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PIF-backed Lucid beat analyst expectations for deliveries in Q2 2024, saying it has delivered over 2.3k vehicles by the end of the quarter, according to a production update (pdf). The deliveries beat market analysts’ forecasts of 1.9k during the quarter, according to Reuters. Lucid also produced 2.1k vehicles during the quarter ending in June, it said. Its earnings for the quarter are set to follow on Monday, 5 August.
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Zooming out: The update brings Lucid’s production to 3.8k units in 1H 2024, closer to its annual output target of 9k in 2024 if it produces over 5k vehicles. It made 8.4k vehicles last year. “I think at this point, everything is shaping for them to achieve that guidance,” Andres Sheppard, senior equity analyst at Cantor Fitzgerald, said. He sees the EV maker’s production and deliveries picking pace in 2H 2024 due to seasonal effects.
IN CONTEXT- The growth in deliveries comes as Lucid reaps fruit of price cuts of up to 10% earlier this year for its flagship Air sedans to help shore up demand as US appetite for EVs slumps. Lucid plans to ramp up its capex spending to about USD 1.5 bn as it launches production of the Gravity, invests in its Arizona facility, and builds out its plant in Saudi, Lucid CFO Gagan Dhingra told Reuters in May.
