Luxurious electrical automobile maker Lucid Group mentioned Wednesday that it delivered 1,404 of its Air sedans to prospects within the second quarter, a bearish replace amid demand considerations.
Lucid’s second-quarter deliveries evaluate with 1,406 deliveries within the first quarter of 2023 and 679 within the second quarter of 2022. Wall Road analysts polled by FactSet had anticipated Lucid to ship about 2,000 Airs within the second quarter.
The corporate mentioned it produced 2,173 Airs within the interval, versus 2,314 within the first quarter.
Shares had been down about 5% in premarket buying and selling following the information.
Lucid’s inventory has fallen about 58% within the final 12 months by way of Tuesday amid rising considerations about demand for the Air luxurious sedan. The Air is a well-regarded luxurious sedan with the longest vary of any EV presently out there within the U.S., nevertheless it’s costly: Whereas lower-priced variations are on the way in which, the Air presently begins at $138,000 earlier than incentives.
The corporate shocked Wall Road analysts in February when it mentioned it deliberate to construct simply 10,000 to 14,000 Airs in 2023, regardless of having “over 28,000” reservations available. On the time, CEO Peter Rawlinson mentioned the corporate would deal with advertising and marketing in 2023, a touch that it might have been struggling to transform these reservations to bought orders.
In one other signal of hassle, Lucid minimize about 18% of its workforce, or roughly 1,300 staff, in late March.
Not all of the information has been dangerous, nonetheless. Lucid mentioned on June 26 that it struck a deal to provide Aston Martin Lagonda with electric-vehicle powertrains, battery programs and associated know-how. In return, Lucid will obtain a complete of about $232 million in phased funds and a 3.7% stake within the storied British supercar maker.
Each Aston Martin and Lucid rely Saudi Arabia’s Public Funding Fund amongst their buyers.
Throughout its first-quarter earnings report on Could 8, Lucid mentioned that it expects to provide “over 10,000” automobiles in 2023, and that it had sufficient money available to proceed operations till at the very least the second quarter of 2024. The corporate raised an extra $3 billion on the finish of Could.
Lucid will report its second-quarter outcomes after the U.S. markets shut on Aug. 7.