Lucid Shares Trade at an All-Time Low After the EV Maker's Deliveries Miss Estimates

By
Bill McColl
Bill McColl
Full Bio

Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

Learn about our editorial policies
Published October 17, 2023
In an aerial view, a sign is posted on the exterior of Lucid headquarters on March 29, 2023 in Newark, California.

Justin Sullivan / Getty Images

Key Takeaways

  • Luxury electric vehicle maker Lucid Group reported deliveries of its Air sedan that fell far short of analysts' estimates.
  • Lucid's third quarter deliveries increased by just 59 vehicles from the same period in 2022.
  • Shares of Lucid tumbled to an all-time low, and they've lost more than 80% of their value since their first day of trading in 2021.

Shares of Lucid Group (LCID) traded at an all-time low on Tuesday as the luxury electric vehicle (EV) maker announced deliveries in the third quarter that were well short of forecasts.

Lucid reported it delivered 1,457 of its Air sedans in the period, 59 more than a year ago and 53 more than in the second quarter of this year. Analysts were expecting about 2,000.  

The company produced 1,550 vehicles in the quarter, with more than 700 additional vehicles shipped to its factory in Saudi Arabia for final assembly, Lucid said. It produced 2,282 in the third quarter of last year and 2,173 in the second quarter of 2023.

In August, CEO Peter Rawlinson indicated Lucid “was on track” to meet its full-year production target of more than 10,000 vehicles. The company is set to announce third quarter results on Nov. 7.

Lucid shares fell over 5% on Tuesday and have lost more than 80% of their value since the stock was first publicly traded in July 2021.

LCID

TradingView
Do you have a news tip for Investopedia reporters? Please email us at
Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

  1. Lucid Group. "Lucid Announces Q3 Production & Deliveries, Sets Date for Third Quarter 2023 Results."

  2. Lucid Group. "Lucid Announces Second Quarter 2023 Financial Results, On Track for Annual Production Guidance of More Than 10,000 Vehicles."

Compare Accounts
×
The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.
Provider
Name
Description