Lucid's revenue falls short of estimates as it guides to higher EV production in 2023

Electric conveyance shaper Lucid connected Wednesday reported fourth-quarter gross that fell abbreviated of expectations aft gathering conscionable 7,000 of its Air luxury sedans past twelvemonth amid manufacturing challenges. But the institution said it expects to marque betwixt 10,000 and 14,000 vehicles successful 2023.

Shares of the institution fell astir 7% successful afterhours trading.

Here's what the institution reported for the fourth quarter of 2022:

• Loss per share: 28 cents
• Revenue: $257.7 million, vs. $303 million, according to Refinitiv statement estimates

Lucid's quarterly gross marks a crisp summation from the aforesaid play past year, erstwhile it had conscionable begun accumulation of the Air sedan and brought successful $26.4 million. The company's bottommost enactment likewise improved, coming successful narrower than the 64-cent nonaccomplishment per stock it posted successful the year-ago period.

The institution ended the twelvemonth with astir $4.4 cardinal successful currency and astir $500 cardinal disposable via lines of credit, capable to past until the archetypal 4th of 2024, main fiscal serviceman Sherry House told CNBC. Lucid had $3.85 cardinal successful currency arsenic Sep. 30; it raised an further $1.5 billion from Saudi Arabia's Public Investment Fund and different investors via an equity offering successful December. The Saudi nationalist wealthiness money owns astir 62% of Lucid.

Lucid said successful January that it produced 7,180 vehicles successful 2022, good beneath its archetypal anticipation of 20,000 for the twelvemonth but capable to bushed the lowered guidance it provided successful August. But it delivered conscionable 4,369 of those Air sedans to customers earlier year-end.

"Our extremity successful 2023 is to amplify our income and selling efforts to get this astonishing merchandise into the hands of adjacent much customers astir the world," CEO Peter Rawlinson said.

Lucid said it had much than 28,000 reservations for its vehicles arsenic of Feb. 21, down from "over 34,000" reservations successful its past update connected Nov. 7.

The institution said successful April that Saudi Arabia's authorities had agreed to bargain up to 100,000 of its vehicles implicit the adjacent 10 years. Those vehicles aren't included successful its preservation totals.