Lucid shares drop after the company's second quarter EV deliveries miss expectations. Yahoo Finance Automotive Reporter Pras Subramanian breaks down the company's delivery numbers.
- Well, shares of Lucid falling today, down nearly 12% there, after its second quarter deliveries fell short of expectations. Yahoo Finance's Pras Subramanian with us now to break down the numbers for us. And Pras, what happened?
PRAS SUBRAMANIAN: Yeah, so Lucid reported today around 1,400 deliveries for Q2. The stream was looking for an 1,873, according to Bloomberg estimates. So a big miss there.
The company produced around 2,200 vehicles for the quarter, which is also sort of below its Q1 performance. So it kind of missed on both the production and deliveries from prior quarter. So not exactly good news for investors.
Now Lucid has also said that it began material shipments of its EVs to Saudi Arabia, which is important because they have a deal with the government there to deliver about 100,000 EVs over the next five years or so. Important to remember that the Saudi Sovereign Investment Fund, the public investment fund, actually has a stake, a rather large stake, the biggest stake, in the company right now. So that's going on right now.
But Lucid, also not all bad news for them. In the Q2, they signed a technology deal with Aston Martin to provide technology and materials, and also sort of EV powertrains for Aston Martins future EV. So that's a good news in terms of licensing technology. It's a big growth driver potentially for the company that sort of is hemorrhaging cash these days.
But finally, we're going to hear more about the company standing there with Q2 earnings coming out on August 7th.
- OK, Pras Subramanian with those numbers coming out of Lucid. Thanks so much.