Q1 Earnings Call

[LCIDdreams]

Thorough analysis. Realistic, and in the end, positive.

Agree. Just not sure about the suggestion the addressable market is buyers earning more than $75k. For a $77k-$180k car I would think the market would be buyers earning quite a lot more than $75k!

 

[TCGT]

Agree. Just not sure about the suggestion the addressable market is buyers earning more than $75k. For a $77k-$180k car I would think the market would be buyers earning quite a lot more than $75k!

Good catch. Analysts can appear smart and thorough and still make statements with no logic.

 

[mnewber1]

393 deliveries in Q1 for Lucid via Bank of America

via @LetsGoLCID

 

[HC_79]

View attachment 2003

393 deliveries in Q1 for Lucid via Bank of America

via @LetsGoLCID

Not sure how correct that is because in the last earnings call they said they had delivered 125 or something in Q4 but had 300 produced at the time of the call. So since then, they've only made another 93??? If it's correct, it's quite concerning

 

[mnewber1]

Not sure how correct that is because in the last earnings call they said they had delivered 125 or something in Q4 but had 300 produced at the time of the call. So since then, they've only made another 93??? If it's correct, it's quite concerning

218 in the month of March. January through February 28 they had made only 175 deliveries. These are deliveries not production.

 

[Luci]

keep in mind, revenue is only recognized upon delivery.

 

[Sandvinsd]

View attachment 2003

393 deliveries in Q1 for Lucid via Bank of America

via @LetsGoLCID

So we are on a pace for perhaps 2500 cars this year. The important question is whether Lucid will affirm guidance of the 12-14k cars this year or admit that those lower projections were rosy and not likely to be met.

 

[mnewber1]

My guess is that guidance will be lowered when we see how supply chain shortages will continue to impact production in June when they claimed they see an end to the shortages.

 

[LCIDdreams]

So we are on a pace for perhaps 2500 cars this year. The important question is whether Lucid will affirm guidance of the 12-14k cars this year or admit that those lower projections were rosy and not likely to be met.

Wonder where BofA got that # from. Could just be their own projection.

They will continue to ramp so I’m sure it will end up more than 2500. I think they may only revise guidance on this call if they feel there is not a hope in hell they will get to more than 9000-10000 for the year.

On last call they said they expected supply chain issues to clear up 2nd half. I don’t think anyone else is thinking supply chain challenges will ease so quickly so will be interesting how they address that.

Maybe one of the analysts will ask when deliveries of grey cars will start.

 

[mnewber1]

I wonder if these numbers are number of loans given for these cars?

 

[rbbarry]

I wonder if these numbers are number of loans given for these cars?

Had to be the loans, no? What percentage of buyers are financing and what percentage of those are using BOA?

 

[LCIDdreams]

I wonder if these numbers are number of loans given for these cars?

Not sure about that. BofA would only hold a small fraction of car loans- I’d be amazed if it’s as high as 10%. Some of that chart is a head scratcher- shows F150 lighting sales started q4 2021??

 

[mnewber1]

Not sure about that. BofA would only hold a small fraction of car loans- I’d be amazed if it’s as high as 10%. Some of that chart is a head scratcher- shows F150 lighting sales started q4 2021??

Then I have absolutely no idea where these figures are coming from. The 2021 figure of 131 is wrong anyways, since they delivered 125.

 

[Sandvinsd]

i imagine that it will be close to the actuals.

Then I have absolutely no idea where these figures are coming from. The 2021 figure of 131 is wrong anyways, since they delivered 125.

 

[Sandvinsd]

As of June 1, new reservations will be priced in the U.S. at $154,000 for Air Grand Touring, $107,400 for Air Touring and $87,400 for Air Pure.3 The price for the new Lucid Air Grand Touring Performance model, announced just two weeks ago, will remain priced in the U.S. at $179,000. These prices are for base models, before the potential $7,500 U.S. federal tax credit, and excluding tax, title, license, options and destination fees.

Lucid Reports First Quarter 2022 Financial Results | Lucid Group, Inc.

Q1 revenue of $57.7M driven by customer deliveries of 360 vehicles in the quarter Strong demand with more than 30,000 customer reservations as of today, reflecting potential sales of $2.9B Production volume outlook for 2022 remains on track at 12,000 to 14,000 vehicles Announces new pricing

ir.lucidmotors.com

 

[mnewber1]

"Production volume outlook for 2022 remains on track at 12,000 to 14,000 vehicles" ... hmm

 

[Sandvinsd]

Yup. 360 in a quarter is a paltry 1440 for the year or only about 10% of their guidance.

 

[mnewber1]

360 deliveries suggest Jan/Feb 175 deliveries, March 185 deliveries. Which is a ramp up, though not nearly close enough to reach 12,000. Hopefully they know something about the shortages ending next month or something...

 

[HC_79]

Pretty disappointing tbh. 360 is basically 30 cars a week. The reservations have slowed down and the now with the price increases it could just stall.......

 

[Neurio]

Yup. 360 in a quarter is a paltry 1440 for the year or only about 10% of their guidance.

Well, it does seem that GT deliveries have been ramping up a bit in the 1st month of Q2, so hopefully they're prediction is correct.

The pricing for GT-P now makes more sense with the new cost of GT. $25k upcharge is still a lot, but is more palatable than $40k.