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Another round of journalists seemed to have gotten a go with the Air. The general consensus is still the same: the car is beautiful, the interior is luxurious, but there are still some problems with the UI / UX that need to be fixed
A week ago, Lucid has announced production figures and revenue numbers which were lower than analyst expectations. They claim it is due to supply chain issues and the economy
www.reuters.com
A week ago, Lucid has announced production figures and revenue numbers which were lower than analyst expectations. They claim it is due to supply chain issues and the economy
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Lucid sees disappointing 2023 EV production as orders drop amid weakening demand
Lucid Group Inc on Wednesday forecast 2023 production well short of analysts' expectations and reported a major drop in orders during the fourth quarter amid weakening demand, sending the electric carmaker's shares down 11% after hours.
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Lucid Group Inc (LCID.O) on Wednesday forecast 2023 production well short of analysts' expectations and reported a major drop in orders during the fourth quarter amid weakening demand, sending the electric carmaker's shares down 11% after hours.
Lucid said it expects to produce 10,000 to 14,000 luxury electric vehicles this year. Analysts on average expected the company to make 21,815 cars, according to Visible Alpha.
The company, backed by Saudi Arabia's sovereign wealth fund, Public Investment Fund, delivered 4,369 cars last year, far below the 7,180 units it produced.
"We've gotten past the major bottlenecks limiting manufacturing, but this had some impact on the demand we generated early on, and this has been exacerbated by the challenging macroeconomic environment," Lucid CEO Peter Rawlinson said on a call with analysts, after the company reported fourth-quarter revenue that missed expectations.
Lucid said it had more than 28,000 orders as of Feb. 21, down 6,000 reservations from the third quarter, after it delivered about 1,900 vehicles and saw cancellations. That was despite Lucid's offering a discount of $7,500 on Feb. 9 for purchases of certain variants of the Air sedan before March 31.
Revenue rose to $257.7 million in the quarter ended Dec. 31 from $26.4 million a year earlier. Analysts on average had expected sales of $302.6 million, according to IBES data from Refinitiv.
The company's net loss narrowed to $472.6 million, or 28 cents per share, from a loss of $1.05 billion, or 64 cents per share, a year earlier.