Lucid Group’s electric car production and delivery numbers for the fourth quarter of 2023 brings mixed feelings.

During the period, the company produced 2,391 Lucid Air luxury all-electric cars, which is 32% less than a year ago and delivered 1,734 Airs to customers (globally), which is a 10% decrease year-over-year. However, the positive thing is that both numbers have improved sequentially to the highest level this year, and are actually the second best after the record Q4 2022.

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10,000+ Lucid Airs on the road

The Lucid Air is the company’s first and only all-electric model on the market in the ultra-luxury segment. It was introduced in late 2021 and since then the company delivered well over 10,000 units.

We assume that while the overall Lucid sales are lower than anticipated, the situation is improving since the company applied some price reductions in mid-2023 and refreshed its lineup for the 2024 model year.

In the latest update about the results, Lucid does not mention any production related to its new assembly facility in Saudi Arabia (which owns Lucid through its Public Investment Fund). In Q3, the company said that it produced “over 700 additional vehicles in transit to Saudi Arabia for final assembly.”

Anyway, the difference between production and deliveries amounted to 657 vehicles in Q4. This adds to the inventory, which now consists of a worrying number of over 5,200 vehicles we estimate.

Lucid Q4’2023 results (YOY change):

• Total production: 2,391 (down 32%)
• Total deliveries: 1,734 (down 10%)

In 2023, Lucid produced 8,428 cars (up 17% year-over-year) and delivered 6,001 cars (up 37% year-over-year), which means that the year 2023 has brought progress. On top of that comes vehicles sent to Saudi Arabia for final assembly (they will be counted as produced in the following quarters, as we understand).

Lucid Q1-Q4’2023 results (YOY change):

• Total production: 8,428 (up 17%)
• Total deliveries: 6,001 (up 37%)

For reference, in 2022, Lucid delivered 4,369 electric cars and produced 7,180. Cumulatively, Lucid delivered 10,495 electric cars, compared to more than 15,700 produced (estimated).

Production of 8,428 Lucid Air in 2023 is in line with the company’s recent guidance of 8,000–8,500 units announced in November, although below the initial target of 10,000-14,000 vehicles from its Q4 2022 financial report.

There is a lot of disappointment with the results. A few years ago the company promised to reach 20,000 units in 2022. Sales were not even at a third of that level in 2023.

Lucid plans to host a conference call to discuss its fourth quarter 2023 financial results on February 21, 2024.