Lucid Group delivered 3,806 EVs in the third quarter, a 6.7% drop from a year earlier, after the automaker cut production to match slower demand. The quarter was the first full one under new CEO Silvio Napoli's "operational reset," which trimmed output at the company's Arizona plant.
Lucid Group reported 3,806 vehicle deliveries and 2,954 units produced from July through September, down from 4,078 deliveries and 3,891 units produced a year earlier. The Saudi-backed EV maker cut output to align with slower customer demand, ending a run of production increases that began last year.
Deliveries fall after a year of ramp-up
Despite the quarterly drop, deliveries through the third quarter remain 3.4% higher than the same period last year, while production has climbed 33%. Lucid ramped up output early this year, reaching its highest quarterly production of nearly 7,900 units in the fourth quarter of last year, then 5,500 units in the first quarter of this year.
This quarter marked a reversal. Lucid cut production at its Arizona plant from two shifts to one as part of an operational reset under new CEO Silvio Napoli, who took over leading the automaker in June.
Shares little changed on the delivery data
Shares of Lucid closed up less than 1% on Monday at $4.17 and were little changed in extended trading after the delivery figures came out. The stock is off more than 60% this year.
Napoli's turnaround plan targets cash flow improvements. It includes identifying $1.4 billion in improvement opportunities this year, split roughly between $600 million to $800 million in vehicle inventory, $500 million in capital expenditures, and $200 million in operating expenses, the company said when it reported second-quarter results in August.
Lucid said Monday it will report full third-quarter results on Nov. 9 after markets close.
Source: CNBC
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