Lucid (LCID) earnings Q4 2022

Electrical vehicle get started-up Lucid on Sept. 28, 2021 said output of its first autos for shoppers has started at its manufacturing unit in in Casa Grande, Arizona.


Electrical car or truck maker Lucid on Wednesday claimed fourth-quarter revenue that fell short of expectations after constructing just 7,000 of its Air luxury sedans last 12 months amid production problems. But the enterprise mentioned it expects to make in between 10,000 and 14,000 motor vehicles in 2023.

Shares of the firm fell about 7% in afterhours trading.

Here is what the organization described for the fourth quarter of 2022:

  • Decline for every share: 28 cents
  • Revenue: $257.7 million, vs. $303 million, in accordance to Refinitiv consensus estimates

Lucid’s quarterly profits marks a sharp increase from the very same period of time previous calendar year, when it experienced just begun manufacturing of the Air sedan and introduced in $26.4 million. The company’s base line also improved, coming in narrower than the 64-cent reduction for each share it posted in the year-ago interval.

The business finished the 12 months with about $4.4 billion in funds and around $500 million accessible through strains of credit rating, more than enough to final until eventually the initial quarter of 2024, chief money officer Sherry Residence explained to CNBC. Lucid had $3.85 billion in hard cash as Sep. 30 it raised an supplemental $1.5 billion from Saudi Arabia’s Community Expenditure Fund and other buyers by using an equity presenting in December. The Saudi public wealth fund owns about 62% of Lucid.

Lucid mentioned in January that it made 7,180 motor vehicles in 2022, properly underneath its authentic expectation of 20,000 for the calendar year but sufficient to beat the decreased direction it offered in August. But it shipped just 4,369 of all those Air sedans to consumers prior to yr-conclude.

“Our purpose in 2023 is to amplify our income and internet marketing efforts to get this awesome solution into the fingers of even extra clients about the world,” CEO Peter Rawlinson reported.

Lucid stated it had more than 28,000 reservations for its autos as of Feb. 21, down from “above 34,000” reservations in its final update on Nov. 7.

The company reported in April that Saudi Arabia’s govt experienced agreed to get up to 100,000 of its autos more than the future 10 several years. Individuals cars usually are not involved in its reservation totals.