With 1,050 horsepower, the brand new Grand Touring Efficiency version turns into essentially the most highly effective model of Lucid’s electrical Air sedan.
Lucid Motors
Luxurious electrical car maker Lucid Group mentioned late Thursday that it produced 2,314 of its Air sedans within the first quarter. Nevertheless it delivered simply 1,406 Airs to clients through the interval, one other signal that the corporate is seeing weaker-than-expected demand.
Wall Road analysts polled by FactSet had anticipated Lucid to ship about 2,000 Airs within the first quarter. Lucid’s shares had been down over 3% in after-hours buying and selling following the information.
Lucid stunned Wall Road in February when it mentioned that it deliberate to construct simply 10,000 to 14,000 Airs in 2023, regardless of having “over 28,000” reservations in hand. On the time, CEO Peter Rawlinson mentioned that he believed “too few individuals are conscious” of the corporate and its award-winning, however costly, electrical sedan – a touch that the corporate might have been struggling to transform reservations to offered orders.
One other trace that demand for the Air could also be weak got here late in March, when Lucid minimize 1,300 staff, or about 18% of its workforce. The corporate is anticipated to take a one-time cost of between $24 million and $30 million for these layoffs, most of it within the first quarter.
Lucid mentioned on Thursday that it’s going to report its first-quarter outcomes after the U.S. markets shut on Could 8.
