EV startup Lucid Motors (LCID) revealed Q1 production and delivery numbers Thursday showing weaker-than-expected results as competition in the electric vehicle market heats up.
Lucid Q1 2023 EV deliveries and production totals
Lucid said it produced 2,314 Lucid Air models in the first quarter while delivering 1,406 during the first three months of 2023.
Despite electric vehicle deliveries rising by nearly 300% from the same period last year (360 EVs deliviered in Q1 2022), investors were dissapointed with the results.
The delivery totals were unimpressive compared to Wall Street expectations of around 2,000 electric vehicle deliveries. Like many EV makers, Lucid saw production and deliveries fall in the first quarter compared to Q4.
Coming off its strongest production quarter yet in Q4, building 3,493 Lucid Air models and delivering 1,932 of them, the falling numbers could be a sign of weakening demand (or just typical seasonality).
Lucid shared during its fourth-quarter earnings it was aiming to produce between 10,000 and 14,000 models in 2023, significantly lower than Wall St. expectations of upwards of 20,000. Meanwhile, the company says it has over 28,000 Lucid Air reservations.
The EV startup said it will release its first quarter 2023 financial results on Monday, May 8, 2023, at 2:30 p.m. ET followed by the earnings conference call.
Lucid’s shares are down over 7% in premarket trading on Friday following the news.
Electrek’s Take
Falling production numbers despite a bigger backlog could indicate Lucid is having a hard time converting reservation holders to buyers. Or, as I said earlier, it could just be a one-off event due to normal seasonality.
Lucid, like many automakers are dealing with ongoing supply chain issues and rising input costs, which puts further stress on margins.
Rivian also posted a weaker-than-expected delivery total of 7,946 units in Q1, but ensured it remains on track to hit its 50,000 annual production goal for 2023.
Meanwhile, EV leader Tesla confirmed it achieved a new record in the first quarter, delivering 422,875 vehicles, widening its lead in the market.
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The electric construction equipment experts at XCMG just released a new, 25 ton electric crawler excavator ahead of bauma 2025 – and they have their eye on the global urban construction, mine operations, and logistical material handling markets.
UPDATE: telematics announcement.
Powered by a high-capacity 400 kWh lithium iron phosphate battery capable of delivering up to 8 hours of continuous operation, the XE215EV electric excavator promises uninterrupted operation at a lower cost of ownership and with even less downtime than its diesel counterparts.
XCMG showed off its latest electric equipment at the December 2024 bauma China, including an updated version of its of its 85-ton autonomous electric mining truck that features a fully cab-less design – meaning there isn’t even a place for an operator to sit, let alone operate. And that’s too bad, because what operator wouldn’t want to experience an electric truck putting down 1070 hp more than 16,000 lb-ft of torque!?
Easy in, easy out
XCMG battery swap crane; via Etrucks New Zealand.
The best part? All of the company’s heavy equipment assets – from excavators to terminal tractors to dump trucks and wheel loaders – all use the same 400 kWh BYD battery packs, Milwaukee tool style. That means an equipment fleet can utilize x number of vehicles with a fraction of the total battery capacity and material needs of other asset brands. That’s not just a smart use of limited materials, it’s a smarter use of energy.
“XCMG remains committed to advancing engineering technology to empower a sustainable future. Our mission is to deliver efficient, intelligent, and eco-friendly lifecycle solutions for global clients,” said Mr. Yang Dongsheng, Chairman of XCMG Group and XCMG Machinery. “Today, 19% of our product portfolio comprises green innovations under our ‘Green Mountain’ new energy line, with full electrification across all series underway.”
On today’s troubling episode of Quick Charge, we explore all the troubles befalling Tesla (and TSLA stock) in the month April – with top executives fleeing the ship, demand plummeting, sales slipping, government incentives at home and abroad under threat, and a raft of receipts brought on by an OpenAI lawsuit hitting the brand, it’s already a bad month for Elon … and there’s still 20 more days to go!
None of this even touches on the $43 million “backlogged” rebate scandal Tesla’s facing in Canada that’s being blamed for people’s negative attitudes about the brand (ha!) or the fact that neither the long-promised Roadster 2.0 or the Tesla Semi will see production anytime this year, either.
The word you’re looking for when you think of Tesla these days is, “cooked.”
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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Renewable developer Vesper Energy has cut the ribbon on Hornet Solar in Swisher County, Texas, one of the largest single-phase solar farms in the US.
As Electrek reported in January, the 600-megawatt (MW) Hornet Solar includes over 1.36 million modules covering more than 6 square miles. The project will contribute more than $100 million in new tax revenue to Swisher County and deliver 600 MWac of energy–enough to power 160,000 homes annually.
January 30, 2025: “The seamless coordination between our team and our EPC partner, Blattner, has enabled us to remain ahead of schedule and on budget while ensuring quality throughout the process,” said Juan Suarez, co-CEO of Irving-based Vesper Energy.
Hornet Solar uses bifacial solar panels mounted on a single-axis tracking system to maximize efficiency. The solar farm is connected to Oncor Electric’s transmission system within ERCOT and is contracted to provide power to four off-take partners through individual Virtual Power Purchase Agreements (VPPAs).
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The Hornet Solar project in the Texas Panhandle is on track to be fully online by spring 2025.
Texas is a utility-scale solar leader in the US, with a ranking of No. 2 and 37,713 MW currently installed. It’s projected to install 51,144 MW over the next five years and move into the No. 1 spot, according to the Solar Energy Industries Association (SEIA). The total solar investment in the state is $45.2 billion.
On January 21, the SEIA, Conservative Texans for Energy Innovation (CTEI), Advanced Power Alliance (APA), and the Texas Solar + Storage Association (TSSA) reported that existing and expected utility-scale solar, wind, and battery storage projects will contribute over $20 billion in total tax revenue – and pay Texas landowners $29.5 billion – over the projects’ lifetimes.
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