Lucid Group Inc (LCID), backed by Saudi Arabia’s Public Investment Fund, said this week it had produced 2,314 vehicles and delivered 1,406 vehicles during the quarter ended March 31st.
Those figures compared with 3,493 vehicles produced and 1,932 vehicles delivered in the quarter ended December 31st 2022.
In February when it issued a full-year forecast, Lucid Group said it expected to produce between 10,000 and 14,000 luxury vehicles during the year. That fell well short of market consensus of 21,815 vehicles.
Last year, the luxury electric car maker delivered as many as 4,369 vehicles and produced 7,180 vehicles amid supply chain and logistics-related issues.
The shares of Lucid Group Inc closed 1.48% ($0.12) higher at $8.25 on Nasdaq on Thursday, while recouping part of the loss from the previous trading session.
The company’s total market cap now stands at $15.102 billion.
The shares of Lucid Group Inc have risen 20.79% so far this year, following an 82.05% slump in 2022.
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