Lucid
Group released its third-quarter delivery and production numbers on Tuesday, and so far investors don’t appear happy.
The electric-vehicle maker said it delivered 1,457 units in the third quarter. That’s up a little from the 1,404 delivered in the 2023 second quarter and 1,398 units in the year-ago period.
There hasn’t been material growth in recent quarters, particularly since
Lucid
(ticker: LCID) posted a record 1,932 deliveries in the 2022 fourth quarter.
During the quarter, the company produced 1,550 vehicles, “plus over 700 additional vehicles in transit to Saudi Arabia for final assembly.” Including the 700, of course, puts that number at 2,250. Lucid made 2,173 units in the second quarter. Its best quarter was 3,493 units produced in the 2022 fourth quarter.
Lucid stock slid 2.8% to $5.13 in recent trading, after falling below $5 earlier in the session. The
S&P 500
and
Nasdaq Composite
were nearly flat.
In the first three quarters of 2023, Lucid delivered a total of about 4,300 units. It produced about 6,000, or 6,700 including the vehicles in transit. In May, Lucid said it expected to produce 10,000 to 14,000 vehicles this year, and in August, the company said it was on pace to make more than 10,000 units.
Management will release third-quarter results on Nov. 7. Investors will be looking for a guidance update then.
Coming into Tuesday trading, Lucid shares have fallen about 23% so far this year and are down about 57% over the past 12 months.
Shares reached an all-time high of $64.86 in February 2021. That was before Lucid closed its merger with a special-purpose acquisition company. At the time, Lucid projected 49,000 unit deliveries for 2023 coming from two models, the Air Sedan and Gravity SUV. Lucid now plans to start making the SUV around late 2024.
Write to Al Root at [email protected]
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