Lucid Group, which set ambitious targets at its public debut, reported vehicle deliveries and revenues significantly below its initial forecasts for 2023.
The company had informed investors of a goal to sell 49,000 cars in the year; however, it only sold 6,001 vehicles, marking a substantial 90% shortfall from the anticipated figure. Similarly, Lucid had projected annual revenues of $5.3 billion for the year, but the actual revenues were reported at $595.3 million, again reflecting a 90% miss.
WHEN LUCID WENT PUBLIC, IT TOLD INVESTORS IT WOULD SELL 49,000 CARS IN 2023
IN REALITY LUCID SOLD ONLY 6,000 IN THE ENTIRE YEAR (90% MISS)
IT ALSO TOLD INVESTORS IT WOULD BRING IN $5.3 BILLION IN ANNUAL REVENUE IN 2023
ITS ACTUAL REVENUE WAS JUST $595 MILLION (90% MISS)$LCID pic.twitter.com/QmQvtsRf3Q
— GURGAVIN (@gurgavin) February 21, 2024
Despite these discrepancies, Lucid achieved a 37% increase in vehicle deliveries compared to the previous year and met the upper end of its production guidance with 8,428 vehicles produced in 2023. The fourth quarter showed revenues of $157.2 million (Wall Street expected $178.4 million), contributing to the year’s total, and the company maintained a robust liquidity position with approximately $4.78 billion in reserves.
The luxury EV maker has set a conservative production guidance of around 9,000 vehicles for 2024, as it aims to align production with market demand, which is far below expectations of analysts at 22,600.
Lucid is losing about $400,000 USD per vehicle sold.
Lucid’s CEO Peter Rawlinson commented on the past year’s achievements, emphasizing the completion of the Air lineup and the unveiling of the Gravity model, despite not meeting initial public offering forecasts. Looking forward, Rawlinson conveyed enthusiasm for the company’s strategic direction and growth as it enters a transformative phase with an expanded vehicle lineup.
Gagan Dhingra, serving as the Interim CFO, also expressed optimism, pointing to progress in cost optimization and an increase in market share. Lucid has slated the production of its Gravity model for late 2024, with plans for a high-volume midsize platform expected to commence production in late 2026.
