Lucid Group LCID CEO Peter Rawlinson has not shied away from praising his company's technology and its superiority over rival electric vehicle companies.
Rawlinson has new comments that could spark debate among EV companies.
What Happened: In recent months, Rawlinson has emphasized how far ahead Lucid is compared to rivals like Tesla Inc TSLA, particularly in battery efficiency and range capacity.
In a new LinkedIn post, Rawlinson shares his latest insights on how Lucid continues to outpace Tesla and other EV competitors.
"Efficiency is of critical importance in making a better, lighter, more spacious, longer-range vehicle, and directly impacts cost to manufacture. Therefore, efficiency is arguably the single most valid litmus of a company's core EV technological capability," Rawlinson said in the post.
He highlights the 5.0 miles per kWH and 146 MPGe (miles per gallon equivalent) the Lucid Air Pure achieves, making it the most efficient production car to date.
"Lucid has a significant EV technology advantage. If the closest competitor were to continue their rate of progress, it would take many years to match Lucid today."
The chart referenced by Rawlinson, which compares several rivals including the Tesla Model S, suggests that it would take eight years, until 2032, for the Model S to match the current efficiency of the Lucid Air Pure, based on both companies’ current rates of progress.
Why It's Important: Rawlinson, a former Tesla employee, has clashed with Tesla and the company's CEO Elon Musk several times, and his latest talks on technology could amplify the battle. Musk has often downplayed Peter Rawlinson's previous role at Tesla as Chief Engineer, particularly in his work on the Tesla Model S.
With Lucid facing cash concerns as its losses mount, Musk has said the company will face bankruptcy.
While Lucid's technology has proven to be quite impressive based on efficiency metrics, the company has not sold as many vehicles as originally forecasted when the company went public and trails Tesla's lead by a significant margin.
A report from Teslarati also said that several versions of the Model 3 have higher efficiency than the chart shows, like the Model 3 RWD standard Range with 132 MPGe. The report said a Model 3 Long Range RWD is also expected to show strong efficiency.
Rawlinson highlighted the technology differences in a recent Fox Business interview.
“Well, I think that if we look back in time 10-15 years ago, Tesla was the tech leader,” Rawlinson said. “I think there’s a degree of distraction now, and I think that Lucid has taken that mantle. I believe we’re a number of years ahead in terms of our core technology from Tesla.”
The technology of Lucid could be a differentiating factor against competitors and could also lead to some partnerships. Hyundai Motor Company HYMTF is considering a partnership with Lucid for its motors, according to a recent report.
Lucid entered into a partnership with Aston Martin for an electric vehicle powertrain back in June 2023.
LCID, TSLA Price Action: Lucid stock trades at $3.20 versus a 52-week trading range of $2.29 to $6.48. Lucid stock is down 24.1% year-to-date and down 50.2% over the last year.
Tesla stock trades at $214.04 versus a 52-week trading range of $138.80 to $278.98. Tesla stock is down 13.8% year-to-date and down 10.7% over the last year.
Read Next:
Image created using artificial intelligence via Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
