(Bloomberg) -- Lucid Group Inc. beat expectations for quarterly production and deliveries, sending the automaker’s shares higher as it shook off concerns about a slowdown in the electric-vehicle market.
The company built 2,110 vehicles in the second quarter and handed 2,394 over to customers, according to a statement Monday. Both figures rose 22% from the prior three months. Analysts anticipated output of 1,954 EVs and sales of 1,889 on average in estimates compiled by Bloomberg.
Lucid is one of the few pure-play EV makers in the US consistently delivering vehicles, though it’s small compared to the likes of market leader Tesla Inc. Lucid said in May that it would cut jobs as automakers rethink their strategies and try to adapt to slowing EV growth.
Its shares rose 5.1% at 9:40 a.m. in New York after an a gain of as much as 6.8%.
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