Lucid has released its Q1 data for both deliveries and production. It's a tough time to be starting up a car company due to intense competition and electric sales that are no longer increasing in leaps and bounds.
Deliveries: A positive figure here, the best since the company started deliveries at the end of 2021. It's also 40% up on the first quarter of 2023. That increase needs to be maintained at the very least which would put deliveries at 8,400 by the end of the year.
Production: The Q1 figure was surprisingly low. Apparently, something like 800 cars have been assembled in Saudi Arabia so far making that figure even more puzzling. Production did exceed deliveries in 2023 so was this about reducing inventory? It is only one quarter and things could change. The goal for car assembly to be in the region of 9,000 cars for the year.
New model: Lucid will release the Gravity SUV later in the year (see picture below). Surely that will be a model with more potential as SUVs are what most people want. The majority shareholder Saudi Public Investment Fund's financial assistance has been critical in getting this new model into production.
Data & picture source: Lucid.
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