Luxurious electrical car maker Lucid Group stated late Thursday that it produced 2,314 of its Air sedans within the first quarter. However it delivered simply 1,406 Airs to prospects through the interval, one other signal that the corporate is seeing weaker-than-expected demand.
Wall Road analysts polled by FactSet had anticipated Lucid to ship about 2,000 Airs within the first quarter. Lucid’s shares have been down over 3% in after-hours buying and selling following the information.
Lucid stunned Wall Road in February when it stated that it deliberate to construct simply 10,000 to 14,000 Airs in 2023, regardless of having “over 28,000” reservations in hand. On the time, CEO Peter Rawlinson stated that he believed “too few persons are conscious” of the corporate and its award-winning, however costly, electrical sedan – a touch that the corporate could have been struggling to transform reservations to offered orders.
One other trace that demand for the Air could also be weak got here late in March, when Lucid lower 1,300 staff, or about 18% of its workforce. The corporate is anticipated to take a one-time cost of between $24 million and $30 million for these layoffs, most of it within the first quarter.
Lucid stated on Thursday that it’s going to report its first-quarter outcomes after the U.S. markets shut on Could 8.