KEYPOINTS
- Production exceeds 400 vehicles as of February 28, 2022, with 125 customer deliveries as of year-end 2021 and over 300 deliveries to date
- 2022 production outlook updated to 12K – 14K vehicles
- Customer reservations > 25K for potential sales of $2.4B
- Cash-on-hand > $6.2B
- 2.85 million square foot expansion of Casa Grande, Arizona manufacturing facility on track; announced plans for new manufacturing facility in the Kingdom of Saudi Arabia.
- Customer reservations now exceed 25,000, reflecting potential sales of more than $2.4B
The Company’s Q4 revenue was $26.4 million, including $21.3 million from initial deliveries of its innovative Lucid Air Dream Edition, which began in October. Lucid delivered 125 cars to customers in the fourth quarter, with total production exceeding 400 vehicles to date and over 300 deliveries to customers. Lucid has also taken over 25,000 customer reservations as of today, reflecting potential sales of more than $2.4B. The Company confirmed its 2.85Msquare foot expansion of the Casa Grande, Arizona manufacturing facility is on track, and it announced plans to build a new manufacturing facility in the Kingdom of Saudi Arabia. Lucid cited supply chain constraints and a continued focus on quality alongside an updated outlook for its 2022 production of Lucid Air to a range of 12,000 to 14,000 vehicles.
“We are at the precipice of a global transition toward electric vehicles, and Lucid, with our leading technology and design, is at the forefront of one of the most significant transformations in mobility in generations,” said Peter Rawlinson, Lucid’s CEO and CTO. “As we continue to put our cars into customers’ hands, we are more confident than ever that we’re building a quality foundation on which we can scale this business. We’re thrilled to have been awarded the 2022 MotorTrend Car of the Year®, and customers are telling us just how much they love this car. Lucid Air’s 500-plus miles of range has been independently validated under real-world conditions, even at a steady 70mph, replacing range anxiety with range confidence. We believe that the unique fusion of a dynamic driving experience, interior space and comfort, range, fast charging and performance is simply unparalleled. Additionally, our software over-the-air updates continue to enable an ever-improving ownership experience.”
“Looking ahead, we’re updating our outlook for 2022 production to a range of 12,000 to 14,000 vehicles. This reflects the extraordinary supply chain and logistics challenges we’ve encountered and our unrelenting focus on delivering the highest-quality products. We remain confident in our ability to capture the tremendous opportunities ahead given our technology leadership and strong demand for our cars,” Rawlinson added.
Sherry House, Lucid’s CFO, commented: “We have a strong team, strong products, and a strong balance sheet with over $6.2 billion in cash on hand at year-end. We continue to invest in our business; we met our target of opening 20 Studio and Service locations in North America; in 2022 we will expand our footprint in Europe and the Middle East while laying the foundation for a later expansion into the Asia Pacific; we remain on track to grow our Casa Grande facility to nearly quadruple its size as the first greenfield dedicated EV factory in North America; and today we announced plans to build a brand new manufacturing facility in the Kingdom of Saudi Arabia; we estimate that the location of our first international manufacturing plant in the Kingdom of Saudi Arabia may result in up to $3.4 billion of value to Lucid over 15 years.”
Lucid will host a conference call for analysts and investors at 2:30 P.M. PT / 5:30 P.M. ET on February 28, 2022. The live webcast of the conference call will be available on the Investor Relations website at ir.lucidmotors.com. Following the completion of the call, a replay will be available on the same website. Lucid uses its ir.lucidmotors.com website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
According to a drone footage posted last week by “Bear’s Workshop” on Youtube channel, over 100 Lucid Air models were seen at the factory park. The company had, this week, its first physical recall due to a safety issue that may affect 1% of the 203 recalled — 2 or 3.
Recently,the company inaugurated its newest Studio location at The Mall at Short Hills in Short Hills, New Jersey. This location serves as the 22nd in the company’s growing North American retail network. Lucid has 5 new studios planned to launch during the next months.
New Jersey has long sought to encourage new business growth as part of its electrification goals. Lucid looks forward to making further investments and hiring in the State as the legislature considers equitable treatment for consumers and electric vehicle manufacturers in alignment with those efforts — the company said.