Luxury EV startup Lucid Group has reported its Q3 2023 delivery and production numbers, with mixed results. Lucid delivered 1,457 vehicles in Q3, up just 3.8% over Q2 deliveries of 1,405. Production for Q3 totaled 1,550 vehicles, a 29% decrease from Q2’s 2,282 units built.
Year-over-year, deliveries rose 4.2% while production declined substantially from Q3 2022’s figure of 3,552.
Lucid’s output has been hampered by logistics and supply chain challenges causing parts shortages. Earlier in August, Lucid reiterated guidance to produce 10,000 vehicles in 2023. However, its year-to-date production through Q3 sits at just 6,037 vehicles, casting doubt on hitting that target with one quarter left.
The startup also slowed capex spending significantly in Q3 as it focuses on rationalizing expenses. While its attractive Air sedan continues garnering praise, Lucid is facing real macroeconomic headwinds as a fledgling automaker.
For now, Lucid remains firmly in startup territory as it works through manufacturing hurdles and ramping assembly capacity. But demand for the Air sedan keeps building, validating its appeal. Executing smoothly on production will be critical for Lucid to transition from fledgling startup to sustainable EV maker.