© Reuters. FILE PHOTO: A Lucid Air electric vehicle is seen in Scottsdale, Arizona, U.S., on September 27, 2021. Picture taken on September 27, 2021. REUTERS/Hyunjoo Jin/File Photo
(Reuters) – Lucid Group Inc on Wednesday forecast 2023 output well below analysts’ expectations after reporting quarterly revenue that missed Wall Street estimates, and shares of the electric carmaker fell 10% afterward. of hours.
Lucid said it expects to produce between 10,000 and 14,000 luxury electric vehicles this year, up from 7,180 cars last 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 (PIF), delivered 1,932 vehicles in the fourth quarter, bringing the total to 4,369 units last year, well below the 7,180 cars it made. in 2022.
Price cuts by the world’s most valuable automaker, Tesla (NASDAQ:) and Ford Motor (NYSE:) Co, have made it difficult for companies like Rivian Automotive Inc and Lucid to gain share in an industry competing for car portfolios. increasingly reduced consumers.
Lucid’s revenue increased to $257.7 million in the quarter ended December 31 from $26.4 million a year earlier. Analysts on average 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.
Shares of the Newark, California-based company fell about 10% in extended trading. Shares fell 82% last year after Lucid halved its production forecast due to supply chain issues.