Lucid Cuts 2022 Production; Gravity SUV Delayed; Saudi Arabia Plant Coming
Lucid Motors announced its Q4 2021 and full-year results on Monday and also shared an update on its vehicle line up and planned factories.
As of February 28, 2022, Lucid says production to date has exceeded 400 cars, with 125 vehicles delivered to customers as of year-end 2021, for a total of 300 deliveries to date.
Ramping up production is difficult for any new EV startup. Lucid Motors had targeted 500 vehicle deliveries.
The company touted reservations now exceeding 25,000, “reflecting potential sales of more than $2.4 billion.”
Lucid’s Q4 revenues were at $26.4 million, with $21.3 million in sales of its Lucid Air sedan. The company posted an operating loss in Q4 of $485.7 million. For the full year of 2021, Lucid Motors saw an operating loss of $1.53 billion.
But Lucid Motors also cut its 2022 production numbers, now at 12,000 to 14,000 vehicles. During Lucid’s Q3 earnings, the company said it would be able to produce 20,000 vehicles in 2022. But the reduction is now to due supply chain constraints.
“We are at the precipice of a global transition toward electric vehicles, and Lucid, with our leading technology and design, is at the forefront of one of the most significant transformations in mobility in generations,” said Peter Rawlinson, Lucid’s CEO and CTO, in a statement.
“Looking ahead, we’re updating our outlook for 2022 production to a range of 12,000 to 14,000 vehicles. This reflects the extraordinary supply chain and logistics challenges we’ve encountered and our unrelenting focus on delivering the highest-quality products. We remain confident in our ability to capture the tremendous opportunities ahead given our technology leadership and strong demand for our cars,” Rawlinson added.
Gravity SUV Delayed
As for the Lucid Gravity electric SUV, expected to be produced in Saudi Arabia, it has been delayed to the first half of 2024. Previously, the company said it was on track to start production and first deliveries in 2023, according to the previous update in Q3.
Rawlinson said he’s “super pumped” about the Gravity SUV, saying it’s taken some twists and turns in development and the company wants to make it better.
Saudi Arabia Plant Coming
Lucid Motors also announced its first international plant in Saudi Arabia is coming, with may result in “up to $3.4 billion of value to Lucid over 15 years.”
The new plant expects to make 150,000 cars per year at the King Abdullah Economic City, levering the company’s U.S. engineering, R&D and manufacturing methods, complementing its existing plant in Arizona.
Construction of the Saudi Arabia plant is expected to start in the first half of 2022, with cars in the initial phase set for the local market, while the location will act as an export hub to global markets.
As of writing, shares of Lucid Motors are down 13.25% after hours, to $25.06.