Lucid Motors Q4 2021 Result And Outlook 2022
Newark-based electric car startup Lucid Motors today announced fourth quarter and 2021 numbers, as well as an outlook for 2022. With deliveries beginning in October 2021, a total of 125 Lucid Air were delivered in the fourth quarter, so that number has already been surpassed with the first two months of 2022. Since October, Lucid has produced more than 400 electric cars, including more than 300 in the first two months of 2022.
Fourth quarter revenue was $26.4 million, with $21.3 million coming from Air Dream Edition shipments. The balance sheet showed a cash balance of more than $6.2 billion at the end of 2021. Customer reservations for the Lucid Air sedan exceed 25,000 units, reflecting potential sales of more than $2.4 billion.
SORRY NOT SORRY
The art of how not to apologize is a noble one. Politicians, managers, church representatives and many other public figures have mastered this art to perfection. Corruption in the procurement of masks? Never happened. Not enough vaccine? Sorry, but can’t be helped. Billions sunk with the planned highway toll? Not my fault. What’s all the fuss about?
In 2022, the company expects to deliver 12,000 to 14,000 vehicles, down 40 percent from last year’s outlook of 20,000 units. However, global disruptions in the supply of components, which also affect Lucid Motors, have led to this reduction in planned unit numbers.
Currently, the company is in the process of expanding its factory in Casa Grande, Arizona, where the current production capacity of 34,000 units is to be increased to 90,000 units per year. At the same time, the company is working on new sales representations in North America and Europe, as well as the Middle East – a major backer comes from Saudi Arabia – and Asia.
This article was also published in German.
