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Lucid sees 2023 EV production much lower than forecast, shares fall 11%



lucid Group on Wednesday forecast 2023 output that was much lower than analysts’ expectations and reported a sharp drop in orders in the fourth quarter, sending shares of the electric carmaker down 11% after several weeks. hour.

Lucid said it expects to produce 10,000 to 14,000 luxury units tram this year, up from 7,180 cars last year. Analysts on average expect the company to produce 21,815 vehicles, according to Visible Alpha.

The company, backed by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), delivered 4,369 cars last year, far below the 7,180 it produced.

Discounts by the world’s most valuable car manufacturer Tesla And Ford has made it more difficult for companies like Rivian Automotive Inc and Lucid for a stake in an industry that is competing to shrink consumer wallets.

The company said it had more than 28,000 orders as of February 21, down 6,000 orders from the second quarter, after deliveries of about 1,900 vehicles and cancellations.

“Perhaps a lot of customers are frustrated when they have to wait so long to receive the vehicle they ordered,” said Garrett Nelson, an analyst at CFRA Research.

“There’s a lot more competition than there was a year ago… a lot of electric cars are available at lower prices than .” clean air mean of transportation.”

Lucid reported a cash balance of $1.74 billion for the fourth quarter, after raising $1.52 billion in December. At the end of the third quarter, it had $1.26 billion in reserves. cash.

Lucid’s revenue grew to $257.7 million in the quarter ended December 31 from $26.4 million a year earlier. According to IBES data from Refinitiv, analysts expect sales of $302.6 million on average.

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.

Shares of the Newark, California-based company fell as much as 10.6% in extended trading. Shares fell 82% last year after Lucid halved its output forecast due to supply chain issues.

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