Lucid Motors mentioned on Wednesday that it elevated manufacturing of its luxurious electrical sedans by greater than 50 p.c within the fourth quarter, as higher provides of elements and supplies allowed the corporate to barely exceed its manufacturing goal for the total 12 months.
The carmaker mentioned it produced 7,200 autos in 2022, its first 12 months of producing in important numbers, together with 3,500 within the fourth quarter. In August, the corporate mentioned it aimed to make 6,000 to 7,000 automobiles throughout the 12 months.
That focus on, nevertheless, had been lowered from an earlier purpose of 20,000 autos. And the report on Wednesday disenchanted Wall Avenue buyers who had anticipated extra. Lucid shares fell greater than 7 p.c in after-hours buying and selling.
At the same time as shortages of some elements and supplies persist, “it’s a lot better than it was,” Peter Rawlinson, Lucid’s chief government, mentioned in an interview.
Transport automobiles stays an issue, Mr. Rawlinson mentioned, serving to to clarify why deliveries of 4,400 autos final 12 months fell in need of manufacturing.
Together with Rivian, a maker of electrical pickup vehicles, Lucid is among the many most outstanding corporations attempting to benefit from the shift to electrical autos and problem conventional carmakers.
Lucid’s foremost promoting factors are effectivity and vary. All variations of the sedan can journey no less than 450 miles on a full cost, in response to the Environmental Safety Company. That’s greater than any Tesla mannequin.
Nonetheless, the chances are lengthy. Tesla is the one new American carmaker in additional than a century to attain mass manufacturing and survive as an unbiased firm. Auto manufacturing requires big upfront funding, and revenue margins are normally skinny.
Lucid’s least costly mannequin, the Air Touring, sells for $107,400, competing for rich patrons with corporations like Mercedes-Benz and Porsche which have launched luxurious electrical automobiles. Lucid has introduced plans to start promoting an $87,000 mannequin this 12 months.
The corporate plans within the subsequent years to provide automobiles that would compete with Tesla’s extra reasonably priced Mannequin 3 and Mannequin Y autos, Mr. Rawlinson mentioned on Wednesday.
Lucid, which has the backing of Saudi Arabia’s sovereign wealth fund, has $4.9 billion in money, sufficient to outlive no less than by the primary quarter of 2024, the corporate mentioned in an earnings report on Wednesday.
Gross sales within the final three months of 2022 have been $258 million, up from $195 million within the third quarter. Lucid reported a loss within the fourth quarter of $473 million, down from a lack of $530 million within the earlier quarter.
The corporate doesn’t anticipate to make a revenue in 2023 because it continues to ramp up manufacturing, Sherry Home, Lucid’s chief monetary officer, mentioned in an interview.
Lucid mentioned Wednesday that it aimed to provide 10,000 to 14,000 automobiles in 2023. Potential clients have reserved greater than 28,000 autos as of this week, the corporate mentioned, not counting as much as 100,000 automobiles that Saudi Arabia has agreed to purchase.
Mr. Rawlinson cautioned that not all the reservations, that are nonbinding, would translate into gross sales. “You may by no means depend your chickens earlier than they’re hatched,” he mentioned.