Lucid’s Quarterly Production Falls, Missing Estimates
(Bloomberg) -- Lucid Group Inc.’s electric vehicle production dropped in the third quarter and missed analysts’ forecasts, even as deliveries exceeded expectations.
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The Newark, California-based carmaker said Monday it manufactured 1,805 EVs in the three months to Sept. 30 and delivered 2,781 vehicles during the period, compared with second quarter output of 2,394 vehicles and delivery of 2,110. Analysts had projected production of 2,267 vehicles and delivery of 2,168 in the latest quarter, according to estimates compiled by Bloomberg.
Shares of the company rose 2.8% to $3.43 as of 9:39 a.m. in New York. The stock is down about 19% this year.
Lucid is one of the few pure play EV makers in the US, but it manufactures just one vehicle, the Lucid Air. It has been working towards the launch of its Gravity SUV model, which is expected to start production this year.
Rivals Tesla Inc. and Rivian Automotive Inc. missed expectations for third quarter deliveries as the EV industry at large has been grappling with a slowdown in demand.
In August, the company reaffirmed a projection for output of 9,000 vehicles this year. It also announced that month a cash infusion of as much as $1.5 billion from an affiliate of Saudi Arabia’s Public Investment Fund.
(Updates third paragraph with opening shares.)
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