In an aerial view, an indication is posted on the outside of Lucid headquarters on March 29, 2023 in Newark, California. Electrical car maker Lucid introduced plans to put off 1,300 employees, 18 p.c of its workforce, as a part of a restructuring plan.
Justin Sullivan | Getty Photographs
Luxurious electrical car maker Lucid Group on Monday reported a wider first-quarter loss, however mentioned that it nonetheless has sufficient money to proceed operations into subsequent 12 months.
Shares have been down over 8% in after-hours buying and selling following the information.
“We’re on monitor to supply over 10,000 automobiles in 2023, with companywide initiatives ongoing that can allow Lucid to pivot to greater volumes as market circumstances enable,” CEO Peter Rawlinson mentioned on Monday. Lucid guided to 2023 manufacturing of between 10,000 and 14,000 automobiles in February.
Listed here are the important thing numbers from Lucid’s first-quarter earnings report, together with Wall Road’s consensus estimates as reported by Refinitiv:
- Loss per share: 43 cents
- Income: $149.4 million vs. $209.9 million anticipated.
Analysts polled by Refinitiv anticipated a loss per share of 41 cents, nevertheless it wasn’t instantly clear whether or not the bottom-line outcomes have been akin to that estimate.
Lucid’s first-quarter internet loss was $779.5 million, or 43 cents per share, a lot wider than the $81.3 million, or 5 cents per share, it reported within the first quarter of 2022, when it was nonetheless ramping up manufacturing of the Air. Income, nonetheless, 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 obtainable credit score strains. Finance chief Sherry Home mentioned money must be enough to fund the corporate at the very least till the second quarter of 2024.
The EV maker had about $4.4 billion in money and a further $500 million in credit score obtainable as of the tip of 2022.
Lucid has just lately been shifting to preserve money. It mentioned in March that it might minimize about 18% of its workforce, roughly 1,300 employees, in a bid to decrease spending.
The corporate continues to be addressing demand considerations.
The automaker’s anticipated 2023 manufacturing of “over 10,000” Air sedans is properly beneath the “greater than 28,000” reservations it recorded as of its fourth-quarter earnings report in February. And, in April, Lucid mentioned it produced 2,314 Airs within the first quarter whereas delivering simply 1,406 to prospects in the course of the interval, a niche the corporate blamed on a “gradual 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 supply an up to date reservation quantity on Monday.
Lucid mentioned on April 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 12 months.
This story is creating. Please test again for updates.