Lucid (LCID) drops on weak 2023 production and delivery results

Lucid (LCID) has published its Q4 and 2023 production and delivery figures, and the luxury EV automaker continues to struggle.

In the fourth quarter of 2023 Lucid says it produced 2,391 Air sedans. This is an increase from the previous quarter, when 1,550 vehicles were built at their manufacturing facility in Casa Grande, Arizona, but a large 31% drop from the same time period last year (3,493).

For the full year, Lucid produced 8,428 vehicles, well off their original target of as many as 14,000 EVs, a figure that was later lowered to 10,000, before the company eventually settled on between 8,000 and 8,500 units in December.

The news wasn’t any better on the delivery side. For the fourth quarter Lucid delivered 1,734 Air sedans to new customers. This was the highest number of vehicles the company delivered in a quarter in 2023, surpassing the previous high set in Q3 of 1,457 deliveries. It was however a drop from Q4 2022 when the company delivered 1,932 vehicles. For the full year 2023 Lucid delivered a total to 6,001 vehicles.

The difference in production and deliveries in the fourth quarter leaves Lucid with over 800 new inventory cars, adding to the stockpile of 1,771 vehicles it created over the course of 2023 alone, and the 2,811 extra cars it built in 2022.

Lucid will announce its Q4 and 2023 financials on Wednesday, February 21, 2024, and host a conference call to discuss the results at 2:30pm PT.

Following the release of the Q4 and 2023 production and delivery figures, shares of Lucid (LCID) dropped more than 7%, trading at around $3.18, more than 94% off its all-time high and 53% off where it was trading at this time last year. That drop in stock price is what led to it being removed from the Nasdaq 100 Index, which tracks the 100 largest non-financial companies listed on Nasdaq.

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