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Production of Lucid LCID electric vehicle deliveries in Q3 2023

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A Lucid showroom in New York on August 19, 2023.

Adam Jeffery | CNBC

Luxury electric vehicle maker Lucid Group said Tuesday it delivered 1,457 of its Air sedans to customers in the third quarter, a figure that is unlikely to reassure investors worried about demand for the posh and expensive electric vehicle.

The company’s shares fell about 3%, paring earlier losses.

Analysts polled by FactSet expected Lucid to deliver about 2,000 vehicles in the third quarter.

Lucid’s third-quarter shipments compare to 1,404 shipments in the second quarter and 1,398 in the third quarter of 2022.

The company said it produced 1,550 Airs during that period, with “more than 700” additional vehicles in transit to a new factory in Saudi Arabia for final assembly. That compares to 2,173 Airs built in the second quarter and 2,282 a year earlier.

The Saudi government, a major investor in Lucid, agreed last year to buy at least 50,000 Lucid electric vehicles over the next 10 years, with an option to buy up to 50,000 more. Deliveries are expected to begin before the end of 2023.

Lucid shares fell nearly 23% from the start of 2023 through Monday’s close as concerns about continued demand for Air persisted. Although the Air has received good reviews and can claim the longest range of any electric vehicle currently available in the United States, it is expensive: the Air starts at $77,400 in its cheapest Pure trim, a new single-engine version with 410 miles of range. At the high end, the 1,234-horsepower Sapphire version costs $249,000.

Lucid did not provide an update to its full-year production guidance. The company previously told investors it planned to produce “more than 10,000” vehicles in 2023, a forecast it first provided in May and reiterated in August. Through the end of September, Lucid produced 6,037 electric vehicles in 2023, not including units in transit to Saudi Arabia at the end of the quarter.

Lucid had $6.25 billion in available liquidity at the end of the second quarter, including $5.5 billion in cash and the remainder in available lines of credit, which Chief Financial Officer Sherry House said was enough to finance the company until 2025.

Lucid will report its third quarter results after the close of US markets on November 7.

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