Lucid's Q2 deliveries increased 38%, but missed estimates due to softer luxury EV demand.

Electric automaker Lucid reported a 38% increase in Q2 deliveries, falling short of Wall Street expectations due to softer demand for luxury EVs. The company delivered 3,309 vehicles, missing estimates of 3,611. Lucid, backed by Saudi Arabia, produced 3,863 vehicles, below estimates but above last year’s production.

Lucid maintains annual production target despite challenges in the industry. Trump’s tariff policies have raised vehicle prices, impacting manufacturers like Lucid. Interim CEO expects a rise in costs due to tariffs. Success of new models like Gravity SUV crucial for company’s growth in the market.

Tesla’s Q2 deliveries declined 13.5% due to CEO Elon Musk’s political views and outdated vehicle lineup. Lucid aims to compete by expanding its vehicle line with new models like the Gravity SUV and mid-size car at a $50,000 price point. Market uncertainties and consumer preferences continue to shape the EV industry.

Read more at Yahoo Finance: EV maker Lucid’s quarterly deliveries rise but miss estimates