Lucid reported first-quarter deliveries above market expectations on Tuesday as value cuts helped increase demand for its luxurious electrical sedans, sending its shares up about 4%.
The corporate handed over 1,967 autos within the first quarter, in contrast with estimates of 1,745, in line with eight analysts polled by Seen Alpha.
Lucid’s deliveries remained resilient after the electrical automobile startup minimize costs of its flagship Air sedans by 1% to 10% in February.
Nonetheless, demand for EVs general has been slowing within the U.S. owing to excessive rates of interest and comparatively elevated possession prices, compelling patrons to show in the direction of extra inexpensive hybrid alternate options.
EV large Tesla reported a quarterly decline in deliveries for the primary time in practically 4 years earlier this month and missed Wall Road estimates.
Lucid made 1,728 autos within the first quarter ended March 31, beneath estimates of two,123, and in contrast with 2,391 within the previous three months.
The EV maker stated in February it plans to introduce a midsize automotive late in 2026 to draw a broader buyer base, whereas Reuters reported final week that Tesla scrapped plans for its cheap automotive.
Lucid CEO Peter Rawlinson stated the brand new automobile will goal a $50,000 value level, a extremely aggressive pricing vary that features Tesla’s Mannequin Y electrical automobile.
The corporate stated final month it’s elevating $1 billion in capital from Ayar Third Funding Firm, an affiliate of Saudi Arabia’s Public Funding Fund.
The capital injection boosts Lucid’s funds, giving the agency a bonus over different cash-strapped EV startups burning by money as they ramp up manufacturing.
Lucid’s deliveries mirror that of sector peer Rivian Automotive which additionally beat estimates for quarterly deliveries fueled by robust demand for its electrical pickup vehicles and SUVs.