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Lucid Makes EV Progress, But Tesla Has a Huge Lead

The electric vehicle maker set a production record, but the numbers show it has a long way to go.

Tesla  (TSLA) - Get Free Report, the electric vehicle industry's leading producer and seller, is well on pace to producing and delivering over 1 million vehicles this year. The Austin, Texas, company through its first three quarters of 2022 produced a total of 929,910 vehicles after building 365,923 vehicles in the third quarter.

Elon Musk's company expects to produce a total of 1.24 million EVs in this year. As for deliveries, the company delivered 908,573 units over three quarters in 2022, after delivering 343,830 vehicles in the third quarter, and expects to deliver over 1.21 million vehicles in this year. The company manufactured 930,422 EVs in with 936,172 vehicles delivered in 2021.

Ford  (F) - Get Free Report, the nation's second largest selling electric vehicle manufacturer, has sold 108,429 EVs through the first three quarters of the year after selling 18,257 in the third quarter.

The top EV producers and sellers face token competition from other manufacturers such as Rivian  (RIVN) - Get Free Report and Lucid  (LCID) - Get Free Report. Yet, Lucid finished the third quarter reaching a record amount of EVs rolling off the assembly line with 2,282 vehicles produced. The company has produced 3,687 in the first three quarters of the year.

Lucid Motors Lead

Setting a Production Record

"I'm delighted to say that we've made significant progress toward achieving our 2022 production target of 6,000-7,000 vehicles," Lucid's CEO Peter Rawlinson said in a Nov. 8 statement. "We had record quarterly production of 2,282 vehicles, more than triple Q2, and deliveries of 1,398, which was more than double Q2. I'm also pleased to announce that we've now proven our ability to produce 300 cars a week, with a visible pathway to our next incremental ramp up."

Lucid asserted it has had strong customer demand for its Lucid Air EV with reservations over 34,000, as of Nov. 7, representing potential sales of over $3.2 billion. This reservation number does not include the up to 100,000 vehicles under the agreement with the government of Saudi Arabia.

"We plan to open reservations for Project Gravity SUV in early 2023, which we believe will unlock a very large and incremental addressable market for us," Lucid CFO Sherry House said in a statement. "We remain intently focused on scaling the business and continue to expect to see significant growth in revenue as delivery volumes ramp."

Lucid claims to have the longest-range, fastest-charging electric car on the market with the Lucid Air Grand Touring, which features an official EPA estimated 516 miles of range or 1,050 horsepower. Deliveries of Lucid Air, which is produced at Lucid's factory in Casa Grande, Ariz., are currently underway to U.S. and Canadian customers.

Production Target Had Been Reduced

The Newark, Calif., company, which delivered 679 vehicles in the second quarter, in August revised its annual production estimate from 12,000-14,000 EVs to be built in 2022 to 6,000-7,000. Its reservation total was also reduced from 37,000 to 34,000. 

Lucid generated $195.5 million in revenue on its deliveries in the third quarter. It reported approximately $3.85 billion in cash, cash equivalents, and investments on hand, which is expected to fund the company at least into the fourth quarter of 2023.