Lucid Group (NASDAQ: LCID) reported its deliveries and production for Q2 2023 this morning, and its stock tanked as a result of the numbers, which showed fewer cars were built and deliveries remained flat.
Lucid delivered just two fewer deliveries in Q2 than in Q1, with 1,404 cars arriving to customers during the second three-month stretch of 2023. Analysts expected roughly 2,000 cars to be delivered this quarter, making it a miss of roughly 30 percent.
Meanwhile, production fell by 6 percent in the quarter, as Lucid built only 2,173 cars in Q2. In Q1, it built 2,314.
Lucid only provided a single update in its Q2 2023 vehicle delivery and production report, stating that it has started material shipments to the Kingdom of Saudi Arabia, where the company started delivering the Air sedan earlier this quarter.
The Air is in direct competition with other luxury all-electric sedans on the market, especially the Tesla Model S, which has outshined Lucid’s premiere sedan in nearly every facet.
Lucid stock felt the weight of the underwhelming delivery figures as it dropped 11 percent on the day.
Disclosure: Joey Klender is not a LCID Shareholder.
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