Lucid Group Announces its Q4 & Fiscal Year 2021 Results, Reports Revenue of $26.4 Million

author: FutureCar Staff    

The Lucid Air was designed to be one of the world's most advanced electric vehicles.

Luxury electric carmaker Lucid Group announced its 2021, fourth quarter results on Monday and its delivery number shows that the company is still working to ramp up production of its first vehicle, the Lucid Air sedan.

Lucid reported revenue of $26.4 million. That figure also includes revenue from sales of battery pack systems and service related to the company's motorsports business. Lucid supplies battery packs for Formula-E race cars.

As of Feb 28, 2022, Lucid said it produced over 400 vehicles, with 125 delivered to customers before the end of 2021 and roughly 175 more since the beginning of the new year.

Lucid also said its has over 25,000 reservations for the luxury-electric Air sedan representing potential sales of $2.4 billion.

Lucid is targeting the premium electric market with its first model, the Air sedan. The Air is competing with the Porsche Taycan, Audi e-tron GT, Tesla Model S and other high-end battery-powered models. Lucid prides itself on developing all of its electric powertrain technology, including motors and inverters, entirely in-house. 

Depending on the configuration, the various Lucid Air models are priced from $77,400 to $169,000 for the limited production Air Dream Edition, which despite its enormous price tag, is already sold out.

The Lucid Air sedan is currently offered in three configurations. The lineup includes the very well-equipped Lucid Air Pure starting at $77,400; the Lucid Air Touring, which starts at $95,000; and the Lucid Air Grand Touring priced at $139,000. All three are eligible for the federal EV tax credit of $7,500.

EPA estimated range for the Air sedan is anywhere between 405 and 520 miles, depending on the configuration.

Although Lucid struggled with a slower than expected production ramp up, the company updated its production outlook for 2022, from 12,000 vehicles to 14,000. Lucid says it currently has an installed production capacity of 34,000 vehicles a year, but it's also dealing with semiconductor shortages that could affect production in 2022.

Lucid is one of the most talked about EV startups to go public since Tesla in 2010 and the company's recent IPO is attracting investors looking for the next big thing in the EV sector. 

Lucid's stock began trading on the NASDAQ on July 26, 2021 after completing its business combination with special purpose acquisition company (SPAC) Churchill Capital Corp IV. 

The high-profile SPAC deal with Churchill Capital Corp also included a private investment of $2.5 billion from Saudi Arabia's PIF and funds managed by BlackRock. 

Lucid Group also announced plans today to expand to Saudi Arabia to tap into the growing EV market in the Middle East. The plans to build a second EV factory there is not surprising, since Lucid has been backed by the Saudi Arabia Public Investment Fund (PIF) after a $1 billion investment in 2018.

However, the company still faces an uphill battle as an automotive startup competing with Tesla and other legacy automakers in a highly competitive EV segment that's rapidly expanding. Lucid stock price is down over 29% since the start of the new year. But it did rebound by almost 10% on Monday after the company announced its Q4 results.

The Lucid Air sedan is being built at the company's newly completed factory in Casa Grande, Arizona. Lucid calls the facility "Lucid AMP-1", which stands for Advanced Manufacturing Plant 1. Lucid says its Arizona EV factory is the first built from the ground up solely for electric vehicle production in North America.

In December, Lucid issued a green convertible bond offering, which netted the company $2 billion.

Lucid says its cash on hand as of Dec 31, 2021 is $6.2 billion. The company says it will continue to invest in its business, which includes expanding its factory in Arizona to four times its original size as Lucid prepares to launch its second more budget-friendly model, a mid-size SUV.

The Lucid Air sedan was recently named 2021's "Car of the Year" by MotorTrend. It's considered to be one of the most prestigious awards in the auto industry. MotorTrend Car of the Year judges evaluated six key criteria, including efficiency, value, advancement in design, engineering excellence, safety, and performance.

FutureCar Staff