Guests stroll on the Lucid Air through the Cell World Congress 2023 (MWC), the telecom business’s greatest annual gathering on February 28, 2023 in Barcelona, Spain.
Chris Jung | Nurphoto | Getty Photographs
Luxurious electrical automobile maker Lucid Group stated Wednesday that it delivered 1,404 of its Air sedans to prospects within the second quarter, a bearish replace amid demand considerations.
Lucid’s second-quarter deliveries evaluate with 1,406 deliveries within the first quarter of 2023 and 679 within the second quarter of 2022. Wall Road analysts polled by FactSet had anticipated Lucid to ship about 2,000 Airs within the second quarter.
The corporate stated it produced 2,173 Airs within the interval, versus 2,314 within the first quarter.
Shares had been down about 5% in premarket buying and selling following the information.
Lucid’s inventory has fallen about 58% within the final yr by means of Tuesday amid growing concerns about demand for the Air luxurious sedan. The Air is a well-regarded luxurious sedan with the longest vary of any EV at present out there within the U.S., nevertheless it’s costly: Whereas lower-priced variations are on the way in which, the Air at present begins at $138,000 earlier than incentives.
The corporate stunned Wall Road analysts in February when it stated it deliberate to construct just 10,000 to 14,000 Airs in 2023, regardless of having “over 28,000” reservations available. On the time, CEO Peter Rawlinson stated the corporate would deal with advertising and marketing in 2023, a touch that it might have been struggling to transform these reservations to bought orders.
In one other signal of hassle, Lucid minimize about 18% of its workforce, or roughly 1,300 workers, in late March.
Not all of the information has been dangerous, nonetheless. Lucid stated on June 26 that it struck a deal to provide Aston Martin Lagonda with electric-vehicle powertrains, battery methods and associated expertise. In return, Lucid will obtain a complete of about $232 million in phased funds and a 3.7% stake within the storied British supercar maker.
Each Aston Martin and Lucid depend Saudi Arabia’s Public Funding Fund amongst their buyers.
Throughout its first-quarter earnings report on Might 8, Lucid stated that it expects to provide “over 10,000” autos in 2023, and that it had sufficient money available to proceed operations till at the least the second quarter of 2024. The corporate raised an additional $3 billion on the finish of Might.
Lucid will report its second-quarter outcomes after the U.S. markets shut on Aug. 7.
