Lucid Struggles to Meet Production Goals for 2023
A new report suggests that Lucid has made less than half of its total production goal for the year some eight months into 2023. Should it miss its goal it’ll be only the latest setback for the electric vehicle automaker. It’s not the first time that Lucid has struggled to ramp up production either.
Slow Progress for Lucid
Lucid doesn’t report its monthly sales or production figures so finding out how things are going mid-year can be a bit tricky. According to Automotive News, data from Experian shows just 4,267 newly registered Lucid vehicles since January. Before August, when a further 478 registrations were added, the figure was below 4,000 units.
That’s a far cry from the initial production estimate that Lucid provided for 2023 of up to 14,000 units. It cut that early this year in May to “over 10,000.” Unless it has a massive trick up its sleeve or a bunch of new owners that haven’t registered their vehicles, it doesn’t look like it’ll hit that 10,000-unit goal.
Continued Struggles for Lucid
That’s just bad news for a brand that’s seemingly always struggled to meet its own initial goals. At the beginning of 2022, it said it would build 20,000 cars during the year. Then that was cut to 12,000-14,000. Not long after, Lucid halved that figure to just 6,000-7,000 cars. Notably, it did hit that very watered-down goal, rolling 7,180 Air sedans off of the production line in 2022.
In fact, things looked like they were on the upswing last year as production ramped up quite a bit between the middle of the year and Q4. If this report proves indicative of end-of-year figures, the ramp leveled out a lot quicker than Lucid investors might hope.
New Releases Amidst Production Issues
Despite what seem to be major production issues, Lucid has recently released both the Air Pure and the Air Sapphire. The former is a rear-wheel drive variant with a base price of $78,975 and the latter is a 1,234 hp (920 kW) super sedan that starts at $250,000.
While these new releases may attract some attention, it remains to be seen if Lucid can overcome its production struggles and meet the demands of the market. With competitors in the electric vehicle space gaining momentum, it’s crucial for Lucid to streamline its production process and deliver on its promises.
The Road Ahead for Lucid
As Lucid continues to face challenges in meeting its production goals, it will need to address the underlying issues that have hindered its progress. This includes improving supply chain management, optimizing manufacturing processes, and ensuring a steady flow of components.
Additionally, Lucid should consider enhancing its communication with customers and investors. Providing regular updates on production milestones and addressing concerns transparently can help build trust and confidence in the brand.
Furthermore, exploring partnerships and collaborations with established automotive manufacturers or technology companies could provide Lucid with valuable resources and expertise to overcome its production challenges.
Overall, the electric vehicle market is highly competitive, and meeting production goals is crucial for success. Lucid must take decisive action to address its production issues and deliver on its promises to establish itself as a key player in the industry.
With the release of the Air Pure and Air Sapphire, Lucid has shown its commitment to innovation and pushing the boundaries of electric vehicle technology. Now, it’s time for the company to match its ambition with efficient and reliable production capabilities.
Only time will tell if Lucid can overcome its current setbacks and emerge as a leading player in the electric vehicle market. For now, all eyes are on the brand as it strives to meet its production goals for 2023.