EV maker Lucid's quarterly deliveries rise but miss estimates
Demand for Lucid's pricier luxury EVs have been softer as consumers, pressured by high interest rates, shift towards cheaper hybrid and gasoline-powered cars.
Lucid delivered 3,309 vehicles in the quarter ended June 30, compared with estimates of 3,611 vehicles, according to seven analysts polled by Visible Alpha. It had delivered 2,394 vehicles in the same period last year.
Saudi Arabia-backed Lucid produced 3,863 vehicles in the quarter, missing estimates of 4,305 units, but above the 2,110 vehicles made a year ago.
The company stuck to its annual production target in May, allaying investor worries about manufacturing at a time when several automakers pulled their forecasts due to an uncertain outlook.
U.S. President Donald Trump's tariff policy has led to a rise in vehicle prices as manufacturers struggle with high material costs, forcing them to reorganize supply chains and produce domestically.
Lucid's interim CEO, Marc Winterhoff, had said in May that the company was expecting a rise of 8% to 15% in overall costs due to new tariffs.
The company's fortunes rest heavily on the success of its newly launched Gravity SUV and the upcoming mid-size car, which targets a $50,000 price point, as it looks to expand its vehicle line and take a larger share of the market.
Deliveries at EV maker Tesla dropped 13.5% in the second quarter, dragged down by CEO Elon Musk's right-wing political stances and an aging vehicle line-up that has turned off some buyers.>
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