Lucid exceeded market expectations for first-quarter deliveries on Tuesday due to price cuts that boosted demand for its luxury electric sedans, resulting in a 4% increase in share value.
During the first quarter, the company delivered 1,967 vehicles, surpassing the estimated 1,745 according to eight analysts surveyed by Visible Alpha.
Even after reducing prices of its flagship Air sedans by 1% to 10% in February, Lucid’s deliveries remained steady.
Overall demand for electric vehicles in the U.S. has been declining due to high interest rates and ownership costs, leading consumers to seek more affordable hybrid options.
Tesla, a leading EV manufacturer, recently reported a decrease in deliveries for the first time in nearly four years and failed to meet Wall Street projections.
In the first quarter ending March 31, Lucid produced 1,728 vehicles, falling short of the estimated 2,123 and the 2,391 units produced in the previous quarter.
Lucid announced plans in February to introduce a midsize car in late 2026 to attract a wider customer base, while reports suggest Tesla has abandoned plans for a budget-friendly vehicle.
CEO Peter Rawlinson stated that the new vehicle will be priced at $50,000, aiming to compete with Tesla’s Model Y electric vehicle.
Last month, Lucid revealed a $1 billion capital raise from Ayar Third Investment Company, a subsidiary of Saudi Arabia’s Public Investment Fund, which will strengthen the company’s financial position compared to other cash-strapped EV startups.
Lucid’s successful delivery performance echoes that of fellow EV company Rivian Automotive, which also surpassed quarterly delivery estimates driven by strong demand for its electric pickup trucks and SUVs.
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