Saudi Arabia’s Lucid Sees Shares Jump After Record Sales
Saudi Arabia’s electric vehicle manufacturer Lucid has seen shares climb following market-defying sales reports.
Following price cuts to models earlier this year, Lucid’s luxury electric sedan vehicles performed better than previously expected.
This led to shares climbing by around 3 per cent and confidence growing in the EV brand.
Saudi Arabia’s Lucid sales growth
Lucid handed over 1,967 vehicles in Q1 2024, notably more than the previous estimates of 1,745.
It follows a decision to cut prices for the Lucid Air by up to 10 per cent.
It comes as much-hyped Tesla reported the first quarterly drop in deliveries in around four years.
In a statement, Lucid said: “Lucid Group announced production and delivery totals for the quarter ended March 31, 2024. Lucid produced 1,728 vehicles and delivered 1,967 vehicles during this period.”
Lucid will host a conference call to discuss its first quarter 2024 financial results on Monday, May 6, 2024.
