Lucid (LCID) 2022 EV production exceeds expectations

With 1,050 horsepower, the new Grand Touring Functionality edition gets the most strong version of Lucid’s electric Air sedan.

Lucid Motors

Electrical luxury auto maker Lucid Team explained it produced just around 7,100 automobiles in 2022, somewhat more than envisioned. The firm told investors in August to expect creation of concerning 6,000 and 7,000 cars for the total year.

Shares of the enterprise gained virtually 5% Thursday adhering to the information.

Lucid reported in a statement that it made 3,493 motor vehicles at its Arizona manufacturing facility in the fourth quarter and sent 1,932, bumping its whole creation to 7,180 for the total yr. Lucid’s fourth-quarter production complete was up 53% from the third quarter, when it manufactured 2,282 Air sedans and sent 1,398.

Lucid warned in November that its shipping totals were probable to lag its manufacturing for the next couple of quarters as it worked by logistics problems. The corporation delivered a overall of 4,369 vehicles in 2022.

Lucid’s 2022 creation beat its direction, but that steerage was considerably lessened from the firm’s initial plan for the calendar year. Lucid experienced at first expected to construct 20,000 of its Air electrical luxurious sedans in 2022, but it was pressured to decreased that goal twice – the moment in February amid world supply chain disruptions, and again in August, when it cited those logistics troubles.

Lucid didn’t supply an update on its full amount of reservations.

Lucid’s most recent reservations update was as of Nov. 7, when it stated it had “over 34,000” reservations for the Air. Lucid explained in April that Saudi Arabia’s federal government had agreed to acquire up to 100,000 of its vehicles over the following 10 years those motor vehicles are not included in its reservation totals.

Lucid will report its fourth-quarter and complete-12 months monetary final results on Feb. 22.

Correction: Lucid created much more vehicles than anticipated in 2022. An earlier headline misstated the firm’s news update.