Lucid’s struggles continued as the company reported lackluster Q4 2023 delivery numbers. Lucid delivered only 1,734 vehicles, a 10.2% decrease compared to Q4 2022.
Production also dropped substantially, with Lucid manufacturing just 2,391 vehicles in Q4. This represents a 31.5% year-over-year decline. For the full year 2023, Lucid delivered a mere 6,001 vehicles.
The news sent Lucid’s stock plunging to an all-time low, capping a terrible 2023 for the company. Shares are down a staggering 94.21% from their peak in November 2021, with market capitalization falling to $7.4 billion.
Lucid’s diminishing production highlights the challenges facing aspiring EV makers. The quarterly figure of 2,391 vehicles is approximately what industry-leader Tesla can produce in just 30 hours at its Shanghai gigafactory. This illustrates Tesla’s vastly superior scale and manufacturing prowess.
After showing initial promise as an emerging Tesla competitor, Lucid has badly stumbled in scaling up production. Persistent supply chain issues, logistics problems, and disappointing consumer demand have plagued the company.
With the bar set high by Tesla, Lucid and other startups are learning just how difficult it is to manufacture EVs at volume. After a disastrous 2023, Lucid has an uphill battle in righting the ship and regaining investor confidence in 2024. Delivering on their production promises will be essential to turning the company’s fortunes around.