Lucid’s future was already cloudy, however these days the EV startup’s title is virtually a misnomer.
On Wednesday, Lucid told investors that it delivered 1,404 of its Air sedans throughout the second quarter, lacking Wall Avenue analysts’ expectations by almost 600 automobile deliveries. The startup additionally mentioned it constructed 2,173 autos throughout Q2, down from 2,314 within the first quarter of the yr.
Traders already had trigger for concern about slipping demand for Lucid’s luxurious EVs, and the newest stats solely reinforce that narrative. So, it’s no shock that LCID is now within the dumps. Particular person shares opened at $7.74 as we speak and tumbled greater than 12% throughout common buying and selling, per Google Finance. After hitting a low of $7.08 a share, the inventory ticked up a bit to round $7.22 this afternoon. The corporate’s 52-week excessive of $21.78 per share has lengthy pale in its proverbial rearview mirror.
Whereas sharing its new stats, Lucid asserted in an announcement that these supply and manufacturing figures “signify just one measure” of its efficiency. For added insights, we’ll have to attend till August 7, when the agency is slated to completely open its Q2 books.
It doesn’t matter what’s in that quarterly report, 2023 will likely be a severely rocky yr for Lucid.
To briefly recap the yr thus far: The corporate celebrated a manufacturing milestone in January, missed Wall Avenue’s supply expectations in February, recalled lots of of autos and mentioned it will downsize its workforce in March, posted weaker-than-expected income and earnings in Could, and introduced an intriguing take care of Aston Martin in June. On second thought, rocky is an understatement.