Lucid's delivery of 1,404 Air luxury sedans in Q2 fell below analyst predictions

 

Lucid's delivery of 1,404 Air luxury sedans in Q2 fell below analyst predictions of around 2,000 vehicles, indicating weaker demand for the model than anticipated.  Despite having more than 28,000 reservations, Lucid Motors shocked investors in February by stating intentions to only construct 10,000 to 14,000 Airs in 2023, suggesting potential problems translating reservations into actual sales. The company's stock has decreased by approximately 58% over the past year in light of the unpredictability surrounding the market for its Air luxury sedan. The number of Airs produced by Lucid declined from 2,314 in Q1 to 2,173 in Q2, and in late March, the firm reduced its employment by about 18% (or roughly 1,300 personnel). Lucid announced a partnership with Aston Martin, where they will provide electric-vehicle powertrains and technology in exchange for $232M and a 3.7% stake in Aston Martin. The company expects to produce more than 10,000 cars in 2023 after obtaining an additional $3B in May, and its finances are safe through at least Q2 of 2024.