Lucid inventory falls as gross sales miss expectations

Lucid’s future was already cloudy, however currently the EV startup’s title is virtually a misnomer. 

On Wednesday, Lucid told investors that it delivered 1,404 of its Air sedans in the course of the second quarter, lacking Wall Road analysts’ expectations by almost 600 car deliveries. The startup additionally stated it constructed 2,173 autos throughout Q2, down from 2,314 within the first quarter of the 12 months.

Traders already had trigger for concern about slipping demand for Lucid’s luxurious EVs, and the most recent stats solely reinforce that narrative. So, it’s no shock that LCID is now within the dumps. Particular person shares opened at $7.74 immediately and tumbled greater than 12% throughout common buying and selling, per Google Finance. After hitting a low of $7.08 a share, the inventory ticked up a bit to round $7.22 this afternoon. The corporate’s 52-week excessive of $21.78 per share has lengthy pale in its proverbial rear-view mirror.

Whereas sharing its new stats, Lucid asserted in an announcement that these supply and manufacturing figures “signify just one measure” of its efficiency. For extra insights, we’ll have to attend till August 7 when the agency is slated to totally open its Q2 books.

It doesn’t matter what’s in that quarterly report, 2023 will likely be a severely rocky 12 months for Lucid.

To briefly recap the 12 months up to now: The corporate celebrated a manufacturing milestone in January, missed Wall Road’s supply expectations in February, recalled a whole lot of autos and stated it could downsize its workforce in March, posted weaker-than-expected income and earnings in Might, and introduced an intriguing take care of Aston Martin in June. On second thought, rocky is an understatement.