In an aerial view, an indication is posted on the outside of Lucid headquarters on March 29, 2023 in Newark, California. Electric automobile maker Lucid introduced plans to put off 1,300 employees, 18 % of its workforce, as a part of a restructuring plan.
Justin Sullivan | Getty Images
Luxury electrical automobile maker Lucid Group on Monday reported widening first-quarter losses, however stated that it nonetheless has sufficient money to proceed operations into subsequent yr.
Shares have been down over 8% in after-hours buying and selling following the information.
associated investing information
“We are on track to produce over 10,000 vehicles in 2023, with company-wide initiatives ongoing that will enable Lucid to pivot to higher volumes as market conditions allow,” CEO Peter Rawlinson stated on Monday. Lucid guided to 2023 manufacturing of between 10,000 and 14,000 automobiles in February.
Here 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 income of $209.9 million anticipated.
Analysts polled by Refinitiv anticipated a per share lack of 41 cents, but it surely wasn’t instantly clear whether or not reported outcomes have been similar to these estimates.
Lucid’s first-quarter internet loss was $779.5 million, a lot wider than the online lack of $81.3 million it reported within the first quarter of 2022, when it was nonetheless ramping up manufacturing of the Air. Revenue, nevertheless, jumped yr over yr to $149.4 million, from $57.7 million throughout the identical quarter final yr.
Lucid ended the primary quarter with about $3.4 billion in money and about $700 million in accessible credit score traces. CFO Sherry House stated that money must be adequate to fund the corporate not less than till the second quarter of 2024.
Lucid had about $4.4 billion in money and a further $500 million in credit score accessible as of the tip of 2022.
Lucid has just lately been shifting to preserve money. It stated in March that it could minimize about 18% of its workforce, roughly 1,300 employees, in a bid to decrease spending.
The firm continues to be batting down demand issues.
The firm’s anticipated 2023 manufacturing of “over 10,000” Air sedans is nicely under the “more than 28,000” reservations it recorded as of its fourth-quarter earnings report in February. And, in April, Lucid stated it produced 2,314 Airs within the first quarter whereas delivering simply 1,406 to clients throughout the interval, a spot the corporate blamed on a “slow January” and modifications to the U.S. authorities’s EV tax credit.
In one other signal that demand for the Air could also be weak, Lucid declined to offer an up to date reservation quantity on Monday.
Lucid stated on Apr. 25 that its subsequent mannequin, a big electrical SUV known as Gravity, is on monitor to start manufacturing in 2024. It plans to disclose the Gravity later this yr.
This story is creating. Please examine again for updates.
Source: www.cnbc.com”
