The Lucid Air luxury electric sedan starts at nearly $87,400.
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Lucid Group Inc. shares fell more than 9% Wednesday after the electric-vehicle maker said it delivered 1,404 electric vehicles and produced 2,173 vehicles at its Arizona factory in the second quarter.
Lucid’s
LCID,
stock was on track for its largest one-day percentage drop since June 1, when it fell more than 16%. Wednesday’s losses also snap a three-day winning run for the shares. The stock is off nearly 88% from its record closing high of $58.05, hit on Feb. 18, 2021.
FactSet lists only one analyst estimate for Lucid’s second-quarter production, which was for about 2,400 vehicles, and two delivery estimates for 2,000 vehicles.
Citi analyst Itay Michaeli said that Citi’s estimates pegged Lucid’s second-quarter deliveries, a proxy for sales, at 1,800 vehicles.
The “pressure we are seeing this morning is understandable given the magnitude of the [second-quarter] delivery miss” and the widening spread between production and deliveries, Michaeli said in a note.
“Given the Air’s segment and price points, we do not necessarily view this as a broader read on EV adoption, but the soft [second-quarter] demand will likely intensify the focus on the timing of the Gravity launch, the potential new lower-priced Air trims and Lucid’s overall branding/marketing efforts,” he said.
The Lucid Air, a luxury all-electric sedan, starts at $87,400 for a basic trim. The company plans to launch the Gravity, a seven-passenger electric SUV, next year, but hasn’t revealed prices.
In the Wednesday announcement, Lucid also said it began material shipments to Saudi Arabia and said it will report second-quarter results on Aug. 7 after the bell. Saudi Arabia’s sovereign-wealth fund is Lucid’s main backer.
Shares of Lucid have surged 31% over the past month as the S&P 500
SPX,
has advanced roughly 3%.
