Following a little teaser in early January, Lucid Motors has publicly shared its financial results for Q4 and the full fiscal year 2022 in an investor presentation you can view below. Air EV production was way up to cap off last quarter, leading to revenues over $257 million. As a result of the whole year, Lucid Motors believes it is liquid enough to safely navigate into 2024. Details below.
Lucid Motors continued to bolster its previously struggling EV production processes this past quarter after twice adjusting its projected annual outputs due to supply chain constraints. Q3 saw its most productive quarter to date in which the American automaker delivered 1,398 Air sedans, equating to nearly $200 million in revenue.
At the time, Lucid relayed that Lucid it remained on track to meet its output goal of 6,000 to 7,000 EVs for 2022 as it geared up to begin deliveries of its flagship EV’s third trim – the Air Touring. This past January, Lucid let the public know it capped off Q4 of 2022 by exceeding the high end of its production guidance, producing 7,180 EVs at its high-tech AMP-1 facility in Casa Grande, Arizona.
Those numbers are nowhere near the 20,000 EVs originally anticipated for 2022, or the revised target of 12,000-14,000 units after that, but Lucid’s production growth in Q4 still accounted for nearly half its entire annual output, so it appears to found a stride it looks to continue into 2023 with a much more grounded production guidance.
Lucid Motors looks to carry Q4 momentum into 2023
You can check out the full Q4 and fiscal year 2022 report from Lucid Motors here, but we’ll outline some of the key talking points below. Q4 revenue was $257.7 million for a total of $608.2 million for 2022. That’s up from $195.5 million in Q3. As a result, Lucid states that its $4.9 billion in total liquidity is expected to keep the company afloat into Q1 of 2024 at a minimum.
In total, Lucid delivered 4,369 of the 7,180 Air EVs it produced in 2022, and it’s reporting that it still has over 28,000 reservations to fill – equating to approximately $2.7 billion in additional sales revenue. Those numbers do not include the (up to) 100,000 Air reservations in place from the government of Saudi Arabia. But those deliveries are expected to take place over the course of the next decade. Lucid CEO and CTO Peter Rawlinson spoke to the company’s Q4 and 2022 progress:
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.
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.
Looking ahead to 2023, Lucid Motors has shared its production guidance will be between 10,000 and 14,000 units, in which it could achieve the high end of if it can stay on the approximately 3,500 EV pace it hit in Q4 2022.
In its earning release presentation, the American Automaker shared that construction of its AMP-2 facility in Saudi Arabia is underway and will begin operations by assembling Lucid Air sedans pre-manufactured at AMP-1 in the US, but will eventually produce entire EVs. At its peak output, Lucid expects AMP-2 to produce up to 155,000 additional vehicles per year.
It was surprising that there was very little mention of the Gravity SUV – Lucid’s second model that was originally scheduled to begin reservations in “early 2023.” As we’ve discussed before, Lucid’s 3 million square-foot AMP-1 Phase 2 expansion will include assembly lines for Gravity, which is expected to begin production sometime in 2024.
Before then, we should see production of the ultrafast tri motor Air Sapphire this Summer. Lots to reflect on in the documents above but even more to look forward to in 2023. Lucid Motors still has work to do in order to scale production and meet demand, but its Q4 results are certainly a momentum builder. Let’s see if it can hit 2023’s production guidance without an eraser marks.
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