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00:02Lucid Group delivered 3,806 vehicles in the third quarter, below analysts' estimate of
00:074,687 as the luxury EV maker reduced production and sold vehicles from existing inventory,
00:14according to Reuters.
00:15The company produced 2,954 vehicles, below expectations of 3,709 and down 38% from the
00:22second quarter after eliminating a second shift at its Arizona plant.
00:26Deliveries exceeded production by 852 vehicles as Lucid converted unsold cars into sales.
00:32The move is part of a cost-saving initiative targeting $1.4 billion in cash flow improvements
00:37this year.
00:38Lucid has delivered 10,852 vehicles so far this year and would need roughly 6,204th quarter
00:45deliveries to meet analysts' full-year estimate of about 17,070.
00:49For all things money, visit Benzinga.com.
