LCID Stock Pops as Lucid Motors Reports Higher Deliveries in Q2

  • Lucid (LCID) produced 2,110 vehicles and delivered 2,394 vehicles during the second quarter.
  • Both figures topped their respective analyst estimates.
  • LCID stock is down by about 26% this year.
LCID stock - LCID Stock Pops as Lucid Motors Reports Higher Deliveries in Q2

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Shares of Lucid (NASDAQ:LCID) are catching a bid after the EV company reported its second-quarter production and deliveries. LCID stock is up almost 3% in early afternoon trading.

Lucid produced 2,110 vehicles, down 2.89% from 2,173 vehicles during Q2 of 2023. However, that still beat the analyst estimate for 1,954 vehicles.

In addition, the company’s deliveries grew by a solid 70.51% to 2,394 vehicles. That was 26.73% ahead of the analyst estimate of 1,889 vehicles.

As of June 30, Lucid had produced a total of 3,892 vehicles in 2024. That’s including 1,728 vehicles during the first quarter. In its recent earnings, the company guided for 2024 production of 9,000 vehicles. That means that Lucid must ramp up production during the second half of 2024 while producing at least 5,102 vehicles to meet its guidance.

“Lucid vehicle production and delivery numbers represent only one measure of the company’s operating performance and should not be relied on as sole indicators of quarterly financial results, which depend on a variety of factors,” said Lucid.

LCID Stock: Lucid’s Second-Quarter Production and Deliveries Beat Analyst Estimates

Lucid also announced that it would report its Q2 earnings on Monday, Aug. 5, after the market close. Beginning on July 22, shareholders will be able to submit questions to Lucid’s management via Say Technologies‘ Q&A platform.

For the quarter, analysts are forecasting revenue growth of 12.10% to $169 million. During Q2 of 2023, Lucid’s revenue grew by 55% to $151 million, meaning that it has a tough benchmark to compare against. For the third quarter, analysts expect Lucid’s revenue to grow by 29.71% to $179 million.

Unsurprisingly, Lucid is expected to remain unprofitable. Analysts are expecting a GAAP EPS of 28 cents compared to a loss of 40 cents a year ago. On an annual basis, the company is expected to stay unprofitable until 2030, with analysts forecasting a GAAP EPS of four cents.

At the same time, the average price of a Lucid vehicle was approximately $88,000 during the first quarter compared to over $105,000 during the Q1 of 2023. Its flagship vehicle, the Air, currently starts at $69,900. These price cuts are a direct response to an EV price war and will extend the amount of time that Lucid needs to potentially achieve profitability.

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.

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