As demand for its premium electric sedans remains low, Lucid Motors delivered just 6,001 of the 8,428 vehicles it made last year.
The Saudi-backed corporation finished 2023 with 2,391 automobiles built and 1,734 delivered in the fourth quarter, down 31% and 10% from 2022. Even though Lucid released its cheapest vehicle, the Lucid Air Pure, in October and promptly lowered the all-wheel drive grade price to $74,900,.
Lucid also sent 800 vehicles to Saudi Arabia for assembly at a new site in late 2023. The corporation will not confirm whether such automobiles were included in Thursday’s data. Lucid produced 7,180 automobiles and delivered 4,369 in 2023, up slightly from 2022.
Lucid’s poor sales finish a challenging year. The firm lost its CFO, cut off roughly 20% of its personnel (1,300 individuals), and repeatedly lowered its output objectives. Lucid CEO Peter Rawlinson repeatedly indicated that his business was having trouble finding customers. “Too few people are aware of not just the car, but even the company,” he stated in February.
Lucid may succeed in 2024 with the Air Pure model, but EV sales are shaky, Tesla (or other companies) may decrease prices, and sedans are out of vogue in the U.S. The company’s electric SUV won’t launch until late this year. The Lucid plant in Saudi Arabia can only assemble 5,000 EVs per year until it is upgraded to a full production facility later this decade, but Saudi Arabia has vowed to acquire up to 100,000 of the startup’s EVs over the next decade.
