In an aerial view, an indication is posted on the outside of Lucid headquarters on March 29, 2023 in Newark, California. Electric vehicle maker Lucid announced plans to put off 1,300 staff, 18 percent of its workforce, as a part of a restructuring plan.
Justin Sullivan | Getty Images
Luxury electric vehicle maker Lucid Group on Monday reported widening first-quarter losses, but said that it still has enough money to proceed operations into next 12 months.
Shares were down over 8% in after-hours trading following the news.
“We’re on target to provide over 10,000 vehicles in 2023, with company-wide initiatives ongoing that may enable Lucid to pivot to higher volumes as market conditions allow,” CEO Peter Rawlinson said on Monday. Lucid guided to 2023 production of between 10,000 and 14,000 vehicles in February.
Listed below are the important thing numbers from Lucid’s first-quarter earnings report, together with Wall Street’s consensus estimates as reported by Refinitiv:
- Loss per share: 43 cents
- Revenue: $149.4 million, versus revenue of $209.9 million expected.
Analysts polled by Refinitiv expected a per share lack of 41 cents, however it wasn’t immediately clear whether reported results were comparable to those estimates.
Lucid’s first-quarter net loss was $779.5 million, or 43 cents per share, much wider than the web lack of $81.3 million, or 5 cents per share, it reported in the primary quarter of 2022, when it was still ramping up production of the Air. Revenue, nevertheless, jumped 12 months over 12 months to $149.4 million from $57.7 million.
Lucid ended the primary quarter with about $3.4 billion in money and about $700 million in available credit lines. Finance chief Sherry House said money must be sufficient to fund the corporate at the very least until the second quarter of 2024.
The EV maker had about $4.4 billion in money and a further $500 million in credit available as of the tip of 2022.
Lucid has recently been moving to conserve money. It said in March that it might cut about 18% of its workforce, roughly 1,300 staff, in a bid to lower spending.
The corporate continues to be battening down demand concerns.
The automaker’s expected 2023 production of “over 10,000” Air sedans is well below the “greater than 28,000” reservations it recorded as of its fourth-quarter earnings report in February. And, in April, Lucid said it produced 2,314 Airs in the primary quarter while delivering just 1,406 to customers through the period, a niche the corporate blamed on a “slow January” and changes to the U.S. government’s EV tax credits.
In one other sign that demand for the Air could also be weak, Lucid declined to offer an updated reservation number on Monday.
Lucid said on April 25 that its next model, a big electric SUV called Gravity, is on target to start production in 2024. It plans to disclose the Gravity later this 12 months.
This story is developing. Please check back for updates.