Key Takeaways
- Luxury electric vehicle maker Lucid Group reported deliveries of its Air sedan that fell far short of analysts' estimates.
- Lucid's third quarter deliveries increased by just 59 vehicles from the same period in 2022.
- Shares of Lucid tumbled to an all-time low, and they've lost more than 80% of their value since their first day of trading in 2021.
Shares of Lucid Group (LCID) traded at an all-time low on Tuesday as the luxury electric vehicle (EV) maker announced deliveries in the third quarter that were well short of forecasts.
Lucid reported it delivered 1,457 of its Air sedans in the period, 59 more than a year ago and 53 more than in the second quarter of this year. Analysts were expecting about 2,000.
The company produced 1,550 vehicles in the quarter, with more than 700 additional vehicles shipped to its factory in Saudi Arabia for final assembly, Lucid said. It produced 2,282 in the third quarter of last year and 2,173 in the second quarter of 2023.
In August, CEO Peter Rawlinson indicated Lucid “was on track” to meet its full-year production target of more than 10,000 vehicles. The company is set to announce third quarter results on Nov. 7.
Lucid shares fell over 5% on Tuesday and have lost more than 80% of their value since the stock was first publicly traded in July 2021.