Lucid Group recently unveiled its delivery and production numbers for the third quarter of 2023, and the response from investors has been less than favorable.
Deliveries: In the third quarter, Lucid delivered a total of 1,457 units. Although this represents a slight increase from the 1,404 units delivered in the second quarter of 2023 and the 1,398 units delivered in the same period last year, there hasn't been significant growth in recent quarters. It's worth noting that Lucid had achieved a record-breaking 1,932 deliveries in the fourth quarter of 2022.
Production: During the third quarter, Lucid manufactured 1,550 vehicles, with an additional 700 units in transit to Saudi Arabia for final assembly. When including these transit vehicles, the total production count reaches 2,250. By comparison, Lucid produced 2,173 units in the second quarter of 2023, while their most successful quarter saw a production of 3,493 units in the fourth quarter of 2022.
Stock Performance: Following the announcement, Lucid's stock experienced a decline of 2.8%, reaching $5.13 in recent trading. Earlier in the session, it even fell below $5. In contrast, the S&P 500 and Nasdaq Composite remained relatively stable.
Delivery and Production Figures for 2023: As of now, Lucid has delivered around 4,300 units within the first three quarters of this year. In terms of production, they have manufactured approximately 6,000 vehicles, including the units currently in transit. Previous statements from Lucid projected a production range of 10,000 to 14,000 vehicles for this year. In August, the company expressed confidence in exceeding 10,000 units.
Upcoming Results and Guidance: Management is set to release the third-quarter results on November 7th. Investors eagerly await an update on Lucid's guidance, which will provide valuable insights into the company's future trajectory.
Stock Performance Overview: Lucid shares have experienced a decline of approximately 23% year-to-date. Looking at the past 12 months, the drop amounts to about 57%.
Previous Projections: Lucid's shares hit an all-time high of $64.86 in February 2021 before the merger with a special-purpose acquisition company took place. At that time, the company anticipated delivering 49,000 units in 2023 through two models: the Air Sedan and Gravity SUV. However, Lucid has revised its plans and now expects to begin manufacturing the SUV around late 2024.
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