Automaker Lucid Motors announced it has produced 2,282 units during Q3 2022 and is still on track to meet its yearly production estimates. Lucid aims to manufacture upwards of 7,000 units in 20022, and we'll have to wait to see how productive the company will be to close out the year.
The San Francisco Bay Area-based company manufactures its vehicles at a production facility in Casa Grande, Arizona.
Lucid became more conservative with its production goals, cutting production guidance during 2022. The company wanted to produce 20,000 Air cars, but that number was quickly reduced in February between 12,000 and 14,000 vehicles. That number was once again trimmed back, this time with a production goal of 6,000 to 7,000 vehicles.
Lucid deliveries throughout 2022:
The company has planned a financial results call scheduled on November 8. It's a positive sign that Lucid is on track to hit its revised production goal because the company needs to get its vehicles out onto the roads, with customers behind the wheel.
Companies attempting to break into the EV market face a steep learning curve because designing - and producing vehicles - proves to be difficult. Lucid has extremely sleek-looking vehicles, though for a steep price tag, but has had trouble actually getting finished models to potential customers.
Lucid was founded in 2007, just a few years after Tesla, but has faced quite a bit of adversity to reach this point. The Lucid Air, its flagship EV model, just started deliveries to customers last year, and scaling production up has remained a serious struggle. There was a rather meager 125 Air deliveries in 2021, so analysts will be more forgiving that the company has greatly ramped up production capabilities - despite a semiconductor shortage and other issues that automakers are currently facing.