Lucid Group Inc. saw a decline of approximately 9% in its shares during after-market trading on Monday, following the release of its quarterly results.
The electric-vehicle startup reported more substantial losses than in the same quarter last year and adjusted its guidance for the year. In the first quarter, Lucid lost $780 million, or 43 cents per share, compared to a loss of $81.2 million, or 5 cents per share, in the previous year.
Revenue increased from $58 million in the first quarter of 2020 to $149.4 million this year. The results fell short of the estimates provided by analysts polled by FactSet, who had anticipated a loss of 39 cents per share on sales of $204 million.
Lucid had initially anticipated producing between 10,000 and 14,000 vehicles in 2023. However, it revised this figure downward and now plans to produce "more than 10,000 vehicles" in the same year.
Despite the lower production target, the company reported having total liquidity of approximately $4.1 billion at the end of the quarter. This liquidity is expected to provide funding for the company "at least into the second quarter of 2024," according to Lucid.
Chief Financial Officer Sherry House stated that Lucid remains dedicated to its mission and optimistic about the future.
"We are committed to an environmentally sustainable future – designing, building, and delivering the best EVs on the market," she said in a statement. Chief Executive Peter Rawlinson expressed confidence that the company's upcoming Gravity SUV, set to launch in 2024, will redefine the SUV category in the same way that the Lucid Air has transformed the luxury sedan market.
In the first quarter, Lucid delivered 1,406 Lucid Air luxury sedans and produced 2,314 at its Arizona factory. Analysts polled by FactSet had anticipated that the company would deliver around 2,000 vehicles.
Over the past 12 months, Lucid shares have fallen by approximately 60%, in contrast to the S&P 500 index's gains of 0.3% during the same period. So far this year, Lucid shares have risen by 7.3%, compared to the S&P 500's 7.8% gain.
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