Electrical automobile start-up Lucid on Sept. 28, 2021 mentioned manufacturing of its first automobiles for patrons has began at its manufacturing facility in in Casa Grande, Arizona.
Lucid
Electrical automobile maker Lucid on Wednesday reported fourth-quarter income that fell wanting expectancies after construction simply 7,000 of its Air luxurious sedans closing yr amid production demanding situations. However the corporate mentioned it expects to make between 10,000 and 14,000 cars in 2023.
Stocks of the corporate fell more or less 7% in afterhours buying and selling.
Here is what the corporate reported for the fourth quarter of 2022:
Loss consistent with percentage: 28 centsRevenue: $257.7 million, vs. $303 million, in keeping with Refinitiv consensus estimates
Lucid’s quarterly income marks a pointy build up from the similar duration closing yr, when it had simply begun manufacturing of the Air sedan and taken in $26.4 million. The corporate’s base line likewise advanced, coming in narrower than the 64-cent loss consistent with percentage it posted within the year-ago duration.
The corporate ended the yr with about $4.4 billion in money and more or less $500 million to be had by way of traces of credit score, sufficient to closing till the primary quarter of 2024, leader monetary officer Sherry Space informed CNBC. Lucid had $3.85 billion in money as Sep. 30; it raised an extra $1.5 billion from Saudi Arabia’s Public Funding Fund and different traders by way of an fairness providing in December. The Saudi public wealth fund owns about 62% of Lucid.
Lucid mentioned in January that it produced 7,180 cars in 2022, neatly under its unique expectation of 20,000 for the yr however sufficient to overcome the diminished steerage it equipped in August. But it surely delivered simply 4,369 of the ones Air sedans to shoppers prior to year-end.
“Our objective in 2023 is to magnify our gross sales and advertising and marketing efforts to get this wonderful product into the palms of much more shoppers all over the world,” CEO Peter Rawlinson mentioned.
Lucid mentioned it had greater than 28,000 reservations for its cars as of Feb. 21, down from “over 34,000” reservations in its closing replace on Nov. 7.
The corporate mentioned in April that Saudi Arabia’s executive had agreed to shop for as much as 100,000 of its cars over the following 10 years. The ones cars are not integrated in its reservation totals.