On Monday, Lucid Group revealed second-quarter deliveries that exceeded analysts’ projections. The company’s shares saw a roughly 6% increase in premarket trading as price reductions increased demand for its high-end electric sedans. The demand for electric vehicles (EVs) has been affected by high borrowing costs, economic uncertainty, and consumer preference for gasoline-electric hybrids.
The leader in the EV market, Tesla, and competitors, such as Lucid, have reduced costs and increased incentives, like lower financing rates, to entice customers in response to the slowing demand. In February, Lucid slashed the price of its flagship Air sedan by up to 10%.
Eight analysts surveyed by Visible Alpha said that the company delivered 2,394 vehicles in the quarter that ended June 30, exceeding estimates of 1,940 units. In the three months prior, it had delivered 1,967 cars.
Lucid produced 2,110 vehicles in the second quarter, up from 1,728 in the previous three months The company, of which the Public Investment Fund of Saudi Arabia owns approximately 60% of the shares, stated in May that it anticipates capital expenditures of $1.5 billion in 2024, an increase from $910.
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