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Electric luxury vehicle maker Lucid Group said it produced just over 7,100 vehicles in 2022, slightly more than expected. The company told investors in August to expect production of between 6,000 and 7,000 vehicles for the full year.
Shares of the company gained nearly 5% Thursday following the news.
Lucid said in a statement that it produced 3,493 vehicles at its Arizona factory in the fourth quarter and delivered 1,932, bumping its total production to 7,180 for the full year. Lucid’s fourth-quarter production total was up 53% from the third quarter, when it produced 2,282 Air sedans and delivered 1,398.
Lucid warned in November that its delivery totals were likely to lag its production for the next few quarters as it worked through logistics challenges. The company delivered a total of 4,369 vehicles in 2022.
Lucid’s 2022 production beat its guidance, but that guidance was much reduced from the company’s original plan for the year. Lucid had originally expected to build 20,000 of its Air electric luxury sedans in 2022, but it was forced to lower that target twice – once in February amid global supply chain disruptions, and again in August, when it cited those logistics challenges.
Lucid didn’t provide an update on its total number of reservations.
Lucid’s most recent reservations update was as of Nov. 7, when it said it had “over 34,000” reservations for the Air. Lucid said in April that Saudi Arabia’s government had agreed to buy up to 100,000 of its vehicles over the next 10 years; those vehicles aren’t included in its reservation totals.
Lucid will report its fourth-quarter and full-year financial results on Feb. 22.
Correction: Lucid produced more vehicles than expected in 2022. An earlier headline misstated the company’s news update.