Lucid Q3 Deliveries Miss Estimates
Lucid reported third-quarter deliveries that fell short of Wall Street estimates. The luxury electric vehicle maker reduced production to run down existing inventory and cut costs.
Insights:
Lucid delivered 3,806 vehicles in the third quarter ending September 30, missing Visible Alpha consensus estimates of 4,687. The luxury EV maker cut production by 38% from the second quarter after dialing back output in the United States. The reduction is part of a broader push to run down existing inventory and improve cash flow by $1.4B this year.
