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Dec 31, 2021
Lucid Q4 2021 Earnings Report
Lucid reported Q4 2021 financial results and updated its 2022 outlook.
Key Takeaways
Lucid Group, Inc. announced its Q4 revenue was $26.4 million, including $21.3 million from initial deliveries of Lucid Air Dream Edition. They delivered 125 cars to customers in the fourth quarter. Customer reservations exceed 25,000, reflecting potential sales of more than $2.4B. The company is updating its 2022 production outlook for Lucid Air to a range of 12,000 to 14,000 vehicles.
Customer reservations now exceed 25,000, reflecting potential sales of more than $2.4B
Inaugural customer deliveries of the 2022 MotorTrend Car of the Year®, the Lucid Air, are underway, starting with the sold-out Dream Edition
Production exceeds 400 vehicles as of February 28, 2022, with 125 customer deliveries as of year-end 2021 and over 300 deliveries to date
Updating 2022 production outlook for Lucid Air to a range of 12,000 to 14,000 vehicles
Lucid
Lucid
Forward Guidance
Lucid is updating its outlook for 2022 production to a range of 12,000 to 14,000 vehicles due to supply chain and logistics challenges, while remaining focused on delivering the highest-quality products. The location of their first international manufacturing plant in the Kingdom of Saudi Arabia may result in up to $3.4 billion of value to Lucid over 15 years.
Positive Outlook
- Strong demand for Lucid Air
- Technology leadership
- Expansion of Casa Grande facility on track
- Plans to build new manufacturing facility in the Kingdom of Saudi Arabia
- Potential for $3.4 billion of value from Saudi Arabia manufacturing plant over 15 years
Challenges Ahead
- Extraordinary supply chain challenges
- Logistics challenges
- Focus on delivering the highest-quality products
- Updated 2022 production outlook to a range of 12,000 to 14,000 vehicles
- No specific financial guidance beyond production numbers