Lucid Motors, the luxury electric vehicle manufacturer, recently released its production and delivery report for Q1 2023. According to the report, the company produced 2,314 vehicles and delivered 1,406 units by the end of March. This marks a decline in production and delivery from the previous quarter, where Lucid produced 3,493 Air sedans and delivered 1,932 units in Q4 2022.
Despite the decrease in production, Lucid reported receiving more than 28,000 vehicle reservations in February 2023, representing a potential sales of more than $2.7 billion. This impressive figure excludes the 100,000 units under the agreement with the Saudi Arabian government.
Lucid has also announced plans to host a conference call with investors on May 8, 2023, to discuss its Q1 2023 financial results. Investors may submit their questions for the conference call starting April 24, 2023.
However, the company has also recently revealed plans to lay off 18% of its workforce in order to reduce costs as it restructures. Lucid estimates that the restructuring plan will cost the company between $24 million and $30 million. Despite the difficult decision to let some talented team members go, Lucid CEO Peter Rawlinson is optimistic about the future of the company.
“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 Rawlinson.
Despite the challenges, Lucid remains focused on its mission to deliver exceptional electric vehicles to consumers. With its impressive reservation figures and ongoing commitment to innovation, the company is poised for continued success in the EV market.
