Lucid Group announced on Wednesday that it plans to produce at least 10,000 electric vehicles this year, as the company strives to gain a larger share of the electric vehicle market.
For 2023, the Newark, California-based company is targeting to produce 10,000 to 14,000 luxury electric vehicles, a significant increase from the 7,180 cars manufactured last year.
The company produced 3,493 vehicles during Q4 at its manufacturing facility in Arizona and delivered 1,932 vehicles during the same period. On a full-year basis, the company produced 7,180 vehicles, exceeding the 2022 annual production guidance of 6,000 to 7,000 vehicles, and delivered 4,369 vehicles in 2022.
Lucid reported fourth quarter revenue of $257.7 million and annual revenue of $608.2 million, ending the quarter with approximately $4.9 billion total liquidity, which is expected to fund the company at least into the first quarter of 2024. The company reported reservations of over 28,000, as of February 21, 2023, representing potential sales of over $2.7 billion. This reservation number does not include the up to 100,000 vehicles under the agreement with the government of Saudi Arabia.
“Last year was a challenging year for everyone, yet despite the extraordinary supply chain and logistics challenges, the team persevered with an unrelenting focus on delivering what we believe is the best luxury sedan on the market,” said Peter Rawlinson, Lucid’s CEO and CTO.
“Lucid Air has it all — industry-leading range, exceptional driving dynamics, and superior performance all wrapped up in a truly elegant design with a spacious interior cabin. But more importantly, the technological advances of Lucid Air are developed entirely in-house with the singular goal to advance the adoption of EVs around the world for future generations to come. Lucid Air is the quintessential luxury sedan, and our goal in 2023 is to amplify our sales and marketing efforts to get this amazing product into the hands of even more customers around the world,” Rawlinson added.
“In 2022, we scaled every part of our business while keeping a sharp focus on execution. In our first full year of production, we manufactured 7,180 vehicles and delivered 4,369 vehicles, generating revenue of just over $608 million,” said Sherry House, Lucid’s CFO. “As we look ahead to 2023, we’ll continue to focus on strong capital discipline, leaving no stone unturned for every cost optimization. We are proud of our technology and product achievements. We’re gearing for growth, while simultaneously taking a comprehensive look at reducing costs, and I’m very excited about the opportunities that lie ahead of us.”