High borrowing costs, economic uncertainties and consumer preference for gasoline electric hybrids have weighed on demand for EVs.
EV market leader Tesla and others including Lucid have responded to slowing demand by slashing prices and offering greater incentives such as cheaper financing options to lure consumers.
Lucid had cut prices of its flagship Air sedans by as much as 10% in February, as high interest rates forced consumers to rethink EV purchases and opt for more affordable hybrid alternatives.
Lucid delivered 2,394 vehicles in the quarter ended June 30, above estimates of 1,940 units, according to eight analysts polled by Visible Alpha. It had delivered 1,967 cars in the preceding three months.
The company produced 2,110 units in the second quarter, compared with 1,728 vehicles in the prior three-month period.
The EV maker had in May reaffirmed its annual production forecast of 9,000 cars in 2024, compared with the 8,428 vehicles it made last year.
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