Lucid Air production and customer deliveries are improving each quarter and recently reached a four-digit level for the very first time.
Lucid Group announced that, during the third quarter, production more than tripled to 2,282 units (compared to about 700 units in Q2 and nearly 700 units in Q1). That's a new record and a positive sign after the recent cut forecasts.
In terms of Lucid Air deliveries, the number is also a record high at 1,398. It means that, so far this year, the company delivered 2,437, while the cumulative number exceeds 2,500.
All numbers are preliminary, but we don't expect any significant changes in the Q3 2022 financial report, which will be released on November 8.
Lucid Air deliveries - Q3 2022
Over 2,500 cars in customers' hands during the first four quarters is not a bad result, but of course, far lower than initially anticipated.
This is more proof that the introduction and manufacturing of an all-new product is a very challenging endeavor, especially when we are talking also about an all-new company, new plant and a pretty spectacular product with a range of 500 miles (800 km).
Lucid says that the recent results are in line with the company's expectations and that is "on track to deliver on its previously provided 6,000 to 7,000 vehicle production guidance for full year 2022."
Well, considering that some 3,687 Lucid Air were produced in the first three quarters (if we are not mistaken in calculations), then about 2,313-3,313 would have to be produced in Q4 to achieve the target. That seems doable. Q4 should also become a new record quarter with probably 2,000+ deliveries.
For reference, Rivian which started production and deliveries at a similar time as Lucid, in Q3 produced 7,363 and delivered 6,584 EVs (three types, but most likely mostly Rivian R1T pickups).
Lucid, in August reported that has more than 37,000 reservations for the Air model (all versions), which means a queue counted in years rather than months, but maybe it will improve once the production rate increases.