Lucid, the luxury EV leader striving to compete with Tesla, delivered only 1,404 of its Air sedans in the second quarter of the year, coming in far below analyst expectations of roughly 2,000.
The EV makers said it had produced 2,173 vehicles during the quarter at its Arizona facility, down from the 2,314 Airs it made in the first quarter.
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Lucid's deliveries in the second quarter are about on par with the 1,406 deliveries it made in the first quarter of the year, and are more than double the 679 deliveries it made in the second quarter of 2022.
The company's stock sank following the news, dipping more than 10% Wednesday morning. The stock, which is up around 7% for 2023 so far, has fallen from last year's July peak of $21.78 and has recently been trading in the $7 range.
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Lucid -- which recently signed a big deal to supply EV tech to Aston Martin -- laid off 1,300 workers, about 18% of its total workforce, in March.
Lucid will report its earnings for the quarter on Aug. 7.
Tesla, meanwhile, recently reported total production of 479,700 for the second quarter, delivering 466,140 EVs, well above analyst expectations of 445,924 deliveries. This is a significant increase from the 254,695 deliveries the company reported in the second quarter of 2022, and is a bit of a jump from the 422,875 deliveries Tesla reported last quarter.
Tesla's stock, meanwhile, has been on a surge recently, gaining more than 120% for the year so far as it inches back to its August 2022 highs.
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