EV maker Lucid reports a 70% increase in quarterly deliveries

Lucid Group Inc (NASDAQ: LCID) opened well in the green on Monday after reporting a significant increase in deliveries for the second quarter. 

The EV maker did also announce a decline in quarterly production this morning. 

Lucid stock is currently down some 25% versus the start of 2024. 

How many vehicles did Lucid deliver in Q2?

Lucid delivered a total of 2,394 vehicles in the quarter that ended on June 30th. That translates to a whopping 70.5% increase versus the same three-month period of 2023. 

The electric vehicles company is scheduled to report its full earnings report for the second quarter on August 5th. 

Ahead of it, shares of Lucid Group are up nearly 30% versus their low in late April. 

LCID reports a decline in production

Lucid produced a total of 2,110 electric vehicles in the second quarter - down 2.9% on a year-over-year basis. 

Investors read the slowdown as a positive since it somewhat alleviates concerns that dwindling EV demand may result in a supply glut. Production, however, was up compared to 1,728 units in Q1. 

LCID production and deliveries update arrives more than a month after its management announced a restructuring plan that involves lowering headcount by about 6.0% (400 employees). 

The EV maker is committed to completing the job cuts before the final quarter of 2024 and expects up to $25 million in total restructuring charges in Q2. Note that Lucid stock traded at a higher of $55 during the pandemic in 2021. 

Lucid is expected to lose 26 cents a share in its current financial quarter versus 40 cents per share it lost in the second quarter of 2023. 

How do Lucid deliveries compare to rivals?

Strength in its quarterly deliveries is significant particularly because its bigger rival Tesla Inc disclosed a 4.7% hit to its second-quarter deliveries last week. The Elon Musk company announced an over 14% decline in quarterly production as well on July 2nd. 

Other rivals of LCID, including Rivian Automotive, however, noted strength in the recently concluded quarter. 

In June, Lucid reached an agreement with Gravity Inc on trademark dispute. Matt Everitt - its general counsel said at the time:

Wall Street currently has a consensus “hold” rating on Lucid stock. Analysts see it fairly valued at $2.97 on average that translates to a more than 3.0% downside from here.