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Lucid has reported their fourth quarter revenue and that it fell short of expectations.
Lucid reported $257.7 million of revenue, compared to $303 million, according to Refinitiv consensus estimates.
Lucid's revenue falls short of estimates as it guides to higher EV production in 2023
Lucid built just 7,000 of its Air luxury sedans last year amid manufacturing challenges but expects to make between 10,000 and 14,000 vehicles in 2023.
Lucid Announces Fourth Quarter and Full Year 2022 Financial Results, Exceeds Annual Production Guidance With 3,493 Vehicles in Q4 and 7,180 in the Full Year 2022
/PRNewswire/ -- Lucid Group, Inc. (NASDAQ: LCID), setting new standards with the longest-range, fastest-charging electric car on the market, today announced...
www.prnewswire.com
- Electric vehicle maker Lucid on Wednesday reported fourth-quarter revenue that fell short of expectations.
- It built just 7,000 of its Air luxury sedans last year amid manufacturing challenges but expects to make between 10,000 and 14,000 vehicles in 2023.
- The company ended the year with about $4.4 billion in cash and roughly $500 million available via lines of credit, enough to last until the first quarter of 2024, chief financial officer Sherry House told CNBC.
Shares of the company fell roughly 7% in afterhours trading
Here’s what the company reported for the fourth quarter of 2022:
- Loss per share: 28 cents
- Revenue: $257.7 million, vs. $303 million, according to Refinitiv consensus estimates
The company ended the year with about $4.4 billion in cash and roughly $500 million available via lines of credit, enough to last until the first quarter of 2024, chief financial officer Sherry House told CNBC. Lucid had $3.85 billion in cash as Sep. 30; it raised an additional $1.5 billion from Saudi Arabia’s Public Investment Fund and other investors via an equity offering in December. The Saudi public wealth fund owns about 62% of Lucid.
Lucid said in January that it produced 7,180 vehicles in 2022, well below its original expectation of 20,000 for the year but enough to beat the lowered guidance it provided in August. But it delivered just 4,369 of those Air sedans to customers before year-end.
“Our goal in 2023 is to amplify our sales and marketing efforts to get this amazing product into the hands of even more customers around the world,” CEO Peter Rawlinson said.
Lucid said it had more than 28,000 reservations for its vehicles as of Feb. 21, down from “over 34,000” reservations in its last update on Nov. 7.
The company said in April that Saudi Arabia’s government had agreed to buy up to 100,000 of its vehicles over the next 10 years. Those vehicles aren’t included in its reservation totals.
