US electric vehicle company Lucid Group Inc said on its website Thursday that production and deliveries for the quarter ending at the end of March were lower than in the previous quarter ending at the end of December.
The electric vehicle maker produced 2,314 units in the first quarter at its plant in Arizona and delivered 1,406 units. This is down from 3,493 units produced and 1,932 units delivered in the previous quarter announced on January 12th.
Shares of the company (NASDAQ:LCID) closed Thursday at $8.25, up 1.48 per cent in the regular market. It was down 4% in after-hours trading following the announcement.
Lucid’s management will hold a conference call on Monday, May 8, at 5:30 p.m. local eastern time on its Q1 2023 financial results.
In its full-year forecast released in February, Lucid expected to produce between 10,000 and 14,000 luxury vehicles per year, short of analysts’ expectations of 21,815.
Backed by Saudi Arabia’s sovereign wealth fund (PIF), the company delivered 4,369 cars in 2022, far fewer than the 7,180 it produced.
Lucid, a luxury electric car company, announced on March 28 (local time) that it would cut 1,300 jobs, or about 18% of its total workforce, to cut costs. Analysts said that the reason Lucid is restructuring and cutting costs is because its profitability has deteriorated due to price cuts by major electric car makers such as Tesla.