Lucid Group, Inc. (NASDAQ:LCID) shares are trading marginally lower in the premarketing session on Tuesday.
Baird analyst Ben Kallo reiterated Lucid with a Neutral and maintains a $3 price target.
Yesterday, the company announced it achieved production of 2,110 vehicles and delivered 2,394 vehicles in the second quarter. Analysts, in estimates compiled by Bloomberg, anticipated an average production of 1,954 electric vehicles (EVs) and sales of 1,889 units.
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Lucid surpassed market expectations by delivering above projections, buoyed by strategic price cuts that stimulated demand for its luxury electric sedans, Reuters reported.
The growth in demand for electric vehicles has been slower than anticipated over the past year, influenced by elevated borrowing costs, economic uncertainties, and consumer preference shifting towards hybrid alternatives.
In the first half of 2024, the EV firm manufactured 3,838 vehicles. To achieve its annual output forecast of 9,000 units, it must produce more than 5,162 cars by year-end, Reuters added.
In 2023, the company produced a total of 8,428 vehicles. Lucid ended the first quarter with approximately $5.03 billion in total liquidity and said it continued to make significant progress on its cost optimization programs.
Lucid also scheduled its second-quarter earnings report date for Aug. 5. Analysts currently expect the EV maker to report a loss of 25 cents per share on revenue of $168.358 million, according to Benzinga Pro.
Price Action: LCID shares are trading lower by 1.58% to $3.11 premarket at last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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