economy
Lucid misses first-quarter vehicle delivery estimates on supplier disruptions
Lucid produced 5,500 vehicles and delivered 3,093 in the quarter ended March 31. Analysts had expected it produce 5,967 vehicles and deliver 5,237 vehicles.
TL;DR
- Lucid Group missed first-quarter vehicle delivery expectations.
- Deliveries were impacted by a 29-day sales halt due to a supplier quality issue with second-row seats.
- The company produced 5,500 vehicles and delivered 3,093 in the quarter.
- Analysts had expected Lucid to produce 5,967 vehicles and deliver 5,237 vehicles.
- A recall of 4,476 vehicles was issued due to seatbelt anchor welds not meeting safety standards.
- The shortfall highlights persistent gaps between production capacity and customer delivery.
- Lucid maintained its annual production forecast of 25,000 to 27,000 vehicles.
- The company has contended with supply challenges, including chip shortages and rare-earth supplies.