Lucid Motors (LCID) Q2 2023 results: Revenue holds, deliveries slip on path to 10k+ annual units
Lucid Motors shared its financial report for Q2 2023 this afternoon, ahead of its call with investors later today. The financial details follow a production report made public last month that shows a decrease in deliveries for a second straight quarter. Still, Lucid’s revenue has held steady and its liquidity is strong, providing optimism the young American automaker can reach its annual production guidance… at least the low end of it.
It’s been a busy three months since we covered Lucid Group’s ($LCID) Q1 2023 results – leaving a Sapphire colored trail of both excitement market wariness. Less than a month after its Q1 results went public, the automaker announced a $3 billion raise through a public stock sale and investment from Saudi Arabia’s Public Investment Fund (PIF).
That same week, Lucid announced the hiring of Zhu Jiang – a former executive at Ford and NIO – to help the American automaker enter the ultra-competitive EV market in China. Lucid sure kept us busy in June as it also shared details of a new strategic tech partnership with Aston Martin to supply the latter with its proprietary EV powertrain components.
Ahead of today’s full Q2 2023 report, Lucid Group shared its production and delivery numbers, which once again left something to be desired, leading to a downward trend in the automaker’s shares. The market will most likely not be blown away by today’s results, but should at the very least be pleased at Lucid’s ability to maintain revenues. Here’s the latest:
Lucid holds in Q2, aims for low end of production guidance
As previously reported last month, Lucid Motors produced 2,173 EVs between April 1 and June 30, 2023 – 1,404 of which saw deliveries to customers. These sales led the American automaker to a Q2 revenue of $150.9 million, up slightly from the $149.4 million achieved a quarter prior.
Compared to Q4 2022, Lucid’s Air production slipped 33% to 2,314 units in Q1 2023 and have now dropped another 6% in Q2. Still, the automaker believes it’s on track to achieve its production guidance of at least 10,000 annual units. Per Lucid Group CEO and CTO Peter Rawlinson:
We’re on track toward achieving our 2023 production target of more than 10,000 vehicles, but we recognize we still have work to do to grow our customer base. During our second quarter, we achieved several major milestones, including signing agreements to enter into a long-term strategic partnership with Aston Martin. Following a competitive process, their investment validates our award-winning technology and marks the first partnership for Lucid Group’s technology arm. We look forward to exciting new products in the second half of this year, including the planned start of production of the Lucid Air Sapphire and the Lucid Air Pure Rear Wheel Drive, plus the highly anticipated unveiling of our new SUV, Lucid Gravity, forthcoming in November.
Those milestones laid out by Rawlinson are significant, but it may be an understatement when he says that Lucid needs to grow its customer base. Building 10,000 EVs this year loses a bit of its zeal if only 6,000 or 7,000 are purchased and delivered to consumers. That’s some expensive inventory to sit on.
Over the weekend, Lucid shared that it is slashing prices of its Air models back to the originally promised MSRPs – some seeing cuts as large as $12,000. That should help sway some consumers on the fence about purchasing a new Air sedan, but even at its lowest Pure trim – it’s still an $82,400 EV.
The RWD Pure alongside the long-anticipated tri-motor Sapphire Air are expected to hit the assembly lines in September and could do wonders for Lucid’s revenue before the end of the fiscal year. Lackluster deliveries aside, there’s a lot to recognize from Lucid in Q2, and the company looks flush with cash to get it well into 2025 – that’s past the arrival and SOP of the long-teased Gravity SUV, another potential factor in increased sales and deliveries. Per Lucid CFO Sherry House:
In the second quarter, we raised $3.0 billion in capital, including $1.8 billion from the PIF, and I’m pleased to say that our current liquidity of $6.25 billion is expected to take us through the start of production for the Lucid Gravity, and into 2025. In addition, the targeted actions underway to invigorate our marketing programs in the luxury and premium segment have resulted in greater brand awareness, which we aim to capitalize on through the launch of our latest pricing program.
Lucid’s call with investors will take place at 5:30PM EST today alongside a webcast you can access here.
