Lucid (LCID) Q2 2023 Production and Delivery

Lucid (LCID) Q2 2023 Production and Delivery

Visitors walk in a Lucid Air during Mobile World Congress 2023 (MWC), the telecommunications industry’s largest annual gathering on February 28, 2023 in Barcelona, ​​Spain.

Chris Jung | Norphoto Getty Images

Luxury electric car maker Lucid Group said on Wednesday it delivered 1,404 Air sedans to customers in the second quarter, a downward update amid demand concerns.

Lucid’s deliveries in the second quarter compare to 1,406 in the first quarter of 2023 and 679 in the second quarter of 2022. Wall Street analysts polled by FactSet had expected Lucid to deliver about 2,000 Airs in the second quarter.

The company said it produced 2,173 aircraft in the period, compared to 2,314 in the first quarter.

Shares fell about 5% in pre-market trading after the news.

Lucid stock is down about 58% in the past year through Tuesday amid growing concerns about demand for the Air luxury sedan. The Air is a well-regarded luxury sedan that has the longest range of any EV currently available in the US, but it’s expensive: While lower-priced versions are on the way, the Air currently starts at $138,000 before incentives.

The company surprised Wall Street analysts in February when it said it planned to build just 10,000 to 14,000 aircraft in 2023, despite having “more than 28,000” reservations on hand. At the time, CEO Peter Rawlinson said the company would focus on commercialization in 2023, a sign that it may have been struggling to convert those bookings into sell orders.

In another sign of trouble, Lucid cut about 18% of its workforce, or roughly 1,300 workers, in late March.

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However, it wasn’t all bad news. Lucid said on June 26 that it had closed a deal to supply Aston Martin Lagonda with electric powertrains, battery systems and related technology. In return, Lucid will receive a total of about $232 million in progress payments and a 3.7% stake in the British supercar maker.

Aston Martin and Lucid, the Public Investment Fund of Saudi Arabia, are among the investors.

During its first-quarter earnings report on May 8, Lucid said it expects to produce “more than 10,000” vehicles in 2023, and that it has enough cash on hand to continue operations through at least the second quarter of 2024. An additional $3 billion at the end of May.

Lucid will report its results for the second quarter after the US markets close on August 1st. 7.

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