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Lucid Group (NASDAQ: LCID) reported its deliveries and manufacturing for Q2 2023 this morning, and its inventory tanked because of the numbers, which confirmed fewer automobiles have been constructed and deliveries remained flat.
Lucid delivered simply two fewer deliveries in Q2 than in Q1, with 1,404 automobiles arriving to prospects throughout the second three-month stretch of 2023. Analysts anticipated roughly 2,000 automobiles to be delivered this quarter, making it a miss of roughly 30 %.
In the meantime, manufacturing fell by 6 % within the quarter, as Lucid constructed solely 2,173 automobiles in Q2. In Q1, it constructed 2,314.
Lucid solely supplied a single replace in its Q2 2023 car supply and manufacturing report, stating that it has began materials shipments to the Kingdom of Saudi Arabia, the place the corporate began delivering the Air sedan earlier this quarter.
The Air is in direct competitors with different luxurious all-electric sedans in the marketplace, particularly the Tesla Mannequin S, which has outshined Lucid’s premiere sedan in practically each aspect.
Lucid inventory felt the load of the underwhelming supply figures because it dropped 11 % on the day.
Disclosure: Joey Klender just isn’t a LCID Shareholder.
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