Lucid Motors (LCID.US) shares fell over 17.0% on Thursday after the EV manufacturer posted disappointing revenue figures and a major drop in orders in the recent quarter. Company also issued weak 2023 production guidance.
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Loss per share: 28 cents vs expected $0.42 per share
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Revenue: $257.7 million, vs expected $303 million, according to Refinitiv
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Lucid said it built just 7,000 of its Air luxury sedans last year amid manufacturing challenges, well below its initial guidance of 20,000 for the year but topped later projections it provided in August.
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Company plans to produce between 10,000 and 14,000 vehicles in 2023, which is roughly half of the 20,000 to 22,000 deliveries analysts had expected.
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“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,” CEO Peter Rawlinson said.
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Lucid has 28,000 reservations for its vehicles as of February 21, which is significantly lower compared to “over 34,000” reservations recorded on November 7.
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However these calculations do not include 100,000 vehicles ordered by Saudi Arabia’s government which are expected to be delivered over the next 10 years.
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Bank of America downgraded Lucid stock from buy to neutral and slashed price target from $18 to $10, citing near-term demand concern.
Lucid Motors (LCID.US) stock is trading over 87.0% below its all-time high and latest quarterly results provided more fuel for sellers. Stock launched today's session with a bearish price gap, below 50 SMA ( green line). As long as current sentiment prevails, downward move may deepen towards all-time low at $6.00. Source: xStation5
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