Lucid Made 3,493 Cars in Q4, Full Year 2022 Production Narrowly Beats Revised Guidance

Lucid Air Touring. Photo: Lucid Motors

Electric vehicles (EVs) are continually becoming more popular, and despite concerns over a recession, one automaker actually managed to outproduce its own revised forecast.

Luxury EV startup Lucid Motors produced 7,180 vehicles in 2022, with 3,493 in the fourth quarter of the year alone, according to a press release shared on Thursday.

The full-year figure exceeds an estimate Lucid made in August which held that the automaker planned to produce between 6,000 and 7,000 vehicles by the end of the year.

Lucid delivered 1,932 vehicles in Q4, and it delivered a total of 4,369 throughout the entire year.

The automaker also plans to hold its Q4 earnings call meeting on February 22 at 2:30 PT. Shareholders can begin asking questions on the company’s Say Technologies page ahead of the event, starting on February 8.

Last August, Lucid slashed its 2022 production forecast for the second time in the year, from 12,000-14,000 units to just 6,000-7,000. Lucid was expecting to produce 20,000 EVs for 2022 at the beginning of the year.

Lucid reiterated “strong demand” for its EVs, only one of which — the Lucid Air — is currently in production. The company claimed it currently has 37,000 reservations for the Air EV, representing potential sales of approximately $3.5 billion.

“Our revised production guidance reflects the extraordinary supply chain and logistics challenges we encountered,” said Peter Rawlinson, Lucid’s CEO and CTO, last fall, after announcing the company had only delivered just 679 cars for Q2.

Just a few weeks ago, Lucid announced another round of funding, this time bringing in a $1.5 billion equity offering through share sales.

Although Lucid posted a $530 million loss in the third quarter of 2022, it’s worth noting that even Tesla took about a decade to go from posting losses to being profitable. It remains to be seen if Lucid can ramp up production of its expensive luxury EVs.

Lucid also unveiled its first SUV, the Gravity SUV, during a launch event in November. Deliveries of the Tesla Model Y rival are slated for 2024, though reservations for the EV will open in 2023.

The company has also partnered with Tesla supplier Panasonic to receive a supply EV batteries for its vehicles.