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Lucid say Tuesday it delivered 1,457 of its sumptuousness all - electric Air sedans in the third quarter , miss Wall Street expectations by about 500 vehicles .
Perhaps more worrying is the year - over - yr comparing . Lucid birth 1,398 vehicles in the third one-quarter of 2022 , meaning growing over the past year is nearly flat . It was the same story on a quarter - over - one-fourth basis . Lucid ’s third - quarter bringing were just slimly higher than the 1,404 vehicles it delivered to consumers in the second quarter .
The results sent share down about 3.6 % as investor grew concerned that demand for the company ’s only EV has softened .
Lucid alsoreported Tuesdayit produced 1,550 Airs in the third quarter with more than 700 extra vehicle in transit to Saudi Arabia for last assembly . Lucid produced 2,282 vehicles in the third quartern of 2022 .
Lucid has had a crimper coaster twelvemonth that included hit aproduction milestonein January , miss Wall Street ’s delivery expectationsin February , come back hundred of vehiclesanddownsizing its workforcein March , postingweaker - than - expected revenue and earningsin May , landing adeal with Aston Martinin June and falling scant ofQ2 expectationsin July .
The flock with Saudi Arabia may be the lifeline Lucid needs to keep it afloat until it can begin producing and selling the next EV in its portfolio , the Gravity SUV . The companionship has said it plans to reveal theGravity SUVin November with product not start until 2024 .
The government of Saudi Arabia , which is connect to the kingdom’sPublic Investment Fundthat owns 60 % of Lucid , herald last year plans to corrupt 100,000 the car maker ’s electric vehicles over the next decade . Lucid opened in September a manufacturing plant in Saudi Arabia , that will have an initial capacity to tack together 5,000 Lucid vehicle annually . Lucid enjoin it design to expand the adroitness to 150,000 - fomite output capacity . Workers at the plant will ab initio re - assemble Lucid Air vehicle kits that are pre - manufactured at the company ’s U.S. factory in Casa Grande , Arizona . Lucid aims to transition the Saudi Arabian manufactory to nail bod whole output after the middle of the decade .
