Tuesday, July 23, 2024
NewsLucid Built More Vehicles in the Last Quarter than in the First...

Lucid Built More Vehicles in the Last Quarter than in the First Half of the Year

Lucid made more units of the Air luxury EV in Q3 alone than in the first half of the year.

  • This means the small automaker tripled its production output over the last three months.

  • The company is on target to achieve its goal of producing 6,000 vehicles this year.

  • This could help the brand become profitable in the coming years.

Lucid Motors recently published its quarterly report for the three-month period ending in September and the results show an increase in vehicle production.

Indeed, 2,282 units of the Lucid Air electric luxury sedan rolled off the Arizona assembly line in the third quarter of the year, which is three times more than in the second quarter.

The company has been trying to ramp up its production rate since it has begun making the Air and its strategy finally seems to be paying off since it built more cars in the last three months than it did in the entire first half of the year.

Adding the 1,405 vehicles that were made from January to June to the total produced last quarter means that the automaker has manufactured 3,687 vehicles so far in 2022. This means Lucid is on track to meet its goal of building 6,000 vehicles this year, so long as the rate of production continues to increase over the next three months.

This is encouraging for the company, but it is still not as much as it was initially planning to build. Indeed, parts shortages induced by the supply crisis forced the automaker to reduce its production goal for the year from 20,000 units to 12,000 and then down again to just 6,000.

Part of the reason why Lucid Motors managed such a ramp-up in only three months is that it moved its logistics operations in-house instead of subcontracting the task to another company, as it had been doing before.

Despite the increase in production, many still have doubts about the company’s financial stability since it has been pouring money into production for over a year now and it has yet to begin making profits.

This is in part due to the automaker being late on its deliveries since only 1,398 vehicles actually reached their customers last quarter, which is only about 61% of the number of units that were produced in the same period.


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