Shares of electric vehicle maker Lucid Group Inc (NASDAQ:LCID) slid Tuesday after the company posted uninspiring third-quarter delivery numbers.
Lucid said Tuesday that it delivered 1,457 of its Air sedans in the quarter, short of the roughly 2,000 expected by analysts.
Lucid delivered 1,404 vehicles in the second quarter and 1,398 vehicles in the year-ago quarter.
The company also said it produced 1,550 Airs during the quarter, with more than 700 additional vehicles being transported to a new Saudi Arabia facility for their final assembly. Lucid built 2,173 in the second quarter and 2,282 in the third quarter last year.
Saudi Arabia’s government agreed in 2022 to purchase at least 50,000 Lucid vehicles over the next decade, with an option to buy another 50,000. Deliveries of those vehicles are expected to begin by the end of 2023.
Shares of Lucid tumbled 3.7% Tuesday morning to $5.09.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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