Lucid Exceeds Expectations, Delivers Over 1,967 Electric Vehicles in First Quarter

Lucid reported that electric vehicle shipments in the first quarter exceeded expectations. The decision to cut prices succeeded in encouraging demand for their luxury electric sedans, and saw their shares rise by about 4 percent.

According to the estimates of eight analysts interviewed by Visible Alpha, quoted from Autoblogging, April 10, Lucid managed to deliver 1,967 vehicles in the first quarter. This number is higher than the previous estimate of 1,745 units.

Demand for Lucid’s electric cars remains strong even though the electric car startup cut the price of the Air sedan, its flagship product, by 1 to 10 percent in February.

However, overall demand for electric vehicles in the United States is declining. This is due to high interest rates and relatively expensive ownership costs, causing buyers to switch to cheaper alternatives.

Electric car giant Tesla even reported a decline in quarterly electric vehicle shipments for the first time in nearly four years earlier this month, falling short of Wall Street estimates.

Lucid produced 1,728 vehicles in the first quarter that ended March 31. This number was lower than analysts’ estimate of 2,123 units, and compared to 2,391 units in the previous quarter.

The electric car maker said in February that it plans to introduce mid-size cars by the end of 2026 to attract more customers. Meanwhile, Reuters reported last week that Tesla had canceled plans for their affordable cars.

Lucid CEO Peter Rawlinson said the new car will target a price tag of US$50,000. This is a very competitive price point, which includes Tesla’s Model Y electric car.

VOI previously reported that the company said last month that it was raising 1 billion in capital from Ayar Tatu Investment Company, an affiliate of Saudi Arabia’s Public Investment Fund.

This injection of capital boosted Lucid’s cash flow, giving the company an advantage over other electric car startups that are cash-strapped and have to spend heavily when ramping up their production.

Lucid’s delivery success is similar to that of a similar company, Rivian Automotive, which is also exceeding its quarterly delivery estimates due to strong demand for its electric pickup trucks and SUVs.

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