Breaking News: Lucid Air Deliveries SOAR in Q1 2023!
In the first quarter of 2023, Lucid Group experienced a substantial year-over-year growth in both vehicle production and deliveries, as reported by the company.
In the first quarter of 2023, Lucid Motors produced 2,314 Lucid Air cars, which is a 235% increase compared to the previous year. In the same period, customer deliveries reached 1,406, which is a 290% increase year-over-year. Although these results are positive, it should be noted that the starting point was relatively low. It's worth noting that there is a difference between production and deliveries, with over 900 cars in transit between the factory and customers during Q1 2023, adding up to a total of 3,719 units over the last five quarters since Q1 2022.
Lucid Motors delivered 4,369 electric cars and produced 7,180 in 2022. The total number of electric cars delivered by Lucid Motors was 5,900. In the Q4 2022 financial report, Lucid Motors projected a production volume range of 10,000-14,000 electric cars for 2023, which averages out to 2,500-3,500 vehicles per quarter.
On May 8, 2023, the company plans to release its financial results for the first quarter of 2023, which may provide an update on the situation. However, due to the recent news of layoffs of 1,300 employees, which accounts for 18% of the total workforce, it is uncertain whether the initial forecast will hold true. Initially, Lucid had aimed to produce 20,000 units in 2022, but later revised it to 12,000-14,000 and 6,000-7,000. The company's recent performance is worrying compared to its competitors. While Tesla reduced prices on its Model S/Model X, Mercedes-Benz managed to sell 7,341 BEVs in Q1 in the US alone, including 3,391 Mercedes EQS Sedan and SUV.
The company lost valuable time due to the delay in obtaining funding for the plant, which has now resulted in competition with other luxury BEV brands in a crowded market, instead of entering an empty market. As of February 21, 2023, Lucid EV reservations have decreased to over 28,000 compared to Q2's reported 37,000 and Q3's reported 34,000 in 2022.
