Elon Musk has once more attacked Lucid Motors. He earlier stated that Peter Rawlinson, CEO and CTO of Lucid Motors, “Rawlinson was never chief engineer,” in reference to his contributions to the Tesla Model S. He entered after that the Model S prototype was created, left before things got difficult, and was never in charge of the powertrain, battery, software, manufacture, or design; just the body was his responsibility. Later, Peter Rawlinson refuted Elon's assertion, stating that his official title was Chief Engineer of both the Model S. Therefore, the question of why Elon Musk said that must now be raised. Lucid is contending in a market where, typically speaking, little to no profit is produced on a new vehicle, with the majority of revenues deriving from the profitable aftermarket business, according to Musk, who sees this as a key component of the issue.
Marketing Strategy of Lucid
More than ten years after the Tesla Roadster debuted and demonstrated that electric vehicles could be produced profitably, the emerging electric vehicle market is gradually becoming more competitive. The day when Tesla was the sole EV participant has passed; now, both established automakers and a number of EV startups are competing for a piece of the potential electric car market.
An extensive digital marketing campaign has been undertaken by Lucid Motors (Nyse: LCID), an electric car manufacturer that was established in 2007 and debuted its EV in 2016. The Lucid Air, the company's debut product, has received praise for being among the ultimate luxury EVs now available, with the vast majority of evaluations being favourable.
- The fact that Lucid Motors' technology has shattered EPA range benchmarks and earned the Motor Trendy Car in that Year in 2022 proves that it is real.
- Customers are already receiving automobiles from Lucid Motors, and the company is planning a significant expansion for 2022 and beyond.
- To raise consumer knowledge of its electric products, Lucid is currently boosting up its marketing initiatives. The standard has been prime-time television commercials, and Lucid will air an advertisement even during the 2022 Oscars.
- Previously, Lucid Motors had only run advertisements throughout news and sports programmes; this was the company's first time doing so in the entertainment industry.
- More than 20,000 people have already reserved a Lucid Air, although the California-based electric vehicle manufacturer has only sold about 300 of them.
- Curry claims that right now, talking about Lucid's products is the most effective approach to spread awareness of the company. Starting at $78,000, the 2022 Lucid Air is anticipated to have a range of upwards to 520 mile and 1,111 horsepower.
It appears as though Lucid Motors is on the right road and has larger intentions to run for a longer time. But why did Elon Musk, the CEO of Tesla, make such a decision that led to bankruptcy? Additionally, he discussed Lucid's decision to raise the price of its hybrid cars earlier this year, noting that doing so “dramatically reduces the amount of individuals who can buy the vehicles.”
Let us know the digital marketing strategy of Tesla to understand how Elon's plans are different from Lucid.
Marketing Strategy of Tesla
The target market for Tesla is inspired by the company's objective and sincerely thinks the best of the company. In fact, it has grown to be the most valuable automaker in the US in less than 2 decades, as well as one of the most coveted vehicle brands with a staggering fan base.
- Improve the customer experience as much as you can
Tesla's commitment to delivering the greatest customer experience possible is one of the main factors contributing to its success. When you visit a vehicle dealership often you have to cope with a slimy salesman wanting to make as much money from your transaction as possible. Tesla, though, is quite different. There are no retail dealerships there where you have to haggle with obnoxious salespeople. You may order and customise your automobile online, set up pickup times, and access all information effortlessly on their website. The cost indicated is the final cost. The entire car-buying procedure is quick and easy.
It makes sense that Tesla has the highest level of brand loyalty among auto manufacturers, with a 90 percent overall satisfaction rating.
- Create a Powerful Referral Program
People are more likely to rely on suggestions from close relatives and friends than they might ever be to rely on brand advertisements. In other words, the Tesla brand promotion approach effectively makes use of one of the most successful types of marketing—word of mouth.
Thus, Tesla has always had a strong referral programme that encourages users to spread the word about their positive interactions with the business and its goods. If you haven't already, think about developing a fun referral programme for your business that encourages your clients to tell their relatives and friends about you.
- Tesla's Pricing Strategy
Compared to rival premium vehicles from GM, Ford, Toyota, and other manufacturers, Tesla's market price is significantly more. Tesla's very first electric vehicle, the Model S, had a $71,000 sticker price! Additional prices for other versions range from $70000 to $152000!
The most amazing thing is that demand for these cars hasn't decreased at all, despite the fact that Tesla's manufacturing facilities are unable to keep up with the tremendous demand, which has driven up the price of these automobiles significantly.
This firm has increased the success of its estimation process by combining cutting-edge technology with an eco-friendly approach.
The comparison analysis demonstrates that each company has a unique marketing strategy. And now that both appear to be doing well, let's take a step back and see if Elon Musk was being ironic out of insecurity or if he was correct to predict Lucid's impending bankruptcy.
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