Lucid Group, Inc. Reports Q4 and Full-Year 2022 Financial Results; Shares Down 9% in After-Hours Trading
Lucid Group, Inc. (NASDAQ: LCID) reported its fourth-quarter and full-year 2022 financial results after the market close on Wednesday. The electric vehicle maker posted a loss of $0.28 per share and $608.2 million in annual revenue, missing Wall Street estimates. The company also provided conservative production guidance for 2023, sending its stock down 9% in after-hours trading.
Lucid reported in January that it had exceeded its reduced production target for 2022 and built 7,180 EVs. Last month, Lucid announced it produced 3,493 vehicles for the quarter and 7,180 for the year, topping its forecast of 6,000-7,000 vehicles for the year. The manufacturer has a goal of producing between 10,000 and 14,000 vehicles by 2023.
However, only 4,369 cars were delivered in 2022, amounting to $608 million in sales. That averages out to $139,000 per vehicle. If Lucid builds and delivers 14,000 cars in 2023, it could make $1.95 billion in revenue.
Lucid has 28,000 reservations for its vehicles as of February 21, 2023. This number is down from the over 34,000 reservations the company reported on November 7, 2022. Given the agreement with the Saudi government to acquire up to 100,000 Lucid vehicles over the next decade, Lucid will likely be very busy.
In response to EV price reductions from Tesla and Ford, Lucid currently offers a $7,500 discount on certain models of its Air Sedan that are ordered before the end of March.
Lucid's Chief Financial Officer, Sherry House, said, “We’re gearing for growth, while simultaneously taking a comprehensive look at reducing costs, and I’m very excited about the opportunities that lie ahead of us.” CEO Peter Rawlinson also expressed his excitement, saying, “Lucid Air is the quintessential luxury sedan, and our goal in 2023 is to amplify our sales and marketing efforts to get this amazing product into the hands of even more customers around the world.”
Investors should pay attention to see if Lucid shares any sales trends based on the first two weeks of the credit eligibility.
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