Following a little teaser in early January, Lucid Motors has publicly shared its financial results for Q4 and the full fiscal year 2022 in an investor presentation you can view below. Air EV production was way up to cap off last quarter, leading to revenues over $257 million. As a result of the whole year, Lucid Motors believes it is liquid enough to safely navigate into 2024. Details below.
Lucid Motors continued to bolster its previously struggling EV production processes this past quarter after twice adjusting its projected annual outputs due to supply chain constraints. Q3 saw its most productive quarter to date in which the American automaker delivered 1,398 Air sedans, equating to nearly $200 million in revenue.
At the time, Lucid relayed that Lucid it remained on track to meet its output goal of 6,000 to 7,000 EVs for 2022 as it geared up to begin deliveries of its flagship EV’s third trim – the Air Touring. This past January, Lucid let the public know it capped off Q4 of 2022 by exceeding the high end of its production guidance, producing 7,180 EVs at its high-tech AMP-1 facility in Casa Grande, Arizona.
Those numbers are nowhere near the 20,000 EVs originally anticipated for 2022, or the revised target of 12,000-14,000 units after that, but Lucid’s production growth in Q4 still accounted for nearly half its entire annual output, so it appears to found a stride it looks to continue into 2023 with a much more grounded production guidance.
Credit: Lucid Motors
Lucid Motors looks to carry Q4 momentum into 2023
You can check out the full Q4 and fiscal year 2022 report from Lucid Motors here, but we’ll outline some of the key talking points below. Q4 revenue was $257.7 million for a total of $608.2 million for 2022. That’s up from $195.5 million in Q3. As a result, Lucid states that its $4.9 billion in total liquidity is expected to keep the company afloat into Q1 of 2024 at a minimum.
In total, Lucid delivered 4,369 of the 7,180 Air EVs it produced in 2022, and it’s reporting that it still has over 28,000 reservations to fill – equating to approximately $2.7 billion in additional sales revenue. Those numbers do not include the (up to) 100,000 Air reservations in place from the government of Saudi Arabia. But those deliveries are expected to take place over the course of the next decade. Lucid CEO and CTO Peter Rawlinson spoke to the company’s Q4 and 2022 progress:
Last year was a challenging year for everyone, yet despite the extraordinary supply chain and logistics challenges, the team persevered with an unrelenting focus on delivering what we believe is the best luxury sedan on the market.
Lucid Air has it all — industry-leading range, exceptional driving dynamics, and superior performance all wrapped up in a truly elegant design with a spacious interior cabin. But more importantly, the technological advances of Lucid Air are developed entirely in-house with the singular goal to advance the adoption of EVs around the world for future generations to come. Lucid Air is the quintessential luxury sedan, and our goal in 2023 is to amplify our sales and marketing efforts to get this amazing product into the hands of even more customers around the world.
Looking ahead to 2023, Lucid Motors has shared its production guidance will be between 10,000 and 14,000 units, in which it could achieve the high end of if it can stay on the approximately 3,500 EV pace it hit in Q4 2022.
In its earning release presentation, the American Automaker shared that construction of its AMP-2 facility in Saudi Arabia is underway and will begin operations by assembling Lucid Air sedans pre-manufactured at AMP-1 in the US, but will eventually produce entire EVs. At its peak output, Lucid expects AMP-2 to produce up to 155,000 additional vehicles per year.
It was surprising that there was very little mention of the Gravity SUV – Lucid’s second model that was originally scheduled to begin reservations in “early 2023.” As we’ve discussed before, Lucid’s 3 million square-foot AMP-1 Phase 2 expansion will include assembly lines for Gravity, which is expected to begin production sometime in 2024.
Before then, we should see production of the ultrafast tri motor Air Sapphire this Summer. Lots to reflect on in the documents above but even more to look forward to in 2023. Lucid Motors still has work to do in order to scale production and meet demand, but its Q4 results are certainly a momentum builder. Let’s see if it can hit 2023’s production guidance without an eraser marks.
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In a bold bid to combat the crippling air pollution crisis in its capital, Delhi, Indian lawmakers have begun high-level discussions about a plan to phase out gas and diesel combustion vehicles by 2035 – a move that could cause a seismic shift in the global EV space and provide a cleaner, greener future for India’s capital.
Long considered one of the world’s most polluted capital cities, Indian capital Delhi is taking drastic steps to cut back pollution with a gas and diesel engine ban coming soon – but they want results faster than that. As such, Delhi is starting with a city-wide ban on refueling vehicles more than 15 years old, and it went into effect earlier this week. (!)
“We are installing gadgets at petrol pumps which will identify vehicles older than 15 years, and no fuel will be provided to them,” said Delhi Environment Minister Manjinder Singh Sirsa … but they’re not stopping there. “Additionally, we will intensify scrutiny of heavy vehicles entering Delhi to ensure they meet prescribed environmental standards before being allowed entry.”
The Economic Times is reporting that discussions are underway to pass laws requiring that all future bus purchases will be required to be electric or “clean fuel” (read: CNG or hydrogen) by the end of this year, with a gas/diesel ban on “three-wheelers and light goods vehicles,” (commercial tuk-tuks and delivery mopeds) potentially coming 2026 to 2027 and a similar ban privately owned and operated cars and bikes coming “between 2030 and 2035.”
Electrek’s Take
Xpeng EV with Turing AI and Bulletproof battery; via XPeng.
Last week, Parker Hannifin launched what they’re calling the industry’s first certified Mobile Electrification Technology Center to train mobile equipment technicians make the transition from conventional diesel engines to modern electric motors.
