Lucid Group (NASDAQ:LCID) saw shares slide after reporting fourth-quarter revenue fell short of expectations after building just 7,000 of its Air luxury sedans last year amid manufacturing challenges. The company said it expects to make between 10,000 and 14,000 vehicles in 2023.
Revenue was $257.7M (+876.5% Y/Y) misses by $15.89 million.
Lucid produced 3,493 vehicles during Q4 at its manufacturing facility in Arizona and delivered 1,932 vehicles during the quarter vs. the consensus expectation for 2,831 vehicles. On a full-year basis, the electric vehicle maker produced 7,180 vehicles to exceed the 2022 annual production guidance of 6,000 to 7,000 and delivered 4,369 vehicles,
As of February 21, Lucid had taken down over 28,000 reservations to represent potential sales of over $2.7 Billion. The reservation number does not include the up to 100,000 vehicles under the agreement with the government of Saudi Arabia.
"Last year was a challenging year for everyone, yet despite the extraordinary supply chain and logistics challenges, the team persevered with an unrelenting focus on delivering what we believe is the best luxury sedan on the market," said Peter Rawlinson , Lucid's CEO and CTO.
“Lucid's mission,” to quote this morning’s news release, “is to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centered around the human experience.”
LCID sank $1.44, or 14.4%, to $8.54.
