Lucid releases Q1 2023 production and delivery report

Lucid released its Q1 2023 production and delivery report. The luxury EV automaker produced 2,314 vehicles in the first quarter and delivered 1,406 units by March 31, 2023. 

Lucid plans to host a conference call with investors to discuss its Q1 2023 financial results. The call is scheduled for May 8, 2023, at 2:30 pm PT/ 5:30 pm ET. Investors may submit questions for the conference call starting April 24, 2023, by visiting: https://app.saytechnologies.com/lucid-group-2023-q1/.

In the fourth quarter of 2022, Lucid produced 3,493 Air sedans and delivered 1,932 units. Lucid made 7,180 electric vehicles last year and had 4,369 units in total. 

In February 2023, Lucid reported receiving more than 28,000 vehicle reservations, representing a potential sales of more than $2.7 billion. The luxury EV maker also noted that the reservation excluded the 100,000 units under the agreement with the Saudi Arabian government. 

Last month, Lucid announced plans to lay off 18% of its workforce to reduce costs as the company restructures. The EV automaker estimates it will incur about $24 million to $30 million in charges due to its restructuring plan. 

“We have been reviewing and implementing several other ways to optimize our cost structure, but unfortunately, these measures alone won’t achieve our objectives. Consequently, we’ve made the painful but necessary decision to let some of our talented team members go,” said Lucid CEO Peter Rawlinson.

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