But the EV maker is moving in the right direction.
There is no doubt that Lucid has a solid product in the form of the futuristic Air sedan. It boasts an industry-leading range on a full charge, a beautiful interior, and superb technology. Unfortunately, the biggest obstacle facing the Air right now is Lucid's ability to produce it amid supply chain and logistics challenges. After having to lower its 2022 production outlook to between 12,000 and 14,000 models (down from 20,000 previously), Lucid is still struggling to get anywhere close to those numbers. The California EV startup delivered only 360 Air sedans in the first quarter, but April shows that things are at least picking up.
"In April alone, we delivered well over 300 vehicles, demonstrating our accelerated production ramp," said the brand's knowledgeable CEO, Peter Rawlinson. In the first quarter, total production was 700 vehicles. At the very least, Lucid's delivery numbers are moving in the right direction.
Financially, Lucid's operating loss came to $598 million on revenue of $57.6 million. However, a $523 million uptick in its common stock value kept its net loss to just $81.3 million, down from $2.9 billion in the same quarter last year.
For customers interested in the Air sedan, now would be a good time to buy one. Elevated costs for parts and shipping will cause the price of the EV to increase, and this is expected to come into effect on June 1. For instance, the Air Grand Touring will start at $154,000, up from $139,000 currently. On the other end of the scale, the base Air Pure's price will go up by $10,000. In terms of its product lineup, the company will begin producing cheaper versions of the Air ahead of the 2024 launch of the Gravity SUV.
Lucid will hope to put a bigger dent in its order backlog of 30,000 vehicles as the second quarter progresses.