Electric luxury automobile architect Lucid firm delivered more vehicles in 2022 than anticipated

January 16, 2023: Electric luxury vehicle architect Lucid firm stated that it produced just over 7,100 cars in 2022, a little more than anticipated. In August, the company indicated to investors to expect a display of 6,000 and 7,000 cars for the entire year.

On Thursday, Shares of the company are gaining nearly 5% following the news.

Lucid stated that it produced 3,493 cars at its Arizona factory in the fourth quarter and provided 1,932, bumping its total production to 7,180 for the entire year.

Lucid’s fourth-quarter production total increased 53% from the third quarter when it got 2,282 Air sedans and delivered 1,398.

In November, Lucid warned that its delivery totals would likely lag its production for the coming few quarters as it worked my logistics challenges. The firm delivered a total of 4,369 cars in 2022.

Lucid’s 2022 production beat its direction, but that guidance significantly decreased from the company’s original plan for the year. Lucid had initially expected to build 20,000 of its Air electric luxury sedans in 2022. Still, it was forced to lower that target twice, once in February between the global supply chain disruptions in August, when it cited those logistics challenges.

Lucid’s most recent reservations update was November 7, when it said it had “more than 34,000” reservations for the Air. Lucid said in April that Saudi Arabia’s administration had agreed to buy an increase to 100,000 of its vehicles over the next ten years; those vehicles are separate from its reservation totals.

Lucid will state its fourth-quarter and full-year financial results on February 22.