Shares of Lucid (LCID) hit a new low after Q4 EV deliveries slipped year-over-year (YOY). Lucid stock is down 7% Thursday, hitting a new low amid the news.
Lucid sees Q4 EV deliveries slip from 2022
Lucid delivered 1,734 vehicles during the last three months of 2023. Although that’s up slightly from the third quarter (1,456), deliveries are still down from their peak in Q4 2022.
With 1,932 vehicles handed over in Q4 2022, Lucid’s deliveries are down nearly 12% YOY.
Production is also still down from its peak. Lucid built 2,391 EVs in Q4, down 30% YOY (3,493). Meanwhile, the number is up slightly from the 1,550 vehicles produced in Q3 2023.
Lucid delivered a total of 6,001 vehicles in 2023, representing 28% growth over the 4,369 EVs handed over in 2022.
The EV maker hit its (revised) production goal after building 8,428 EVs last year. Lucid said it expected to build between 8,000 and 8,500 EVs in November, down over 40% from the higher end of its initial 10,000 to 14,000 goal.
Lucid’s quarterly growth comes after slashing prices on its Air electric cars by up to $12,000 last year. It also began delivering its Tesla Model S Plaid rival Lucid Air Sapphire.
Lucid stock is down 7% Thursday following its Q4 EV deliveries report, hitting a new low. Lucid shares are down over 60% over the past 12 months.
Top comment by RedSOX Fan
The issue is that they only have a luxury sedan in a world that is moving into CUVs and SUVs. One only has to look at how well the CUVs/SUVs are by each brand.
Case in point, the Bentley Bentayga SUV is the best-selling model in Bentley's lineup.
The 2 best-selling Porsches are the Cayenne 95k sold per year, followed by the Macan at 86k a year. The 911 is a distant 3rd at 40k sold per year.
The story is the same for Lamborghini, which sells twice as many Urus SUVs than they do their 2nd best seller, the Huracan.
You can look at BMW, Mercedes Benz, Lexus, Audi, Cadillac, Acura, etc. etc. their best sellers are also CUVs/SUVs. To find a brand that sells more coupes, sedans or sports cars than CUVs/SUVs is the outlier, not the norm.
Lucid, should have started with the Gravity SUV, not the Air sedan. They are hurting because of this. Now their only hope is to have enough Gravity to sell before they go under.
The EV maker hopes the launch of its first electric SUV, the Lucid Gravity, can help spark momentum in 2024.
Electrek’s Take
Lucid has failed to keep up with rivals including Rivian and Tesla in the premium EV market. The base Lucid Air Pure, starts at $77,400. That’s still over $2,400 more than the Tesla Model S. Meanwhile, the Tesla’s Model S Plaid costs $89,990 while the Lucid Sapphire will run you over $249,000.
The Gravity electric SUV, starting around $80,000, will likely boost demand. Rival Rivian’s electric SUV, the R1S cracked the top-ten best selling EVs in the US last year with 24,783 models sold.
We’ll learn more about Lucid’s financial situation with its Q4 earnings report due out February 21. Check back for more.
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