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Lucid Notes Record Air Deliveries In Q4 2022

Lucid Group announced today vehicle production and delivery numbers for the fourth quarter and full year 2022, revealing noticeable progress in both cases.

In the fourth quarter, the company produced 3,493 Lucid Air electric cars (all versions), which is a new quarterly record and an increase of 53 percent over Q3.

Meanwhile, vehicle deliveries in Q4 amounted to 1,932 (compared to 125 a year ago and 1,398 in Q3). That’s also a new quarterly record.

As we can see below, the trend is definitely positive, but is the progress fast enough?

Lucid says that in 2022, production of electric cars amounted to 7,180 units, which is more than the annual guidance of 6,000-7,000. However, we must keep in mind that the forecast was cut from the previous level of 20,000 – first to 12,000-14,000, and later to 6,000-7,000.

In terms of Lucid Air deliveries, 4,369 cars were delivered in 2022 (compared to 125 a year ago).

The difference between production and deliveries indicates 2,800 cars must be in transit (between the factory and customers). It’s probably enough to easily set a new quarterly record in Q1 2023.

Cumulatively, almost 4,500 Lucid Air were delivered so far.

For reference, Rivian, which started production and deliveries at a similar time to Lucid, in 2022 produced 24,337 and delivered 20,332 electric vehicles (R1T, R1S and EDV). In other words, there is some homework to do for Lucid to increase the volume.

The year 2023 will be crucial for the future of Lucid, as the company started deliveries in Europe (in December) and adds new versions of the Lucid Air model in North America. On the horizon, there is also a new model – Gravity SUV.

The number of reservations for Lucid electric cars, as of November 7, 2022, was over 34,000 (compared to over 37,000 previously). That’s a slight drop. Moreover, the company noted that the number “includes reservations that have been converted to orders.” It will become dangerous if the number of reservations decreases again.

Lucid also has a bonus card of “up to 100,000 purchase commitment by the government of Saudi Arabia”. But that’s excluded from the total number. A more up-to-date number of reservations will be revealed in the coming weeks (by the way of Q4 financial report).

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