Lucid (LCID) hits annual production goal following strong output growth in Q4

Entertainment

Lucid Motors has shared some optimistic news ahead of its detailed Q4 report with investors next month. The young American automaker saw significant production growth over 50% to cap off 2022, helping it surpass its guidance of 7,000 units for the year.

Lucid Motors ($LCID) is certainly off and running with its first EV model, the Air sedan, plus another on the way in the form of the Gravity SUV. Deliveries of all four initial trims of the Air are now underway to customers, with an ultra-fast, tri motor version of the sedan – called Sapphire – en route.

With over a year of Air production under its belt, Lucid’s output numbers have left much to be desired. After delivering 125 EVs in 2021, Lucid ended Q4 2021 with news that it would be slashing its production targets for the coming year, citing supply chain constraints.

It originally anticipated to produce 20,000 EVs at is AMP-1 facility in Arizona, but reduced that target to 12,000-14,000 before slashing it down again to 6,000-7,000 units. Q3 saw a tripling of production output compared to its previous quarter and that upward trend continued through 2022.

This morning, Lucid Motors reported that strong Q4 growth helped it surpass its 2022 production goal of 20,000 14,000 7,000 EVs.

Lucid Q4
Source: Lucid Group

Lucid Motors produced 3,493 EVs in Q4 2022

The automaker shared a brief press release this morning, alerting the public that it has eclipsed its twice revised production target by production 7,180 EVs in 2022. However, only 4,369 of those Lucid Airs have seen delivery to customers.

Lucid’s bullseye was made possible by its strongest quarter for production yet, building 3,493 EVs in Q4 alone while delivering 1,932 of them. The American automaker states those outputs are up 53% and continue a sequential trend of output growth through 2022.

Although it finished with a strong Q4, we do not yet know what Lucid’s production guidance will be for 2023, but based on its increased output in the last two quarters especially, we’d expect its annual target to rise again. Let’s hope they get their estimate right the first time and don’t have to reevaluate expectations.

We are sure to learn more about 2023 plans, as well as a full breakdown of Q4 and 2022 financial results on February 22, when Lucid holds its Q4 call with investors. You can tune into that call, which is currently scheduled for 2:30 p.m. PST/ 5:30 p.m. EST using the link here.

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