It's a small victory following an extremely tough year.
After slashing its production targets twice last year, Lucid is calling its 7,180 vehicles produced in 2022 a win, and the stock market agrees. Share prices increased by 6% following the announcement. The share price eventually settled at $8.12 per share, an increase of 2.33%.
Lucid produced 3,493 vehicles in the fourth quarter, building nearly half of the year's total production number at the tail end of the year.
Hopefully, this means Lucid is finally getting its supply chain issues solved. It's also worth noting Lucid's production numbers are higher than its delivery numbers, which means it still has a few deliveries to make. At least the cars are built, so the wait shouldn't be too long.
Supply chain challenges initially forced the company to drop its initial production goal of producing 20,000 Lucid Air sedans to a range of between 12,000 to 14,000. That was in February. In April, Lucid dropped that goal again by half, with CEO and CTO Peter Rawlinson citing "extraordinary supply chain and logistics challenges."
Due to supply chain issues, it was a challenging year for most large automakers. Seeing new automakers like Lucid struggle was, unfortunately, no surprise. On top of that, Lucid's factory in Casa Grande, Arizona, may have built 7,180 units, but Lucid records delivery of only 4,369 vehicles to the customers that bought them.
Lucid did deliver the first of its Pure Air models, the less expensive version meant to be the bulk seller, at the end of 2022. Lucid proudly announced that its customers were picking up their Pure Air cars at its Millbrae and Torrence studios in California on December 31. While it should be the bulk seller for Lucid, the Pure Air starts at $87,500. The most upmarket version is the Air Sapphire, coming in at $250,000.
It was a rocky year for Lucid with a few ups and downs, but hopefully, the end-of-year uptick, a new battery supplier, and Lucid pushing for a victory until the last day of the year shows the company as a whole has the grit to succeed in these challenging times for the auto industry.