Lucid Production and Sales both Fall in Q1

According to foreign media reports, on April 13, Lucid Group's first-quarter production and delivery data were lower than those in the fourth quarter of last year, which were in line with its expectations.

The data showed that the Lucid produced 2,314 units of vehicles and delivered 1,406 units this year as of March 31, down from 3,493 units and 1,932 units in the fourth quarter of 2022. Lucid shares fell 3 percentage points after this data was released. The company said it will report first-quarter 2023 earnings on May 8.

Lucid, which is headquartered in Newark, California, is currently grappling with supply chain and logistics issues. Against a backdrop of rising interest rates and high inflation, the Tesla-induced price war has had a major impact on consumer purchasing decisions, with many buyers abandoning plans to purchase Lucid's luxury electric vehicles, causing the company's business to be severely impacted.

In its full-year earnings outlook released in February, Lucid estimated that the company would produce 10,000-14,000 units of luxury electric vehicles for the full year, a level well below analysts' estimates of 21,815 units.

In 2022, the company, backed by Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), delivered 4,369 units of vehicles, below the 7,180 units it produced.

Last month, Lucid announced that it was laying off about 18 percent of its workforce, or about 1,300 people, to cut costs, which the company is doing as part of its restructuring plan.