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A Lucid showroom in New York City on Aug nineteenth, 2023.
Adam Jeffery | CNBC
Luxury electrical automobile maker Lucid Group stated Tuesday that it delivered 1,457 of its Air sedans to clients within the third quarter, a quantity that’s unlikely to reassure traders nervous about demand for the luxury and pricy electrical automobile.
Shares of the corporate fell about 6% in early buying and selling.
Analysts polled by FactSet had anticipated Lucid to ship about 2,000 automobiles within the third quarter.
Lucid’s third-quarter deliveries examine with 1,404 deliveries within the second quarter and 1,398 within the third quarter of 2022.
The firm said it produced 1,550 Airs within the interval, with “over 700” further automobiles in transit to a brand new facility in Saudi Arabia for last meeting. That compares to 2,173 Airs constructed within the second quarter and a pair of,282 a yr earlier.
Saudi Arabia’s authorities, a significant investor in Lucid, agreed final yr to buy at least 50,000 Lucid EVs over the next 10 years, with an possibility to purchase as much as 50,000 extra. Deliveries are anticipated to start earlier than the tip of 2023.
Lucid’s shares have fallen practically 23% from the start of 2023 by Monday’s shut as concerns about ongoing demand for the Air have lingered. While the Air has acquired sturdy critiques, and might declare the longest vary of any EV at present obtainable within the U.S., it is costly: The Air begins at $77,400 in its least costly Pure trim, a new single-motor version with 410 miles of vary. At the excessive finish, the 1,234-horsepower Sapphire model prices $249,000.
Lucid did not present an replace to its manufacturing steerage for the total yr. The firm beforehand informed traders that it expects to supply “over 10,000” automobiles in 2023, steerage it first offered in May and reiterated in August. Through the tip of September, Lucid produced 6,037 EVs in 2023, not together with the models in transit to Saudi Arabia at quarter finish.
Lucid had $6.25 billion in obtainable liquidity as of the tip of the second quarter, together with $5.5 billion in money and the rest in obtainable credit score strains, which CFO Sherry House stated on the time was ample to fund the corporate into 2025.
Lucid will report its third-quarter outcomes after the U.S. markets shut Nov. 7.
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