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After achieving its EV manufacturing target, Lucid shares rose

The electric vehicle manufacturer said on Thursday that it had manufactured 7,180 of its Air luxury cars in 2022, a number that was higher than the company’s revised forecast. In the autumn, Lucid revised its forecast, predicting that it will manufacture between 6,000 and 7,000 cars in 2022. Initial reactions to the announcement caused a more than 6% drop in share price, which eventually stabilised. Stocks have gained $0.23, or $0.12, to $8.12.

The last three months of the year saw over half of Lucid’s annual production statistics (3,493 units).

After a year of supply chain difficulties that resulted in two reductions to Lucid’s yearly production forecast, this victory is especially sweet. Lucid’s original aim for its Casa Grande, Arizona assembly plant was to create 20,000 of its premium Air cars. The business revised its forecast down to 12,000-14,000 automobiles in February.

CEO and CTO Peter Rawlinson cited “exceptional supply chain and logistical issues” as the reason for the latest reduction in September’s projection, which was cut in half.

Lucid’s production statistics are still higher than its delivery numbers, so the business must be sorting out the kinks in its distribution system. In 2022, Lucid sent approximately 4,369 automobiles, or around 60% of its annual output. During the last three months of 2018, the firm delivered 1,932 automobiles.

At 2:30 pm PT on February 22, Lucid will announce its financial results for the fourth quarter.