While Lucid has seen an increase in their US registrations month-over-month (MoM), they continue to face an uphill battle in achieving their ambitious sales targets for 2023. The luxury EV automaker, which had initially set a goal of selling 14,000 vehicles this year, looks likely to fall well short of even its revised target of “more than 10,000” cars.
As we told you about previously, Lucid saw just 348 registrations of the Air sedan across the US in July. This was roughly a 40% drop from the monthly average over the course of 2023, and brought their year-to-date registration figure to 3,789.
Those numbers improved in August, but nowhere close to the levels that will be required to meet their sales target. According to data from Experian, Lucid saw just 478 registrations of the Air in August. This brings the total number of vehicles sold in the first eight months of the year to only 4,267, less than half of their revised target. (via Automotive News)
At this rate, it appears highly unlikely that Lucid will meet its target of more than 10,000 cars as they would need to sell more Air sedans in the final four months of the year than they did in the first eight months.
While the August sales figures continue to paint a bleak picture for 2023, they do represent a 40 percent increase compared to the same period in 2022. Additionally, registrations for January through August nearly tripled compared to the previous year.
The challenge for Lucid lies in the luxury nature of its vehicles. Even the base model, the Lucid Air Pure, starts at a high price of US$77,400, above the base Model S at US$74,990. Prices rise significantly from there for the higher trim levels, such as the Touring at US$95,000 and the Grand Touring at US$125,600. At the top of their lineup sits the Air Sapphire, which just started deliveries at a staggering price of US$249,000.
Lucid is expected to announce its Q3 production and delivery figures this week.
Despite the sales challenges, Lucid isn’t likely to go under as they are financially supported by Saudi Arabia’s Public Investment Fund (PIF), which holds a majority 60.5% ownership stake. The company recently expanded its presence in Saudi Arabia with the opening of its second assembly plant, AMP-2.