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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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Electrek FSGP 2025: New teams, new cars, same solar spirit

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Electrek FSGP 2025: New teams, new cars, same solar spirit

The sun has set on a frantic day of scrutineering at this year’s Electrek Formula Sun Grand Prix (FSGP), as teams scramble to qualify for a spot on the starting line tomorrow morning. Electrek FSGP 2025 is shaping up to be one of the event’s most attended ever, thanks to a strong showing of first-time and returning schools. But that also means new and unproven vehicles on the track.

Today, I walked through a couple of bays and talked with a few of the teams able to spare a minute; almost all of them were debuting completely new cars that were years in the making. Building a solar car is no easy feat. It’s not just the engineering and technical know-how that’s often a hurdle for them; it’s more often monetary. However, one of the things that makes this event so special is the camaraderie and collaboration that happen behind the scenes.

Northwestern University is back with a completely new car this season, its eighth since the team’s original inception in 1997 during the GM Sunrayce days. Its motor controller, which is responsible for managing the flow of power from the batteries to the motor, was given to them by the Stanford team. Stanford had extras and could spare one for Northwestern, which needed a replacement. It doesn’t stop there. Two members of the Northwestern team (Shannon and Fiona) told me four other teams helped them with a serious tire replacement around 1 a.m. Wednesday morning, saving them from missing important parts of scrutineering.

This is also an exciting year for the West Virginia team, which is celebrating its 35th anniversary as a solar car team, making them one of the oldest teams on the track. With age comes wisdom though: WV is competing again this year with its single-occupant vehicle, Sunseeker. The team ran into issues after last year’s American Solar Challenge (ASC) cross-country event when the vehicle’s control arm, an important part of the suspension that connects the wheels to the chassis, broke. They tell me this year they’re back with a completely redesigned control arm made of both aluminum and steel. Thank you, Hayley, John, and Izzy, for taking the time to talk.

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We’re also seeing new builds this year from the University of Florida, the University of Puerto Rico, NC State, and UC Irvine. Believe it or not, the latter team has never competed in an American Solar Challenge/Formula Sun Grand Prix. This is their first year. UC Irvine doesn’t expect to be on the starting line tomorrow but hopes to be on the track soon after.

On the other hand, we have tried-and-proven cars like my personal favorite, Polytechnique Montréal’s Esteban, which undergoes minor improvements each year. I talked a little bit with this team today, and they told me the car’s motor was dropped, disassembled, and cleaned in preparation for the event. Polytechnique Montréal has passed scrutineering and will appear on the starting line tomorrow.

Polytechnique Montréal

Teams that haven’t wrapped up scrutineering in the last three days can still complete it, though doing so will eat into time on track.

Last year, École de Technologie Supérieure (ETS) and Polytechnique Montreal took first place in the Single-Occupant Vehicle (SOV) and Multi-Occupant Vehicle (MOV) classes, respectively. There’s something in the water in Canada.

You can learn more about the different classes and the specific rules here.

I’ll continue to post more updates as the event continues!

2025 Electrek FSGP schedule

The 2025 Electrek FSGP will again be held at the National Corvette Museum Motorsports Park in Bowling Green, Kentucky, which, interestingly enough, General Motors occasionally uses for Corvette testing and development. A bit of a full-circle moment being so close to the company that started it all.

The event is open to the public and FREE to attend. Come see the solar car race up close!

Racing starts on July 3 from 10am to 6pm CT and continues through July 5 from 9am to 5pm CT.

July 2 (Wednesday)

  • 9am–7pm: Scrutineering
  • 10am–8pm: Altair Challenge

July 3 (Thursday)

  • 10am–12pm: Altair Challenge
  • 10am–6pm: Hot Track
  • 6pm–8pm: Evening Charging

July 4 (Friday)

  • 7am–9am: Morning Charging
  • 9am–5pm: Hot Track
  • 5pm–8pm: Evening Charging

July 5 (Saturday)

  • 7pm: Awards Ceremony
  • 7am–9am: Morning Charging
  • 9am–5pm: Hot Track

2025 Electrek FSGP teams

Purdue

Kentucky

Florida

Berkeley

UT Austin

Iowa State

RIT

Northwestern

Michigan State

Stanford

Illinois State

Washington

Virginia Tech

Illinois

Waterloo

British Columbia

Missouri S&T

Georgia Tech

Poly Montreal

SIUE

Calgary

Rutgers

Toronto

Florida Poly

Virginia

UC Irvine

Western Ontario

NC State

McMaster

Montana State

UOP

Western Michigan

Puerto Rico

App State

If you’re interested in joining us in sponsoring these events, please get in touch here!

Featured image via Cora Kennedy for Electrek FSGP/ASC.

Note: The Formula Sun Grand Prix is not in any way associated or affiliated with the Formula 1 companies, FORMULA 1 racing, or the FIA Formula One World Championship.

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Troubling times for Tesla, Nissan, and Dodge – plus some fun yellow stuff!

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Troubling times for Tesla, Nissan, and Dodge – plus some fun yellow stuff!

Tesla’s Q2 results are in, and they are way, way down from Q2 of 2024. At the same time, Nissan seems to be in serious trouble and the first-ever all-electric Dodge muscle car is getting recalled because its dumb engine noises are the wrong kind of dumb engine noises. All this and more on today’s deeply troubled episode of Quick Charge!

We’ve also got an awesome article from Micah Toll about a hitherto unexplored genre of electric lawn equipment, a $440 million mining equipment deal, and a list of incompetent, corrupt, and stupid politicians who voted away their constituents’ futures to line their pockets.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

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Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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OpenAI says Robinhood’s tokens aren’t equity in the company

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OpenAI says Robinhood's tokens aren't equity in the company

Jaque Silva | Nurphoto | Getty Images

OpenAI is distancing itself from Robinhood‘s latest crypto push after the trading platform began offering tokenized shares of OpenAI and SpaceX to users in Europe.

“These ‘OpenAI tokens’ are not OpenAI equity,” OpenAI wrote on X. “We did not partner with Robinhood, were not involved in this, and do not endorse it.”

The company said that “any transfer of OpenAI equity requires our approval — we did not approve any transfer,” and warned users to “please be careful.”

Robinhood announced the launch Monday from Cannes, France, as part of a broader product showcase focused on tokenized equities, staking, and a new blockchain infrastructure play. The company’s stock surged above $100 to hit a new all-time high following the news.

“These tokens give retail investors indirect exposure to private markets, opening up access, and are enabled by Robinhood’s ownership stake in a special purpose vehicle,” a Robinhood spokesperson said in response to the OpenAI post.

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Robinhood offered 5 euros worth of OpenAI and SpaceX tokens to eligible EU users who signed up to trade stock tokens by July 7. The assets are issued under the EU’s looser investor restrictions via Robinhood’s crypto platform.

“This is about expanding access,” said Johann Kerbrat, Robinhood’s SVP and GM of crypto. “The goal with tokenization is to let anyone participate in this economy.”

The episode highlights the dynamic between crypto platforms seeking to democratize access to financial products and the companies whose names and equity are being represented on-chain

U.S. users cannot access these tokens due to regulatory restrictions.

Robinhood hits record high as OpenAI, SpaceX go on-chain

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