Lucid keeps 2024 production guidance at 9,000 EVs
Shares of Lucid Group Inc. slumped in the extended session Monday after the EV maker posted mixed quarterly results, keeping its production guidance for the year intact but reporting a larger-than-expected loss and slightly lower revenue.
Lucid LCID, +9.52% lost $684.8 million, or 30 cents a share, in the first quarter, compared with $779.5 million, or 43 cents a share, in the year-ago quarter.
The company’s revenue reached $172.7 million after deliveries of 1,967 Lucid EVs. Analysts polled by FactSet expected Lucid to report a loss of 25 cents a share on sales of $173.5 million.
“Our sales momentum is building, our focus upon cost remains relentless, and we believe [the Gravity EV] is on track to become the best SUV in the world,” Chief Executive Peter Rawlinson said in a statement.
Quarterly financials are “of less concern” for Lucid, RBC Capital analyst Tom Narayan said in a note after the results. “Focus is on demand for the Gravity SUV,” he said.
After rising initially, Lucid shares fell about 8% in after-hours trading.
EV demand is sagging broadly as consumers have turned more cautious and less willing to pay more for an all-electric vehicle.
Back in February, when Lucid reported fourth-quarter earnings, the EV maker guided for 2024 production of about 9,000 vehicles. It said it was on track to reach that.
Lucid said it ended the quarter with about $5 billion in liquidity after successfully raising $1 billion via private placement to an affiliate of Saudi Arabia’s Public Investment Fund. Saudi Arabia’s sovereign-wealth fund is a major Lucid backer.
“I believe there are two factors that set Lucid apart — our superior, in-house technology and the partnership with the PIF,” Rawlinson said.
Shares of Lucid ended the regular trading day rallying more than 11%. So far this year, however, the stock has lost 27%, contrasting with an advance of about 9% for the S&P 500 index SPX.