Lucid to recall more than 5,200 Air vehicles in the U.S.

Market Information 10/07/2024 13:52

According to reports, the National Highway Traffic Safety Administration (NHTSA) issued an announcement on July 9 that electric car manufacturer Lucid Group will recall approximately 5,251 2022 and 2023 Air luxury sedans in the United States due to software errors in the vehicles that may cause loss of power.

NHTSA also said Lucid will recall approximately 7,506 2022 to 2024 model year Air vehicles because the coolant heater may not defrost the windshield.

In June, Lucid released an OTA software update to fix a software bug and a separate update to identify a high-pressure coolant heater failure and warn drivers of affected vehicles.

Lucid reported second-quarter deliveries on July 8 that beat market expectations as price cuts spurred demand for its luxury electric sedans.

Lucid delivered 2,394 vehicles in the second quarter, beating expectations for 1,940, according to a Visible Alpha survey of eight analysts.

Lucid produced 3,838 vehicles in the first half of 2024 and needs to build at least 5,162 more by the end of the year to reach its annual production forecast of 9,000. Last year, the company produced 8,428 vehicles.

Lucid said in May that it expects capital expenditures to reach $1.5 billion in 2024, up from $910.6 million last year, as the company prepares to start production of the Gravity SUV.

The Gravity, priced at about $80,000, will go into production later this year and will compete with Tesla's Lucid's Air sedan competes with Tesla's popular Model S. Lucid is scheduled to officially release its second-quarter report on August 5.

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