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AFS is the premier provider of automotive forecasting databases, business planning solutions, and concierge-level support for the automotive industry. Our combined approach allows AFS to be an extension of your planning department. Data is only half the story. Our team of subject matter experts, each with decades of experience, are available 24/7. Our business is your business. Your products, your customers, and the issues shaping your success. It's simple: a data provider needs to provide more than just data they need to be your partner. The AFS approach adds value to your critical business decisions.
 
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  2. 90 Seconds with AFS - Lucid Motors

90 Seconds with AFS - Lucid Motors

Jun 5, 2023

Originally known as Atieva, Lucid Motors was founded in 2007 in California. In 2021, Atieva merged with the SPAC Churchill, changing its name to Lucid, and raising US$4.4 billion. Lucid is headed by Peter Rawlinson who came from Tesla. Alongside the CEO is an executive team with years of automotive experience; a rare quality in the world of EV startups. Rather than finding an existing manufacturing space, Lucid constructed a new plant in Arizona, thousands of miles from the center of the U.S. automotive supply chain. Lucid opened their plant in 2020 and began production and deliveries in the fourth quarter of 2021. Currently, Lucid only has one model, the Lucid Air, which has received largely positive reviews. Unfortunately for Lucid, the positive reviews haven’t translated into the level of demand they were expecting. They delivered 125 vehicles in 2021 and reported a net loss of US$700 million. In 2022, Lucid delivered a little over 4,300 vehicles and posted a net loss of US$2.6 billion for the year. Deliveries in the first quarter of 2023 actually declined from the prior quarter to only 1,406 vehicles. For the full year, Lucid is expecting to build just over 10,000 vehicles. There’s no doubt that Lucid has a demand problem and it’s not likely to improve materially over the next twelve months. The price of the Air sedan limits its own potential. A more mainstream model, the Gravity mid-sized crossover, is expected to start production in second quarter of 2024. Lucid’s biggest shareholder, the Public Investment Fund of the Kingdom of Saudi Arabia, holds over 60% of the outstanding shares. Plans for another US$3 billion stock offering, largely funded by the PIF, will be a necessary move to keep the venture afloat.

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Find out how AFS can work for you: www.autoforecastsolutions.com

Joe McCabe: jmccabe@autoforecastsolutions.com

Sam Fiorani: sfiorani@autoforecastsolutions.com