Despite a sharp rise in production, deliveries lagged, though the company said the issue has been resolved and demand rebounded toward the end of the quarter.Lucid Group suspended its full-year forecast and reported its biggest revenue miss in more than four years on Tuesday, as a supplier-related issue disrupted deliveries of its Gravity SUV in February, denting first-quarter sales.
The automaker’s shares fell over 8 per cent in extended trading. The company had previously forecast production of 25,000 to 27,000 vehicles this year.
“With Silvio now on board and conducting his review of the business, we are suspending our prior guidance and will provide a full updated outlook at our second-quarter earnings call,” said CFO Taoufiq Boussaid.
Last month, the company named former Schindler top boss Silvio Napoli as its next CEO, more than a year after Peter Rawlinson stepped down from the top job.
Revenue for the quarter was $282.5 million, compared with analysts’ estimate of $440.4 million, according to data compiled by LSEG.
The electric-vehicle maker produced 5,500 vehicles in the quarter, up about 149 per cent from a year earlier, but delivered only 3,093 units as a seat supplier issue curtailed shipments in February.
Lucid said the problem, which affected second-row seats in its Gravity SUVs, has been resolved. Orders and deliveries rebounded in March, with a 144 per cent surge in North American order intake from the prior month and a 14 per cent increase in deliveries from a year earlier.
The company has been banking on its Gravity SUV and upcoming mid-size platform to drive growth, alongside partnerships with Uber and self-driving startup Nuro to roll out a robotaxi fleet later this year.
The Newark, California-based company is gearing up to expand its product lineup with the more affordable mid-size platform later this year to broaden its customer base.
The luxury EV maker has also faced broader supply-chain disruptions, including constraints on raw materials such as aluminum and semiconductors that have hampered production ramp-ups.
Majority-owned by Saudi Arabia’s Public Investment Fund, the company raised about $1.05 billion in April through a mix of equity and convertible preferred stock, and expanded a credit facility with the fund.
Following the fundraise, the company expects its cash runway to extend into the second half of 2027.
