Clear Q1 EV shipments are underwhelming given demand issues
With 1,050 hp, the new Grand Touring Performance Edition becomes the most powerful version of Lucid’s electric Air sedan.
Manufacturer of luxury electric vehicles Lucid group said late Thursday that it produced 2,314 of its Air sedans in the first quarter. But it delivered just 1,406 Airs to customers over the period, another sign the company is seeing weaker-than-expected demand.
Wall Street analysts polled by FactSet had expected Lucid to ship about 2,000 Airs in the first quarter. Lucid’s shares fell over 3% in after-hours trading following the news.
Lucid surprised Wall Street in February by announcing it would only build 10,000 to 14,000 Airs in 2023 despite “over 28,000” reservations. At the time, CEO Peter Rawlinson said he felt “too few people know about the company and its award-winning but expensive electric sedan” — indicating the company may have struggled to convert reservations into sold orders.
Another indication that demand for Air could be weak came in late March, when Lucid cut 1,300 employees, or about 18% of its workforce. The company is expected to incur one-time costs of between $24 million and $30 million for these layoffs, most of which will occur in the first quarter.
Lucid said Thursday it would release its first-quarter results after U.S. markets closed on May 8.
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