Lucid (LCID) 2022 EV manufacturing exceeds expectations

With 1,050 horsepower, the brand new Grand Touring Efficiency version turns into essentially the most highly effective model of Lucid’s electrical Air sedan.

Lucid Motors

Electrical luxurious automobile maker Lucid Group mentioned it produced simply over 7,100 autos in 2022, barely greater than anticipated. The corporate advised buyers in August to anticipate manufacturing of between 6,000 and seven,000 autos for the complete 12 months.

Shares of the corporate gained almost 5% Thursday following the information.

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Lucid mentioned in an announcement that it produced 3,493 autos at its Arizona manufacturing facility within the fourth quarter and delivered 1,932, bumping its complete manufacturing to 7,180 for the complete 12 months. Lucid’s fourth-quarter manufacturing complete was up 53% from the third quarter, when it produced 2,282 Air sedans and delivered 1,398.

Lucid warned in November that its supply totals had been more likely to lag its manufacturing for the subsequent few quarters because it labored by logistics challenges. The corporate delivered a complete of 4,369 autos in 2022.

Lucid’s 2022 manufacturing beat its steering, however that steering was a lot diminished from the corporate’s unique plan for the 12 months. Lucid had initially anticipated to construct 20,000 of its Air electrical luxurious sedans in 2022, however it was pressured to decrease that focus on twice – as soon as in February amid international provide chain disruptions, and once more in August, when it cited these logistics challenges.

Lucid Motors CEO unveils new Lucid Air Pure electric luxury sedan

Lucid did not present an replace on its complete variety of reservations.

Lucid’s most up-to-date reservations replace was as of Nov. 7, when it mentioned it had “over 34,000” reservations for the Air. Lucid mentioned in April that Saudi Arabia’s authorities had agreed to purchase as much as 100,000 of its autos over the subsequent 10 years; these autos aren’t included in its reservation totals.

Lucid will report its fourth-quarter and full-year monetary outcomes on Feb. 22.

Correction: Lucid produced extra autos than anticipated in 2022. An earlier headline misstated the corporate’s information replace.

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