Ahead of releasing its full financial results from the third quarter, Lucid has reported big progress towards its yearly production goal. Between July and August, it built 2,282 vehicles and delivered 1,398 to customers. Those are both new records as it works to end the year with at least 6,000 total units produced.
Twice this year, Lucid has cut its projected production output. Back in January, it had hoped to build 20,000 all-electric luxury vehicles. Then, in February, it said that global parts shortages and supply chain issues would limit total production to somewhere between 12,000 and 14,000 cars.
Six months later, in August, Lucid reduced that goal to just 6,000 or 7,000. In September, we reported on how it had lost a bevy of manufacturing executives as it worked hard to ramp up production. Now, it seems as though such moves have paid off at least in the short term.
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One part of the shift in the way that Lucid was producing its cars is that it moved logistics operations in-house. That move happened in part because Lucid recognized logistics had played a major role in its inability to scale up production. According to a report from that time, one Lucid employee said that “the whole energy changed.”
While there’s still no way to know if Lucid will ever be profitable it’s encouraging that it built more cars (2,282) during the third quarter than it did during the entire first half of 2022 (1,405). To meet its minimum production goal of 6,000 units it still needs to produce another 2,313 vehicles.
If the ramp-up continues at the current pace we might see Lucid actually beat its high estimate of 7,000. That would certainly be a great way for the fledgling EV manufacturer to finish the year. That would certainly buck other EV automakers’ precedents.
Later this month, on October 25, investors can begin submitting questions for the upper brass at Lucid to answer when it has its Q3 Earnings Call on Tuesday, November 8, 2022.
