Lucid (LCID) EV deliveries slip in Q1, suggesting weaker-than-expected demand

EV startup Lucid Motors (LCID) revealed Q1 production and delivery numbers Thursday showing weaker-than-expected results as competition in the electric vehicle market heats up.

Lucid Q1 2023 EV deliveries and production totals

Lucid said it produced 2,314 Lucid Air models in the first quarter while delivering 1,406 during the first three months of 2023.

Despite electric vehicle deliveries rising by nearly 300% from the same period last year (360 EVs deliviered in Q1 2022), investors were dissapointed with the results.

The delivery totals were unimpressive compared to Wall Street expectations of around 2,000 electric vehicle deliveries. Like many EV makers, Lucid saw production and deliveries fall in the first quarter compared to Q4.

Coming off its strongest production quarter yet in Q4, building 3,493 Lucid Air models and delivering 1,932 of them, the falling numbers could be a sign of weakening demand (or just typical seasonality).

Lucid shared during its fourth-quarter earnings it was aiming to produce between 10,000 and 14,000 models in 2023, significantly lower than Wall St. expectations of upwards of 20,000. Meanwhile, the company says it has over 28,000 Lucid Air reservations.

The EV startup said it will release its first quarter 2023 financial results on Monday, May 8, 2023, at 2:30 p.m. ET followed by the earnings conference call.

Lucid’s shares are down over 7% in premarket trading on Friday following the news.

Electrek’s Take

Falling production numbers despite a bigger backlog could indicate Lucid is having a hard time converting reservation holders to buyers. Or, as I said earlier, it could just be a one-off event due to normal seasonality.

Lucid, like many automakers are dealing with ongoing supply chain issues and rising input costs, which puts further stress on margins.

Rivian also posted a weaker-than-expected delivery total of 7,946 units in Q1, but ensured it remains on track to hit its 50,000 annual production goal for 2023.

Meanwhile, EV leader Tesla confirmed it achieved a new record in the first quarter, delivering 422,875 vehicles, widening its lead in the market.

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