This compares to a spread-out weekly production run-rate of about 54 vehicles in 1H, underscoring the significant improvements required by Lucid going forward in order to achieve its near-term objectives. Based on the revised production target of 6,000 to 7,000 vehicles by the end of the year, Lucid is still at least 4,595 vehicles away from reaching its goal, representing a weekly production run-rate of 177 vehicles in 2H. This accordingly suggests that sequential growth in production volumes was likely muted in the second quarter due to heightened logistics challenges. Considering more than 300 vehicles were delivered in April alone, and 360 vehicles were delivered in Q1, the EV maker is estimated to have produced 700 vehicles in the first three months of the year. Lucid reported productions of 1,405 vehicles in the first half of the year. The figure falls short of consensus estimates of $145.5 million. Paired with nominal revenues generated from Formula E battery pack sales, Lucid's total revenues came in at $97.3 million in Q2, representing growth of 69% from Q1.
This accordingly resulted in auto revenues of about $96.1 million. Lucid delivered 679 vehicles in Q2, up 89% from 360 vehicles in Q1. But considering Lucid's pricing gains demonstrated through its growing backlog despite recent hikes to vehicle MSRPs, it remains uniquely positioned to benefit from a bullish EV demand environment, which continues to support long-term upside potential at current levels. There is a lot of credibility for Lucid to restore - especially surrounding its supply chain management efforts - after it slashed its production guidance by a material volume twice already this year. Looking ahead, Lucid's 2H performance will be a main determinant for its strength in both supply chain management, as well as production ramp-up, which continue to be key focus areas on EV startups going forward. The supply-driven nature of the automotive industry today remains the most prominent downside risk to Lucid's long-term performance. Key items that stood out during the call include 1) re-strategized logistics and production ramp-up plan at its Casa Grande AMP-1 facility, 2) robust order growth, supported by continued international expansion, and 3) being well-funded in advanced of the recent surge in borrowing costs to support long-term growth initiatives despite near-term macro uncertainties.
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The Lucid stock ( NASDAQ: LCID) plunged more than 12% in late trading Wednesday (August 3rd) after the premium electric vehicle ("EV") maker reported Q2 results that fell short of consensus estimates and slashed its full year 2022 production guidance again, citing ongoing industry-wide supply and logistics constraints.
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