Lucid Motors gaining market share from Tesla due to consumer backlash

From Nasdaq: 2025-04-10 04:23:00

Tesla has dominated the U.S. automotive market, but recent backlash has led some consumers to switch to Lucid Motors. Lucid’s interim CEO attributes this to Tesla buyers seeking something different. Lucid’s Gravity SUV, priced at $79,900, may further challenge Tesla as SUV demand remains high.

Lucid reported its best-ever quarter with 3,109 vehicle deliveries, up 58% from the previous year. The upcoming production of the Gravity SUV is expected to boost sales throughout 2025. In contrast, Tesla faced a 13% decline in deliveries, possibly due to Elon Musk’s political involvement and an aging product lineup.

Despite Tesla’s recent struggles, the company is expected to recover long-term. Lucid’s momentum, fueled by interest from former Tesla owners, may pose a threat to Tesla’s market share. Investors should keep an eye on both companies as the competition intensifies.

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Read more at Nasdaq: Is Lucid Eating Tesla’s Lunch?