Lucid Stock Hits Record Low Following Disappointing EV Delivery Numbers
Luxury electric vehicle manufacturer Lucid Group's latest delivery figures for its Air sedan significantly missed market expectations.
Bill McColl brings over 25 years of expertise as a senior producer and writer across TV, radio, and digital platforms, leading news teams through major global events.
Highlights
- Lucid Group, a premium electric vehicle producer, revealed Air sedan deliveries that fell well below analyst projections.
- Deliveries in Q3 rose by only 59 units compared to the same quarter last year.
- Lucid's shares plunged to an unprecedented low, having declined more than 80% since their 2021 market debut.
On Tuesday, Lucid Group (LCID) shares dropped to an all-time low after the luxury EV manufacturer reported third-quarter deliveries that missed forecasts by a wide margin.
During the quarter, Lucid delivered 1,457 Air sedans, which is only 59 more than the previous year’s Q3 and 53 more than the prior quarter, falling short of the approximately 2,000 units analysts anticipated.
The company produced 1,550 vehicles in the quarter, with over 700 additional units sent to its Saudi Arabian facility for final assembly. This compares to production of 2,282 vehicles in Q3 2022 and 2,173 in Q2 2023.
In August, CEO Peter Rawlinson confirmed that Lucid was on track to reach its annual production goal of over 10,000 vehicles. The company is scheduled to release its Q3 financial results on November 7.
Lucid’s stock declined more than 5% on Tuesday, marking a cumulative loss exceeding 80% since its initial public offering in July 2021.
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