Lucid Group reported a 38% increase in vehicle deliveries for the second quarter, but the U.S. luxury EV maker fell short of Wall Street expectations as high interest rates and economic uncertainty continued to weigh on consumer demand.
The California-based company delivered 3,309 vehicles in the three months ended June 30, missing the 3,611-unit forecast by analysts polled by Visible Alpha.
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While up from 2,394 deliveries a year earlier, the results reflect continued pressure on the premium EV segment, as more cost-conscious buyers shift to hybrid or gasoline-powered alternatives.
Production also improved year-over-year, with Lucid building 3,863 vehicles in the quarter compared with 2,110 units in Q2 2024. However, the figure still came in below analyst expectations of 4,305 units.
Despite this, the automaker maintained its annual production guidance, providing some reassurance to investors amid a broader industry trend of lowered forecasts.
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Lucid, which is backed by Saudi Arabia’s Public Investment Fund, has been facing growing cost pressures. The company previously projected an 8% to 15% increase in overall expenses due to tariffs imposed by U.S. President Donald Trump’s administration.
The policy has pushed many automakers to restructure supply chains and localize production in an effort to contain rising material and import costs.