Lucid Group delivers another 360 EV in the first quarter of 2022 and remains on track to deliver between 12,000 and 14,000 vehicles this year

Lucid Group (COM)NASDAQ: LCID), the manufacturer behind the electric vehicle Air, has now announced its profit for the first quarter of 2022.

Lucid Group ‘s profit for the first quarter of 2022

For the three months ended March 31, 2022, Lucid Group disclosed revenue of $ 57.7 million against consensus expectations of $ 55.56 million. This key indicator is based on 360 Air EV deliveries during the quarter.

The NIO is getting closer to being eliminated from the NYSE as the SEC marks the company under the HFCAA

(All figures are in millions of dollars)

Note that Lucid Group delivered 125 Air EVs in the fourth quarter of 2021. Today’s announcement brings the company’s cumulative deliveries to 485 units, which is still less than the company’s goal of delivering 520 units in 2021 alone.

On the plus side, Lucid Group remains confident that it will deliver between 12,000 and 14,000 vehicles throughout 2022, despite continuing supply chain constraints.

The company also recorded an operating loss of $ 597.53 million.

(All figures are in millions of dollars)

Lucid Group (LCID) is securing a huge order of 100,000 EV from the Saudi government

The company maintains a cash balance of $ 5.4 billion. In addition, reservations for Air EV already exceed 30,000 units, corresponding to potential revenues of more than $ 2.9 billion.

Lucid Group also plans to raise the prices of its product offerings from the beginning of June. The company’s press release states:

“From June 1, the new bookings will be priced in the US at $ 154,000 for Air Grand Touring, $ 107,400 for Air Touring and $ 87,400 for Air Pure.3 The price for the new Lucid Air Grand Touring Performance, announced just two weeks ago, will remains priced in the US at $ 179,000.

Note that these prices exclude the effect of the US $ 7,500 federal tax credit for electric vehicles.

Source:

Shares of Lucid Group are essentially unchanged in after-hours trading at the moment, after falling nearly 7 percent in the regular session. From a year to now, the shares have already fallen by more than 53 percent.

As we noted in a special post in late April, the Saudi government has formally entered into a purchase agreement with Lucid Group for at least 50,000 vehicles over a 10-year period, with the option to purchase an additional 50,000 units over the same period. and bringing the entire order volume to a whopping 100,000 units. The order applies to Air EV, as well as future models that the company intends to launch in the next few years. Initial deliveries under this order are scheduled to begin in the second quarter of 2023, and this delivery pace will increase to between 4,000 and 7,000 vehicles per year, starting in 2025.

At the end of February 2022, Lucid Group and Emaar, the Economic City (Emaar EC) – a public Saudi joint stock company – finalized a 25-year lease worth SAR 113.5 million or $ 30.26 million to create a widespread Production and assembly of electric cars on the west coast of the kingdom until 2024

Readers should note that the Saudi PIF remains the largest shareholder in the Lucid Group.