Lucid Exceeds Expectations, Hands Over 1,967 Electric Cars In First Quarter

Lucid Air. (Doc. Lucid)

Lucid reported that electric car shipments in the first quarter exceeded expectations. The price cut decision they implemented succeeded in encouraging demand for their luxury electric sedans, and saw their shares rise by about 4 percent.

According to estimates from eight analysts surveyed by Visible Alpha, quoted from Autoblogging, April 10, Lucid managed to hand over 1,967 vehicles in the first quarter. This figure is higher than the previous estimate of 1,745 units.

Permintaan untuk mobil listrik Lucid tetap kuat meskipun perusahaan startup mobil listrik ini telah menghasilkan harga sedan Air mereka, yang merupakan produk unggulannya, sebesar 1 hingga 10 persen pada bulan Februari lalu.

However, the overall demand for electric vehicles in the United States is slowing down. This is due to high interest rates and relatively expensive ownership costs, prompting buyers to switch to more affordable hybrid alternatives.

Electric vehicle giant Tesla even reported a decline in quarterly electric vehicle shipments for the first time in nearly four years earlier this month, and did not meet Wall Street's estimation.

Lucid produced 1,728 vehicles in the first quarter which ended on March 31. This figure is lower than analysts' estimate of 2,123 units, and compared to 2,391 units in the previous quarter.

The electric vehicle manufacturer said in February that it plans to introduce medium cars by the end of 2026 to attract a wider customer base. Meanwhile, Reuters reported last week that Tesla had canceled plans for their cheap cars.

Lucid CEO Peter Rawlinson said the new vehicle would target a price of 50,000 US dollars. This is a very competitive price segment, which includes Tesla's Model Y electric vehicle.

VOI previously reported that the company said last month that it was collecting a capital of 1 billion from Ayar Third Investment Company, an affiliate of Saudi Arabia's Public Investment Fund.

This capital injection increased Lucid's funds, giving the company profits compared to other electric vehicle startups that lack cash and have to spend a lot of money while increasing their production.

Lucid's delivery achievement is similar to the achievements of a similar company, Rivian Automotive, which also exceeds its quarterly delivery estimate driven by strong demand for their pickup trucks and electric SUVs.