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DHL Express has more than 10,000 eSprinter vans in its global delivery fleet, but none of those have been deployed in North America – until now, that is! The company recently added 45 new Mercedes eSprinter panel vans, and they’ve got plans for plenty more!
While Mercedes offers its eSprinters with a promised 206 mile estimated range, DHL says it’s consistently seen them exceed 240 miles in stop-and-go delivery duty, making them the longest-range battery electric vehicles in DHL’s US fleet.
This extended capacity makes them ideally suited for urban logistics while expanding their potential use in longer delivery routes. The eSprinter vans also offer the same massive cargo capacity as their diesel-powered brothers, making them efficient last-mile delivery solutions that don’t compromise on payload or operational reliability.
And, of course, the eSprinter will do all of that without the noise, vibration, and harmful carbon emissions of diesel.
“Electrifying our fleet is one of the most visible and impactful ways we are moving toward a more sustainable future,” explains Greg Hewitt, CEO of DHL Express, US. “The Mercedes-Benz eSprinter brings an extended range and proven cargo capabilities that allow us to serve our customers with zero emissions, while also advancing our global goal of more sustainable logistics. These vehicles not only strengthen our operations in major US cities but also set the stage for future electric fleet growth across the Americas.”
The 45 eSprinters will see deployment in Chicago, Indiana, and Pittsburg, and will act as a first step DHL’s global Sustainability Roadmap, which will see the company electrify 66% of its last-mile US delivery fleet (and some of its long-haul fleet operations) by 2030.
Electrek’s Take
In addition to these 45 vans, DHL is electrifying its European and Asian delivery fleets, ramping up its sustainable aviation fuel use, and even exploring electric semis, eVTOL and hybrid aircraft deliveries, and more.
In short, they’re doing the right thing – or seem to be, anyway. Whether or not that commitment to decarbonization will win them more American customers remains to be seen.
SOURCE | IMAGES: DHL, via PR Newswire.
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Enphase Energy just launched a new off-grid system that lets homeowners power their homes without a utility connection – even for extended periods. The California-based Enphase says the off-grid setup delivers a seamless way to live independently from the grid while still using solar, batteries, and a standby AC generator.
A full off-grid setup
The new system combines Enphase’s IQ Battery 5P with embedded grid-forming microinverters, IQ8 Series Microinverters with Sunlight JumpStart, and a third-party standby AC generator. The components work together to supply power to a home and automatically manage energy sources to maximize efficiency and reliability.
If the batteries are drained and the generator runs out of fuel, the Sunlight JumpStart feature can automatically recharge the batteries the next morning once the sun comes up.
The IQ Battery 5P delivers 3.84 kVA of power per 5 kWh of capacity, and systems can be scaled up to 40 kWh and 15.4 kVA. That’s enough power to start big household appliances like HVAC systems or water pumps. The IQ System Controller 3G provides the backbone, managing solar, batteries, and generator inputs to deliver up to 46 kVA of off-grid power.
Smarter control and connectivity
Each system connects to the cloud through Enphase’s IQ Combiner 5C HDK, which bundles solar interconnection, communications, and metering into one box. For homes without reliable broadband, the built-in 4G LTE Cat 4 modem keeps the system online for monitoring, firmware updates, and remote support.
Homeowners can manage everything from the Enphase App – from solar generation and battery status to generator integration and load control.
Why it matters
As grid outages become more common and homeowners look for ways to gain energy independence, off-grid systems like this are becoming more appealing.
“With the launch of our off-grid solution, we are giving homeowners a reliable path to complete energy independence,” said Nitish Mathur, Enphase’s SVP of customer experience. Enphase says over 100 homes are already operating entirely off-grid using its technology. The company plans to expand availability beyond the US in 2026.
Read more: Battery boom: 5.6 GW of US energy storage added in Q2
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Global offshore wind targets are still strong enough to triple global capacity by 2030, despite the US’s offshore wind stagnation under Trump. A new analysis from energy think tank Ember and the Global Offshore Wind Alliance (GOWA) shows that the rest of the world is charging forward, underscoring confidence in offshore wind as a cornerstone of future clean energy systems.
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