Lucid Gravity：Lucid Motors 能否改變方向並加速獲利？

Lucid 集團（納斯達克股票代碼：LCID）憑藉 Lucid Air 轎車隆重進軍電動車 (EV) 市場，以其奢華和創新吸引了人們的注意。

Electric vehicle (EV) maker Lucid Group (NASDAQ:LCID) has finally started deliveries of its much-anticipated premium SUV, the Gravity. The move is part of the company’s broader strategy to expand its lineup and ramp up production in a bid to reach profitability.

電動車 (EV) 製造商 Lucid Group（納斯達克股票代碼：LCID）終於開始交付其備受期待的高端 SUV Gravity。此舉是該公司擴大產品陣容和提高產量以實現盈利的更廣泛策略的一部分。

Priced starting at $79,900 for the Touring model and going up to $94,900 for the Grand Touring variant, the Gravity is positioned as a luxury EV SUV. As Lucid aims to broaden its customer base, the SUV’s appeal could help drive up production volumes, which are expected to reach approximately 18,000 units annually by 2025.

Gravity 定位為豪華電動 SUV，Touring 車型的起價為 79,900 美元，Grand Touring 車型的起價為 94,900 美元。由於 Lucid 旨在擴大其客戶群，該 SUV 的吸引力可能有助於提高產量，預計到 2025 年每年將達到約 18,000 輛。

This marks an improvement over the estimated 9,000 Lucid Air sedans that were produced in 2024. However, the volumes are still a fraction of what’s needed to achieve profitability. For context, Tesla’s (NASDAQ:TSLA) Model Y and Model 3—which cater to the mainstream market—accounted for 95% of the 1.77 million Tesla vehicles produced in 2024.

這標誌著 Lucid Air 轎車預計在 2024 年生產 9,000 輛的基礎上有所改善。就背景而言，特斯拉（納斯達克股票代碼：TSLA）迎合主流市場的 Model Y 和 Model 3 佔 2024 年生產的 177 萬輛特斯拉汽車的 95%。

Now, let’s unpack some of the key challenges that Lucid faces as it attempts to shift gears and accelerate towards profitability.

現在，讓我們來解析 Lucid 在嘗試轉變方向並加速實現盈利時所面臨的一些關鍵挑戰。

1. Premium Market Focus:

1. 高端市場聚焦：

Lucid is doubling down on the premium EV segment, which poses a unique challenge. While the Gravity is sure to appeal to SUV enthusiasts, its price point means it competes in a small segment where rivals like Tesla and Mercedes-Benz (OTC:DDAIF) already have a strong presence.

Lucid 正在加倍押注高端電動車領域，這帶來了獨特的挑戰。雖然Gravity 肯定會吸引SUV 愛好者，但它的價格點意味著它只能在一個小細分市場中競爭，而特斯拉和梅賽德斯-奔馳(OTC:DDAIF) 等競爭對手已經在該細分市場佔據了強大的地位。

The company’s heavy reliance on high-end consumers limits its ability to scale quickly. Mainstream EV makers, on the other hand, are able to rapidly increase volumes and drive down costs through economies of scale. As a result, despite being a younger company, Tesla is already generating significantly higher revenue and profits than Lucid.

該公司對高端消費者的嚴重依賴限制了其快速擴張的能力。另一方面，主流電動車製造商能夠透過規模經濟迅速增加銷售並降低成本。因此，儘管特斯拉是一家年輕的公司，但其收入和利潤已經明顯高於 Lucid。

2. Slow Growth Trajectory:

2. 緩慢成長軌跡：

Analysts expect Lucid’s revenue to double in 2025, reaching $1.5 billion. While this may seem like a substantial increase, it’s important to note that the company is still burning through cash at a rapid pace, with an expected $2.8 billion cash burn and nearly $1 billion in gross losses.

分析師預計 Lucid 的營收將在 2025 年翻一番，達到 15 億美元。雖然這似乎是一個大幅成長，但值得注意的是，該公司仍在快速消耗現金，預計現金消耗為 28 億美元，總虧損接近 10 億美元。

To put things in perspective, Tesla is expected to generate revenue of over $100 billion in 2025, while mainstream automakers like General Motors (NYSE:GM) and Ford (NYSE:F) are also projected to achieve multi-billion dollar profits by that year.

客觀來看，特斯拉預計到2025 年營收將超過1,000 億美元，而通用汽車(NYSE:GM) 和福特(NYSE:F) 等主流汽車製造商也預計到當年將實現數十億美元的利潤。

3. Future Hopes in a Mid-Size SUV:

3. 中型SUV的未來希望：

Lucid’s long-term strategy does involve diversifying into the broader market. A mid-size SUV priced under $50,000 is set to be released in late 2026, marking the company’s first attempt at capturing mainstream EV buyers.

Lucid 的長期策略確實涉及多角化進入更廣泛的市場。一款售價低於 5 萬美元的中型 SUV 將於 2026 年底發布，這是該公司首次嘗試吸引主流電動車買家。

However, this launch is still years away, leaving Lucid largely dependent on its premium offerings and ongoing financial support from key investors, such as Saudi Arabia’s Public Investment Fund.

然而，距離該產品的推出還需要數年時間，Lucid 在很大程度上依賴其優質產品以及來自沙烏地阿拉伯公共投資基金等主要投資者的持續財務支持。

4. Valuation Concerns:

4. 估值問題：

Lucid’s stock performance has been a point of interest for investors, especially given the company’s premium valuation. The stock has risen over the past year as anticipation for the Gravity builds.

Lucid 的股票表現一直是投資者關注的焦點，特別是考慮到該公司的溢價估值。隨著對「地心引力」的預期增強，該股在過去一年中有所上漲。

However, despite the recent gains, Lucid’s valuation remains a concern. The company trades at over five times its projected 2025 revenue, a premium that’s significantly higher than rivals like Rivian (three times revenue) and traditional automakers like Toyota (1.4 times revenue).

然而，儘管最近有所上漲，Lucid 的估值仍然令人擔憂。該公司的交易價格是 2025 年預計收入的五倍多，這一溢價明顯高於 Rivian（收入的三倍）等競爭對手和豐田（收入的 1.4 倍）等傳統汽車製造商。

Moreover, the increasing share count—nearly double since 2021—dilutes future earnings potential, further impacting investor sentiment.

此外，股票數量的增加（自 2021 年以來幾乎翻了一番）稀釋了未來的獲利潛力，進一步影響了投資者的情緒。

The Bottom Line

底線

The premium SUV marks a pivotal moment for Lucid, but significant obstacles remain. Until the company can demonstrate robust volume growth, improved profitability, and a broader market appeal, its stock may continue to face headwinds. For investors, patience may be the key to navigating this high-stakes EV story.

這款高端 SUV 標誌著 Lucid 的關鍵時刻，但仍存在重大障礙。在該公司能夠展現強勁的銷售成長、獲利能力的提高和更廣泛的市場吸引力之前，其股票可能會繼續面臨阻力。對投資人來說，耐心可能是駕馭這個高風險電動車故事的關鍵。