Electric vehicle maker Lucid Motors exceeded expectations in the number of cars it delivered in the second quarter. Lucid reported 2,394 EVs delivered, while analysts expected the number to come to 1,940 units.
The delivery numbers in Q2 are also a new record for the Newark, California, headquartered company. Lucid’s previous record was 1,967 EVs delivered, a mark they achieved in the first quarter of the year.
Lucid’s results were helped in part by discounts that the company offered in recent months, including a $10,000 price cut on its flagship Air sedan. Since being introduced in 2021, Air has been priced at around $100,000, but as of recently, the base version of the model can be purchased for $69,900.
Lucid produced 3,838 vehicles in the first two quarters after forecasting an output of 9,000 cars in 2024. It needs to produce 5,162 EVs in the second half of the year to meet the goal, something that industry experts believe is achievable when seasonal effects are taken into account. The company should also benefit from the new model Gravity SUV, which is set to enter production in late 2024.
Lucid has seen its stock climb in the past five days, currently trading around $3 per share. Its shares remain 27% down year to date.