Lucid (LCID) stock sinks to a new low after Q4 EV deliveries fall YOY
Shares of Lucid (LCID) hit a new low after Q4 EV deliveries slipped year-over-year (YOY). Lucid stock is down 7% Thursday, hitting a new low amid the news.
Lucid sees Q4 EV deliveries slip from 2022
Lucid delivered 1,734 vehicles during the last three months of 2023. Although that’s up slightly from the third quarter (1,456), deliveries are still down from their peak in Q4 2022.
With 1,932 vehicles handed over in Q4 2022, Lucid’s deliveries are down nearly 12% YOY.
Production is also still down from its peak. Lucid built 2,391 EVs in Q4, down 30% YOY (3,493). Meanwhile, the number is up slightly from the 1,550 vehicles produced in Q3 2023.
Lucid delivered a total of 6,001 vehicles in 2023, representing 28% growth over the 4,369 EVs handed over in 2022.
The EV maker hit its (revised) production goal after building 8,428 EVs last year. Lucid said it expected to build between 8,000 and 8,500 EVs in November, down over 40% from the higher end of its initial 10,000 to 14,000 goal.
Lucid’s quarterly growth comes after slashing prices on its Air electric cars by up to $12,000 last year. It also began delivering its Tesla Model S Plaid rival Lucid Air Sapphire.
Lucid stock is down 7% Thursday following its Q4 EV deliveries report, hitting a new low. Lucid shares are down over 60% over the past 12 months.
The EV maker hopes the launch of its first electric SUV, the Lucid Gravity, can help spark momentum in 2024.
Electrek’s Take
Lucid has failed to keep up with rivals including Rivian and Tesla in the premium EV market. The base Lucid Air Pure, starts at $77,400. That’s still over $2,400 more than the Tesla Model S. Meanwhile, the Tesla’s Model S Plaid costs $89,990 while the Lucid Sapphire will run you over $249,000.
The Gravity electric SUV, starting around $80,000, will likely boost demand. Rival Rivian’s electric SUV, the R1S cracked the top-ten best selling EVs in the US last year with 24,783 models sold.
We’ll learn more about Lucid’s financial situation with its Q4 earnings report due out February 21. Check back for more.
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On today’s sunny side up episode of Quick Charge, we take a look at the latest from the world of solar power, and discuss Congressional Republicans’ plans to limit your energy independence by eliminating a critical tax credit for homeowners nearly ten years early. (!)
We’ve also got a quick review of a massive solar farm powering 200,000 homes in Indiana and the biggest solar project East of the Mississippi – both part of a record 98% of all new power generation and grid capacity introduced in 2025 coming from wind and solar. Those are jobs, those are lower utility rates, those are energy independence … so why are Congressional Republicans working to make that more expensive?
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If you want to read that EnergySage report on the state of the home solar industry, including news about battery energy storage system and V2H/V2G prices and financing trends, you can check it out for yourself, below, then let us know what you think in the comments.
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If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
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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A Waymo autonomous vehicle drives along Masonic Avenue on April 11, 2022 in San Francisco, California.
Justin Sullivan | Getty Images News | Getty Images
Alphabet’s Waymo unit has received approval to expand its autonomous ride-hailing service to more parts of the San Francisco Bay Area, including San Jose.
In March, the company submitted a request to the California Public Utilities Commission to gain approval for its latest passenger safety plan, a key step in gaining permission to operate driverless vehicles across a broader area. On Monday, the proposed expansion was approved, allowing for Waymo’s driverless coverage to extend from San Francisco down through the Peninsula.
“We’re very excited to share that the CPUC has approved our application to operate our fully autonomous commercial ride-hailing service in the South Bay and nearly all of San Jose!” the company wrote in a post on X on Monday. “While this won’t change our operations in the near-term, we’re looking forward to bringing the benefits of Waymo One to more of the Bay Area in the future.”
The $5 billion Empire Wind is back in business. The Trump administration’s Bureau of Ocean Energy Management (BOEM) has lifted its stop-work order for Empire Wind, a major offshore wind project off the coast of New York led by Empire Offshore Wind LLC, a subsidiary of Equinor. Construction is now allowed to resume.
Equinor CEO Anders Opedal welcomed the news, saying the restart reinforces Equinor’s commitment to delivering clean energy while supporting local economies and saving thousands of jobs. He also credited a wide coalition of officials for helping get the project back on track, including Trump, New York Governor Kathy Hochul, and congressional leaders like Senator Chuck Schumer and Representative Dan Goldman. Opedal also thanked the Norwegian prime minister and the minister of finance for raising the issue with the US administration.
Governor Hochul said in a statement that “countless conversations with Equinor and White House officials” had taken place.
Neither the BOEM nor the Department of the Interior has issued a comment.
The Trump administration halted construction of the 54-turbine Empire Wind on April 16, but discussions between Equinor, regulators, and leaders at the federal, state, and city levels led to a reversal. That means Empire Wind can now push ahead with its goal of powering 500,000 New York homes with offshore wind energy.
“This project delivers on the energy ambitions shared by the US and New York by providing a vital new source of power to the region,” said Molly Morris, president of Equinor Wind US. She added that Empire Wind is boosting supply chain investments across the country, with activity in New York, Louisiana, Pennsylvania, Texas, and South Carolina.
Equinor plans to reassess the project’s financials in the second quarter. The goal is still to install turbines offshore in 2025 and hit full commercial operation by 2027. The company says it will work with suppliers and regulators to minimize any delays from the month-long pause.
Empire Wind was first awarded its offshore lease in 2017 after a competitive federal process. It received its final construction green light in early 2024 following an extensive environmental review. Construction kicked off shortly after, and the project is now over 30% complete.
The US is a major market for Equinor. The Norwegian energy giant says it has invested around $60 billion in US energy projects since the early 2000s, more recently in low-carbon solutions, critical minerals, and renewables. Empire Wind is one of its flagship projects in the US.
Read more: Trump admin halts $5 billion NY offshore wind project mid-build
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
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.
FTC: We use income earning auto affiliate links. More.
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