Lucid Motors made a strong entrance into the electric car world, becoming Tesla’s main competitor. But now, its stock price has plummeted 97%, leaving the company with losses of €11.09 million.
The Lucid Motors brand gained notoriety thanks to the Lucid Air Grand Touring, considered the most efficient electric car on the planet. The car was driven from St. Moritz, Switzerland, to Munich, Germany, on a single charge. The record was 1,205 km with a 112 kWh battery that did not require any additional charging to achieve this distance. It’s worth noting that the estimated range for this model is 820 kilometers, so on this journey, the brand was able to increase efficiency by an additional 380 kilometers.
The problems that led to the decline
According to a report, between October 2023 and May 2025, up to 12 senior executives left the company, including its influential CEO, Peter Rawlinson, who resigned in February. Rawlinson worked at Tesla and was part of the team that designed one of Elon Musk’s first cars. In 2012, he resigned from his position to return to England for a few years until finally, in 2016, he helped launch Lucid Motors. He was appointed CEO of the company in 2019.
The company already supplies some of its systems to Formula E
His goal has always been to turn Lucid into a high-volume company. Success has been almost immediate. Rawlinson’s vision has always been very specific; he wanted, among other things, for Lucid to become a technology provider, and that’s what it ended up being. The company already supplies some of its systems to Formula E. In any case, at the beginning of this year, Lucid’s CEO resigned, to the surprise of virtually everyone. Adding to this situation is the fact that the company has not only consistently missed its production promises but is also experiencing significant delays in the delivery of its second model: the Lucid Gravity luxury electric SUV.
Recently, in an interview with ABC News, Wawlinson said, “I’m not anxious about range, I’m anxious about charging. Will the infrastructure work? As we know, it’s not reliable enough right now. The less range the car has, the more anxiety.” The former CEO added, “If you go back a few years, the fundamental obstacle was range anxiety. And to some extent, it still is. But I think we’ve assuaged that concern with the Lucid Air’s 827-kilometer range.”
“Overnight charging reduces pressure on the grid”
Everything has to do with electric car charging times. Cars require very long charging times, so Wawlinson comments: “Overnight charging reduces pressure on the grid. More nighttime charging infrastructure is critical for apartment dwellers. There’s too much emphasis on fast charging. Most people don’t drive 800 kilometers a day.”
For Rawlinson, “If we can go further with a smaller battery, we can address the initial cost of an electric vehicle. We need to bring the price down so more people can afford an electric car. It’s vitally important.” These are very interesting statements, considering the staggering cost of one of Lucis Air’s cars. Rawlinson also talks about changes in the way we think about electric cars. “With electric vehicles, we have to change the mindset of just filling up the tank and going. I think we can get to a car with a 25 kWh battery.”
