Missed Q2 2023 Production and Delivery Numbers

[Genghis]

Production and delivery numbers missed again this quarter. It's going to be hard to ramp up the 2nd half to hit the already downforecast of 10k cars for 2023. Kind of a shame with the momentum it was building this past week

https://ir.lucidmotors.com/news-releases/news-release-details/lucid-announces-q2-production-deliveries-sets-date-second/

 

[joec]

Depends on how much of an impact sales in SA has I suppose. If they deliver a few thousand extra cars over there, they can still reach the 10k number.

 

[Genghis]

Depends on how much of an impact sales in SA has I suppose. If they deliver a few thousand extra cars over there, they can still reach the 10k number.

That's the hope and bet as one of the major catalysts. If AMP-2 could get online in Q3 and there is good demand in SA, Q4 could be the surprise beat. I bought a bunch of calls hoping that this happens.

 

[NoseyReporter]

Ooof. Explains why the accounts look so bad today

 

[quantum]

I suspect there will be another partnership announcement soon. Also base Pure deliveries ramp up in the last quarter. The 10k is production, not delivery. I'm sure they will easily reach that goal. Once Saudi factory is up , Saudi Gov will start buying the 10k a year they promised. They wont buy the ones made in USA. So expect meeting expectations this year ( 10k production ) and a 15k delivery ( perhaps 15-18k production) for 2024.

There is a plan in place, its a long stroll, not a sprint to get there. Planning on buying more in the 6's for a 10 year hold.

 

[MidwestLucidDude]

Living on the north shore of Chicago, I have so far seen just three Lucid Airs on the road, one about a year ago, and two in the past month. I have seen more Ferraris on the road in this same time period. A positive spin is to say it is a very exclusive car. The price point reinfoces that view. However Tesla makes most of their money selling lower end vehiles and Lucid is a long way from getting to that point. The Gravity is not the kind of mass prodcued vehicle Lucid will need. It may sell better than the Air. Time will tell how this all turns out.

 

[DRWHO42]

The big take aways I noted was the need for increased marketing and the Aston Martin deal which will not only pull in revenue but also create a bridge for a possible merger in the future since they are backed by the same financing group.

 

[Chillywill75]

Living on the north shore of Chicago, I have so far seen just three Lucid Airs on the road, one about a year ago, and two in the past month. I have seen more Ferraris on the road in this same time period. A positive spin is to say it is a very exclusive car. The price point reinfoces that view. However Tesla makes most of their money selling lower end vehiles and Lucid is a long way from getting to that point. The Gravity is not the kind of mass prodcued vehicle Lucid will need. It may sell better than the Air. Time will tell how this all turns out.

I’m in Glenview and I see another Lucid about once a week. I parked next to one the other day at Costco

 

[4givingGuy]

Sheer speculation, but wouldn't Lucid be a great target for purchase by Apple (the only $3T company in the world)?

 

[Sam6062]

Living on the north shore of Chicago, I have so far seen just three Lucid Airs on the road, one about a year ago, and two in the past month. I have seen more Ferraris on the road in this same time period. A positive spin is to say it is a very exclusive car. The price point reinfoces that view. However Tesla makes most of their money selling lower end vehiles and Lucid is a long way from getting to that point. The Gravity is not the kind of mass prodcued vehicle Lucid will need. It may sell better than the Air. Time will tell how this all turns out.

The issue is two pronged now.
Waning Demand and still unable to produce enough vehicles besides other stuff.

This creates a bit of a Catch 22 for them.

Their big hope now lies in selling their tech to other Companies.

 

[MorganB]

Also depends on the Saudi commitment to buy 100,000 vehicles. Not sure when that kicks in or if there is a caveat that they be built in the Saudi factory but that should help.

 

[Volund]

I suspect there will be another partnership announcement soon. Also base Pure deliveries ramp up in the last quarter. The 10k is production, not delivery. I'm sure they will easily reach that goal. Once Saudi factory is up , Saudi Gov will start buying the 10k a year they promised. They wont buy the ones made in USA. So expect meeting expectations this year ( 10k production ) and a 15k delivery ( perhaps 15-18k production) for 2024.

There is a plan in place, its a long stroll, not a sprint to get there. Planning on buying more in the 6's for a 10 year hold.

How did Rivian ramp up faster and better than Lucid?

 

[quantum]

Sheer speculation, but wouldn't Lucid be a great target for purchase by Apple (the only $3T company in the world)?

You think saudi will sell to apple, no way. There is a reason they are keeping majority ownership. And Saudi are not planning on taking it private. They wouldn't have announced the Aston partnership. People conveniently forget Saudi Gov buying 10k cars a year, those made in the Saudi factory.

 

[quantum]

Also depends on the Saudi commitment to buy 100,000 vehicles. Not sure when that kicks in or if there is a caveat that they be built in the Saudi factory but that should help.

I suspect they are the ones the build in Saudi. A carrot so lucid will execute.

 

[borski]

How did Rivian ramp up faster and better than Lucid?

Off the shelf parts, so less to “invent.” Plus, they may have just done a genuinely better job ramping.

The thing is, with the PIF backing, what matters is how Lucid is five years from now, not next quarter. They’re in it for the long game.

 

[Sam6062]

Also depends on the Saudi commitment to buy 100,000 vehicles. Not sure when that kicks in or if there is a caveat that they be built in the Saudi factory but that should help.

If I recall it is a back loaded 10 year plan where they start with 1K and reach 5K Cars in year 5. Years 6-10 is in double digits and I believe most of the buying is done starting with Assembly in SA and then finally factory production there in a few years.

Might be a good lottery play over 5-10 years at 5.50-6.00. Interesting it did not drop harder.

Was barcoding around 7 since 10:30 EST.

 

[Rob Stark]

The Gravity is not the kind of mass prodcued vehicle Lucid will need. It may sell better than the Air. Time will tell how this all turns out.

This is a straw man argument. Is anyone saying Gravity will be a mass produced vehicle?

Lucid doesn't have the scale to mass produce right now.

Model X probably sells over 2X what the Model S does. Tesla refuses to tell us the sales mix.

Gravity should follow suit and sell over twice as many than Air. And bring Lucid Group close to break even.

I just hope Peter builds what the market wants instead of what he wants and brings a compact CUV to market before Lucid brings a compact sedan to market.

Tesla wasn't profitable until Model 3 ramped. And at the time there was no compelling compact electric CUV for sale. Sales show Bolt and LEAF were not compelling. Rivian won't be profitable until R2 ramps.

 

[MorganB]

I just hope Peter builds what the market wants instead of what he wants and brings a compact CUV to market before Lucid brings a compact sedan to market.

I have a feeling it's going to be the sedan. He's said as much. However if you think about it you go from lower demand ( Air) to higher demand (Gravity) and then repeat the process on the smaller platform. Probably not a bad idea.

 

[Tâm]

Model X probably sells over 2X what the Model S does. Tesla refuses to tell us the sales mix.

• In 2022, Tesla sold 176,372 Model S vehicles, a 1426.37% increase from 2021
• In 2022, Tesla sold 31,371 Model X vehicles, a 329.39% increase from 2021

 

[quantum]

• In 2022, Tesla sold 176,372 Model S vehicles, a 1426.37% increase from 2021
• In 2022, Tesla sold 31,371 Model X vehicles, a 329.39% increase from 2021

Issue with Model X is the useless doors that break, why would you by a 7 seater with nowehere to put a roof rack when travelling long distances. Also, looks ugly and much more eexpensive that the Model S. Peter said the Gravity will be priced like tha AIr, I'm guessing a 5 k premium?