Lucid has reported its production and delivery figures for the first quarter of 2023, and the automaker has not started the year off on the right foot, seeing both production and deliveries drop substantially from the previous quarter.
According to Lucid they were able to produce 2,314 luxury Air sedans at their manufacturing facility in Casa Grande, Arizona between January and March. That figures is 33.7% lower than the 3,493 vehicles the automaker was able to produce in Q4 2022. Given its first quarter performance, Lucid will have to seriously ramp up production over the remaining three quarters to meet their annual guidance of producing up to 14,000 vehicles this year.
Lucid didn’t fare much better on the delivery side either. The company reported 1,406 deliveries in the first quarter, a decline of more than 27% compared to Q4 2022 when 1,932 Air sedans were delivered.
Over the last four quarters Lucid has produced 9,494 vehicles, but delivered only 5,415 to customers, despite having more than 28,000 outstanding reservations as of their most recent update in February. That number has been declining faster than the number of vehicles being delivered, indicating Lucid is seeing a large number of reservation holders cancelling their orders.
In a press release announcing the figures, Lucid didn’t provide any explanations for the drop in Q1 for both production and deliveries. We will find out more soon however as a conference call has been scheduled by Lucid to discuss its financial results for Q1 2023 on Monday, May 8, 2023, at 2:30 pm PT / 5:30 pm ET.
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