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Lucid Group’s poor second-quarter performance could take some of the spark out of electric-vehicle stocks.
The startup said Wednesday that it made 2,173 vehicles in the second quarter and delivered just 1,404 of them. Both numbers were lower than in the first quarter, and the analyst consensus was for second-quarter production of about 2,400 and deliveries of 2,000, according to FactSet. Investors sent the stock down 11% in recent trading.
The company will need to hit the accelerator in the second half to meet its own guidance for production of more than 10,000 vehicles this year. As is normal with sales reports, it didn’t offer an explanation ahead of its full second-quarter results, due out on August 7. One question is whether Lucid will bring down full-year guidance, which it has already lowered once before.
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