Lucid slightly increases Q1 deliveries

Lucid Motors produced 1,728 electric cars in the first quarter and delivered 1,967. Although this is more than in the fourth quarter of 2023, the company still needs to to ramp up production to meet its 2024 target.

Image: Lucid Motors

In Q4/2023, Lucid reportedly built 2,391 electric vehicles and delivered 1,734 units to customers. The fourth quarter was one of the strongest of the entire year for Lucid, as the luxury car manufacturer produced 8,428 electric cars and delivered 6,001 units in 2023.

In Q1/2024, deliveries increased compared to the same period last year (1,406 vehicles in Q1/2023), but production fell (2,314 Lucid Air were built in Q1/2023). However, there is no reason to be alarmed. Lucid has produced more cars than it has delivered in every quarter so far, in some cases significantly more. The fact that in Q1/2024, more cars were delivered than built for the first time is a sign that the carmaker is able to reduce inventory. Lucid recently repeatedly lowered the prices of the Air to support sales.

However, it is also clear that the company can only afford such low production levels for a short time if it wants to meet its production target of 9,000 vehicles for 2024. That would mean that the carmaker will have to build an average of 2,250 EVs per quarter, and the manufacturer is already 522 vehicles behind this average after one quarter. As production of the second series model, the electric SUV Gravity, is due to start this year, the gap can still be closed.

Lucid will present its business figures for the first quarter on 6 May 2024.


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