Lucid Group rises; on track to produce more than 10,000 vehicles this year
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Lucid Group (NASDAQ:LCID) rose 2.9% after the close on Monday as the EV maker said itâs on track to make more than 10,000 vehicles this year.
Q2 GAAP EPS of -$0.40 missed the average analyst estimate by $0.04 while revenue of $150.87M missed by $54.14M.
Lucid delivered 1,404 vehicles in the second quarter compared to 679 a year earlier and 1,406 in the first quarter.
"We're on track toward achieving our 2023 production target of more than 10,000 vehicles, but we recognize we still have work to do to grow our customer baseâ Chief Executive Officer Peter Rawlinson said in a statement. âDuring our second quarter, we achieved several major milestones, including signing agreements to enter into a long-term strategic partnership with Aston Martin.â
During the quarter, Lucid (LCID) initiated material shipments of vehicles to the Kingdom of Saudi Arabia. The EV maker ended the second quarter with approximately $6.25B in total liquidity, which is expected to fund the company into 2025.
âWe look forward to exciting new products in the second half of this year, including the planned start of production of the Lucid Air Sapphire and the Lucid Air Pure Rear Wheel Drive, plus the highly anticipated unveiling of our new SUV, Lucid Gravity, forthcoming in November," Rawlinson said.
During the second quarter, LCID raised $3B in capital, Chief Financial Officer Sherry House said.
âThe targeted actions underway to invigorate our marketing programs in the luxury and premium segment have resulted in greater brand awareness, which we aim to capitalize on through the launch of our latest pricing program," House said.
The start of production for the Lucid Air Sapphire and the Lucid Air Pure Rear Wheel Drive remain on track for mid-September, while the Lucid Gravity, to be unveiled in November, should start production in late 2024.
Earlier today, LCID announced price cuts across its Lucid Air sedan models owing to lackluster demand. The EV maker slashed the prices of Air Pure by $5K to $82.4K, Air Grand Touring by $28.4K to $125.6K and Air Touring by $12.4K to $95K. The new prices are part of a summer promotional event, valid through August 31. 
Shares closed down 3.2% on Monday.
LCID is up 3.8% so far this year and down 65% over the past 12 months.
More on Lucid:

 Lucid Group cuts Air sedan prices in limited time offer amid weak demand
Lucid earnings look-ahead: Watching the cash burn
Lucid Group is expected to face more pressure to meet deliveries expectations