Luxurious EV Maker Lucid Beats Supply Estimates on Value Cuts, however Manufacturing Slows

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Key Takeaways

  • Electrical car maker Lucid Group introduced first-quarter car deliveries of 1,967, a file excessive determine that exceeded estimates.
  • Gross sales obtained a lift from value cuts introduced in February.
  • Manufacturing in Q1 slipped to 1,728, some 400 in need of estimates and nicely beneath the earlier quarter’s 2,391.

Lucid Group (LCID) shares gained floor Tuesday as the posh electrical car (EV) producer delivered extra vehicles than anticipated within the first quarter because it minimize costs, though manufacturing slowed.

The maker of the Air sedan reported file quarterly deliveries of 1,967, beating its outdated mark of 1,932 set within the fourth quarter of 2022, and exceeding forecasts by about 220.

Gross sales had been helped by a February value discount, which introduced down the price of its vehicles by as a lot as 10%, with its lowest-priced EV, the Air Pure, beginning at $69,900.

Nonetheless, first-quarter manufacturing slipped to 1,728, some 400 in need of estimates and nicely beneath the earlier quarter’s 2,391. The corporate has predicted it would make 9,000 EVs this yr.

Final month, Lucid obtained a lift from a further $1 billion funding by its largest shareholder, Saudi Arabia’s Public Belief Fund.

Lucid shares had been up 3.6% at $2.74 round 1:50 p.m. ET. The inventory has misplaced a couple of 30% of its worth because the begin of the yr, and practically two-thirds of its worth over the previous 12 months.

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