Lucid Group: Production Target Missed, but Deliveries Exceed Expectations

The American electric vehicle manufacturer Lucid Group produced fewer vehicles in the third quarter than analysts had predicted but managed to positively surprise with deliveries. The Newark, California-based company manufactured 1,805 electric vehicles in the three months up to September 30, while delivering 2,781 vehicles to customers. In comparison, 2,394 vehicles were produced in the second quarter, with 2,110 vehicles delivered. Analysts had expected production of 2,267 vehicles and delivery of 2,168 vehicles, so Lucid exceeded expectations in deliveries. Despite the mixed results, the company’s stock price rose by 2.8% to $3.43, although it has fallen by around 19% over the year to date. As one of the few pure electric vehicle manufacturers in the U.S., Lucid currently produces only the Lucid Air and is preparing for the production of the SUV model Gravity, which is expected to be launched later this year. In August, Lucid confirmed its forecast of producing a total of 9,000 vehicles in 2023. Additionally, the company received a financial boost of up to $1.5 billion from a partner of the Public Investment Fund of Saudi Arabia. Meanwhile, rivals Tesla and Rivian also missed expectations in deliveries during the third quarter, as the entire EV industry grapples with a slowdown in demand.