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When the EV pioneer and U.S. market leader, Tesla (NASDAQ:TSLA) reported its quarterly decline in deliveries since 2020, hell of concerns broke lose. If Tesla came short of expectations, what can be expected of others and especially, startups who are already operating on thin ice. But then, Rivian Automotive Inc (NASDA: RIVN) topped estimates for quarterly deliveries last week. This week, so did Lucid Group (NASDAQ:LCID).
Lucid had a better-than-expected first quarter, setting a delivery record.
During the first quarter that ended on March 31st, Lucid delivered 1,967 vehicles, topping Visible Alpha’s estimates of 1,745. It made 1,728 vehicles during that three-month period, which fell short of the estimated 2,123 as it was a drop from the previous quarter during which output amounted to 2,391 vehicles. Back in February, Lucid made a strategic decision to lower the prices of its flagship Air sedans by 1% to 10% in response to consumers turning away from EVs to more affordable hybrid alternatives amid a high interest rates backdrop. As it turns out, Lucid made the right call. Lucid has set a new standard for a luxurious EV experience. Also in February, it unveiled its plans of bringing a mid-size car late in 2026 with which it will target a broader customer base. With a competitive $50,000 price tag, Lucid will be challenging Tesla in the Model Y arena as well. Its luxury sedans already compete with Tesla on the Model S front.
EV startups are fighting fiercely.
Many fear the EV hype has lost its spark. After all, even Tesla warned of a significantly slower sales growth this year, after years of breakneck progress. The fact that Tesla is having trouble cannot be a good sign. After all, Tesla still didn’t figure out how to make an affordable EV that it has been promising for years. Tesla is also facing challenges in figuring out how to mass produce its Cybertruck it finally brought to life last year. But, startups like Rivian and Lucid are putting up a hell of a fight in this unfavorable macroenvironmental filled with uncertainty. With record shipments, Lucid’s delivery numbers were good enough and certainly put it at an advantage over its struggling rivals las that were even more hurt by the price war that Tesla ignited.
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This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
