According to Reuters, on October 7, U.S. electric vehicle manufacturer Lucid announced that deliveries in the third quarter of this year (July to September) exceeded market expectations because the company provided discounts for its luxury electric vehicles and cheaper financing options boosted market demand amid economic uncertainty.
In the third quarter of this year, Lucid delivered 2,781 vehicles, while according to a survey of eight analysts by Visible Alpha, the average forecast for the company’s delivery volume was 2,242 vehicles.
, Lucid’s share price rose by about 1.
5% after the above news was released.
, Meanwhile, Lucid reported that the company produced 1,805 vehicles in the third quarter of this year, down from the previous quarter (2,110 vehicles).
Andres Sheppard, senior equity analyst at Cantor Fitzgerald, believes that the reason for the decline in Lucid’s car production is that the company is clearing existing inventories.
Garrett Nelson, senior equity analyst at CFRA Research, said: “We believe Lucid will face arduous challenges in the fourth quarter of this year if it wants to achieve its 2024 vehicle production target of 9,000 vehicles.
” Lucid is currently betting on its Gravity SUV, which will go into production later this year, in an effort to drive sales growth through the vehicle, but the Lucid Gravity SUV will also compete fiercely with Tesla’s Model X and Rivian’s flagship R1.
Meanwhile, Andres Sheppard added that once Lucid begins mass production of Gravity SUVs, he expects the company’s cost-margin margins to be squeezed.
Lucid Gravity SUV.
Photo source: Lucid, in August this year, Lucid also announced that its largest shareholder, Saudi Arabia Public Investment Fund (PIF), would inject another US$1.
5 billion in cash into it to accelerate the production of a midsize car expected to be launched by the end of 2026.
Due to high interest rates and the availability of cheaper hybrid vehicles for consumers, current U.S. consumer demand for electric vehicles continues to weaken.
Electric vehicle makers such as Tesla, Rivian and Lucid have cut prices and offered incentives such as cheaper financing solutions to attract customers.
Still, life seems difficult for electric vehicle manufacturers.
Last week, Rivian lowered its full-year production forecast due to weak auto demand and shortages of auto parts, while also failing to meet its quarterly sales forecast.
In addition, Tesla also reported disappointing sales data.
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