(Reuters) -Lucid missed Wall Street expectations for second-quarter deliveries on Wednesday, hit by softer demand for its luxury electric vehicles as consumers grapple with economic uncertainty and higher costs.
The company delivered 3,309 vehicles in the quarter, compared with estimates of 3,611 vehicles, according to seven analysts polled by Visible Alpha.
Demand for Lucid’s pricier luxury EVs have been softer as consumers, pressured by high interest rates, shift towards cheaper hybrid and gasoline-powered cars.
U.S. President Donald Trump’s tariff policy has led to a rise in vehicle prices as manufacturers struggle with high material costs, forcing them to reorganize supply chains and produce domestically.
Lucid’s interim CEO Marc Winterhoff had said in May that the company was expecting a rise of 8% to 15% in overall costs due to new tariffs.
(Reporting by Zaheer Kachwala in Bengaluru and Juby Babu in Mexico City; Editing by Maju Samuel)
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