Lucid Group delivers another 360 EV in the first quarter of 2022 and remains on track to deliver 12,000 to 14,000 vehicles this year

Lucid Group (NASDAQ: LCID), the manufacturer of the electric car Air, announced this Profit for the first quarter of 2022.

Lucid Group’s profit for the 1st quarter of 2022

For the three months ended March 31, 2022, Lucid Group disclosed revenue of $ 57.7 million against consensus expectations of $ 55.56 million. This main figure is based on 360 EV EV deliveries during the respective quarter.

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(All figures in millions of dollars)

Keep in mind that Lucid Group delivered 125 units Air EV in the 4th quarter of 2021. Today’s announcement brings the company’s total deliveries to 485 units, which is still ashamed of the company’s goal of delivering 520 units in 2021 alone.

On the plus side, Lucid Group remains confident that it will supply 12,000 to 14,000 vehicles throughout 2022, despite constant supply chain constraints.

The company also recorded losses from operations of $ 597.53 million.

(All figures in millions of dollars)

Lucid Group (LCID) secures a huge order for 100,000 EV from the Saudi government

The company’s cash balance is $ 5.4 billion. Moreover, the Air EV booking now exceeds 30,000 units, corresponding to a potential revenue of more than $ 2.9 billion.

Lucid Group also plans to raise prices for its products from early June. The company’s press release states:

“From June 1, new bookings will cost the US $ 154,000 for Air Grand Touring, $ 107,400 for Air Touring and 87,400 for Air Pure.3 The cost of the new Lucid Air Grand Touring Performance model, announced just two weeks ago, will remain at price in the US at $ 179,000 ”.

Keep in mind that these prices exclude the impact of the U.S. federal tax credit of $ 7,500 for EVs.

Source: https://www.nasdaq.com/market-activity/stocks/lcid

Shares of Lucid Group, in fact, remained in trading during non-business hours after falling by almost 7 percent in the regular session. Shares have fallen more than 53 percent since the beginning of the year.

As we noted in a special statement in late April, the Saudi government has officially entered into an agreement with Lucid Group to purchase at least 50,000 vehicles over a 10-year period with the option to purchase an additional 50,000 units. at the same time and bringing the whole quantum of order to colossal 100,000 units. The order concerns the Air EV, as well as future models that the company intends to release in the next few years. Initial deliveries under this order should begin in the second quarter of 2023, and starting in 2025, this frequency of deliveries will increase to 4,000-7,000 vehicles per year.

At the end of February 2022, Lucid Group and Emaar, The Economic City (Emaar EC) – a public Saudi joint stock company – completed a 25-year term lease agreement worth SAR 113.5 million or $ 30.26 million to set up a large-scale manufacturing and assembly plant on the West Coast of the Kingdom by 2024.

Readers should note that the Saudi PIF remains Lucid Group’s largest shareholder.