Premium electric vehicle manufacturer Lucid Group, Inc. LCID hasn’t released its third-quarter deliveries report yet, setting tongues wagging about potentially dismal numbers from the company.
What Happened: On Friday, Gary Black, a Tesla investor and managing partner at Future Fund, took to X to compare the delay to Elon Musk’s “classic [Lucid] quote” from August 2022.
At the time, Black reported that Lucid, which began delivering its first electric Air sedans in late October 2021, had sold 679 units in the second quarter of 2022. In response, Musk said, “I had more kids in Q2 than they made cars!”
On Friday, Black commented that Lucid is “just in the wrong segment ($100k+-priced sedans) at the wrong part of the economic cycle.”
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Why It’s Important: Lucid has faced problems since it started producing its luxury EVs in late September 2021, with deliveries beginning on Oct. 30, 2021. The company has encountered execution issues, especially supply-chain disruptions, that have been exacerbated by the COVID-19 pandemic.
Demand for Lucid's higher-priced EVs has been lukewarm due to economic uncertainties following the Federal Reserve's rate-tightening, which began in March 2022, and the aggressive price cuts initiated by Tesla in 2023, which have affected the entire EV industry.
Lucid’s cumulative production and deliveries in the first half stands at 4,487 units and 2,810 units respectively, well short of the company’s full-year production guidance of over 10,000 units.
Lucid ended Friday’s session 1.78% higher at $5.16, according to Benzinga Pro data. The stock hit an all-time low of $4.87 (intra-day basis) on Oct. 9.
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