Electric vehicle company Lucid Group Inc (NASDAQ: LCID) reported third-quarter production and delivery figures Wednesday morning. Here’s how the numbers stack up to guidance and rivals.
What Happened: Lucid Group, which announced a SPAC merger in February 2021 to go public, reported production of 2,282 vehicles in the third quarter, more than triple the second quarter production. Lucid Group delivered 1,398 vehicles in the third quarter.
The company reiterated it was on track to meet the updated guidance of 6,000 to 7,000 vehicles produced for fiscal 2022.
Lucid Group cut its guidance twice in 2022, with an initial forecast of 20,000, then cut to a range of 12,000 to 14,000 before once again cutting guidance with second quarter financial results to the current 6,000 to 7,000 range.
At the end of the second quarter, Lucid reported it had 37,000 reservations for Lucid Air.
Lucid will report third-quarter financial results on Nov. 8, 2022.
Related Link: Lucid Stock Slams The Brakes After Q2 Earnings, Revenue Miss, EPS Miss, Slashed Production Guidance
Stacking Up To Rivals: Here’s how Lucid’s third-quarter production and deliveries compare to some of its rivals.
Ford Motor Company (NYSE: NYSE:F) reported electric vehicle sales in the U.S. up 197.3% year-over-year in the third quarter. The company sold 4,691 electric vehicles in the month of September alone. Strong sales were reported for the F-150 Lightning and the Mustang Mach-E.
Ford has sold more than 41,000 electric vehicles year-to-date in 2022.
Rivian Automotive Inc (NASDAQ: RIVN) reported third-quarter production of 7,363 and deliveries of 6,584, both ahead of what Lucid is guiding for the full fiscal year. Rivian’s guidance is for annual production of 25,000 vehicles, a figure lowered from its original forecast of 50,000 vehicles.
General Motors Company (NYSE: NYSE:GM) reported third-quarter deliveries and production of electric vehicles were strong due to demand. The company saw its best quarterly sales ever for the Chevrolet Bolt EV and EUV with 14,709 sales combined.
Electric vehicle leader Tesla Inc (NASDAQ: NASDAQ:TSLA) reported third-quarter deliveries of 343,830 in the third quarter, up 35% from the second quarter and up 42.5% year-over-year. The number came in below analysts’ estimates of 360,000. Third quarter production was 365,923 vehicles.
LCID Price Action: Lucid shares are up 3.68% to $13.12 on Wednesday versus a 52-week range of $12.20 to $57.75.
Photo: Courtesy Lucid
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