues to production changes, no such disruptions occurred in Q2. Tesla's attempt to boost sales included price cuts, promotions, and minor upgrades. Meanwhile, other automakers like Ford and Hyundai also faced EV sales declines, though GM increased U.S. EV sales through new models. Tesla's financial impact will be detailed in its July earnings report.

TechCrunch Mobility: Uber makes a bet on premium robotaxis | TechCrunch

TechCrunch · 1m ago

TechCrunch Mobility: Uber makes a bet on premium robotaxis | TechCrunch

Uber is making significant investments in autonomous vehicle technology, partnering with companies like Lucid and Nuro to develop premium robotaxis. Uber invested $300 million in Lucid and reportedly $400 million in Nuro. Meanwhile, startup Bedrock Robotics, founded by former Waymo members, secured $80 million in funding. Other notable developments include fundraising rounds for Amogy and Gridserve, as well as notable updates from companies like GM, Rivian, and Joby Aviation involving electric and autonomous technologies.

These startups wanted to be the next Tesla. Will they survive the EV slowdown?

Livemint

Livemint · 1y ago

These startups wanted to be the next Tesla. Will they survive the EV slowdown?

Several electric vehicle (EV) startups, including Rivian Automotive, Lucid Group, Fisker, Polestar Automotive, and VinFast Auto, are facing financial challenges as they struggle to compete in the EV market. These companies have been burning through cash reserves, losing money on every vehicle sold, and experiencing weaker-than-expected sales. While they initially garnered attention and investor support, their future viability is now uncertain. Factors such as high sticker prices, limited charging infrastructure, and consumer concerns about EV reliability have contributed to a slowdown in demand. These companies are now focused on conserving cash and stabilizing operations to survive.

Rivian started a tough year on a flat foot

TechCrunch · 1y ago

Rivian started a tough year on a flat foot

Rivian faced a challenging start to the year, with lower production and delivery numbers in the first quarter compared to the previous quarter. The company plans to produce a similar number of vehicles as it did in 2023, but it faces the critical challenge of lowering the cost of building its electric vehicles. Rivian also intends to shut down its production lines in the second quarter to make necessary upgrades. In addition to Rivian, other companies in the EV market, such as Tesla, Ford, Lucid Motors, and Fisker, have encountered difficulties meeting expectations.

Vietnam's VinFast to set up $500 mln EV facilities in India

Reuters · 1y ago

Vietnam's VinFast to set up $500 mln EV facilities in India

Vietnamese electric vehicle (EV) maker VinFast has entered an agreement to establish its first manufacturing facilities in India with an investment of up to $2 billion. The project, in partnership with the state of Tamil Nadu, aims to start construction this year and generate 3,000 to 3,500 jobs locally. VinFast plans to make EV batteries in Thoothukudi, Tamil Nadu, and intends for the project to become a leading EV production hub in the region with an annual capacity of up to 150,000 vehicles. India is targeting 30% EV sales by 2030.

Lucid Motors raises another $1 billion from Saudi Arabia as it searches for luxury EV buyers

TechCrunch · 1y ago

Lucid Motors raises another $1 billion from Saudi Arabia as it searches for luxury EV buyers

Electric vehicle manufacturer Lucid Motors has secured an additional $1 billion investment from Saudi Arabia's Public Investment Fund through its affiliate Ayar Third Investment. This funding follows Lucid's plans to produce around 9,000 of its luxury Air electric vehicles this year. Despite struggling to find buyers for its expensive sedan, the company aims to boost sales by reducing prices and expects to launch its electric Gravity SUV by the end of 2023. CEO Peter Rawlinson expressed caution about relying too heavily on Saudi financing, highlighting the need for sustainability.

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