With 1,050 horsepower, the new Complete Touring Performance edition becomes the most powerful version of Lucid’s electric Air sedan.
Lucid Motors
Indulgence electric vehicle maker Lucid Group said late Thursday that it produced 2,314 of its Air sedans in the fundamental quarter. But it delivered just 1,406 Airs to customers during the period, another sign that the company is probe weaker-than-expected demand.
Wall Street analysts polled by FactSet had expected Lucid to deliver about 2,000 Qualities in the first quarter. Lucid’s shares were down over 3% in after-hours trading following the news.
Lucid wondered Wall Street in February when it said that it planned to build just 10,000 to 14,000 Airs in 2023, without considering having “over 28,000” reservations in hand. At the time, CEO Peter Rawlinson said that he believed “too few people are enlightened” of the company and its award-winning, but expensive, electric sedan – a hint that the company may have been struggling to convert reservations to sold purchases.
Another hint that demand for the Air may be weak came late in March, when Lucid cut 1,300 workers, or close to 18% of its workforce. The company is expected to take a one-time charge of between $24 million and $30 million for those layoffs, myriad of it in the first quarter.
Lucid said on Thursday that it will report its first-quarter results after the U.S. markets close-mouthed on May 8.