Lucid’s EV production declines in Q3, misses estimates

Lucid Group (NASDAQ:LCID) produced 1,805 vehicles and delivered 2,781 vehicles in the third quarter of 2024, of which around 8% were subject to operating lease accounting.

Q3 output missed Wall Street estimates, as analysts had projected production of 2,267 vehicles, according to estimates compiled by Bloomberg. Delivery numbers were well ahead of analysts’ estimates of 2,168.

That also marks a fall in quarterly production, as the EV maker produced 2,110 and delivered 2,394 units in Q2 this year.

For the quarter ended September 2023, the company produced 1,550 vehicles, plus over 700 additional vehicles that were in transit to Saudi Arabia for final assembly. The company delivered 1,457 vehicles during the same period.

The Newark, California-based carmaker will report its third quarter 2024 financial results on November 7, 2024. Analysts expect a loss of -$0.29 a share on revenue of $183.14M.