Lucid reported its Q2 2023 production and delivery figures on Wednesday, and in more bad news for the struggling automaker, both figures are down quarter-over-quarter, signaling continued demand issues.
Between April and June Lucid produced 2,173 Air sedans at its manufacturing facility in Casa Grande, Arizona. That is down from the 2,314 it produced in Q1, putting Lucid’s H1 2023 production at just 4,487 electric vehicles. This puts Lucid behind their annual production guidance of up “over 10,000” vehicles. That number was lowered earlier this year after originally being set at up to 14,000.
Even if Lucid is able to ramp production to those levels, there is no guarantee they would be able sell them as the company also reported lower than expected sales. Wall Street analysts were expecting around 2,000 deliveries, but Lucid reported on Wednesday it delivered 1,404 vehicles, just two off its delivery total of 1,406 in Q1 2023. Add it up and Lucid has delivered just 2,810 EVs in the first half of the year.
Lucid used to report how many outstanding reservations it had, but stopped including that number earlier this year. The change came after seeing those numbers drop in successive quarters by more than the number of cars being delivered, indicating customers were not following through on their orders.
The bad news for Lucid comes on the heels of a blockbuster deal with Aston Martin. Last month the two automakers announced a deal in which Lucid will supply Aston Martin with electric powertrains and battery systems. Lucid will receive a payment exceeding $450 million from Aston Martin, including a “technology access fee” amounting to $232 million, $100 million worth of Aston Martin shares and an additional sum of $132 million in cash payments. Additionally, Aston Martin has committed to a minimum expenditure of $225 million on powertrain components from Lucid.
Shares of Lucid (LCID) did not respond well to the production and delivery figures, trading more than 11% lower at the time of publication.
