Lucid shares pop after exceeding EV production goal

Lucid Group eked out a small win in 2022.

The EV automaker said Thursday it produced 7,180 of its luxury Air sedans in 2022, exceeding its previously lowered guidance for the year. Lucid adjusted its guidance in fall, stating it would produce 6,000 to 7,000 vehicles in 2022. Shares pooped more than 6% immediately following the news before settling. Shares are now up 2.33% to $8.12.

Lucid produced 3,493 vehicles in the fourth quarter, meaning nearly half of the year’s total production numbers occurred at the end of the year.

That win comes after a year of supply chain challenges that forced Lucid to slash its annual production guidance twice last year. Lucid initially planned to produce 20,000 luxury Air sedans at a factory in Casa Grande, Arizona. In February, the company lowered that guidance to 12,000 to 14,000 vehicles.

Lucid lowered that guidance again in September — this time reducing it by half — due to what CEO and CTO Peter Rawlinson described as “extraordinary supply chain and logistics challenges.”

Lucid’s delivery numbers still lag its production, suggesting the company is still working out the logistics of getting finished vehicles into the hands of customers. Lucid delivered 4,369 vehicles in 2022, about 60% of its total production. The company delivered 1,932 vehicles in the fourth quarter.

Lucid is scheduled to report its fourth quarter financial results at 2:30 pm PT on February 22.