Electric vehicle start-up Lucid on September 28, 2021 said that production of its first car for customers has begun at its factory in Casa Grande, Arizona.
Lucid
Electric vehicle manufacturers Lucid was reported fourth quarter revenue that fell short of expectations after building only 7,000 Air luxury sedans last year amid manufacturing challenges. But the company says it will make between 10,000 and 14,000 vehicles by 2023.
The company’s shares fell about 7% in afterhours trading.
Here is the company’s report for the fourth quarter of 2022:
- Loss per share: 28 cents
- results: $257.7 million, vs $303 million, according to Refinitiv consensus estimates
Lucid’s quarterly revenue marked a clear 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 bottom line also improved, coming in narrower than the 64-cent loss per share posted in the year-ago period.
The company ended the year with about $4.4 billion in cash and about $500 million available through a line of credit, enough to last through the first quarter of 2024, chief financial officer Sherry House told CNBC. Lucid has $3.85 billion in cash as of September 30; raised an additional $1.5 billion from Saudi Arabia’s Public Investment Fund and other investors through an equity offering in December. The Saudi public wealth fund owns about 62% of Lucid.
Lucid said in January that it would produce 7,180 vehicles in 2022, lower than its original expectation of 20,000 for the year, but enough to beat the guidance it provided in August. But it delivered only 4,369 of those Air sedans to customers before the end of the year.
“Our goal in 2023 is to expand our sales and marketing efforts to get these incredible products into the hands of more customers around the world,” said CEO Peter Rawlinson.
Lucid said it had more than 28,000 reservations for its vehicles on February 21, down from “over 34,000” reservations in its last update on November 7.
The company said in April that the Saudi Arabian government had agreed to buy up to 100,000 vehicles over the next 10 years. The vehicle is not included in the reservation total.