Lucid Beats Production Estimates for 2022

Key Takeaways

  • Shares of Lucid Group jumped almost 5% right now on information the electrical car maker beat its 2022 manufacturing estimates.
  • The corporate constructed 7,180 of its luxurious sedans; in August it had estimated manufacturing of between 6,000 and seven,000 automobiles.
  • Manufacturing remained properly beneath the corporate’s estimates issued in 2021, when it anticipated making over 20,000 autos in 2022.

Shares of Lucid Group (LCID) jumped after the electrical car (EV) maker reported that it constructed extra automobiles in 2022 than it had projected in the summer time.

Lucid mentioned it produced 7,180 of its luxurious Air sedans final 12 months, after estimating in August the whole could be between 6,000 and seven,000. It delivered 4,369.

In the fourth quarter, the firm manufactured 3,493 automobiles at its Arizona manufacturing facility, the most in any quarter, and a rise of 53% from the earlier three-month interval. Deliveries had been 1,932. 

Provide Chain Issues

Lucid had initially anticipated making 20,000 autos in 2022, however decreased its outlook two occasions. In February, it predicted it will produce 12,000 to 14,000 autos, then reduce that in half in August. Each occasions Lucid blamed “extraordinary provide chain and logistics challenges.” In the firm’s third-quarter earnings report, CEO and CTO Peter Rawlinson famous Lucid had “recognized the major bottlenecks, and we’re taking acceptable measures” to appropriate them. 

Lucid Group shares gained virtually 5% right now, and are up about 34% after falling to their all-time low on Jan. 3.

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