Lucid Motors (LCID) shares Q4 financial results, ends 2022 with enough liquidity to reach 2024
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.
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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Leading electric vehicle analyst, author, and industry thought leaders Loren McDonald and Bill Ferro stop by Quick Charge to discuss EV Adoption’s acquisition by Paren, the “crisis” of EV charging reliability, and the real state of the EV market.
Depending on who you listen, EVs are either driving brands to record growth and are about cross that critical 10% of the overall market nationwide, or the future is bleak, the market is down, and EVs just aren’t selling. What’s really going on? Loren and Bill (probably) have some answers.
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Read more: All my favorite EVs, racecars, and robots from Electrify Expo Austin.
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Chevy EV owners in Texas who have Reliant as their electric utility can now charge for free at night with renewable energy.
Over 150 Chevrolet dealerships across Texas are now offering the Reliant Free Charge Nights plan to new EV buyers. With Free Charge Nights, customers can offset their charging costs by receiving credits for electricity used between 11 pm and 6 am. The plan is powered entirely by renewable energy, thanks to the purchase of renewable energy certificates (RECs).
Rasesh Patel, president of NRG Consumer, says the plan is about making power personal: “We’re excited to help Chevrolet EV drivers offset the cost of charging their vehicle all while having access to a renewable electricity plan.”
This collaboration aims to make EV adoption more appealing by making charging cheaper and greener. GM Energy’s chief revenue officer, Aseem Kapur, emphasized that partnerships like this help build the ecosystem needed to support an all-electric future: “The Reliant Free Charge Nights plan is a great example of how an automaker and an energy company can work together to make EV adoption an easy decision.”
Existing Reliant customers can also sign up for the Free Charge Nights plan. To get started, Chevrolet EV owners need to designate their vehicle on the GM Energy Smart Charging Portal before enrolling in the plan.
Reliant Energy, a subsidiary of NRG Energy, serves over 1.5 million customers in Texas, making it one of the largest electricity providers in the state.
Read more: Texas to get 1 GW AI-powered virtual power plant, enough to power 200,000 homes
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Texas is about to get a major power boost – a new AI-powered virtual power plant (VPP) delivering capacity equivalent to 200,000 homes during peak demand.
NRG Energy is teaming up with Renew Home to bring nearly 1 gigawatt (GW) of capacity to the Texas grid by 2035, aiming to make it more resilient while helping residents save on energy costs.
The new VPP will rely on hundreds of thousands of smart thermostats and other connected home devices, making use of AI technology provided by Google Cloud. These devices, like Vivint and Nest smart thermostats, will be offered to eligible customers at no cost. By automating HVAC adjustments, they help shift energy use to when electricity is cheaper, cleaner, and less strained.
NRG and Renew Home have big plans for the VPP. Starting in spring 2025, the companies plan to roll out the program across Texas, installing these smart thermostats in homes served by NRG’s retail electricity providers. Eventually, they plan to add home battery storage and EVs to expand the power plant’s capabilities.
Texas has faced record-breaking energy demands, with peak usage hitting 85 GW in 2023. As the state’s population grows and extreme weather becomes more frequent, VPPs like this one could play a key role in stabilizing the grid. VPPs aggregate a lot of small-scale energy resources, from smart thermostats to home batteries, and use them to help balance supply and demand during times of high stress on the grid.
This nearly 1 GW VPP will be one of the largest of its kind in Texas. NRG’s president of consumer operations, Rasesh Patel, calls it a “pivotal step” for improving customer experience while making Texas’ energy infrastructure more sustainable and resilient.
In addition to Renew Home, NRG is working with Google Cloud to maximize the power plant’s effectiveness. Google Cloud’s AI and analytics tools will help predict weather conditions, forecast renewable generation, and optimize energy usage, all of which will help make energy management smoother for both customers and the grid.
Ben Brown, CEO of Renew Home, said:
NRG’s commitment to creating a more resilient and sustainable energy future while also making electricity bills more affordable makes them an ideal partner for co-developing this unique VPP program.
This initiative raises the bar for future-proofing our electricity infrastructure and delivering cost savings to customers.
Read: Chinese solar giant Trina sells its Texas factory a week after it opens
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