Lucid is still in the red, but sales are up
US electric car maker Lucid Motors has released its fourth quarter and full-year 2022 financial results. The company posted a billion-dollar loss for the year, but revenue growth is in line with deliveries.
Lucid reported revenue of 257.7 million dollars for the fourth quarter of 2022, up from 195.5 million dollars in Q3. For the full year, revenue was 608.2 million dollars. Revenue increased throughout the year, with 57.7 million dollars in Q1 and 97.3 million dollars in Q2.
On the other hand, the company continues to operate at a loss, posting a net loss of 472.6 million dollars from October to December. For the whole of 2022, the loss totalled 1.3 billion dollars. In other words, 36 per cent of losses can be attributed to the last quarter.
“Last year was a challenging year for everyone,” remarked Peter Rawlinson, Lucid’s CEO and CTO.
Lucid reported in January that it had slightly exceeded its reduced production target for 2022 and built 7,180 EVs. For 2023, the manufacturer wants to manufacture 10,000 to 14,000 vehicles. However, only 4,369 cars were delivered in 2022, amounting to the above-mentioned 608 million dollars in sales. That averages out to 139,000 dollars per vehicle. If Lucid builds and delivers 14,000 cars in 2023, it could make 1.95 billion dollars in revenue.
As of 21 February, there are pre-orders for 28,000 Lucid Air. That is 6,000 fewer reservations for the electric sedan than the company had reported at the end of the third quarter. However, the 28,000 pre-orders do not include the up to 100,000 vehicles to be sold to Saudi Arabia under the agreement with the country’s government.
Sherry House, Lucid’s CFO. “As we look ahead to 2023, we’ll continue to focus on strong capital discipline, leaving no stone unturned for every cost optimization. We are proud of our technology and product achievements. We’re gearing for growth, while simultaneously taking a comprehensive look at reducing costs, and I’m very excited about the opportunities that lie ahead of us.”
Still, the company is primarily looking ahead. “Last year was a challenging year for everyone, yet despite the extraordinary supply chain and logistics challenges, the team persevered with an unrelenting focus on delivering what we believe is the best luxury sedan on the market,” said Peter Rawlinson, CEO and CTO of Lucid.
“In 2022, we scaled every part of our business while keeping a sharp focus on execution. In our first full year of production, we manufactured 7,180 vehicles and delivered 4,369 vehicles, generating revenue of just over 608 million dollars,” said Sherry House, Lucid’s CFO. “As we look ahead to 2023, we’ll continue to focus on strong capital discipline, leaving no stone unturned for every cost optimization. We are proud of our technology and product achievements. We’re gearing for growth, while simultaneously taking a comprehensive look at reducing costs, and I’m very excited about the opportunities that lie ahead of us.”
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