Electric vehicle (EV) startup Lucid Motors is set to reveal its quarterly earnings, with expectations of continued financial losses. Despite the quality of their cars, Lucid and other EV startups face a significant challenge in the US market. General Motors (GM), on the other hand, is poised to achieve profitability in the EV sector by the year’s end, thanks to advancements in cell production at a Tennessee battery plant.
Vice President Kamala Harris is in Detroit announcing a $100 million initiative to support the transition to electric vehicles, highlighting the importance of this shift both practically and politically. Meanwhile, in France, discussions between Chinese and French leaders will include the topic of EVs.
The EV Startup Conundrum
Despite positive reviews of the Lucid Air, including its impressive range, the initial high price point posed a significant barrier to entry. While the cost has since been reduced, challenges remain for EV startups to compete with established players like Tesla.
