NASDAQ title Lucid shares drop in double digits before the market: Tesla competitor Lucid makes fewer losses – reservations have declined

shares in this article

• Lucid reports reduced casualties
• Sales increased significantly
• Lucid Air reservations declined

Figures for Q4 and full year 2022

Lucid had sales of $257.7 million in the fourth quarter of last year, up from $26.4 million in the same period last year. Annual sales were $608.2 million – up from $27.1 million in 2021. In the fourth quarter, the company posted a loss of $472.6 million, down from a loss of $1.05 billion in the fourth quarter of 2021. The full-year loss was also smaller, from 2021 at 2.58 billion US dollars, it was 1.3 billion US dollars in 2022.

Lucid ended the quarter with total cash of about $4.9 billion, the company said after the US market close on Wednesday. The company will probably finance this at least until the first quarter of 2024.

production and deliveries

Tesla competitor Lucid produced 3,493 vehicles in the fourth quarter of 2022 and delivered 1,932 vehicles in this period. For the year as a whole, the company produced 7,180 vehicles, exceeding last year’s forecast of 6,000 to 7,000 vehicles. The electric car manufacturer delivered 4,369 vehicles last year.

The company also announced its annual production forecast for 2023. This is between 10,000 and 14,000 vehicles.

Lucid Air reservations declined

The company reported more than 28,000 reservations as of February 21, 2023, representing potential revenue of over $2.7 billion. However, this number does not include the up to 100,000 vehicles under an agreement with the government of Saudi Arabia.

While the company still reported 37,000 reservations for its all-electric luxury sedan Lucid Air in August last year, the number has dropped to more than 34,000 by November, as MarketWatch reports.

Further cost optimization planned for 2023

“Last year was a challenging year for everyone, but despite the exceptional supply chain and logistics challenges, the team has remained relentlessly focused on delivering what we believe is the best luxury sedan on the market,” said Lucid CEO and CTO Peter Rawlinson Press release cited for release of figures.

“In 2022, we scaled every part of our business while maintaining a strong focus on execution. In our first full year of production, we manufactured 7,180 vehicles and shipped 4,369 vehicles, generating just over $608 million in sales.” says Lucid CFO Sherry House. “Looking into 2023, we will remain focused on strong capital discipline and leave no stone unturned in each cost optimization. We are proud of our technology and product achievements. We are preparing for growth while we review how.” Costs can be reduced and I’m very excited about the possibilities that lie ahead.”

Here’s how Lucid stock is reacting

Investors are disappointed with Lucid’s figures: Lucid shares fell 13.53 percent to $8.63 in premarket NASDAQ trading on Thursday.

Editorial office finanzen.net

Image Credits: TIMOTHY A. CLARY/AFP via Getty Images, Lucid