Lucid Group’s electrical automotive manufacturing and supply numbers for the fourth quarter of 2023 brings combined emotions.
Throughout the interval, the corporate produced 2,391 Lucid Air luxurious all-electric automobiles, which is 32% lower than a yr in the past and delivered 1,734 Airs to prospects (globally), which is a ten% lower year-over-year. Nevertheless, the constructive factor is that each numbers have improved sequentially to the best degree this yr, and are literally the second greatest after the report This fall 2022.
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10,000+ Lucid Airs on the highway
The Lucid Air is the corporate’s first and solely all-electric mannequin available on the market within the ultra-luxury section. It was launched in late 2021 and since then the corporate delivered properly over 10,000 items.
We assume that whereas the general Lucid gross sales are decrease than anticipated, the state of affairs is enhancing because the firm utilized some value reductions in mid-2023 and refreshed its lineup for the 2024 mannequin yr.
Within the newest replace in regards to the outcomes, Lucid doesn’t point out any manufacturing associated to its new meeting facility in Saudi Arabia (which owns Lucid by means of its Public Funding Fund). In Q3, the corporate stated that it produced “over 700 further autos in transit to Saudi Arabia for last meeting.”
Anyway, the distinction between manufacturing and deliveries amounted to 657 autos in This fall. This provides to the stock, which now consists of a worrying variety of over 5,200 autos we estimate.
Lucid This fall’2023 outcomes (YOY change):
Whole manufacturing: 2,391 (down 32%) Whole deliveries: 1,734 (down 10%)
In 2023, Lucid produced 8,428 automobiles (up 17% year-over-year) and delivered 6,001 automobiles (up 37% year-over-year), which implies that the yr 2023 has introduced progress. On high of that comes autos despatched to Saudi Arabia for last meeting (they are going to be counted as produced within the following quarters, as we perceive).
Lucid Q1-This fall’2023 outcomes (YOY change):
Whole manufacturing: 8,428 (up 17%) Whole deliveries: 6,001 (up 37%)
For reference, in 2022, Lucid delivered 4,369 electrical automobiles and produced 7,180. Cumulatively, Lucid delivered 10,495 electrical automobiles, in comparison with greater than 15,700 produced (estimated).
Manufacturing of 8,428 Lucid Air in 2023 is in step with the corporate’s latest steerage of 8,000–8,500 items introduced in November, though under the preliminary goal of 10,000-14,000 autos from its This fall 2022 monetary report.
There may be quite a lot of disappointment with the outcomes. A number of years in the past the corporate promised to achieve 20,000 items in 2022. Gross sales weren’t even at a 3rd of that degree in 2023.
Lucid plans to host a convention name to debate its fourth quarter 2023 monetary outcomes on February 21, 2024.