Why Electric Vehicle Maker Lucid Group Stock Is Slipping Today

Electric vehicle manufacturer Lucid Group, Inc. LCID shares are trading lower after the company announced production and delivery totals for the third quarter ended September 30, 2023.

Lucid said it produced 1,550 vehicles during Q3, plus over 700 additional vehicles in transit to Saudi Arabia for final assembly. Overall, the company delivered 1,457 vehicles during the same period.

Back in Q2, Lucid produced 2,173 vehicles at its manufacturing facility in Arizona and delivered 1,404 vehicles during the same period.

Also Read: Tesla Slides On Q3 Deliveries: What The Numbers Mean For EV Stock

Last month, the company announced that it had officially opened its new EV manufacturing facility in Saudi Arabia. 

The company also recently posted pictures of its limited production Sapphire vehicles, seemingly complete and under wraps for delivery.

Lucid will release its third quarter 2023 financial results on Tuesday, November 7, 2023.

Now Read: Amid Lucid's Q3 Deliveries, Tesla Investor Recalls Elon Musk's 2022 Joke About EV Maker Making Fewer Cars Than His Number Of Kids

Price Action: LCID shares are trading lower by 3.13% to $5.11 on the last check Tuesday.