Lucid steps up production

By Jack Ewing | New York Times

Lucid Motors said on Wednesday that it increased production of its luxury electric sedans by more than 50 percent in the fourth quarter, as better supplies of parts and materials allowed the company to slightly exceed its manufacturing target for the full year.

The carmaker said it produced 7,200 vehicles in 2022, its first year of manufacturing in significant numbers, including 3,500 in the fourth quarter. In August, the company said it aimed to make 6,000 to 7,000 cars during the year.

That target, however, had been lowered from an earlier goal of 20,000 vehicles. And the report on Wednesday disappointed Wall Street investors who had expected more. Lucid shares fell more than 7 percent in after-hours trading.

Even as shortages of some parts and materials persist, “it’s much better than it was,” Peter Rawlinson, Lucid’s chief executive, said in an interview.

Shipping cars remains a problem, Mr. Rawlinson said, helping to explain why deliveries of 4,400 vehicles last year fell short of production.

Along with Rivian, a maker of electric pickup trucks, Lucid is among the most prominent companies trying to take advantage of the shift to electric vehicles and challenge traditional carmakers.

Lucid’s main selling points are efficiency and range. All variations of the sedan can travel at least 450 miles on a full charge, according to the Environmental Protection Agency. That’s more than any Tesla model.


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February 2023