Luxury electric vehicle maker Lucid Group Inc. saw its stock drop Wednesday on news the company failed to deliver on Wall Street's expectations for its second-quarter deliveries.
The Newark, California-based company — which builds its cars at its factory in Casa Grande south of Phoenix — said it only delivered 1,404 vehicles; far fewer than the 1,873 Wall Street had projected. Lucid also only produced 2,173 vehicles in the same quarter, failing to meet its Q1 numbers where it delivered 1,406 cars and produced 2,314.
Lucid made the announcement in a short press release, where it stated it will host a conference call Aug. 7 to discuss its second-quarter financial results.
With the luxury EV market contracting, Lucid has struggled to increase sales and market share since last December when it offered a 10% discount for customers to reinstate lapsed orders. At the same time, it offered an $18,000 discount for employees who purchase its Air Grand Touring model before the end of 2022. Lucid also offered a 2.81% in-house financing rate for ready-made units.
