Lucid’s Q1 2023 Performance Surpasses Estimates with Record Deliveries and Price Cuts on Flagship Air Sedans

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Lucid Group Inc. (LCID), a leading luxury electric vehicle (EV) manufacturer, reported record deliveries of 1,967 vehicles in Q1 2023, outperforming analyst estimates of 1,745 by a significant margin. Despite the sluggish demand for EVs in the US, attributed to high interest rates and ownership costs, Lucid’s deliveries remained steadfast. However, the production figure for the quarter was 1,728 vehicles, falling short of the estimated 2,123 and the previous quarter’s 2,391.

Key Highlights:

  1. Record Deliveries: Lucid’s Q1 2023 deliveries reached a high of 1,967 vehicles, exceeding analysts’ expectations of 1,745 vehicles, according to Visible Alpha.
  2. Resilient Demand: Amidst the slump in EV demand in the US due to high interest rates and elevated ownership costs, Lucid’s deliveries remained resilient.
  3. Price Cuts: Lucid’s strategic price cuts on its flagship Air sedans in February, ranging from 1% to 10%, boosted demand.
  4. Upcoming Product Launch: Lucid plans to introduce a mid-size car in late 2026, targeting a $50,000 price point, expanding its product portfolio.
  5. Capital Injection: The company secured a $1 billion capital injection from Ayar Third Investment Company, an affiliate of Saudi Arabia’s Public Investment Fund, solidifying its financial position.

Lucid’s Q1 2023 production figures were 1,728 vehicles, lower than the estimated 2,123 and the previous quarter’s 2,391. Nevertheless, the company’s record deliveries and price cuts on its flagship Air sedans have boosted demand in the US market despite challenging conditions.

In addition to its Q1 performance, Lucid announced plans to launch a mid-size car in late 2026, targeting a 50,000 price point, further bolstering its presence in the EV market. The company also secured a significant capital injection of 1 billion from Ayar Third Investment Company, an affiliate of Saudi Arabia’s Public Investment Fund, ensuring a strong financial position for future growth and development.