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Clear Q1 EV deliveries overwhelmed amid demand concerns

At 1,050 horsepower, the new Grand Touring Performance Edition will be the most powerful version of Lucid’s electric air sedan.

Lucid Motors

luxury electric car manufacturer lucid group announced late Thursday that it had built 2,314 Air sedans in the first quarter. However, only 1,406 Airs were delivered to customers during the period, another sign that demand for the company has fallen short of expectations.

Wall Street analysts surveyed by FactSet expected Lucid to ship about 2,000 Airs in the first quarter. Following the news, Lucid’s stock fell more than 3% in after-hours trading.

Clarity surprised Wall Street in February It said it planned to build between 10,000 and 14,000 Airs in 2023, despite having “more than 28,000” reservations on hand. He said he believed “too few people knew” about the award-winning but expensive electric sedan. I’m having trouble converting my booking to sell orders.

Another hint that air demand may be weak came in late March. Lucid Cut 1,300 workers, or about 18% of its employees. The company expects to incur one-time costs of $24 million to $30 million for these job cuts, most of which occurred in the first quarter.

Lucid said on Thursday it will report first-quarter results after the US market closes on May 8.

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