Electrical car start-up Lucid on Sept. 28, 2021 stated manufacturing of its first automobiles for patrons has began at its manufacturing facility in in Casa Grande, Arizona.
Lucid
Electrical car maker Lucid on Wednesday reported fourth-quarter income that fell wanting expectations after constructing simply 7,000 of its Air luxurious sedans final 12 months amid manufacturing challenges. However the firm stated it expects to make between 10,000 and 14,000 automobiles in 2023.
Shares of the corporate fell roughly 7% in afterhours buying and selling.
Here is what the corporate reported for the fourth quarter of 2022:
- Loss per share: 28 cents
- Income: $257.7 million, vs. $303 million, in response to Refinitiv consensus estimates
Lucid’s quarterly income marks a pointy enhance from the identical interval final 12 months, when it had simply begun manufacturing of the Air sedan and introduced in $26.4 million. The corporate’s backside line likewise improved, coming in narrower than the 64-cent loss per share it posted within the year-ago interval.
The corporate ended the 12 months with about $4.4 billion in money and roughly $500 million accessible through traces of credit score, sufficient to final till the primary quarter of 2024, chief monetary officer Sherry Home informed CNBC. Lucid had $3.85 billion in money as Sep. 30; it raised an additional $1.5 billion from Saudi Arabia’s Public Funding Fund and different buyers through an fairness providing in December. The Saudi public wealth fund owns about 62% of Lucid.
Lucid stated in January that it produced 7,180 vehicles in 2022, properly under its unique expectation of 20,000 for the 12 months however sufficient to beat the lowered steerage it provided in August. Nevertheless it delivered simply 4,369 of these Air sedans to clients earlier than year-end.
“Our purpose in 2023 is to amplify our gross sales and advertising and marketing efforts to get this superb product into the fingers of much more clients around the globe,” CEO Peter Rawlinson stated.
Lucid stated it had greater than 28,000 reservations for its automobiles as of Feb. 21, down from “over 34,000” reservations in its final replace on Nov. 7.
The corporate stated in April that Saudi Arabia’s authorities had agreed to buy up to 100,000 of its vehicles over the subsequent 10 years. These automobiles aren’t included in its reservation totals.
