At 1,050 horsepower, the new Grand Touring Performance Edition will be the most powerful version of Lucid’s electric air sedan.
Lucid Motors
luxury electric car manufacturer lucid group announced late Thursday that it had built 2,314 Air sedans in the first quarter. However, only 1,406 Airs were delivered to customers during the period, another sign that demand for the company has fallen short of expectations.
Wall Street analysts surveyed by FactSet expected Lucid to ship about 2,000 Airs in the first quarter. Following the news, Lucid’s stock fell more than 3% in after-hours trading.
Lucid surprised Wall Street in February by announcing that it plans to build between 10,000 and 14,000 Airs in 2023, despite having “over 28,000” reservations on hand. At the time, CEO Peter Rawlinson said he believed “too few people knew” about the company and its award-winning but expensive electric sedan.
Another hint that demand for Air may be weak is that in late March, Lucid cut 1,300 jobs, or about 18% of its workforce. The company expects to incur one-time costs of $24 million to $30 million for these job cuts, most of which occurred in the first quarter.
Lucid said on Thursday it will report first-quarter results after the US market closes on May 8.
