Lucid Motors (LCID) Q1 2023 results: Production and deliveries drop, but liquidity remains high
American automaker Lucid Motors has shared its financial report for Q1 2023 ahead of its call with shareholders later today. While year-over-year growth is encouraging, most numbers are down compared to last quarter. Still, the company remains quite optimistic about its future.
Although Lucid Motors ($LCID) still stumbled over a production finish line that it had to move up closer twice in 2022, the American EV automaker capped off the year on a high note. Q4 saw its highest output to date, producing nearly 3,500 Lucid Air sedans, although it only delivered 1,920 of them.
At that time, the company relayed that it still had 28,000 unfulfilled EV reservations, equating to approximately $2.7 billion in sales revenue should they all come to fruition. Despite falling significantly short on both initially anticipated production and deliveries last year, Lucid reported total liquidity of $4.9 billion – relaying that the company had enough capital to keep its operation going through at least Q1 of 2024.
Entering 2023, the automaker’s production guidance was targeting between 10,000-14,000 EVs and could land closer to the higher end if it were to maintain the 3,500 vehicle pace that began in Q4.
In April, we learned that Q1 deliveries slipped a bit compared to a quarter ago, so Lucid will have some catching up to do in 2023. Following today’s more detailed quarterly report, the automaker relayed continued confidence that it will be able to produce at least 10,000 vehicles this year and still has plenty of money to get there.
Lucid revenue was down in Q1 2023 but way up YOY
Per the financial reports released by Lucid Motors this afternoon, its revenue for Q1 2023 was $149.4 million, which is a 159% increase compared to a year ago. In contrast to a quarter ago, however, Lucid’s revenue is down. In Q4 2022, the automaker reported $257.7 million.
You could blame seasonality for the higher numbers in Q4 as everyone scrambled to sell as many EVs as possible before year’s end, but Q1 2023 revenue is also down from Lucid’s Q3 2022 numbers ($195.5 million). Even so, the automaker still has loads of cash on hand and once again relayed confidence it will remain liquid for at least another year. Per Lucid CFO Sherry House:
Our Q1 revenue was approximately $149 million, which represented a year-over-year increase of 159%. We ended the quarter with just over $3.4 billion in cash, cash equivalents, and investments, with total liquidity of approximately $4.1 billion, which we believe is sufficient to fund the Company at least into Q2 of 2024. Our mission and optimism are unchanged. We are committed to an environmentally sustainable future – designing, building, and delivering the best EVs on the market.
As we reported last month, Lucid Motors produced 2,314 vehicles at its AMP-1 manufacturing facility in Arizona in Q1 2023 and delivered 1,406 of them. Following those numbers, the automaker has now focused on the lower end of its previous production guidance, stating it remains on track to produce 10,000 EVs this year.
Company CEO and CTO Peter Rawlinson briefly addressed the production guidance, and then quickly pivoted to promoting Lucid’s second model – the Gravity SUV, which is currently going through public road testing and is slotted to begin production in 2024. Per the release:
We are on track to produce over 10,000 vehicles in 2023, with company-wide initiatives ongoing that will enable Lucid to pivot to higher volumes as market conditions allow. We continue to grow our brand awareness and I’m proud to say that the Lucid Air was recently awarded a number of prestigious industry accolades. We will unveil our Gravity SUV later this year ahead of its launch in 2024 and we cannot wait for everyone to experience it. The Lucid Air redefined the luxury sedan category and we believe the continuing advancements of our in-house technology position our Gravity SUV to do the same in the SUV category – game-changing range, driving experience, charging speed, voluminous interior space, and an unrivaled combination of luxury and performance.
Lucid says the Gravity will be fully unveiled to the public later this year as the automaker continues Phase 2 construction of its Arizona facility to make way for SUV production and additional Air production capacity. The automaker said it would take its powertrain production facility, currently stationed up the road, and move it on-site as well.
Lastly, Lucid Motors says Air Pure availability will expand in the second half of 2023, and production of the tri-motor Air Sapphire will begin this summer.
You can check out the full Q1 2023 financial report from Lucid Motors here and tune into the 4:30 p.m. PDT call with shareholders using this link.
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Volkswagen Group Africa has officially begun production of a modern electric farm tractor at its multifunctional facility in Gashora, Rwanda in a bid to advance modern, low-emission agricultural initiatives in Africa.
