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Lucid, the California-based luxury electric vehicle manufacturer, reported that Tuesday’s first-quarter deliveries surpassed market expectations.
The company’s decision to implement price cuts contributed to a surge in demand for its upscale electric sedans, resulting in higher-than-anticipated delivery figures.
Following the announcement, Lucid’s shares experienced a modest uptick of around 1% in premarket trading.
The positive response from investors reflects confidence in the company’s performance and ability to capitalize on the growing market for electric vehicles.
Lucid’s decision to reduce prices on its flagship Air sedans by 1% to 10% in February proved instrumental in stimulating consumer interest.
Despite the competitive market landscape, the price adjustments effectively attracted buyers, underscoring the resilience of demand for Lucid’s luxury electric vehicles.
Despite the robust delivery figures, Lucid’s first-quarter production fell below analyst estimates, standing at 1,728 vehicles compared to expectations of 2,123.
However, the company’s recent announcement of raising $1 billion in capital from Ayar Third Investment Company, affiliated with Saudi Arabia’s Public Investment Fund, signifies a strategic move to bolster its financial position.
Lucid’s delivery performance mirrors that of its sector peer, Rivian Automotive, which exceeded quarterly delivery estimates driven by strong demand for its electric pickup trucks and SUVs.
This trend emphasizes the growing consumer interest in electric vehicles and underscores the competitive dynamics within the EV market.
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