According to foreign media reports, electric car manufacturer Lucid said on April 9 that its delivery volume in the first quarter was higher than expected because the price reduction stimulated the market demand for its luxury electric vehicles.
The company’s shares rose about 3% on the good news.
In the first quarter of this year, Lucid delivered 1967 vehicles, higher than the 1745 expected by eight analysts.
In the quarter, Lucid produced 1728 vehicles, below expectations of 2123, compared with 2391 in the fourth quarter of 2023.
Lucid cut the price of its flagship Air sedan by 1% to 10% in February to stimulate consumer demand against the backdrop of consumers abandoning electric cars and switching to cheaper hybrids because of high interest rates.
Andres Sheppard, senior analyst at Lucid,Cantor Fitzgerald, said: “Lucid will continue to increase its supply to Saudi Arabia in the second half of this year.
I think they will increase production and delivery in the second half of this year.
” Lucid said in February that it planned to launch a medium-sized car by the end of 2026 to attract a wider customer base.
The target price for the car is $50, 000, which is a very competitive price range, including Tesla’s Model Y.
Meanwhile, foreign media reported last week that Tesla had abandoned plans to launch low-cost cars.
However, Tesla later denied it.
Lucid said last month that it would raise $1 billion from Ayar Third Investment, a subsidiary of the Saudi Arabian Public Investment Fund.
The capital injection could give the company an advantage over other cash-strapped electric car start-ups in dealing with the high cost of increasing production.
Although Rivian, another electric car start-up, also said last week that its first-quarter delivery volume exceeded expectations, concerns about overall consumer demand for electric vehicles deepened as the delivery volume of Tesla, the US electric car market leader, fell for the first time in four years and fell less than expected.
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