Lucid Beats Production Estimates for 2022

Increased production in Q4 helped EV maker surpass its summer estimates

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Bill McColl
Bill McColl
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Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

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Published January 12, 2023
A Lucid Air pre production electric car is seen on display outside a Lucid showroom in Millbrae, California.

Getty Images / hapabapa

Key Takeaways

  • Shares of Lucid Group jumped nearly 5% today on news the electric vehicle maker beat its 2022 production estimates.
  • The company built 7,180 of its luxury sedans; in August it had estimated production of between 6,000 and 7,000 cars.
  • Production remained well below the company's estimates issued in 2021, when it anticipated making over 20,000 vehicles in 2022.

Shares of Lucid Group (LCID) jumped after the electric vehicle (EV) maker reported that it built more cars in 2022 than it had projected in the summer.

Lucid said it produced 7,180 of its luxury Air sedans last year, after estimating in August the total would be between 6,000 and 7,000. It delivered 4,369.

In the fourth quarter, the company manufactured 3,493 cars at its Arizona factory, the most in any quarter, and an increase of 53% from the previous three-month period. Deliveries were 1,932. 

Supply Chain Problems

Lucid had originally anticipated making 20,000 vehicles in 2022, but reduced its outlook two times. In February, it predicted it would produce 12,000 to 14,000 vehicles, then cut that in half in August. Both times Lucid blamed “extraordinary supply chain and logistics challenges.” In the company’s third-quarter earnings report, CEO and CTO Peter Rawlinson noted Lucid had “identified the primary bottlenecks, and we are taking appropriate measures” to correct them. 

Lucid Group shares gained almost 5% today, and are up about 34% after falling to their all-time low on Jan. 3.

Graph showing rise and fall of Lucis stock price between Jan. 2021 and Jan. 2023.

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