Lucid misses revenue expectations after EV deliveries disappoint

Luxury electrical conveyance maker Lucid Group reported its second-quarter net connected Monday.

Here are the cardinal numbers:

Loss per share: 40 cents. It was not instantly wide if that was comparable to Wall Street expectations of a nonaccomplishment of 33 cents, according to analysts surveyed by Refinitiv.Revenue: $150.9 cardinal vs. $175 cardinal expected.

Lucid's nett nonaccomplishment for the 4th was $764.2 million, oregon 40 cents per share. A twelvemonth ago, Lucid reported a nett nonaccomplishment of $555.3 million, oregon 33 cents per share. Revenue successful the 2nd 4th roseate to $150.9 cardinal from $97.3 cardinal successful the second 4th of 2022.

Lucid said connected July 12 that it delivered 1,404 Air sedans successful the 2nd quarter. That was astir 600 less than Wall Street had expected. The institution delivered 1,406 vehicles successful the archetypal 4th of 2023, and 679 vehicles successful the 2nd 4th of 2022.  

Lucid ended the 2nd 4th with a full of $6.25 cardinal successful disposable liquidity, including $5.5 cardinal successful currency and the remainder successful disposable recognition lines, capable to past into 2025, CFO Sherry House said. Lucid had $3.4 cardinal successful currency and an further $700 cardinal successful disposable recognition lines arsenic of March 31; it raised astir $3 billion successful a banal offering astatine the extremity of May.

Lucid confirmed the accumulation guidance it provided successful May, erstwhile it said that it expected to nutrient "over 10,000" vehicles successful 2023. It had primitively guided to 2023 accumulation of between 10,000 and 14,000 vehicles successful February, contempt a claimed "more than 28,000 reservations" for the Air arsenic of that time.

Lucid hasn't provided an update connected Air reservations since, but determination person been signs for months that the institution is facing a deficiency of demand for the well-reviewed but pricy sedan.

In a bid to spur request pursuing price cuts from Tesla and different EV rivals, Lucid connected Saturday said that it volition trim Air prices by arsenic overmuch arsenic $12,400. The institution reduced the terms of the base-model Air Pure by $5,000, to $82,400, and of the higher-end Touring and Grand Touring by $12,400 to $95,000 and $125,600, respectively.

The little prices use some to vehicles successful Lucid's inventory and those being built to bid now. The little prices connected vehicles successful inventory volition beryllium valid portion supplies last, Lucid said.

A Lucid spokesperson declined to accidental however galore vehicles are presently successful its inventory.

Lucid said connected April 25 that its adjacent model, a ample Air-based electrical SUV called Gravity, is connected way to begin accumulation successful 2024. It plans to afloat uncover the Gravity aboriginal this year.

Lucid said connected June 26 that it struck a deal to supply Aston Martin Lagonda with electric-vehicle powertrains, artillery systems and related technology. In return, it said astatine the time, Lucid volition person a full of astir $232 cardinal successful phased payments and a 3.7% involvement successful the British supercar maker.