Lucid Q3 Deliveries Miss Estimates by 19% as Production Slashed 38%
LCID sits 76% above its 52-week low of $2.37.
Summary
Lucid delivered 3,806 vehicles in Q3, missing the 4,687 consensus by 19%, while production fell 38% sequentially to 2,954 units after eliminating a second shift at its Arizona plant. The company is deliberately running down inventory, with deliveries exceeding production by 852 vehicles, as part of its $1.4 billion cash-saving plan. This follows the Q2 loss of $1.03 billion and 18% workforce reduction announced in August, and the July bankruptcy scare that briefly halved the stock. The miss raises doubts about the full-year target of ~17,070 deliveries, which now requires a record ~6,200 units in Q4. The Gravity SUV demand commentary was vague, offering no hard numbers to offset the production cut.
At the time of this announcement, LCID was trading at $4.17 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $1.6B. The 52-week trading range was $2.37 to $25.23. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.