Lucid Group Inc.’s output of electric vehicles fell 29% on the quarter, raising questions about its ability to meet a full-year production target of more than 10,000 EVs.
(Bloomberg) — Lucid Group Inc.’s output of electric vehicles fell 29% on the quarter, raising questions about its ability to meet a full-year production target of more than 10,000 EVs.
The Newark, California-based company said in a release it built 1,550 EVs in the third quarter, down from 2,173 in the previous three-month period. Lucid’s deliveries rose to 1,457 vehicles in the quarter ended Sept. 30, up from 1,404 last quarter.
Lucid’s shares pared a drop of as much as 7.2% to trade down 2.8% to $5.13 as of 9:52 a.m. in New York. The stock is down about 25% this year.
No reason was given for the lower production volumes. The company plans to report third-quarter earnings on Nov. 7.
Since starting production in 2021, Lucid has struggled to find buyers for its all-electric Air sedans, which have a base price of around $87,000 but can top $100,000 with options.
Read more: EV Maker Lucid’s $338,000 Loss Per Car Turns Investors Off
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.