Lucid Motors, a luxury electric vehicle maker, has shared some encouraging news ahead of its comprehensive Q4 report to investors next month. Lucid achieved a tremendous production increase of over 50% by the end of 2022, allowing it to exceed its 7,000-unit forecast.
Exceeding Production Goals
The American manufacturer has already released its first EV vehicle, the Air electric luxury sedan, and has a second one in the works in the form of the Gravity SUV. All four of the Air’s initial trims are currently being delivered to customers, and Sapphire – an ultra-fast, tri-motor version of the sedan – is on its way. Lucid is a direct competitor of Tesla Motors, as both companies produce high-end electric vehicles.
Lucid’s 2021 production numbers for Air fell far below expectations. In addition, after delivering 125 EVs in 2021, Lucid announced at the end of Q4 2021 that it would reduce its production goals for the following year due to supply chain limitations.
It had planned to build 20,000 electric vehicles at its AMP-1 facility in Arizona, but it then cut that goal to 12,000–14,000 before lowering it again to 6,000–7,000 cars. However, production output tripled in Q3 compared to the prior quarter, and this increased trend continued into 2022.
Lucid’s Strongest Quarter for EV Output Yet
On January 12, Lucid Motors revealed that it had surpassed its production target of 7,000 electric vehicles for 2022, thanks to strong Q4 growth.
The American automaker released a brief press release informing the public that it had produced 7,180 EVs in 2022, exceeding its twice-revised production goal. However, of those Lucid Airs, there have only been 4,369 deliveries to clients.
“Our revised production guidance reflects the extraordinary supply chain and logistics challenges we encountered,” said Peter Rawlinson, Lucid’s CEO and CTO, in a statement. “We’ve identified the primary bottlenecks, and we are taking appropriate measures – bringing our logistics operations in-house, adding key hires to the executive team, and restructuring our logistics and manufacturing organization. We continue to see strong demand for our vehicles, with over 37,000 customer reservations, and I remain confident that we shall overcome these near-term challenges.”
Lucid’s success was made possible by its most productive quarter to date, with the company producing 3,493 EVs and delivering 1,932 of them. According to the automaker, these outputs increased by 53% and continued to grow sequentially throughout 2022.
Although Lucid had a strong Q4, we don’t yet know its production forecast for 2023. But, given the company’s increased output, particularly in the last two quarters, we suspect its annual goal will increase.
However, on February 22, we will likely learn more about Lucid’s 2023 goals as it will provide a detailed breakdown of Q4 and 2022 financial outcomes when the automaker has its Q4 call with investors at 5:30 p.m. ES/2:30 p.m. PST. You can access this call by clicking on this link.
