Lucid cannot maintain production and delivery levels
Over the first quarter of 2023, Lucid Motors reported 2,314 vehicles produced and 1,406 delivered. While the US company only started deliveries of the Lucid Air model in 2022, the new figures are clearly below those from Q4/2022.
Things are not going well for Lucid at the moment: the electric car manufacturer recently announced that it would be laying off around 18 per cent of its employees. The background is that as part of a restructuring plan, the US company wants to reduce its costs after posting deep red figures in 2022. In addition, Lucid also had to recall some copies of its Lucid Air that had unexpectedly shut down on the road. The recall affects 637 examples in the US.
In terms of production and delivery figures, the 2,314 vehicles produced at Lucid’s Arizona plant are well below the Q4/2022 figure of 3,493 units produced. There is also a downward trend in deliveries, from 1,932 to 1,406 units in the first three months of the year. Lucid does not comment on the figures in its terse release. It does, however, refer to its full Q1 annual report, which is due on 8 May.
Incidentally, in 2022 as a whole, Lucid had slightly exceeded its reduced production target with 7,180 electric cars built. However, in 2022, only 4,369 vehicles were delivered, which could provide revenue in the face of escalating costs. For 2023, the manufacturer announced a target of 10,000 to 14,000 vehicles produced in January. The first quarter underperformed against that target range.
Sherry House, Lucid’s CFO, said at the recent Q4/2022 annual report that it would leave no stone unturned to optimise costs as it looks ahead to 2023. “We are proud of our technology and product successes. We are positioning ourselves for growth while taking a comprehensive look at cost reduction, and I am very excited about the opportunities ahead.”
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