Lucid stock declines after preliminary Q1 deliveries fell short of expectations
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Lucid Group (NASDAQ:LCID) shares plunged more than 6% in Friday's premarket session after the company reported Q1 preliminary car deliveries of 1,406 vehicles, which fell short of the average analyst projection of 1,835 units.
EV manufacturer deliveries fell by around 27% sequentially.
The stated production quantity of 2,314 vehicles for the quarter was roughly 34% lower sequentially, but consistent with the company's prediction of low output this year.
The company will release its first-quarter earnings after the closing of the US markets on May 8, 2023.
Last month, The company announced that it will lay off 18% of its workers in order to cut costs. The company anticipated $24 million to $30 million in restructuring expenses, the majority of which will be incurred in the first quarter.