Lucid Group sees a strong jump in second quarter deliveries

Lucid Group (NASDAQ:LCID) announced that it produced 3,863 vehicles in Q2 and delivered 3,309 vehicles. The deliveries tally missed the consensus expectation of Wall Street analysts of 3,611. For reference, Lucid produced 2,110 vehicles in Q2 a year ago and delivered 2,394 vehicles.

During the six-month period that ended on June 30, Lucid produced 6,075 vehicles and delivered 6,418 vehicles. Looking ahead, Lucid Group (NASDAQ:LCID) will report Q2 earnings on August 5. The company has topped EPS estimates in its last three quarters and narrowed its loss each time. Lucid (LCID) has beat revenue estimates in three of the last four quarters.

Shares of Lucid Group (LCID) edged 0.5% higher in premarket trading on Thursday. The EV stock is down more than 32% on a year-to-date basis. Short interest on Lucid (LCID) stands at 12.6% of the total float.

Seeking Alpha analyst Livy Investment Research did a deep dive on Lucid (LCID) vs. Tesla (TSLA). “Despite limited near-term respite for success, some investors may still be betting on asymmetrical upside potential if its long-term initiatives gain traction with continued PIF support,” highlighted the firm.