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Lucid said Tuesday it made 1,457 deliveries of its luxury all-electric Air sedan in the third quarter, about 500 vehicles short of Wall Street expectations.
Perhaps the year-to-year comparison is more troubling. Lucid delivered 1,398 vehicles in the third quarter of 2022, meaning last year’s growth is roughly flat. It was the same story on a quarter-to-quarter basis. Lucid’s third-quarter deliveries were slightly higher than the 1,404 vehicles delivered to consumers in the second quarter.
The results sent shares down about 3.6% as investors grew concerned that demand for the company’s only EV has waned.
Lucid also reported Tuesday that it produced 1,550 Airs in the third quarter and shipped more than 700 additional vehicles to Saudi Arabia for final assembly. Lucid produced 2,282 vehicles in the third quarter of 2022.
Lucid has had a tumultuous year, including hitting a production milestone in January, missing Wall Street’s delivery expectations in February, recalling hundreds of vehicles in March and laying off its workforce in May. Involves entering into a deal that records lower revenues and earnings than expected. With Aston Martin in June and the second quarter in July falling short of expectations.
The deal with Saudi Arabia could be a lifeline for Lucid until it can start producing and selling the next EV in its portfolio, the Gravity SUV. The company has said it plans to introduce the Gravity SUV in November, with production not starting until 2024.
Saudi Arabia’s government, which is linked to the Kingdom’s Public Investment Fund, which owns 60% of Lucid, last year announced plans to buy 100,000 of the automaker’s electric vehicles over the next decade. Lucid opened a factory in Saudi Arabia in September, which will have an initial capacity to assemble 5,000 Lucid vehicles annually. Lucid said it plans to expand the facility to a 150,000-vehicle production capacity. Plant workers will initially reassemble Lucid Air vehicle kits that are pre-built at the company’s U.S. factory in Casa Grande, Arizona. Lucid aims to convert the Saudi Arabia factory to full manufacturing unit production after the middle of the decade.
