Electric vehicle startup Lucid said on Sept. 28, 2021 that production of its first cars for customers has begun at its factory in Casa Grande, Arizona.
Lucid
Electric vehicle manufacturer Lucid Wednesday reported fourth-quarter revenue below expectations after building just 7,000 of its Air luxury sedans last year amid manufacturing difficulties. But the company said it plans to make between 10,000 and 14,000 vehicles in 2023.
Shares of the company fell about 7% in after-hours trading.
Here’s what the company reported for the fourth quarter of 2022:
- Loss per share: 28 cents
- Income: $257.7 million, vs $303 million, Refinitiv consensus estimate
Lucid’s quarterly revenue marks a sharp increase from the same period last year, when it just started production of the Air sedan and brought in $26.4 million. The company’s net income also improved, coming in below the 64 cents per share loss it posted a year ago.
The company ended the year with about $4.4 billion in cash and about $500 million available through lines of credit, enough to last through the first quarter of 2024, chief financial officer Sherry House told CNBC. . Lucid had $3.85 billion in cash as of September 30; it raised another $1.5 billion from the Saudi Public Investment Fund and other investors via a stock offering in December. The Saudi state fund owns around 62% of Lucid.
Lucid said in January it produced 7,180 vehicles in 2022, well below its initial expectation of 20,000 for the year, but enough to beat the lowered forecast provided in August. But it only delivered 4,369 of these Air sedans to customers before the end of the year.
“Our goal in 2023 is to amplify our sales and marketing efforts to get this incredible product into the hands of even more customers around the world,” said CEO Peter Rawlinson.
Lucid said it had more than 28,000 reservations for its vehicles as of February 21, up from “over 34,000” reservations in its last update on November 7.
The company said in April that the Saudi government had agreed to buy up to 100,000 of its vehicles over the next 10 years. These vehicles are not included in his reservation totals.
