Key Takeaways
- Electric vehicle maker Lucid Group announced first-quarter vehicle deliveries of 1,967, a record high figure that exceeded estimates.
- Sales got a boost from price cuts announced in February.
- Production in Q1 slipped to 1,728, some 400 short of estimates and well below the previous quarter’s 2,391.
Lucid Group (LCID) shares gained ground Tuesday as the luxury electric vehicle (EV) manufacturer delivered more cars than expected in the first quarter as it cut prices, although production slowed.
The maker of the Air sedan reported record quarterly deliveries of 1,967, beating its old mark of 1,932 set in the fourth quarter of 2022, and exceeding forecasts by about 220.
Sales were helped by a February price reduction, which brought down the cost of its cars by as much as 10%, with its lowest-priced EV, the Air Pure, starting at $69,900.
However, first-quarter production slipped to 1,728, some 400 short of estimates and well below the previous quarter’s 2,391. The company has predicted it will make 9,000 EVs this year.
Last month, Lucid got a boost from an additional $1 billion investment by its largest shareholder, Saudi Arabia’s Public Trust Fund.
Lucid shares were up 3.6% at $2.74 around 1:50 p.m. ET. The stock has lost about a 30% of its value since the start of the year, and nearly two-thirds of its value over the past 12 months.