Lucid's second quarter deliveries fell short of estimates amid demand concerns

Luxury electrical conveyance shaper Lucid Group said Wednesday that it delivered 1,404 of its Air sedans to customers successful the 2nd quarter, a bearish update amid request concerns.

Lucid's second-quarter deliveries comparison with 1,406 deliveries successful the first 4th of 2023 and 679 successful the second 4th of 2022. Wall Street analysts polled by FactSet had expected Lucid to present astir 2,000 Airs successful the 2nd quarter.

The institution said it produced 2,173 Airs successful the period, versus 2,314 successful the archetypal quarter.

Shares were down astir 5% successful premarket trading pursuing the news.

Lucid's banal has fallen astir 58% successful the past twelvemonth done Tuesday amid growing concerns astir demand for the Air luxury sedan. The Air is simply a well-regarded luxury sedan with the longest scope of immoderate EV presently disposable successful the U.S., but it's expensive: While lower-priced versions are connected the way, the Air presently starts astatine $138,000 earlier incentives.

The institution amazed Wall Street analysts successful February erstwhile it said it planned to physique just 10,000 to 14,000 Airs successful 2023, contempt having "over 28,000" reservations connected hand. At the time, CEO Peter Rawlinson said the institution would absorption connected selling successful 2023, a hint that it whitethorn person been struggling to person those reservations to sold orders.

In different motion of trouble, Lucid chopped astir 18% of its workforce, oregon roughly 1,300 workers, successful precocious March.

Not each the quality has been bad, however. Lucid said connected June 26 that it struck a deal to proviso Aston Martin Lagonda with electric-vehicle powertrains, artillery systems and related technology. In return, Lucid volition person a full of astir $232 cardinal successful phased payments and a 3.7% involvement successful the storied British supercar maker.

Both Aston Martin and Lucid number Saudi Arabia's Public Investment Fund among their investors.

During its first-quarter net report connected May 8, Lucid said that it expects to nutrient "over 10,000" vehicles successful 2023, and that it had capable currency connected manus to proceed operations until astatine slightest the 2nd 4th of 2024. The institution raised an further $3 billion astatine the extremity of May.

Lucid volition study its second-quarter results aft the U.S. markets adjacent connected Aug. 7.