Lucid (LCID) Misses Q1 Delivery Estimates Due to Supply Issues

AI Summary

Lucid Group (LCID) reported a production of 5,500 vehicles and 3,093 deliveries for Q1, missing the expected 5,967 and 5,237 respectively. This shortfall was attributed to a 29-day disruption caused by a supplier quality issue. The company has maintained its production forecast for the year at 25,000 to 27,000 vehicles. Additionally, Lucid recalled 4,476 Gravity SUVs due to safety standard violations, impacting its delivery capabilities amidst heightened production challenges.