The future of Lucid was already uncertain, and as of late, the name of the EV startup is almost a misnomer.
In a statement released on Wednesday, Lucid informed investors that it had shipped 1,404 Air sedans during the second quarter, falling short of Wall Street analysts’ predictions by over 600 units.
The firm also reported that it produced 2,173 vehicles in Q2, down from 2,314 in Q1 of the year.
Investors already had reason to be concerned about declining demand for Lucid’s high-end EVs, and the most recent statistics only serve to confirm that narrative. So it comes as no surprise that LCID is currently struggling.
According to Google Finance, individual shares fell more than 12% during regular trade today after starting the day at $7.74. The stock increased slightly to about $7.22 this afternoon after falling as low as $7.08 a share earlier today. The 52-week high of $21.78 per share for the corporation has long since vanished from view.
Lucid claimed in a statement that these delivery and production numbers “represent only one measure” of company performance while releasing its new metrics.
We’ll have to wait until August 7 when the company plans to completely open its Q2 books in order to get further information.
Whatever the quarterly report says, Lucid is in for a very difficult year in 2023.
I’ll quickly review the year so far. Hundreds of vehicles were recalled and the company announced job cuts in March. In May, it reported weaker-than-expected revenue and earnings.
In June, it announced an intriguing partnership with Aston Martin. The company celebrated a production milestone in January. Actually, to say it’s rocky is an understatement.