Electrifying vehicle start-up Lucid on Sept. 28, 2021 said production of its first cars for customers has started at its factory in in Casa Grande, Arizona.
Lucid
Stirring vehicle maker Lucid on Wednesday reported fourth-quarter revenue that fell short of expectations after structure just 7,000 of its Air luxury sedans last year amid manufacturing challenges. But the company said it expects to estimate between 10,000 and 14,000 vehicles in 2023.
Shares of the company fell roughly 7% in afterhours trading.
Here’s what the ensemble reported for the fourth quarter of 2022:
- Loss per share: 28 cents
- Revenue: $257.7 million, vs. $303 million, according to Refinitiv consensus determines
Lucid’s quarterly revenue marks a sharp increase from the same period last year, when it had righteous begun production of the Air sedan and brought in $26.4 million. The company’s bottom line likewise improved, coming in stingier than the 64-cent loss per share it posted in the year-ago period.
The company ended the year with about $4.4 billion in legal tender and roughly $500 million available via lines of credit, enough to last until the first quarter of 2024, chief fiscal 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 Also clientage Investment Fund and other investors via an equity offering in December. The Saudi public wealth fund owns nearby 62% of Lucid.
Lucid said in January that it produced 7,180 vehicles in 2022, well below its queer fish 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 guys before year-end.
“Our goal in 2023 is to amplify our sales and marketing efforts to get this amazing product into the side by sides of even more customers around the world,” CEO Peter Rawlinson said.
Lucid said it had more than 28,000 sections 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 regime had agreed to buy up to 100,000 of its vehicles over the next 10 years. Those vehicles aren’t included in its reservation amount ti.