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 complete yr.
The carmaker stated it produced 7,200 autos in 2022, its first yr of producing in vital numbers, together with 3,500 within the fourth quarter. In August, the corporate stated it aimed to make 6,000 to 7,000 automobiles throughout the yr.
That focus on, nonetheless, had been lowered from an earlier objective of 20,000 autos. And the report on Wednesday disillusioned 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 significantly better than it was,” Peter Rawlinson, Lucid’s chief government, stated in an interview.
Transport automobiles stays an issue, Mr. Rawlinson stated, serving to to clarify why deliveries of 4,400 autos final yr fell wanting manufacturing.
Together with Rivian, a maker of electrical pickup vehicles, Lucid is among the many most outstanding firms making an attempt to make the most of the shift to electrical autos and problem conventional carmakers.
Lucid’s essential promoting factors are effectivity and vary. All variations of the sedan can journey at the very least 450 miles on a full cost, in keeping 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 large upfront funding, and revenue margins are often skinny.
Lucid’s least costly mannequin, the Air Touring, sells for $107,400, competing for rich consumers 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 very least by the primary quarter of 2024, the corporate said 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 anticipate 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 possibly can by no means rely your chickens earlier than they’re hatched,” he stated.
