Lucid Group has simply launched car manufacturing and supply numbers for the third quarter of 2023 and they’re worrying as soon as once more.
Throughout the interval, the corporate produced 1,550 Lucid Air luxurious all-electric automobiles, which is 32 % lower than a 12 months in the past and the bottom consequence because the early starting of the corporate (2021/2022).
Nevertheless, there’s a catch. Lucid says additionally that it produced “over 700 extra autos in transit to Saudi Arabia for closing meeting,” which might carry the overall to over 2,250 accomplished and partially accomplished autos. This quantity could be nearer to the typical for the primary half of the 12 months, however not larger than a 12 months in the past (2,282).
Let’s recall that the brand new meeting facility in Saudi Arabia (which owns Lucid by its Public Funding Fund) was launched in September. As we perceive, the autos can be regionally assembled and used regionally in Saudi Arabia with an export choice to another markets sooner or later.
When it comes to car deliveries, 1,457 Lucid Airs have been delivered in Q3, which is barely 4 % greater than a 12 months in the past and the same stage to Q1 and Q2.
This can be a worrying signal as a result of we’re accustomed to EV gross sales rising, particularly rapidly within the case of start-ups (because of the low base in the beginning). Rivian, for instance, already achieved a quantity an order of magnitude larger than Lucid (each began manufacturing at the same time).
Moreover, the distinction between manufacturing and deliveries over the previous seven quarters amounted to 4,581 autos (excluding autos despatched to Saudi Arabia) so there must be no scarcity of automobiles on the market.
Lucid Q3’2023 outcomes (YOY change):
Whole manufacturing: 1,550 (down 32%)”plus over 700 extra autos in transit to Saudi Arabia for closing meeting” Whole deliveries: 1,457 (up 4%)
To this point this 12 months, Lucid produced over 6,000 automobiles and delivered 4,267 automobiles, which is considerably greater than a 12 months in the past. On prime of that come autos despatched to Saudi Arabia for closing meeting (they are going to be counted as produced within the following quarters, as we perceive).
Lucid Q1-Q3’2023 outcomes (YOY change):
Whole manufacturing: 6,037 (up 64%) Whole deliveries: 4,267 (up 75%)
For reference, in 2022, Lucid delivered 4,369 electrical automobiles and produced 7,180. Cumulatively, Lucid delivered 8,761 electrical automobiles, in comparison with greater than 13,200 produced.
In its This fall 2022 monetary report, Lucid introduced a manufacturing quantity steerage for 2023 of 10,000-14,000 autos (2,500-3,500 per quarter on common). We’re uncertain whether or not Lucid will be capable of obtain even the decrease worth as a result of it might require nearly 4,000 items in This fall.
There was the same story in 2022 when Lucid failed to attain 20,000 items (the goal was later lowered to 12,000-14,000 and 6,000-7,000).
On the constructive facet, Lucid just lately expanded its provide with the entry-level Lucid Air Pure (rear-wheel drive), which begins at an MSRP of $78,900 and the top-of-the-line Lucid Air Sapphire – buyer deliveries already began. A slight improve in Lucid Air registrations in the USA was famous through the month of August.
Lucid plans to host a convention name to debate its third quarter 2023 monetary outcomes on November 7, 2023.