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Lucid Group Inc (NASDAQ:LCID) lost another 5.0% on Tuesday after coming in significantly short of expectations for deliveries in the third quarter.
Lucid delivered less than 1,500 vehicles in Q3
The luxury electric vehicles manufacturer delivered 1,457 Air sedans in total to customers in Q3, as per the press release. Analysts, in comparison, had called for about 2,000.
Lucid had delivered 1,404 vehicles in the prior quarter. Its shares are trending down at writing because today’s number did not suggest a meaningful sequential growth which, by extension, signalled that “demand” continues to be a concern for the Nasdaq-listed firm.
Note that the government of Saudi Arabia – one of the largest investors of Lucid Group – has committed to buying 50,000 of its electric vehicles (at least) over the next ten years.
Those deliveries are expected to start before the end of this year and the Kingdom has an option to order another 50,000 EVs from Lucid in the coming years.
Lucid saw a big sequential decline in production
On Tuesday, Lucid Group also confirmed that it produced 1,550 Air sedans in the third quarter versus 2,173 a quarter ago and 2,282 in the same quarter last year.
Another 700 or so are “in transit to Saudi Arabia for final assembly”, as per the EV company.
The Newark-headquartered firm did not update its full-year production outlook today. Its previous guidance was for more than 10,000 vehicles in 2023 – of which, it has so far produced 6,037, not including the ones in transit to the Kingdom.
Lucid Group had $5.5 billion in cash at the end of its prior quarter that Sherry House – its Chief Financial Officer said was enough to fund operations into 2025. The electric vehicles maker will report its full third-quarter results on November 7th.
Watch here: https://www.youtube.com/embed/8EIVkQernsc?feature=oembedThe post Lucid shares visit the sub $5.0 level on weak quarterly deliveries appeared first on Invezz.
