EV maker Lucid (LCID) set a document with EV deliveries hitting a brand new excessive within the first quarter after important value cuts. With manufacturing down, will or not it’s sufficient for Lucid to fulfill its targets by 2024?
Vibrant EV deliveries within the first quarter of 2024 set a document regardless of value cuts
Lucid delivered a document 1,967 electrical autos within the first three months of the 12 months. That is up from the height of 1,932 within the fourth quarter of 2022.
Deliveries elevated by greater than 13% in comparison with the 1,734 autos returned final quarter. In the meantime, Lucid’s manufacturing fell 27% from 2,391 within the fourth quarter to 1,727 within the first quarter of 2024.
Lucid has introduced that it plans to construct simply 9,000 autos this 12 months, roughly 500 greater than the 8,428 electrical autos in-built 2023. With just one,727 autos produced within the first quarter, Lucid might want to construct practically 7,300 extra autos this 12 months to achieve its objective.
After reducing its 2023 manufacturing steering in November from the unique 10,000 to 14,000 to between 8,000 and eight,500, Lucid met its objective.
Lucid’s document deliveries come after final 12 months’s value cuts and the elimination of much more merchandise in February. EV startup Rivian (RIVN) additionally exceeded expectations after delivering 13,588 autos within the first quarter.
This autumn 2022 | Q1 2023 | Q2 2023 | Q3 2023 | This autumn 2023 | Q1 2024 | |
Clear EV deliveries per quarter | 1,932 | 1,406 | 1,404 | 1,457 | 1,734 | 1,967 |
Clear-eyed CEO Peter Rawlinson teased a brand new mid-size electrical automotive in January as a direct competitor to Tesla’s Mannequin Y and Mannequin 3.
Because it prepares to launch its first electrical SUV, the Gravity, Lucid scored one other $1 billion from Saudi PIF affiliate Ayar Third Funding Co. Saudi PIF owns greater than 60% stake in Lucid, with round $5.4 billion invested since 2018.
Shares of Lucid rose barely on the information, however share costs are nonetheless down greater than 65% up to now twelve months. The EV maker ended the fourth quarter with about $4.3 billion in money and equivalents.
We’ll discover out extra about Lucid’s monetary state of affairs as its first quarter 2024 earnings might be introduced on Might 6, 2024. Test again later for extra info.
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