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Lucid LCID Q3 2023 EV deliveries manufacturing

A Lucid showroom in New York Metropolis on Aug nineteenth, 2023.

Adam Jeffery | CNBC

Luxurious electrical car maker Lucid Group stated Tuesday that it delivered 1,457 of its Air sedans to prospects within the third quarter, a quantity that’s unlikely to reassure buyers nervous about demand for the luxurious and pricy electrical car.

Shares of the corporate fell about 3%, chopping earlier losses.

Analysts polled by FactSet had anticipated Lucid to ship about 2,000 automobiles within the third quarter.

Lucid’s third-quarter deliveries examine with 1,404 deliveries within the second quarter and 1,398 within the third quarter of 2022.

The corporate said it produced 1,550 Airs within the interval, with “over 700” extra automobiles in transit to a brand new facility in Saudi Arabia for last meeting. That compares to 2,173 Airs constructed within the second quarter and a couple of,282 a yr earlier.  

Saudi Arabia’s authorities, a significant investor in Lucid, agreed final yr to buy at least 50,000 Lucid EVs over the next 10 years, with an possibility to purchase as much as 50,000 extra. Deliveries are anticipated to start earlier than the tip of 2023.

Lucid’s shares have fallen almost 23% from the start of 2023 by Monday’s shut as concerns about ongoing demand for the Air have lingered. Whereas the Air has obtained sturdy evaluations, and may declare the longest vary of any EV at the moment accessible within the U.S., it is costly: The Air begins at $77,400 in its least costly Pure trim, a new single-motor version with 410 miles of vary. On the excessive finish, the 1,234-horsepower Sapphire model prices $249,000.

Lucid did not present an replace to its manufacturing steering for the total yr. The corporate beforehand instructed buyers that it expects to provide “over 10,000” automobiles in 2023, steering it first supplied in Could and reiterated in August. Via the tip of September, Lucid produced 6,037 EVs in 2023, not together with the items in transit to Saudi Arabia at quarter finish.

Lucid had $6.25 billion in accessible liquidity as of the tip of the second quarter, together with $5.5 billion in money and the rest in accessible credit score strains, which CFO Sherry Home stated on the time was adequate to fund the corporate into 2025.

Lucid will report its third-quarter outcomes after the U.S. markets shut Nov. 7.

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