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Lucid on Tuesday reported first-quarter deliveries that exceeded market expectations as worth cuts boosted demand for its luxurious electrical sedans, sending its shares up almost 4%.
The corporate delivered 1,967 automobiles within the first quarter, in contrast with estimates of 1,745, in keeping with eight analysts surveyed by Seen Alpha.
Lucid's deliveries remained versatile after the electrical car startup reduce costs of its flagship Air sedan by 1% to 10% in February.
Nonetheless, total EV demand within the US is slowing resulting from excessive rates of interest and comparatively elevated possession prices, forcing patrons to show to extra reasonably priced hybrid choices.
EV large Tesla earlier this month reported a quarterly decline in deliveries for the primary time in almost 4 years and missed Wall Avenue estimates.
Lucid made 1,728 automobiles within the first quarter ended March 31, beneath estimates of two,123, and in contrast with 2,391 within the earlier three months.
The EV maker stated in February it deliberate to introduce a mid-size automobile in late 2026 to draw a broader buyer base, whereas Reuters reported final week that Tesla is planning to launch its reasonably priced automobile. Has been canceled.
Lucid CEO Peter Rawlinson stated the brand new car will goal a worth of $50,000, a extremely aggressive worth vary that features Tesla's Mannequin Y electrical car.
The corporate stated final month that it was elevating $1 billion in capital from Ayar Third Funding Co., an affiliate of Saudi Arabia's Public Funding Fund.
The capital funding boosts Lucid's funds, giving the corporate a bonus over different cash-strapped EV startups, which burn via money as they ramp up manufacturing.
Lucid's deliveries mirror sector rival Rivian Automotive, which additionally beat estimates for quarterly deliveries resulting from sturdy demand for its electrical pickup vans and SUVs.