Electric vehicle brand Lucid revealed its quarterly production and sales numbers, shedding light on the automaker’s struggle to build a following.
On Thursday, the automaker announced a first-quarter production total of 2,314 units, down approximately 34% from Q4 2022. In February, Lucid set a full-year target of 10,000 to 14,000 vehicles, well below analyst expectations but higher than the previous year’s total of 7,180. To meet the upper limit of this goal, the brand would need to accelerate its quarterly output by roughly 68%, building an average of 3,895 cars every three months, 402 more than its current record of 3,493.
Lucid’s Q1 sales also decreased from the previous quarter, hitting 1,406 units. Last year, the company delivered a total of 4,369 vehicles, 1,932 of which were sold in Q4. In February, the automaker claimed to have over 28,000 reservations, down significantly from its November report of 34,000. In prior remarks, CEO Peter Rawlinson has blamed the company’s small sales on a lack of brand-recognition, saying “too few people are aware of not just the car but the company.”
Presently, the company only has one product, the Lucid Air sedan, although its lineup is expected to expand next year with the arrival of the Gravity SUV. EV sales among other brands have grown drastically thanks to more options, better inventory and government incentives. Although the automaker’s products are too expensive to qualify for federal tax credits included in the Inflation Reduction Act, a wider selection and more availability could help it turn things around.