Part of a larger Rwandan initiative called the GenFarm Project, the new VW tractor is part of a “holistic ecosystem” of electrified farming machinery set to be used throughout rural Africa – where liquid fossil fuels are often just as difficult to come by as electricity. The goal is to provide machinery that’s both sustainable and reliable.
“We are growing our footprint in Africa and regard Rwanda as a key growth market. This project demonstrates our commitment to sustainable practices and highlights our ability to provide mobility solutions to the rural community in addition to the urban community currently serviced by our Volkswagen Mobility Solutions Rwanda business,” explains Martina Biene, Volkswagen Group Africa Chairperson and Managing Director. “The GenFarm Project fosters technological innovation and aligns with Volkswagen Group’s strategy to generate meaningful value for both society and the environment through sustainable mobility.”
The GenFarm project will eventually provide mobility services for transportation of goods and people. In June 2023, Volkswagen Group Africa signed a Memorandum of Understanding (MoU) with the Government of Rwanda to provide land for the establishment of the GenFarm Project.
The Volkswagen tractors’ electric motor produces 20 kW (about 27 hp), making it about the same size as the Solectrac product (which hasn’t worked out well in the US, it must be said). That motor gets its electrons from a 32 kWh swappable battery. Batteries are swapped/charged at the Empowerment Hub to minimize downtime. DC fast charging isn’t available, but the relatively small, swappable batteries (hopefully) mean that’s not much of a problem.
The GenFarm project hopes the new VW electric tractor will help clean up Rwanda’s agricultural sector, which currently accounts for some 25% of the national Gross Domestic Product.
Electrek’s Take
We’ve talked a lot about the lack of new farmers in America, but the problem is global – especially as western companies, and western ideas about consumerism, continue to spread. Products like this electric tractor from VW will make farming cleaner, quieter, and (hopefully) more attractive to young workers.
SOURCE | IMAGES: VW Group Africa.
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A new, all electric Peterbilt 579EV is in-service at Honda’s Lincoln, Alabama assembly plant, where it’s busy transporting newly-built Honda cars from the plant to a nearby railhead for shipment to dealers across the country.
Part of a pilot program between Honda, Alabama Power, and Virginia Transportation Corp., the new electric semi truck will help stakeholders gather data about the practicality and performance of the battery-powered Pete and use it to generate case studies for broader electrification initiatives. Other supporters of the pilot project include the Alabama Clean Fuels Coalition and, of course, Peterbilt.
“We remain committed to delivering for our customers and the environment,” offered Leo Doire, owner and CEO of Virginia Transportation Corp. “Our new Peterbilt 579EV model will be tested to determine how well it performs against the high productivity demands of our operations. The partners we have at the table will help us maximize this opportunity and prepare to scale up if we get the results we are hoping for.”
The truck itself has been spec’ed to be perfect for the kind of short haul and drayage applications Honda has in mind. This particular Peterbilt 579EV is fitted with PACCAR’s 400 kWh battery and a 670 hp electric motor good for an impressive 2,050 lb-ft of peak torque at 0 rpm.
The truck offers 150 miles of operating range and can be charged in about 3 hours on a 120 kW charger installed specifically for that purpose. A charger, it should be noted, that was partially paid for by Alabama Power.
“Alabama Power’s ‘Make Ready’ program provides businesses with valuable rebates to help reduce the upfront costs of installing EV infrastructure,” says Alabama Power Electric Transportation Manager Hasin Gandhakwala. “We are committed to partnering with customers who are exploring state and federal grant opportunities. Alabama Power is dedicated to advancing EV technologies to better serve the needs of our customers.”
The electric semi is a continuation of a decarbonization project Honda initiated in 2011, when the company recruited Virginia Transport Corp. to help find ways to reduce emissions at its Alabama facilities. VTC’s efforts have led to changes that displaced more than 475,000 gallons of diesel in 2023 alone.
Electrek’s Take
With the big Pete’s 82,000 lb. GVWR and 150 miles of range between charging sessions, it seems like these guys will be making a lot of back-and-forth runs between the Honda plant and the CSX terminal to me. Here’s hoping they see the benefits of electrifying the rest of their vehicle transport fleets somewhat sooner than later.
SOURCE | IMAGES: Alabama Power.
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On today’s episode of Quick Charge, we’ve got big solar breaking ground all over, despite the incoming administration’s supposed lack of love for home-grown clean energy. Our guests today walk us through home solar, energy storage, and more.
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Read more: Saldivar’s Trucking: first owner-operator to deploy Volvo VNR Electric semi.
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