{"id":74079,"date":"2024-07-09T00:03:15","date_gmt":"2024-07-09T04:03:15","guid":{"rendered":"http:\/\/autosector.com\/?p=74079"},"modified":"2024-07-09T00:03:15","modified_gmt":"2024-07-09T04:03:15","slug":"ev-maker-lucid-beats-quarterly-delivery-estimates","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=74079","title":{"rendered":"Lucid beats quarterly delivery estimates – Autoblog"},"content":{"rendered":"

Lucid<\/a> Group reported second-quarter deliveries above market expectations on Monday, as price cuts helped boost demand for its luxury electric sedans.<\/p>\n

Demand for electric vehicles<\/a> has grown at a slower-than-expected pace in the past year, pressured by high borrowing costs, economic uncertainties and consumer preference for hybrid<\/a> alternatives.<\/p>\n

EV market leader Tesla<\/a> and others, including Lucid, have responded by slashing prices and offering incentives such as cheaper financing options to lure consumers.<\/p>\n

Lucid, shares of which rose about 4% on Monday, had cut prices of its flagship Air<\/a> sedans by as much as 10% in February.<\/p>\n

The EV firm produced 3,838 vehicles in the first half of 2024 and needs to make more than 5,162 cars by the year-end to meet its annual output forecast of 9,000 units. It made 8,428 vehicles in 2023.<\/p>\n

“I think at this point, everything is shaping for them to achieve that guidance,” Andres Sheppard, senior equity analyst at Cantor Fitzgerald, said.<\/p>\n

Lucid will produce and deliver more cars in the second half of the year, consistent with the automotive industry due to seasonal effects, he added.<\/p>\n

The company delivered 2,394 vehicles in the quarter ended June 30, above estimates of 1,940 units, according to eight analysts polled by Visible Alpha.<\/p>\n

Rivian<\/a> Automotive reported upbeat second-quarter deliveries last week, while Tesla posted a smaller-than-expected decline.<\/p>\n

Lucid, in which Saudi Arabia’s Public Investment Fund holds a 60% stake, had said in May it expects capital expenditure of $1.5 billion in 2024, up from $910.6 million last year, as it prepares to start manufacturing its Gravity SUV.<\/p>\n

The Gravity SUV, priced at around $80,000, is set to go into production later this year and will take on Tesla’s Model X<\/a>. Lucid’s Air<\/a> sedan competes against the Elon Musk-led EV maker’s popular Model S<\/a>.<\/p>\n

Lucid is set to report its quarterly results on Aug. 5.<\/p>\n","protected":false},"excerpt":{"rendered":"

Lucid Group reported second-quarter deliveries above market expectations on Monday, as price cuts helped boost demand for its luxury electric sedans. Demand for electric vehicles has grown at a slower-than-expected pace in the past year, pressured by high borrowing costs, economic uncertainties and consumer preference for hybrid alternatives. EV market leader Tesla and others, including […]<\/p>\n","protected":false},"author":1,"featured_media":74080,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[2],"tags":[],"class_list":["post-74079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry"],"_links":{"self":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/74079","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=74079"}],"version-history":[{"count":0,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/74079\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/media\/74080"}],"wp:attachment":[{"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=74079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=74079"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=74079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}