On Thursday, Lucid Group Inc announced lower figures for production and delivery compared to the past three months.
Its stock price increased by 1.48% to $8.25 per share on March 13. However, it is bound to fall by -6.30% to $7.73 apiece in the upcoming session.
For the quarter that ended on March 31, the luxury electric carmaker made 2,314 vehicles and had 1,406 deliveries. It is lower than the 3,493 outputs produced and 1,932 delivered in the December quarter. Lucid mentioned that it would report its quarterly results on May 08.
Moreover, the California-based firm was affected by the sharp price cuts by Tesla despite already facing issues. These problems include supply chain and logistics concerns. Also, the lower prices of its rival company lured customers away from its products amid high-interest rates and inflation.
According to its full-year forecast in February, Lucid expected production of 10,000 to 14,000 vehicles for the year. Nonetheless, it is below the estimated 21,815 cars.
In addition, the carmaker is supported by Saudi Arabia’s Public Investment Fund. As a result, it delivered 4,369 vehicles in 2022, still below the 7,180 produced units.
The previous month, Lucid announced that it would cut off around 18.00% of its labor force or 1,300 employees. It is an effort to lessen costs in their restructuring plan.
EV-Maker, Lucid, Announces Dream Ahead Tour
Luxury EV-maker announced the beginning of the 2023 Dream Ahead Tour. It allows US consumers to experience and drive a Lucid Air.
Recently, the vehicle was named the World Luxury Car of the Year by jurors from the famous World Car Awards.
The tour started on Thursday, April 13, and will visit over 40 cities in the following seven months. It began at the Barrett-Jackson Auction in Palm Beach, Florida.
Also, Lucid will set up some studio pop-up locations across the US starting in April in Houston, Texas.
Moreover, the tour was created to showcase Lucid Air’s improved electric vehicle performance and technology. The cars offer 819 horsepower and an EPA-estimated range of 516 miles on a single charge.