Lucid (LCID) Benzinga·2024-09-11 15:48Core Viewpoint - Lucid Group is currently not pursuing the development of an electric pickup truck, focusing instead on its upcoming Gravity SUV and a future low-cost SUV crossover to compete with Tesla in the electric vehicle market [1][4]. Group 1: Company Strategy - CEO Peter Rawlinson emphasized that Lucid is not considering an electric pickup truck due to challenges in achieving a usable and cost-effective model that meets consumer demands for towing and mileage range [2][3]. - The company aims to differentiate its vehicles by offering superior mileage range compared to competitors [2]. Group 2: Market Context - The electric pickup truck market is becoming increasingly competitive, with Tesla's Cybertruck and Rivian's R1T leading sales, while traditional automakers like Ford and General Motors are also entering the space [5][6]. - Ford's F-150 Lightning, a well-established model, is expected to attract consumers transitioning to electric vehicles, leveraging its historical sales success [6]. Group 3: Product Development - The Lucid Gravity SUV is set to be the company's first SUV, with hopes to compete against Tesla's offerings when it launches later this year [7]. - A new crossover EV is planned for production starting in 2026, with anticipated starting prices below 3.74, although it remains down 10% year-to-date in 2024, with a 52-week trading range of 6.12 [7].