Lucid reported first-quarter deliveries above market expectations on Tuesday as worth cuts helped enhance demand for its luxurious electrical sedans, sending its shares up about 4%.
The corporate handed over 1,967 automobiles within the first quarter, in contrast with estimates of 1,745, in response to eight analysts polled by Seen Alpha.
Lucid’s deliveries remained resilient after the electrical car startup minimize costs of its flagship Air sedans by 1% to 10% in February.
Nonetheless, demand for EVs general has been slowing within the U.S. owing to excessive rates of interest and comparatively elevated possession prices, compelling patrons to show in direction of extra reasonably priced hybrid alternate options.
EV large Tesla reported a quarterly decline in deliveries for the primary time in practically 4 years earlier this month and missed Wall Road estimates.
Lucid made 1,728 automobiles within the first quarter ended March 31, under estimates of two,123, and in contrast with 2,391 within the previous three months.
The EV maker mentioned in February it plans to introduce a midsize automotive late in 2026 to draw a broader buyer base, whereas Reuters reported final week that Tesla scrapped plans for its cheap automotive.
Lucid CEO Peter Rawlinson mentioned the brand new car will goal a $50,000 worth level, a extremely aggressive pricing vary that features Tesla’s Mannequin Y electrical car.
The corporate mentioned final month it’s elevating $1 billion in capital from Ayar Third Funding Firm, an affiliate of Saudi Arabia’s Public Funding Fund.
The capital injection boosts Lucid’s funds, giving the agency a bonus over different cash-strapped EV startups burning by money as they ramp up manufacturing.
Lucid’s deliveries mirror that of sector peer Rivian Automotive which additionally beat estimates for quarterly deliveries fueled by sturdy demand for its electrical pickup vehicles and SUVs.
