Lucid Group Inc (NASDAQ:LCID) shares fell 12% to $7.16 in early Wednesday trading after the luxury electric vehicle maker revealed that it delivered 1,404 of its Air sedans to customers in the second quarter, down from 1,406 deliveries in 1Q, and far short of the 2,000 consensus estimate from analysts polled by FactSet.
The Air is a well-regarded luxury sedan with the longest range of any EV currently available in the US, CNBC reported, while noting its starting price of $138,000 before incentives has made the vehicle a difficult sell.
Shares of Lucid Group have plunged more than 63% over the past 52 weeks on growing concerns over demand for the luxury sedan.
Meanwhile, Reuters reported that the company is facing a cash crunch and had unveiled plans in May to raise about $3 billion through a stock offering, nearly two-thirds of which would come from its largest investor Saudi Arabia's Public Investment Fund.
The media outlet added that Lucid has been struggling to boost production due to supply chain issues, while also facing increasing competition after market leader Tesla began a price war in January.
Lucid Group will report its second-quarter financial results after market close on August 7.
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