Luxurious electrical car maker Lucid Group mentioned Tuesday that it delivered 1,457 of its Air sedans to clients within the third quarter, a quantity that’s unlikely to reassure buyers apprehensive about demand for the luxury and pricy electrical car.
Shares of the corporate fell about 6% in early buying and selling.
Analysts polled by FactSet had anticipated Lucid to ship about 2,000 automobiles within the third quarter.
Lucid’s third-quarter deliveries evaluate with 1,404 deliveries within the second quarter and 1,398 within the third quarter of 2022.
The corporate mentioned it produced 1,550 Airs within the interval, with “over 700” further automobiles in transit to a brand new facility in Saudi Arabia for ultimate meeting. That compares to 2,173 Airs constructed within the second quarter and a pair of,282 a yr earlier.
Saudi Arabia’s authorities, a significant investor in Lucid, agreed final yr to purchase no less than 50,000 Lucid EVs over the next 10 years, with an choice to purchase as much as 50,000 extra. Deliveries are anticipated to start earlier than the top of 2023.
Lucid’s shares have fallen almost 23% from the start of 2023 by way of Monday’s shut as considerations about ongoing demand for the Air have lingered. Whereas the Air has acquired sturdy opinions, and might declare the longest vary of any EV presently out there within the U.S., it is costly: The Air begins at $77,400 in its least costly Pure trim, a brand new single-motor model with 410 miles of vary. On the excessive finish, the 1,234-horsepower Sapphire model prices $249,000.
Lucid did not present an replace to its manufacturing steering for the total yr. The corporate beforehand advised buyers that it expects to supply “over 10,000” automobiles in 2023, steering it first supplied in Might and reiterated in August. By way of the top of September, Lucid produced 6,037 EVs in 2023, not together with the models in transit to Saudi Arabia at quarter finish.
Lucid had $6.25 billion in out there liquidity as of the top of the second quarter, together with $5.5 billion in money and the rest in out there credit score strains, which CFO Sherry Home mentioned on the time was ample to fund the corporate into 2025.
Lucid will report its third-quarter outcomes after the U.S. markets shut Nov. 7.