Lucid Group Co. LCID, a manufacturer of premium electric vehicles, has discounted its electric vehicle prices further.
What Happened: Newark, California-based Lucid adjusted to the prices of its Air sedans by offering “Air Credit” discounts both in the U.S. and Canada. The downward price adjustments were first reported by Drive Canada Tesla. The company called the discounts “Autumn Pricing and Lease Offers” that will un through Nov. 30.
In the U.S., the Air Pure all-wheel drive is now available for $74,900, down from $82,400, with a discount of $7,500. The company discounted the Air Touring by $7,500 to $87,500, and the Air Grand Touring by $10,000 to $115,600.
Lucid also discounted EV prices in Canada, with the Air Pure AWD now at C$99,900, down C$1,000 from C$109,900. The Air Touring also received a C$1,000 discount and is now priced at C$119,000, while the Air Grand Touring prices went down by C$13,400 to C$156,500.
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Why It’s Important: The latest price discounting comes close on heels of another round of price discounts announced in August. The EV industry is going through a lean patch, marked by a weak demand environment and industry-wide aggressive price cuts led by market leader Tesla, Inc.
In mid-October, Lucid reported underwhelming deliveries of 1,457 units for the third quarter, missing the consensus estimate of 2,118 units. So far this year, the company has produced 6,937 EVs, including the 700 units the company shipped to Saudi Arabia in the third quarter for final assembly. This leaves the company with the tall order of producing 3,263 units in the final quarter of the year to meet its production guidance of 10,000 units.
Year-to-date, the company has produced 6,037 units. If the 700 EVs the company shipped to Saudi Arabia for final assembly were included, the production tally would be 6,737 units. Deliveries so far this year totaled 4,367 EVs.
Lucid is scheduled to announce its third-quarter results on Tuesday after the market close. Investors will likely to get more color on fundamental performance from the earnings report and from management commentary on the earnings call.
Lucid ended Friday’s session up 1.76% at $4.62, according to Benzinga Pro data. The stock declined to an all-time low of $3.96 on Wednesday.
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