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00:02Lucid Group missed first-quarter delivery expectations after a temporary sales halt
00:07and recall tied to an unauthorized supplier change, according to CNBC.
00:11The company reported first-quarter production of 5,500 vehicles and deliveries of 3,093 vehicles,
00:19missing analyst expectations of 5,967 produced and 5,237 delivered.
00:24Deliveries were disrupted for 29 days due to a supplier quality issue with second-row
00:29seats in the Lucid Gravity.
00:31The company paused deliveries in February to reverse an unauthorized supplier change and
00:35inspect vehicles.
00:37Lucid recalled 4,476 Gravity SUVs over seatbelt anchor welds that did not meet safety standards.
00:44The company maintained its forecast to produce 25,000 to 27,000 vehicles this year.
00:49Executives said supply challenges include tariffs on auto parts, chip shortages, uncertain rare
00:54earth supplies, and a fire at an aluminum supplier.
00:56For all things money, visit Benzinga.com.
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