Lucid Group (NASDAQ: LCID) posted a delivery beat for the third quarter this morning, reporting that 2,781 vehicles made their way to customers over the past three months.
Wall Street consensus, across eight analysts, was 2,242 vehicles. It was a strong quarter for Lucid, which was mostly catalyzed by price cuts that occurred earlier this year.
It also shows the company is having better demand for its vehicles, especially as sales are growing.
Lucid said it also built 1,805 cars in Q3, a decrease from the 2,110 vehicles it built in Q2. Deliveries increased while production decreased, which is a good sign because Lucid won’t have built vehicles sitting in its possession that are not being purchased.
Production can continue without any concerns of a higher-than-normal inventory.
As the Air sedan from Lucid has various configurations, attention for the company is now turning toward the Gravity SUV, which is set to enter production later this year.
The first pre-production units have already rolled off of manufacturing lines at its Arizona factory, known as AMP-1.
The vehicle will also have a distinct advantage as it will equip the Tesla North American Charging Standard (NACS) inlet, which will enable access to the expansive Supercharging Network without an inlet.
Lucid reveals Tesla NACS will be integrated into new Gravity SUV
Lucid also has another model in the works, a midsize vehicle that Lucid aims to use to disrupt sales of the Tesla Model Y, along with other popular midsize vehicles.
The midsize segment is extremely popular in the United States, even outside the EV sector, and with the Tesla Model Y gaining recognition as the best-selling vehicle in the world last year, EV makers are hoping to get its own slice of the pie with similar models.
Lucid shares are up just a shade this morning after the report of a delivery beat. At the time of publication, Lucid stock was trading at $3.35.
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