EV maker Lucid Motors (LCID) revealed new information today about its upcoming full-size Gravity SUV at its Technology & Manufacturing Day, along with updated delivery numbers for 2024 and a glimpse of its upcoming midsize SUV.

The Gravity is still on track for a late 2024 release, CEO Peter Rawlinson said, and it will be made cost-effectively too. Rawlinson believes there is a misunderstanding in the marketplace regarding how expensive it is for Lucid to make its EV tech.

“If you look at our [electric] drive units, not only are they very competitively priced for the power, they're incredibly cheap, but what they enable is a significantly smaller battery, which leads to a very considerable cost saving,” Rawlinson told Yahoo Finance.

German engineering firm A2MAC1 looked over the data and found a number of cost efficiencies and metrics that showed Lucid topping some competitors in some areas and at least nearing them in others.

With regards to drive units, A2MAC1 found that the Lucid's drive unit cost $1,911 to manufacture, cheaper than two of the three competitors it was baselined against; however, the drive unit produced more power and weighed significantly less. When normalized for the mass of the drive unit, Lucid's drive unit costs approached the cheapest, which was Competitor A ($1,791 vs. $1,653). Though unsaid, Competitor A is most likely Tesla.

With regard to batteries, Lucid found that when normalized for size (128 kWh), Lucid's batteries were cheaper than the two other competitors in the study. However when normalized for competitor range, Lucid's batteries — due to their efficiency — produced even more cost savings.

While the data is good to see, cost efficiencies may come as a surprise to investors since Lucid lost $790 million in the second quarter, or nearly $330,000 per unit delivered in Q2. Rawlinson stressed he is only talking about costs associated with the powertrain — meaning electric motors, drive units, and batteries — which he said are competitive compared to the industry.

However, investors and Wall Street analysts are likely in “prove it” mode when it comes to profits or lack thereof, with the stock down nearly 19% in 2024.

On the bright side, Rawlinson revealed that the company hit a new sales milestone. “I'm not giving guidance for Q3, but I can announce at this juncture by Aug. 31, we've actually delivered more cars in 2024 by Aug. 31 than we had in the whole of 2023 where we delivered 6,001 [vehicles],” Rawlinson said. Rawlinson did not give a specific figure (third quarter deliveries come out next month), but he acknowledged it was above 6K.