Lucid shares trade at all-time low after electric vehicle maker's deliveries miss estimates

Takeaways

• Luxury Electric vehicle manufacturer Lucid Group announced deliveries of its Air sedan well below analysts' forecasts. estimates.
• Lucid deliveries in the third quarter increased by only 59 vehicles compared to the same period in 2022.
• Lucid shares fell to an all-time low, and they hit an all-time low. They have lost more than 80% of their value since their first day of trading in 2021.

Shares of Lucid Group (LCID) traded at an all-time low Tuesday as the luxury electric vehicle (EV) maker announced deliveries in the third quarter well below forecasts.

Lucid said it delivered 1,457 of its Air sedans in the period, 59 more than a year ago and 53 more than in the second quarter of this year. Analysts expected around 2,000.

The company produced 1,550 vehicles during the quarter, with more than 700 additional vehicles shipped to its factory in Saudi Arabia for final assembly, Lucid said. It produced 2,282 in the third quarter of last year and 2,173 in the second quarter of 2023.

In August, CEO Peter Rawlinson indicated that Lucid was “on track” to meet its annual production goal of more than 10,000 vehicles . The company is expected to announce its third-quarter results on November 7.

Lucid shares fell more than 5% on Tuesday and have lost more than 80% of their value since the stock was first listed in July 2021.

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Source: investopedia.com