7180 Vehicles Built in 2022, 4369 Delivered.
Lucid Group distributed their Q4 and year end 2022 financial details, with the key revelation being a lot humbler production reckoning for the upcoming 2023 than expected by experts.
The EV foundation stated a forecast of 10,000 to 14,000 autos for 2023, which looks better when contrasted with the whole manufacture of 7,180 cars during last year; though, not sufficient to meet experts’ presumption.
Analysts, on average, had been expecting Lucid Motors to set an output target of approximately 21,815 vehicles, according to Reuters with reference to Visible Alpha. Upon the announcement of their 2023 production forecast, coupled with a remarkable fall in orders that was reported during the last quarter of 2022, the stock price of the electric car producer experienced a collapse of 11 percent after market hours.
The organisation published more than 28,000 orders on February 21st 2023, a deduction of 6,000 from the number published on November 7th 2022. About 1,900 Lucid Air vehicles were dispersed in Q4, as well as around 4,000 cancellations, based on the figures given.
Lucid yielded 3,493 cars in the fourth quarter at its production plant in Casa Grande, Arizona; however, from this same period, only 1,932 were delivered.
By 2022, its inaugural year in full production, the organization yielded 7,180 Air sedans, surpassing the annual output forecast of 6,000 to 7,000 automobiles – which had been reduced to half twice – and shipped only 4,369 of them.
The electric vehicle startup published their fourth-quarter revenue as amounting to $257.7 million, with its overall annual turnover being $608.2 million. At the end of this quarter, a total liquidity of about $4.9 billion was documented. It is projected that these funds should be capable of sustaining Lucid till at least the opening phases of 2024.
Revenue for Q4, around $258 million, rose drastically compared to the $26.4 million in the corresponding period of the previous year, although it did not reach analysts’ projection of $302.6 million (as per Refinitiv IBES). On a brighter side, the company’s fourth-quarter net loss was dramatically lower at approximately $473 million compared to its shortfall of $1.05 billion the year before.
Lucid Motors’ CEO Peter Rawlinson proclaimed during the said quarter’s consultation with analysts in February 2022 that they have overcome their production difficulties, and their biggest hurdle at present is sales.
The executive reiterated that the firm’s objective for the year 2023 is to bolster its sales and promotion initiatives in order to augment the global delivery of Lucid Air models to their purchasers.
“We remain committed to our focus on strong capital discipline,” declared Lucid Group CFO Sherry House. “We will not leave any stone unturned when it comes to cost optimization.” Even as the company gears up for growth, House noted that they are taking a thorough look at ways to reduce expenses.
Source: Lucid Group via Reuters