Key Takeaways
- Luxury electric carmaker Lucid Group Inc. reported Thursday that production and deliveries in the fourth quarter fell from a year ago.
- Only 8,428 Air sedans were produced during 2023—well below its initial outlook of 10,000 to 14,000 and missing the revised estimate made in November.
- Shares of Lucid Group sank to an all-time low, and are down about 86% from when they began publicly trading in 2021.
Shares of Lucid Group Inc. (LCID) sank to an all-time low Thursday as the luxury electric vehicle (EV) maker reported that production and deliveries skidded.
Lucid said it built 2,391 of its Air sedans in the fourth quarter, a decline of 32% from the year before. Deliveries dropped 10% to 1,734.
For the full year, the company said it produced 8,428 EVs and delivered 6,001. In 2022, those numbers were 7,180 and 4,369, respectively.
Last February Lucid predicted it would be producing between 10,000 and 14,000 cars in 2023. As late as September, the company said it was on track to meet its 10,000-vehicle production target. Then in November, it revised its 2023 guidance downward to 8,000 to 8,500.
Lucid shares were down 4.57% at $3.25 late Thursday and have now fallen about 59% in the last year.