Lucid, Nikola, Lordstown Motors Suffer Underwhelming EV Production Numbers amid Macroeconomic Constraints

UTC by Tolu Ajiboye · 3 min read
Lucid, Nikola, Lordstown Motors Suffer Underwhelming EV Production Numbers amid Macroeconomic Constraints
Photo: Nikola Motor Company / Facebook

EV makers Lucid, Nikola, and Lordstown saw their stock decline mostly owing to disappointing failures regarding their production figures.

Three electric vehicle (EV) startups that went public via special purpose acquisition companies (SPAC) recently fell short of their projected 2022 goals. According to reports, EV companies Lucid Group Inc (NASDAQ: LCID), Nikola Corp (NASDAQ: NKLA), and Lordstown Motors (NASDAQ: RIDE) all had a disappointing 2022.

Lucid, Nikola, & Lordstown EV Production Development

The trio missed their EV goals by significant margins, with Lucid and Lordstown Motors suffering considerable deficits in production objectives. In perspective, Lucid accomplished just over a third of its production agenda for the year at 7,180 Air sedans. The California-based EV maker had been gunning to produce 20,000 vehicles in 2022. Meanwhile, Lordstown Motors could only manage the production of 31 Endurance pickups in the same period. This number pales compared to the 500-vehicle output that the Ohio-based EV automaker had in mind.

Nikola also delivered an underwhelming number of 131 Tre heavy-duty trucks. This number was roughly a quarter of the 500 vehicles the Phoenix-based company had envisaged for its 2022 production line.

Following their less-than-stellar 2022 EV production outing, Lucid, Nikola, and Lordstown see the odds improving little in 2023.


Lucid’s shares nosedived following the company’s restrained production forecast of 14,000 vehicles this year. The EV maker’s shares slumped by more than 14% in Thursday’s early trading session after Lucid hinted at waning demand. According to Visible Alpha, analysts had expected production of just under 22,000 vehicles by Lucid this year.

In addition, the electric vehicle manufacturer also acknowledged it was locked in a price war with electric vehicle heavyweights Tesla (NASDAQ: TSLA). Tesla and Ford Motor Company (NYSE: F) have embarked on aggressive price cuts to induce higher demand amid a faltering tech sector. However, these cuts also make it harder for less illustrious rivals like Lucid and Rivian Automotive Inc (NASDAQ: RIVN) to eke market share.

BofA Global Research downgraded Lucid stock from a “buy” to “neutral.” The research firm also added that considering operations and free cash flow, the company might not break even until 2027.

EMG Advisors chief executive officer Will McDonough also commented on the plight of Lucid’s earnings, saying:

“Lucid’s earnings sadly show that it’s a business that’s in the public markets earlier than it should be. Now that the markets are less fluid, investors are focused on the fact that this company only produced 7,000 cars in 2022.”

Nikola & Lordstown

Nikola’s stock also declined after the EV company announced projected deliveries of no more than 375 trucks. Meanwhile, Lordstown Motors’ shares also slipped after the EV maker announced the suspension of production and customer deliveries in January. According to Lordstown Motors, it paused output and customer deliveries because of performance and quality issues.

Lordstown slumped 15%, while Nikola stock declined 9% in yesterday’s New York trading session. Nikola’s shares initially dropped 1.3% following a quarterly earnings miss.

Business News, Market News, News, Stocks, Technology News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

Related Articles