4/12/2023 0 Comments Lucid car stock![]() ![]() ![]() So, we now have the rates of Air covering a spectrum of performance and range on the road today." "Let me be clear, production is no longer a bottleneck," said CEO & CTO Peter Rawlinson. "We were also able to deliver Lucid Air touring and a small number of Lucid Pure in the fourth quarter and delivered our first Air into Europe and Saudi Arabia as promised. In answer to an analyst question about the lower-than-expected production guidance, management said that certain supplier delays regarding the Lucid Air "Stealth" version may have reduced the production timeline but overall the production guidance was not a setback from their perspective. Lucid has more than 28,000 reservations at the moment, which does not include the between 50,000 and 100,000 vehicles that the Saudi government has promised to purchase over the coming decade. Lucid's high-end guidance of 14,000 vehicles for 2023 means that it does not see a much higher ramp up compared with the fourth quarter. For the full year of 2022, Lucid produced 7,180 vehicles, which bested the year-ago projection of between 6,000 and 7,000. Lucid produced 3,493 vehicles in Q4 and delivered 1,932. Overall, production in the fourth quarter was not bad. Revenue just under $258 million came in $16 million short of Wall Street. Lucid reported GAAP earnings per share of $-0.28 in Q4, which surpassed consensus by about 14 cents. That was just about half of Wall Street's expectation with most analysts prior to the call projecting production between 20,000 to 25,000. The electric vehicle player, known for its industry-leading battery range of 520 miles in its signature Lucid Air sports sedan, said production would range between 10,000 and 14,000 for the full year. Lucid (LCID) stock is down more than 13% at the start of trading on Thursday as the company's earnings release late Wednesday was hurt by Lucid's poor production guidance. Lucid plans on producing between 10,000 and 14,000 vehicles in 2023.LCID stock dropped over 13% on the poor guidance.Lucid reported lower than expected 2023 production. ![]()
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