Shares of Lucid Group (NASDAQ: LCID) fell by nearly 12% following the release of disappointing second-quarter delivery numbers.
During the period from April to June, Lucid Group delivered only 1,404 cars, which was almost the same as the number of cars delivered in the previous quarter (1,406). This figure fell well short of the 2,000 cars that analysts had predicted.
Furthermore, Lucid Group faced a production decline of 6% in the second quarter, manufacturing just 2,173 vehicles at its Arizona factory. This decrease in production is concerning as the company had previously expressed its intention to build 10,000 to 14,000 cars this year, despite having over 28,000 reservations.
Lucid Group has faced challenges with its supply chain and the pricing of its Air model, which starts at $138,000 before incentives.
In a noteworthy development, Lucid mentioned that it had initiated material shipments to Saudi Arabia. The Saudi Public Investment Fund (PIF) is the largest shareholder of Lucid, and the company recently announced a $3 billion fundraising campaign through a public stock sale and additional investment from PIF.
This recent decline in stock price has resulted in Lucid Group shares losing approximately two-thirds of their value over the past year.
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