Lucid Group’s car manufacturing and deliveries, through the second quarter of 2023, considerably elevated year-over-year, however in comparison with the earlier quarter, there isn’t any development.
Lucid Air manufacturing in Q2 2023 amounted to 2,173 automobiles, which is 204 % greater than a yr in the past. In the meantime, buyer deliveries amounted to 1,404 (up 107 % year-over-year).
These outcomes look excellent, so long as we do not notice that in each circumstances they’re decrease than in Q1 and in This fall 2022. Really, we’re speaking about two consecutive quarters of decline in manufacturing and deliveries.
The query is whether or not it is nonetheless a seasonal factor (there was a robust push in late 2022) or if there’s something worrying happening. One factor that we all know for certain is that Rivian’s development charge in the identical timeframe is rather more constant (each start-ups launched their first merchandise at about the identical time).
Lucid Q2 2023 outcomes:
- Manufacturing: 2,173 (up 204% year-over-year)
- Deliveries: 1,404 (up 107% year-over-year)
One other factor is the continued disproportion between manufacturing and deliveries, which amounted to some 769 models in Q2 and virtually 4,500 prior to now six quarters. One may ask, are these automobiles in transit to prospects or ready for orders?
Up to now this yr, Lucid produced 4,487 and delivered 2,810 automobiles, which is considerably greater than a yr in the past.
Lucid YTD 2023 outcomes:
- Manufacturing: 4,487 (up 219% year-over-year)
- Deliveries: 2,810 (up 170% year-over-year)
For reference, in 2022, Lucid delivered 4,369 electrical automobiles and produced 7,180. Cumulatively, Lucid delivered 7,304 electrical automobiles, in comparison with greater than 11,700 produced.
In its This fall 2022 monetary report, Lucid introduced a manufacturing quantity steering for 2023 of 10,000-14,000 autos (2,500-3,500 per quarter on common).
In March, we heard that Lucid will lay off 1,300 folks, or 18 % of the full quantity. On Could 8, 2023, the up to date manufacturing quantity steering was “greater than 10,000 autos:”
“Manufacturing of greater than 10,000 autos, with company-wide initiatives ongoing that can allow Lucid to pivot to increased volumes as market situations enable”
The subsequent replace associated to the manufacturing quantity is predicted on August 7, 2023, when the corporate will focus on its second quarter monetary outcomes.
Nonetheless, issues should not going in addition to initially anticipated. Lucid hoped to achieve a stage of 20,000 models in 2022 (later diminished to 12,000-14,000 and 6,000-7,000).
One factor that may’t be uncared for is that whereas Lucid is working to enhance its outcomes, its opponents within the luxurious phase, like Mercedes-Benz and BMW, are rapidly growing all-electric automotive gross sales (each above 10,000 models per quarter in Q2).
