- 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.