Summary: Lucid Group, the luxury electric-vehicle maker, reported a slight uptick in deliveries for the third quarter compared to the previous quarter, attributed to a special price offer that attracted buyers. However, the company’s stock fell over 5% in premarket trading. Lucid produced 1,550 vehicles and delivered 1,457 units in Q3, while also mentioning that more than 700 additional vehicles were en route to their new assembly plant in Saudi Arabia. The company is aiming to produce 10,000 vehicles this year and will release its quarterly results on Nov. 7.
Luxury electric-vehicle manufacturer, Lucid Group (LCID.O), announced that it experienced a modest increase in vehicle deliveries for the third quarter as compared to the previous quarter. This surge in deliveries can be attributed to a special price promotion that was introduced in August, which enticed more buyers to make a purchase.
Despite this positive news, Lucid’s stock experienced a decline of over 5% during premarket trading. However, the company remains optimistic about its future outlook and prospects for growth.
During the third quarter, Lucid was able to produce 1,550 vehicles and successfully deliver 1,457 units to customers. This marks a notable improvement from the second quarter, where the company produced 2,173 vehicles and delivered 1,404 units.
In addition to the delivered units, Lucid also revealed that there are currently more than 700 vehicles in transit to their newly established assembly plant in Saudi Arabia. These vehicles will undergo final assembly at the new facility before being made available to customers.
Lucid had set a target to produce a total of 10,000 vehicles by the end of the year. In order to meet this goal, the company will need to manufacture approximately 4,000 cars in the fourth quarter. Lucid also expressed confidence in their financial position, stating that they have sufficient funds to commence production of their highly anticipated sport utility vehicles in the coming year and beyond.
The company is scheduled to release its quarterly results on November 7, after the markets close.
Tags: Lucid Group, electric-vehicle, deliveries, Q3, price offer, stock, production target, Saudi Arabia, quarterly results, promotion