Lucid Air Touring. Photo: Lucid Motors
Electric vehicle (EV) startup automaker Lucid Motors held its fourth-quarter earnings call on Wednesday, in which its reported revenue failed to meet its own expectations for 2022, as reported by CNBC.
The automaker finished the year with roughly $4.4 billion in cash, and around $500 million available through lines of credit which it expects to be enough to make it through Q1 2024, according to chief financial officer Sherry House.
In the fourth quarter of 2022, Lucid saw a $0.28 loss per share, with a total of 257.7 million in revenue — short of company expectations of $303 million in revenue.
Lucid’s shares fell 7 percent in after-hours trading, following the earnings call, and as of writing are down 18% trading at $8.14 per share.
The company delivered 7,000 of its Air sedan units in 2022, though the automaker is currently targeting between 10,000 and 14,000 units delivered in 2023.
In Q4 alone, Lucid produced 3,493 vehicles, narrowly outperforming its recently revised production forecasts.
Still, Lucid’s revenue represents a steep increase from Q4 2021, in which the Air had just started production and saw just $26.4 million in revenue. Similarly, Lucid’s bottom line increased from the same period in the prior year, when it posted a $0.64 loss per share.
Peter Rawlinson, CEO of Lucid, in 2020:
“It’s not for me to criticize Tesla. But I’m an observer of these things & I can say practically that there’s only one car company that has production hell”$LCID, 30-months later:
Missed its Feb. 2021 delivery forecast for FY2022 by ~200% https://t.co/r4sjNCvLCg— Mathias Føns (@FonsDK) February 23, 2023
The news comes just a couple of weeks after Lucid began offering credits on its Air sedan, following Tesla’s move to lower prices across its lineup last month.
It remains to be seen if Lucid is able to ramp up production and generate more orders, as it continues to burn through cash.
Future Fund’s Gary Black said yesterday after the earnings call, “Listening to Peter Rawlinson on the Lucid earnings call is like listening to the tour guide on an ocean liner about to hit an iceberg.” Ouch.
Yeah, I said that. $TSLA $LCID @elonmusk @MartinViecha pic.twitter.com/qk25zNkH9v
— Gary Black (@garyblack00) February 23, 2023
