Luxury EV maker Lucid confirms it's on track to meet conservative 2022 production targets

Key Points
  • Lucid said it's on track to build between 6,000 and 7,000 of its Air electric luxury sedans in 2022, in line with its August guidance.
  • The company built more than 2,200 Airs in the third quarter, and delivered about 1,400 to customers.
  • Lucid has cut its production guidance twice this year, citing supply chain and logistics issues.

In this article

Electric vehicle start-up Lucid on Sept. 28, 2021 said production of its first cars for customers has started at its factory in in Casa Grande, Arizona.

Electric luxury vehicle maker Lucid Group confirmed Wednesday that it remains on track to produce between 6,000 and 7,000 vehicles in 2022, in line with the more conservative guidance it provided to investors in August.

Lucid's shares opened more than 5% higher following the news before giving up some of those gains. The stock was up around 2% in midmorning trading.

The company said in a statement that it produced 2,282 vehicles at its Arizona factory in the third quarter. It delivered 1,398 vehicles to customers during the same period.  

Lucid has twice cut its production guidance for 2022. The California-based startup had originally expected to build 20,000 of its Air electric luxury sedans this year. It lowered that target to between 12,000 and 14,000 vehicles in February, saying at the time that global supply chain issues had hampered its ability to obtain basics like glass and carpet.

The company reduced its guidance again in August, to between 6,000 and 7,000 vehicles for the year, citing logistics challenges as well as ongoing supply chain issues. At that time, Lucid said it had about 37,000 reservations for the Air.  

Lucid is scheduled to report its full third-quarter results after the U.S. markets close on Nov. 8.