Luxury electric vehicle competitor Lucid (LCID) -) said Tuesday that it produced 1,550 vehicles for the third quarter of the year, making 1,457 deliveries during the same period. Wall Street expected 2,000 deliveries.
Shares of Lucid, down more than 25% for the year, closed Tuesday's session down around 5% on the bearish report. The company's stock continued to dip in pre-market trading Wednesday.
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The EV maker's delivery numbers are roughly on par with the 1,398 vehicles it delivered in the year-ago period and the 1,404 vehicles it delivered in the previous quarter.
In addition to the 1,550 vehicles Lucid produced this quarter, the company noted "over 700" vehicles in transit to Saudi Arabia — a prominent investor in Lucid — for final assembly.
The company said in May that it expects to produce at least 10,000 vehicles in 2023, a commitment it reiterated in August. Lucid would need to produce roughly 4,000 vehicles in the fourth quarter to meet its goal.
While deliveries have remained relatively even, Lucid's production numbers have been consistently falling. The automaker produced 3,493 vehicles in the last quarter of 2022, 2,314 vehicles in the first quarter of 2023, 2,173 vehicles in the second quarter and 1,550 in the third.
Lucid said in August that its supply-chain bottlenecks were no longer limiting its ability to manufacture vehicles, instead expressing an issue with demand. While the company's Air sedans offer the longest EV range on the market, the cheapest Air Pure, with 410 miles of range, starts at $77,400.
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Lucid will report third-quarter earnings after the bell Nov. 7.
A user on X pointed out Lucid's declining numbers, saying: "There's only one company that experiences production hell. And it's Lucid."
Lucid CEO Peter Rawlinson, previously a Tesla engineer, said the same of Tesla in 2020.
Responding to the post, Tesla (TSLA) -) CEO Elon Musk said: "Sales hell too."
Tesla delivered 435,000 vehicles in the third quarter, below Street expectations of 455,000. The EV leader will report earnings after the bell Oct. 18.
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