On January 12, Lucid Group reported remarkable progress in its electric vehicle production and deliveries of luxury Air sedans for Q4 and the entire year 2022, boosting its share value, as per TechCrunch
Q4 production and deliveries
The EV maker hit a new quarterly high in production with 3,493 Lucid Air units in the fourth quarter of 2022. Remarkably, it represents a 53% growth from a quarter ago.
As for the Q4 deliveries, Lucid delivered 1,932 units, indicating a significant growth from 2021’s 125 deliveries and Q3’s 1,398 units.
Entire 2022 performance
As per TechCrunch, the American EV maker surpassed its 6,000 -7,000 units production goal in 2022 as it concluded the year with 7,180 luxury Air sedans.
Meanwhile, Lucid delivered 4,369 units for the entire 2022.
In effect, Lucid shares rose by over 6% after the disclosure of the production and delivery data. As per the report, shares are up 2.33% to $8.12.
As can be observed from the data, the fourth quarter accounted for almost half of 2022’s total production.
Extraordinary supply chain and logistics challenges
In 2022, the global supply chain constraints significantly affected Lucid’s EV production. In fact, the automaker adjusted its annual production goal two times last year.
The guidance was initially set to 20,000 units for 2022. However, it was reduced from 12,000 to 14,000 in February, and from that, the automaker cut it again to 6,000-7,000.
Lucid CEO and CTO claim that the target reductions are due to “extraordinary supply chain and logistics challenges.”
Notably, Lucid Air’s delivery results continue to be behind its production. That said, the automaker might still be struggling with the logistics issues it faced last year.
Nonetheless, this small win marks a remarkable 2022 for Lucid. The automaker is set to release its Q4 financial results on February 22.