The electrification of mobile equipment is opening new doors for construction and engineering companies working in indoor, environmentally sensitive, or noise-regulated urban environments – but it also poses a new set of challenges that, while they mirror some of the challenges internal combustion faced a century ago, aren’t yet fully solved. These go beyond just getting energy to the equipment assets’ batteries, and include the integration of hydraulic implements, electronic controls, and the myriad of upfit accessories that have been developed over the last five decades to operate on 12V power.
At the same time, manufacturers and dealers have to ensure the safety of their technicians, which includes providing comprehensive training on the intricacies of high-voltage electric vehicle repair and maintenance – and that’s where Parker’s new mobile equipment training program comes in, helping to accelerate the shift to EVs.
“We are excited to partner with these outstanding distributors at a higher level. Their commitment to designing innovative mobile electrification systems aligns perfectly with our vision to empower machine manufacturers in reducing their environmental footprint while enhancing operational efficiency,” explains Mark Schoessler, VP of sales for Parker’s Motion Systems Group. “Their expertise in designing mobile electrification systems and their capability to deliver integrated solutions will help to maximize the impact of Parker’s expanding METC network.”
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The manufacturing equipment experts at Nott Company were among the first to go through the Parker Hannifin training program, certifying their technicians on Parker’s electric motors, drives, coolers, controllers and control systems.
“We are proud to be recognized for our unwavering dedication to advancing mobile electrification technologies and delivering cutting-edge solutions,” says Nott CEO, Markus Rauchhaus. “This milestone would not have been possible without our incredible partners, customers and the team at Nott Company.”
In addition to Nott, two other North American distributors (Depatie Fluid Power in Portage, Michigan, and Hydradyne in Fort Worth, Texas) have completed the Parker certification.
Electrek’s Take
T7X all-electric track loader at CES 2022; via Doosan Bobcat.
With the rise of electric equipment assets like Bobcat’s T7X compact track loader and E10e electric excavator that eliminate traditional hydraulics and rely on high-voltage battery systems, specialized electrical systems training is becoming increasingly important. Seasoned, steady hands with decades of diesel and hydraulic systems experience are obsolete, and they’ll need to learn new skills to stay relevant.
Certification programs like Parker’s are working to bridge that skills gap, equipping technicians with the skills to maximize performance while mitigating risks associated with high-voltage systems. Here’s hoping more of these start popping up sooner than later.
Based on a Peterbilt 579 commercial semi truck, the ReVolt EREV hybrid electric semi truck promises 40% better fuel economy and more than twice the torque of a conventional, diesel-powered semi. The concept has promise – and now, it has customers.
Austin, Texas-based ReVolt Motors scored its first win with specialist carrier Page Trucking, who’s rolling the dice on five of the Peterbilt 579-based hybrid big rigs — with another order for 15 more of the modified Petes waiting in the wings if the initial five work out.
The deal will see ReVolt’s “dual-power system” put to the test in real-world conditions, pairing its e-axles’ battery-electric torque with up to 1,200 miles of diesel-extended range.
ReVolt Motors team
ReVolt Motors team; via ReVolt.
The ReVolt team starts off with a Peterbilt, then removes the transmission and drive axle, replacing them with a large genhead and batteries. As the big Pete’s diesel engine runs (that’s right, kids – the engine stays in place), it creates electrical energy that’s stored in the trucks’ batteries. Those electrons then flow to the truck’s 670 hp e-axles, putting down a massive, 3500 lb-ft of Earth-moving torque to the ground at 0 rpm.
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The result is an electrically-driven semi truck that works like a big BMW i3 or other EREV, and packs enough battery capacity to operate as a ZEV (sorry, ZET) in ports and urban clean zones. And, more importantly, allows over-the-road drivers to hotel for up to 34 hours without idling the engine or requiring a grid connection.
That ability to “hotel” in the cab is incredibly important, especially as the national shortage of semi truck parking continues to worsen and the number of goods shipped across America’s roads continues to increase.
And, because the ReVolt trucks can hotel without the noise and emissions of diesel or the loss of range of pure electric, they can immediately “plug in” to existing long-haul routes without the need to wait for a commercial truck charging infrastructure to materialize.
“Drivers should not have to choose between losing their longtime routes because of changing regulatory environments or losing the truck in which they have already made significant investments,” explains Gus Gardner, ReVolt founder and CEO. “American truckers want their trucks to reflect their identity, and our retrofit technology allows them to continue driving the trucks they love while still making a living.”
If all of that sounds familiar, it’s probably because you’ve heard of Hyliion.
In addition to being located in the same town and employing the same idea in the same Peterbilt 579 tractor, ReVolt even employs some of the same key players as Hyliion: both the company’s CTO, Chandra Patil, and its Director of Engineering, Blake Witchie, previously worked at Hyliion’s truck works.
Still, Hyliion made their choice when they shut down their truck business. ReVolt seems to have picked up the ball – and their first customer is eager to run with it.
“Our industry is undergoing a major transition, and fleet owners need practical solutions that make financial sense while reducing our environmental impact,” said Dan Titus, CEO of Page Trucking. “ReVolt’s hybrid drivetrain lowers our fuel costs, providing our drivers with a powerful and efficient truck, all without the need for expensive charging infrastructure or worrying about state compliance mandates. The reduced emissions also enable our customers to reduce their Scope 2 emissions.”
Page Trucking has a fleet of approximately 500 trucks in service, serving the agriculture, hazardous materials, and bulk commodities industries throughout Texas. And, if ReVolt’s EREV semis live up to their promise, expect them to operate a lot more than 20 of ’em.