Model new Lucid electrical vehicles sit parked in entrance of a Lucid Studio showroom in San Francisco on Could 24, 2024.
Justin Sullivan | Getty Pictures
Lucid Group reported a 6.7% lower in year-over-year car deliveries through the third quarter, after the embattled all-electric car maker reduce manufacturing to raised align with slower buyer demand.
The U.S. automaker, which is closely backed by Saudi Arabia’s Public Funding Fund, on Monday stated it delivered 3,806 EVs and produced 2,954 autos from July by September. These outcomes evaluate with deliveries of 4,078 EVs on manufacturing of three,891 autos within the year-ago quarter.
Deliveries of Lucid autos are 3.4% increased by the third quarter than a yr earlier. Manufacturing has climbed 33%, as Lucid ramped up car manufacturing by early this yr.
Lucid’s highest quarterly manufacturing of almost 7,900 items occurred through the fourth quarter of final yr, adopted by 5,500 through the first quarter of this yr.
Shares of Lucid closed up lower than 1% on Monday at $4.17 and had been little modified in prolonged buying and selling following the supply information. The inventory is off greater than 60% this yr.
The third quarter of this yr was the primary since Lucid reduce manufacturing at its plant in Arizona from two shifts to at least one amid an “operational reset” underneath new CEO Silvio Napoli, who began main the automaker in June.
The turnaround plan contains figuring out $1.4 billion in money stream enchancment alternatives this yr.
They embody roughly $600 million to $800 million in car stock, $500 million in capital expenditures, and $200 million in working bills, the corporate stated when reporting its second-quarter ends in August.
Lucid stated Monday it might report its third-quarter outcomes on Nov. 9 after markets shut.