Lucid Motors, a relatively new kid on the EV block, has had to cut its annual output goals twice this year. However, the company has shared third-quarter production numbers, just ahead of its expected full financial report next month, which seem to indicate the company will be able to hit its latest production goal between 6,000 and 7,000 EVs this year. Lucid produced 2,282 vehicles in Q3, setting a quarterly record.
A year ago, Lucid Motors started deliveries on its flagship EV, the Air. The company reported just 360 deliveries for the first quarter of 2022 and a $246 million cost of revenue to go along with it. Though the delivery number may seem small, it has still doubled compared to production for the last quarter of 2021.
The EV maker originally had a production goal of 12,000-14,000 units for 2022. However, supply chain issues that started before the end of 2021 resulted in the revision of that number.
During the second quarter, Lucid Motors nearly doubled production again, citing 670 units made and another $97 million in revenue, but with a $292 million cost of revenue. Another cut was made to Lucid’s production goal in order to land at the current expectations.
Lucid’s third-quarter financial results are still pending; however, a recent press release showed that production more than tripled in the third quarter compared to a year ago. The company says 1,398 of the vehicles produced in Q3 were delivered to reservation holders. Based on those numbers, Lucid Motors believes it is well on its way to hitting that revised production goal of 6,000-7,000 vehicles for 2022.
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