Lucid Group’s automobile manufacturing and deliveries, throughout the second quarter of 2023, considerably elevated year-over-year, however in comparison with the earlier quarter, there isn’t any progress.
Lucid Air manufacturing in Q2 2023 amounted to 2,173 automobiles, which is 204 % greater than a yr in the past. In the meantime, buyer deliveries amounted to 1,404 (up 107 % year-over-year).
These outcomes look excellent, so long as we do not understand that in each instances they’re decrease than in Q1 and in This autumn 2022. Truly, we’re speaking about two consecutive quarters of decline in manufacturing and deliveries.
The query is whether or not it is nonetheless a seasonal factor (there was a robust push in late 2022) or if there’s something worrying happening. One factor that we all know for positive is that Rivian’s progress price in the identical time-frame is far more constant (each start-ups launched their first merchandise at about the identical time).
Lucid Q2 2023 outcomes:
Manufacturing: 2,173 (up 204% year-over-year) Deliveries: 1,404 (up 107% year-over-year)
One other factor is the continuing disproportion between manufacturing and deliveries, which amounted to some 769 items in Q2 and virtually 4,500 previously six quarters. One may ask, are these automobiles in transit to prospects or ready for orders?
Thus far this yr, Lucid produced 4,487 and delivered 2,810 automobiles, which is considerably greater than a yr in the past.
Lucid YTD 2023 outcomes:
Manufacturing: 4,487 (up 219% year-over-year) Deliveries: 2,810 (up 170% year-over-year)
For reference, in 2022, Lucid delivered 4,369 electrical automobiles and produced 7,180. Cumulatively, Lucid delivered 7,304 electrical automobiles, in comparison with greater than 11,700 produced.
In its This autumn 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).
In March, we heard that Lucid will lay off 1,300 individuals, or 18 % of the whole quantity. On Could 8, 2023, the up to date manufacturing quantity steerage was “greater than 10,000 autos:”
“Manufacturing of greater than 10,000 autos, with company-wide initiatives ongoing that can allow Lucid to pivot to greater volumes as market situations enable”
The subsequent replace associated to the manufacturing quantity is predicted on August 7, 2023, when the corporate will focus on its second quarter monetary outcomes.
Nevertheless, issues usually are not going in addition to initially anticipated. Lucid hoped to succeed in a stage of 20,000 items in 2022 (later lowered to 12,000-14,000 and 6,000-7,000).
One factor that may’t be uncared for is that whereas Lucid is working to enhance its outcomes, its opponents within the luxurious phase, like Mercedes-Benz and BMW, are shortly rising all-electric automotive gross sales (each above 10,000 items per quarter in Q2).