Lucid Motors stated on Wednesday that it elevated manufacturing of its luxurious electrical sedans by greater than 50 % within the fourth quarter, as higher provides of elements and supplies allowed the corporate to barely exceed its manufacturing goal for the total yr.
The carmaker stated it produced 7,200 autos in 2022, its first yr of producing in important numbers, together with 3,500 within the fourth quarter. In August, the corporate stated it aimed to make 6,000 to 7,000 automobiles through the yr.
That concentrate on, nevertheless, had been lowered from an earlier purpose of 20,000 autos. And the report on Wednesday dissatisfied Wall Road traders who had anticipated extra. Lucid shares fell greater than 7 % in after-hours buying and selling.
At the same time as shortages of some elements and supplies persist, “it’s a lot better than it was,” Peter Rawlinson, Lucid’s chief govt, stated in an interview.
Delivery automobiles stays an issue, Mr. Rawlinson stated, serving to to clarify why deliveries of 4,400 autos final yr fell in need of manufacturing.
Together with Rivian, a maker of electrical pickup vans, Lucid is among the many most distinguished firms attempting to reap the benefits of the shift to electrical autos and problem conventional carmakers.
Lucid’s fundamental promoting factors are effectivity and vary. All variations of the sedan can journey at the least 450 miles on a full cost, in accordance with the Environmental Safety Company. That’s greater than any Tesla mannequin.
Nonetheless, the percentages are lengthy. Tesla is the one new American carmaker in additional than a century to realize mass manufacturing and survive as an impartial firm. Auto manufacturing requires big upfront funding, and revenue margins are normally skinny.
Lucid’s least costly mannequin, the Air Touring, sells for $107,400, competing for rich patrons with firms like Mercedes-Benz and Porsche which have launched luxurious electrical automobiles. Lucid has introduced plans to start promoting an $87,000 mannequin this yr.
The corporate plans within the subsequent years to provide automobiles that might compete with Tesla’s extra reasonably priced Mannequin 3 and Mannequin Y autos, Mr. Rawlinson stated on Wednesday.
Lucid, which has the backing of Saudi Arabia’s sovereign wealth fund, has $4.9 billion in money, sufficient to outlive at the least by way of the primary quarter of 2024, the corporate stated in an earnings report on Wednesday.
Gross sales within the final three months of 2022 had been $258 million, up from $195 million within the third quarter. Lucid reported a loss within the fourth quarter of $473 million, down from a lack of $530 million within the earlier quarter.
The corporate doesn’t count on to make a revenue in 2023 because it continues to ramp up manufacturing, Sherry Home, Lucid’s chief monetary officer, stated in an interview.
Lucid stated Wednesday that it aimed to provide 10,000 to 14,000 automobiles in 2023. Potential clients have reserved greater than 28,000 autos as of this week, the corporate stated, not counting as much as 100,000 automobiles that Saudi Arabia has agreed to purchase.
Mr. Rawlinson cautioned that not the entire reservations, that are nonbinding, would translate into gross sales. “You’ll be able to by no means rely your chickens earlier than they’re hatched,” he stated.
