Lucid announces Q2 production and delivery situation, with a month-on-month decrease leading to an 11% drop in share price

Lucid reports Q2 production and delivery decline, causing an 11% decrease in share price

【Phoneauto News】Recently, the American new car manufacturer Lucid officially announced the production and delivery situation of the company in the second quarter. Due to higher sales than production, Lucid’s inventory for the second quarter of this year has decreased.

Lucid Air

According to the data, Lucid’s sales in the second quarter of this year have achieved a significant increase compared to the same period last year, but have slightly decreased compared to the first quarter. According to the company, the production in the second quarter was 2,173 vehicles, an increase of 204% compared to a year ago. The deliveries in this quarter reached 1,404 units, a 107% increase compared to the same period last year. However, both production and sales have declined compared to the first quarter and even the fourth quarter of last year.

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In addition to the decline in production and sales, Lucid has also been facing inventory issues. From the production and sales data of the second quarter, it can be seen that the new inventory in the second quarter was about 769 units. Although it has decreased compared to before, the total inventory in the past six quarters has reached 4,500 vehicles. As of now, Lucid has delivered a total of 7,304 electric vehicles, while the number of electric vehicles produced exceeds 11,700. It is unclear whether the difference is due to the waiting delivery period or simply excess inventory.

Lucid Air production and sales in recent quarters (source: watermark)

In the fourth quarter financial report of 2022, Lucid announced a production guidance of 10,000-14,000 vehicles for 2023 (an average of 2,500-3,500 vehicles per quarter). However, in March of this year, there were rumors that Lucid would lay off 1,300 employees, accounting for 18% of the total workforce. On May 8th, Lucid adjusted its production guidance target and increased the production for this year to over 10,000 vehicles.

It is worth mentioning that although Lucid is striving to improve its performance, its competitors in the luxury car market, such as Mercedes-Benz and BMW, have experienced faster-than-expected growth in electric vehicle sales. They have both achieved significant growth in electric vehicle sales in the second quarter. After Lucid announced its production and sales data, the market also reacted, and its stock price fell by more than 11% on the same day.

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