Lucid Falls on Second-Quarter Electric Car Delivery Miss

Lucid Group Inc. fell after the electric luxury sedan manufacturer undershot expectations for deliveries in the latest quarter, even as it announced the start of shipments to Saudi Arabia, its biggest financial backer.

(Bloomberg) — Lucid Group Inc. fell after the electric luxury sedan manufacturer undershot expectations for deliveries in the latest quarter, even as it announced the start of shipments to Saudi Arabia, its biggest financial backer.

The Newark, California-based company said Wednesday it delivered 1,404 electric sedans in the three months ended June 30, missing Wall Street’s estimate of 1,873, according to data compiled by Bloomberg. Lucid built 2,173 sedans in the quarter.

Shares of Lucid pared a drop of as much as 6.2% to trade down 5.3% to $7.69 as of 9:38 a.m. in New York. The stock is up about 12% this year.

Lucid, which went public in 2021 in a reverse-merger transaction, recently raised $3 billion, with $1.8 billion coming from Saudi Arabia’s sovereign wealth fund. The fund owns around 60.5% of the electric vehicle maker, according to data compiled by Bloomberg.

Last month, Lucid announced a deal to supply EV powertrain components to Aston Martin, which the Saudi wealth fund also owns a stake in.

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